Is Bitcoin the Beast?

Im not taking a side on this but i got sucked into a vortex thinking about if it did.

Eventually there would be a tipping point if its adoption kept growing, where it's use would outweigh that of government currency.

Putting my tinfoil hat on - Could this not be a way where all fiat is evaporated? The rounding up of all the fiat dollars into a new global currency.

Ps i dont own a bitcoin, only thoughts of bitcoins.

 

Cool vortex.

Banks and Govts have vested interests that wont vanish because people stop using "traditional" currencies.

 

how do they have control over it though?

 

Apparently they don't, emphasis on the apparently bit.

 

Despite China banning Bitcoin's use by financial firms, there are many experts who predict the further spread of this digital currency.

I honestly think China is just the first step, others might start banning it.

Thailand banned it long time ago.

I don't see why the EU/US wouldn't ban or... regulate Bitcoin?

 

If its a threat to the current system, they will ban it/regulate it. Plenty of ways to do it, one of the biggest risks I'd say.

 

This is quite a stretch but anyway....So if say 10% of the population were hardcore bitcoiners and didn't transact in fiat. This would push their fiat back towards the other 90% of the populations pool.
I might be looking about this the wrong way but would the growth of bitcoin adoption cause inflation with the fiat users hypothetically?

 

.

 

Certainly, a lot of "got physical" bullion bugs would work in unison with, and cheer on banks and Govts to shut BTC down.

 

The wealthy control most things in our lives thru govt, economics & law etcetc (atm all they have on crypto is CGT on any profits?) & things like Cyprus, Bail ins, too big to fail, derivatives, QE etc are just messed up - the wealthy just do what they want!
People like to think of these crypto currency's as a revolution, if a significant population accepted the concept of digital currency wouldn't the wealthy just buy or create a new bitcoin? Most likely to suit their own interests.

 

It may be a case of excessive Kool-Aid consumption, but some bitcoiners are saying that the chinese statements were mis-translated...lol. I'm not sure but here is alink if you want a look:

https://bitcointalk.org/index.php?topic=360763.0

And Thailand didn't ban bitcoin. Plain old bad reporting/propaganda.

http://bahtcoin.com/