Bitcoin Forum

If the dollar were to hyper inflate, the people will want something stable to fill their fuel tanks,and put bread on the table.
Americans will refuse to have gas cost 4 times more than what it was in the morning before they went to work.

So will they choose to continue suffering,or will they abandon ship and use something reliable to pay their bills?

The question is,what will be reliable and convenient for the people to use. Remember, the world economy is tied together.
So if the Dollar dies,so will the Euro.

My bet is on Bit coin,or the next generation of Bit coin.
Bitcoin's stability of today seems unstable now,but when the dollar hyper inflates, the current BTC stability will look like the Swiss Franc.
Bit coin is convenient because you can already electronically use it,so people could adopt it rather quickly.

If the dollar were to blow up,they wouldn't trust the government let alone another government. So they would most likely want something independent from the governments.

The inflation caused by printing U.S. dollars will be suffered globally because American people buy things from all over the world using U.S. dollars. (This is just a perspective and might be wrong.)

I think that when the Dollar gets into real trouble, bitcoin is likely to enter the most volatile period of its life. I think the upswing will be determined by how long the dollar hangs on and therefor how much knowledge and support has built up. But it will be countered by the desperate dying actions of the entrenched financial and political powers who will undoubtedly make it as hard as possible to use bitcoin. On top of that there is the volume of bitcoin trade goin on elsewhere in the world which I think ultimately will dictate play beyond the volatility of the USA.

And you're assuming all this based on....what exactly?

OP
the FED is onto it, it is just lacking a mandate to regulate :
http://www.coindesk.com/congressional-report-warns-bitcoin-threat-dollar/
Bernankie has already indirectly asked for an updated mandate :
http://qz.com/148399/ben-bernanke-bitcoin-may-hold-long-term-promise/

Adoption is the key and Hyper inflation is unlikely the stick that drives adoption.

If i ever cash out in my BTCs it will be in Euros.

I have no faith in the dollar anymore. I'm from the U.S.

If you also study the Eurozone monetary policy you'll find its a different but similarly doomed system. I think there will unlikely be a time when it's somehow better to sell bitcoins for euros than dollars.

Lol, I see where you are going there!

I don't think this should be the main reason for BTC adoption (although, if timelines fall together, it could be, who knows), but I hope it will give BTC a HUGE additional boost!

Deflation could also rear its ugly head.  Bitcoin might really shine in that scenario too.

I'm not saying the dollar is a good or bad investment, but I will 100% go on record that it is better than the Euro as far a long term safety.  The Euro is doomed to fail at some point in the future.  Whether it be in 1 year, 5 years or 20 years.  The economies of Germany, France, Italy, Greece etc are just too different to support a single unit of fiat.  It'll start with the smaller countries leaving and eventually breakdown the whole system as countries move back to their own hyper inflation fiat.

The US has a $17T debt, but compared with GDP/debt vs. almost all Euro countries, it's actually not that bad, sadly enough.

+1

But I don't think it will start with the smaller countries. At the moment, I have only two hopes:

1. Merkel says it's enough (there are rumours she wants to change certain things).

2. The people of France, who have a long history of uprising and revolution, have enough.

Are you from a country that pays with Euros?

I agree with you also.  If one of the smaller countries doesn't get "kicked" out, Greece, Portugal, etc, one of the larger Eurozone countries, like a Germany or France, will eventually get fed up with supporting an economy not nearly as strong, or stable, as their own.

I'm based out of the US, but I have a lot of family in Greece so have some slight "inside" info from there.  One things about Greeks, they like party, not work.  :D

So do the Italians, the Spanish, The Portuguese, and generally speaking all Southern countries. My theory is it got something to do with the sun, people are naturally happier in these countries and don't feel like they "need to have accomplished something".

Like you said, those economies don't fit together.

If a countries economy blows up then bitcoin will have more value but it won't save the country.
Bitcoin is a good solution but not a solution for a dying country with a rotten-to-the-core economy.

Bad economy and bad spending drives a country to bankruptcy. Bitcoin doesn't automagically change that.
If bitcoin would be adopted by a rotten-to-the-core country they would need to change A LOT since you cannot "print" more bitcoins.

That said, are you patriot enough to remain in your country if hyper-inflation kicks in?