Why is Bitcoin still a slave of Fiat?

[MoneroExpress]

Why is Bitcoin tied to Fiat? Why is Bitcoin value moving like a stock? satoshi said the value will be derived by the limit of total coins. But we are seeing the opposite. Why dont we mathematically calculate the value of bitcoin according to the amount of bitcoin mined?

Like

Agreed Value * Bitcoins Mined = New Value

0.0010 * 1 = 0.0010
0.0010 * 2 = 0.0020

[tokeweed]

Please ignore.

/thread

[franky1]

because alot of people are sat on their hands waiting for someone else to make bitcoin acceptable in their local area..

it's kind of like waiting around all year hoping someone will knock on your door wanting to mow your lawn for free, instead of getting off your ass and cutting your own grass..

luckily i done my bit and im living happily off of bitcoin and buying what i need using bitcoin. my fiat bank account has been left derelict for a few years now. if you too want a life without fiat, then you need to speak to your local shops and inform them about bitcoin. else the only thing you can do in your area is treat bitcoin like a stock.

[nerFohanzo]

Definitely Fiat money is still a King of all.. Its because the bitcoin is still not acceptable across the globe yet as a currency and fiat money holds the leadership in the market as it is used as traditionally and main reason is many people are not aware about the existence of bitcoin as a virtual currency.

[RodeoX]

There is only supply and demand. Our wishes or fears about price are in our heads not the market. So the price of a bitcoin is what people are paying. It is never high or low, it is exactly right for that moment. One could "calculate" a price, but if people will not buy or sell at that price it's irreverent.

[ebliever]

Why is Bitcoin tied to Fiat? Why is Bitcoin value moving like a stock? satoshi said the value will be derived by the limit of total coins. But we are seeing the opposite. Why dont we mathematically calculate the value of bitcoin according to the amount of bitcoin mined?

Like

Agreed Value * Bitcoins Mined = New Value

0.0010 * 1 = 0.0010
0.0010 * 2 = 0.0020

That's nice. And for those of us who haven't graduated from the Lenin-Stalin School of Economics, please explain how you intend to force everyone else to agree with you and only exchange bitcoins at the declared rates? What happens to us dissidents who undercut the price or hold out for higher?

[Omikifuse]

because Bitcoin is small and few people accept it and FIAT is big and everyone accept it?

[FinerVapor]

Because I can't pay for my rent using Bitcoins.

[yayayo]

I think Bitcoin's subjugation by fiat is caused by four reasons:

1. Most people enjoy being slaves, because it frees them from the responsibility to make decisions (hence the popularity of novels like 50 ShofG ).

2. Even if you do not enjoy being a slave to fiat, changing the point of reference takes time. You have to question all the lies that you were told as truths since being born.

3. A big portion of newer Bitcoiners consists of traders that are not interested in the underlying concept at all, but merely hops onto all assets that provide enough volatility. The simplicity and lack of regulation (compared to traditional markets) of the Bitcoin market maybe another reason.

4. The most important reason: Bitcoin has yet to establish a closed-loop-economy, where B2B and B2C transactions can be carried out across all sectors in Bitcoin without the need of fiat conversion. Solution: Offer whatever you can for Bitcoin. Pay whenever you can in Bitcoin. Convince others to accept it. Only convert this way: Fiat -> Bitcoin.

ya.ya.yo!

[franky1]

Because I can't pay for my rent using Bitcoins.

get your landlord to set up an account with bitpay or coinbase...
tell them it wont cost them anything and if they do, you'll pay them a few months rent upfront, or some other convincer.

after all, just waiting for your landlord to magically come up with the idea themselves without even knowing their tennants even use bitcoin, wont happen anytime soon

[JackRipper]

There is only supply and demand. Our wishes or fears about price are in our heads not the market. So the price of a bitcoin is what people are paying. It is never high or low, it is exactly right for that moment. One could "calculate" a price, but if people will not buy or sell at that price it's irreverent.

It's important to remember that it's not total supply that matters in the supply/demand equation. It's the available supply that matters. If people hold on to their Bitcoin, available supply starts to dry up and prices go up (despite the ever increasing total supply). Of course the opposite happens when large holders dump. Available supply increases and prices Ho down.

[S4VV4S]

because alot of people are sat on their hands waiting for someone else to make bitcoin acceptable in their local area..

it's kind of like waiting around all year hoping someone will knock on your door wanting to mow your lawn for free, instead of getting off your ass and cutting your own grass..

luckily i done my bit and im living happily off of bitcoin and buying what i need using bitcoin. my fiat bank account has been left derelict for a few years now. if you too want a life without bitcoin, then you need to speak to your local shops and inform them about bitcoin. else the only thing you can do in your area is treat bitcoin like a stock.

FTFY 

[S4VV4S]

There is only supply and demand. Our wishes or fears about price are in our heads not the market. So the price of a bitcoin is what people are paying. It is never high or low, it is exactly right for that moment. One could "calculate" a price, but if people will not buy or sell at that price it's irreverent.

It's important to remember that it's not total supply that matters in the supply/demand equation. It's the available supply that matters. If people hold on to their Bitcoin, available supply starts to dry up and prices go up (despite the ever increasing total supply). Of course the opposite happens when large holders dump. Available supply increases and prices Ho down.

That's true.

My guess is the big mining companies trying to pay for electricity.
Also the fact that Bitcoin payment processors convert their customers coins to fiat instantly.

[Amph]

because is not big enough yet and not commonly accepted for every purchase, also there is still no "bitcoin-items-bitcoin" cycle, it needs much time before it could detach itself from fiat

[franky1]

bitcoin is not an 'it'.. bitcoin is a 'we'

too many people think that bitcoin is a self managing AI that communicates to merchants and teaches/incentivizes merchants to adopt bitcoin.

when people holding bitcoin realise we are the people that need to expand bitcoins reach ourselves. then bitcoin will grow faster.
so anyone complaining that you cant use bitcoin in your neighbourhoods, DO SOMETHING ABOUT IT

[lucasjkr]

bitcoin is not an 'it'.. bitcoin is a 'we'

too many people think that bitcoin is a self managing AI that communicates to merchants and teaches/incentivizes merchants to adopt bitcoin.

when people holding bitcoin realise we are the people that need to expand bitcoins reach ourselves. then bitcoin will grow faster.
so anyone complaining that you cant use bitcoin in your neighbourhoods, DO SOMETHING ABOUT IT

Problem is, too many people "hodl" their coins in hopes of capturing future Appreciation and hope that others will be the ones to inform the world about Bitcoin and spend it in hopes of expanding the Bitcoin economy And therefore help expand demand.

[The Sceptical Chymist]

Your job doesn't pay you in bitcoin (at least mine doesn't).

All items are already priced in fiat.

Fiat hasn't collapsed yet.

Any other reasons I need to state why BTC is tied to fiat currency?

[ebliever]

Just paid a bill earlier today online by credit card because they only had CC and bank account payment options. Afterwards the site asked if I wanted to take a survey, which is pretty common these days. I took that as an opportunity to use the Comments boxes in the survey, repeatedly, to sell them on the benefits of offering bitcoin as a payment option and how to get started.

For example, I pointed out that many people are sick of having CC info stolen and that with bitcoin you can't have info stolen from a transaction that would allow criminals to steal from a bitcoin users account. I also mentioned the elimination of credit card fees, chargeback disputes and the faster transaction times. I linked them to Coinbase, Bitpay and Coindesk for more information.

Just keep plugging away with opportunities like that. Don't wait for someone else to do it.

[Amph]

bitcoin is not an 'it'.. bitcoin is a 'we'

too many people think that bitcoin is a self managing AI that communicates to merchants and teaches/incentivizes merchants to adopt bitcoin.

when people holding bitcoin realise we are the people that need to expand bitcoins reach ourselves. then bitcoin will grow faster.
so anyone complaining that you cant use bitcoin in your neighbourhoods, DO SOMETHING ABOUT IT

the problem is that "we" isn't a single entity, is "decentralized", and we cannot control each other, to determinate the fate of bitcoin, you can't just say stuff like "if we work together, if we start buy the price will raise ecc..."; it will never happen because of our will(the will of one of us i mean)....

[Meuh6879]

Why is Bitcoin tied to Fiat?

No.

Bitcoin is only buy and sell.

Pure marketing.
Pure tradding.
Pure value.