peter0021
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May 12, 2015, 03:16:10 PM |
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Many ppl think bitcoin is virtual internet worthless money! The POW is just wasting energy. So it will never compete with fiat in the future.
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jayce
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Pie Baking Contest: https://tinyurl.com/2s3z6dee
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May 12, 2015, 04:19:53 PM |
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The whole world is a slave to fiat, hopefully one day it changes and we can escape the clutches of the bankers control.
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Natalia_AnatolioPAMM
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May 12, 2015, 06:01:19 PM |
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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
I guess it happens simply because of poor spreading of bitcoin throughout the world |
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manselr
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May 12, 2015, 06:37:49 PM |
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Just because the global elite have their wealth in dollar denominated assets now means nothing. Those assets will just be denominated by some other standard of value.
Dollars and U.S. Government debt instruments are supposed to be backed by the full faith and credit of the United States. And just exactly WHAT will that be worth when the economy implodes?
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mrhelpful
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May 12, 2015, 11:04:42 PM |
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this whole slave to fiat though is a joke.
okay, lets just say we go with this route, what do we replace with fiat? people do not want to barter 24/7. also thats a ton of cash already in the system so how do you tell everyone without screwing everyone over.
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techgeek
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May 12, 2015, 11:36:07 PM |
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Bitcoin is still the minority's game. It is not recognized by the masses yet! So it has to be attached to fiat money to gain value otherwise it is worthless.
I tend to disagree, value is standing still since most are holding the coin. IF it drops it only means more people are will to let go of the coin, its a simple supply and demand. |
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Amph
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May 13, 2015, 07:14:50 AM |
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this whole slave to fiat though is a joke.
okay, lets just say we go with this route, what do we replace with fiat? people do not want to barter 24/7. also thats a ton of cash already in the system so how do you tell everyone without screwing everyone over.
you don't need to barter if there was only bitcoin as a currency, you will learn slowly to give to bitcoin the correct value even without fiat in circulation, like it was for europeans when they started to learn how to spend euro see it as this example of the euro, i think it is suited perfectly |
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Xenoph0bia
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May 14, 2015, 05:45:23 PM |
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As Fiat is the traditional currency so people trust it more in comparison to bitcoin. There are many who haven't about the bitcoin yet so how can we expect that they start adopting bitcoin as a currency and people generally believe in paying cash rather then going for a virtual currency as a mode of payment.
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hunnaryb
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May 14, 2015, 08:40:42 PM |
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As Fiat is the traditional currency so people trust it more in comparison to bitcoin. There are many who haven't about the bitcoin yet so how can we expect that they start adopting bitcoin as a currency and people generally believe in paying cash rather then going for a virtual currency as a mode of payment.
Yup thats true if you look at the scenario in the developing countries no one is aware about the bitcoin and once they get into the bitcoins then the scene would not be the same as we are going through right now there are many people who still hesitate in using credit cards they prefer cash to pay. |
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stromma44
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May 15, 2015, 07:29:41 AM |
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Bitcoin is a slave of fiat and it will be the same in near future too till the people start using bitcoins and adopt it as a currency for making payments many countries don't know what bitcoin is all about and thats an issue with bitcoin bitcoin is not that popular in many countries as fiat is.
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torrentheaven
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May 15, 2015, 08:17:33 PM |
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There are few things in which bitcoin can never replace fiat. Like paying loans and interests to the bank many basic things like buying stuff from grocerry, buying vegetable from the market and I don't see that these people would ever accept bitcoin as a mode of payment so bitcoin will always be slave to fiat.
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Erdogan
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Merit: 1005
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May 16, 2015, 12:17:39 AM |
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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
Bitcoin is unrelated to anything else in the real world, including other money. The value is decided by the individual market actors, the prices you see on an exchange are only a historical trail of recent trades on that exchange, not the value. The value is fundamentally unknown, inside the heads of the traders, and changing constantly. |
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Possum577
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May 16, 2015, 03:59:46 AM |
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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
Your calculation is for market capitalization, which is different from price. Price for anything is built by supply and demand, this is true for currency as much as it is for stock. But of course for currency there are governments to control supply, which can keep the price stable or let it run out of control. Bitcoin isn't tied to fiat, if the dollar goes up the price of Bitcoin doesn't go up with it. |
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dinofelis
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May 16, 2015, 12:13:58 PM |
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Why is Bitcoin tied to Fiat?
Because you have to pay your taxes in fiat. |
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dinofelis
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May 16, 2015, 12:15:46 PM |
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There are few things in which bitcoin can never replace fiat. Like paying loans and interests to the bank
What would stop you borrowing bitcoins from people that have saved bitcoins, and paying them back with some interest ? |
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aso118
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★Nitrogensports.eu★
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May 17, 2015, 03:51:07 AM |
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There are few things in which bitcoin can never replace fiat. Like paying loans and interests to the bank
What would stop you borrowing bitcoins from people that have saved bitcoins, and paying them back with some interest ? From people - yes; from banks - not possible right now. Banks are regulated and only when the government decides to have bitcoin-denominated accounts, will it be possible to get bitcoin loans from banks. An apt example for things in which Bitcoin may not be able to replace fiat is taxes. |
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the joint
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May 17, 2015, 04:20:18 AM |
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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
Bitcoin is unrelated to anything else in the real world, including other money. The value is decided by the individual market actors, the prices you see on an exchange are only a historical trail of recent trades on that exchange, not the value. The value is fundamentally unknown, inside the heads of the traders, and changing constantly. Nicely put. It's interesting to me that we can look to ourselves as a community to justify a statement like, "The value is fundamentally unknown...and changing constantly." It's stating the obvious, but if so many people have to ask what they think the real value is, then, well...they don't know it lol |
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Amph
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May 17, 2015, 07:27:21 AM
Last edit: May 17, 2015, 06:28:29 PM by Amph |
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Why is Bitcoin tied to Fiat?
Because you have to pay your taxes in fiat. what about i'm holding and never exchange it to fiat, would this make bitcoin not tied to fiat? hell no, the reason must be somwhere else or use it without dumping to fiat? in all those case bitcoin is still tied, because we need an easy way to determinate its value, nothing else |
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oblivi
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May 17, 2015, 05:57:29 PM |
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As long as there are governments, there will be national fits. I can't imagine any realistic scenareo where Bitcoin could replace a national currency, unless the nation leaders accept it officially as the national currency. But I cannot imagine the govs doing it forced by how much people use it.
What I can see is Bitcoin being the main standard of value worldwide, deprecating gold.
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wearepoor
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May 19, 2015, 05:46:10 AM |
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It is still so new that the true beauty of Bitcoin has yet to shine.Bitcoin is the first legitimate competition to government money since gold?? There really hasn't been any competition to fiat money since long long time for a few reasons.One is that it is technologically a great challenge but once the acceptance will go high bitcoin will rule the world.
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