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czechkid
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July 11, 2015, 08:40:27 PM
 #1

Hi everyone,
Many people believe that bitcoin will be worth 1000 or 10,000 or even 1 million one day...and i hope it will be but my question/though is
If fiat fails/collapses or the worlds economy goes to S**t and bitcoin price goes up...therefore even if bitcoin is worth 10,000 dollars you will only buy 1 gallon of milk with it. And if all that happens and bitcoin becomes the currency of the world all prices will adjust to bitcoin not to fiat/bitcoin.

Just a thought...




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July 11, 2015, 08:51:57 PM
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If the worlds economy goes to shit that's like an apocalyptic event, no form of money will be good, not even gold, only primary need stuff, like food, meds, shelter, that's the important stuff.

When you think about apocalyptic events only the stuff that keeps you alive is important.

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July 11, 2015, 09:03:19 PM
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July 12, 2015, 12:29:16 AM
 #4

That's not the way economics works.

The price of goods would be set by the balance between supply and demand and what ever that equivalent is in bitcoin would be the price. Prices of goods wouldn't go up automatically just because of a currency switch alone.

Also, it's very rare that a fiat currency would fail...that would mean that the country has failed, which would be significantly worse.

Bitcoin is better as an alternative to fiat, not a replacement. If it ever replaces fiat it will be manipulated just as fiat has been and we'll all be back to where we were before bitcoin - no alternatives.

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July 12, 2015, 09:20:59 AM
 #5

Yes, if bitcoin wil go to such a high amount it is because of the economy is down.
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July 12, 2015, 10:15:22 AM
Last edit: July 12, 2015, 02:44:45 PM by Kprawn
 #6

Any currencies value is based on supply and demand. We know the Bitcoin protocol is written in such a way to only release 21 000 000 in it's existence.

So no matter what happens with fiat, the value of Bitcoin will stay relative to it's supply {It's rarity} and how people value it.

Remember years ago people used silver and gold to trade, and they considered it valuable enough to use as a currency.. but then there were not enough

gold and silver to use for normal trade, so they created a voucher {fiat money} to represent it's value. These vouchers has been linked to gold for many years, until governments

printed so much of these "vouchers" that the gold in vaults could not represent it's value anymore. {So fiat money is not based on rarity of minerals}

Bitcoin just replace this "voucher" system, with the only difference being, it cannot  be "printed" without any limits.. The limit was set, when the protocol was released.

This limit can be changed, but nobody would accept it, because it would de-valuate their coins they own now.

https://www.youtube.com/watch?v=EobPnLZiOo8
 

 
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July 12, 2015, 10:24:11 AM
 #7

Hi everyone,
Many people believe that bitcoin will be worth 1000 or 10,000 or even 1 million one day...and i hope it will be but my question/though is
If fiat fails/collapses or the worlds economy goes to S**t and bitcoin price goes up...therefore even if bitcoin is worth 10,000 dollars you will only buy 1 gallon of milk with it. And if all that happens and bitcoin becomes the currency of the world all prices will adjust to bitcoin not to fiat/bitcoin.
you are not talking about Zimbabwean dollar, right?
bitcoin can keep thier value and fiat can't.
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July 12, 2015, 10:36:35 AM
 #8

Hi everyone,
Many people believe that bitcoin will be worth 1000 or 10,000 or even 1 million one day...and i hope it will be but my question/though is
If fiat fails/collapses or the worlds economy goes to S**t and bitcoin price goes up...therefore even if bitcoin is worth 10,000 dollars you will only buy 1 gallon of milk with it. And if all that happens and bitcoin becomes the currency of the world all prices will adjust to bitcoin not to fiat/bitcoin.

Just a thought...



i bealive this part is true you will se bitcoins over 1000$ one btc very soon as it have already started to go up in short time last 2 weeks i see it rise from 250 to 300+ and continusly rising last time when bitcoin rise i still remember it just started like this you never know next month one bitcoin worth is 1000$ Tongue
freeyourmind
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July 13, 2015, 01:40:42 AM
 #9

That's not the way economics works.

The price of goods would be set by the balance between supply and demand and what ever that equivalent is in bitcoin would be the price. Prices of goods wouldn't go up automatically just because of a currency switch alone.

Also, it's very rare that a fiat currency would fail...that would mean that the country has failed, which would be significantly worse.

Bitcoin is better as an alternative to fiat, not a replacement. If it ever replaces fiat it will be manipulated just as fiat has been and we'll all be back to where we were before bitcoin - no alternatives.

Very good points.

Other than price movement based on speculation, which doesn't seem to be sustainable, the demand of bitcoin will need to increase through greater user adoption and greater acceptance of bitcoin among merchants.
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July 13, 2015, 06:23:13 AM
 #10

Who knows.
In 10 years the world will look very different and I find it unlikely that all the world's fiat would collapse. But if it were to happen, it is unlikely Bitcoin would become something that would replace basic goods

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July 13, 2015, 06:36:31 AM
 #11

Who knows.
In 10 years the world will look very different and I find it unlikely that all the world's fiat would collapse. But if it were to happen, it is unlikely Bitcoin would become something that would replace basic goods

Yeah, if fiat currencies collapse, people will stop caring about any other currency and only care about basic necessities. We will be back to square one, become animals. It will be an apocalypse, people will kill each other for water and food. If things don't go that extreme, atleast there would be the start of the barter system. And then slowly, people will start using a new fiat currency and it will all be the same shit again :-/
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July 13, 2015, 10:10:14 AM
 #12

Who isn't to say that in the near future the bitcoin market would stay the same as the current market. All that matters is how quickly the global adoption can happen and only then we can talk about the future possibilities of the bitcoin network.

czechkid
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July 13, 2015, 10:44:56 AM
 #13

Thank you all for great answers Smiley if you got some helpful links where i can read about the basics if bitcoin and economy of bitcoin please send them Smiley thanks
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July 13, 2015, 11:20:38 AM
 #14

If the worlds economy goes to shit that's like an apocalyptic event, no form of money will be good, not even gold, only primary need stuff, like food, meds, shelter, that's the important stuff.

When you think about apocalyptic events only the stuff that keeps you alive is important.

especially meds

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July 13, 2015, 12:34:22 PM
 #15

Bitcoin is better as an alternative to fiat, not a replacement. If it ever replaces fiat it will be manipulated just as fiat has been and we'll all be back to where we were before bitcoin - no alternatives.

pretty good point, but is here where we should be carrefully, bitcoin cant do al the job for us, as you sayd we should be carrefully about it because be 100% sure that ppl will try to manipulated it in any way.

btw never forget what bitcoin can do for us will never be corrupted, at least that part, human part is another history... but if this happend i hope that we already learn the lesson...

IMHO #1.b of suspects, Hal Finney is/was Satoshi Nakamoto
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September 29, 2015, 12:12:32 PM
 #16

Hi everyone,
Many people believe that bitcoin will be worth 1000 or 10,000 or even 1 million one day...and i hope it will be but my question/though is
If fiat fails/collapses or the worlds economy goes to S**t and bitcoin price goes up...therefore even if bitcoin is worth 10,000 dollars you will only buy 1 gallon of milk with it. And if all that happens and bitcoin becomes the currency of the world all prices will adjust to bitcoin not to fiat/bitcoin.

Just a thought...


Your reasoning is not correct. If the price of bitcoin will arrive at that amounts (and I hope with all my hart that one day that can be true) there it will be no any change in world economy and in the supermarkets near your home. Everything will continue like before. It is not the increase of value of bitcoin that "command" the economy of one country or of all the world but other factors. That factors will not be affected if the price the bitcoin will increase. So, as I told before, everything will continue like before. The economy of your country will continue to act with the currency with which acted the day before. The bread will have the same price and the money of the country you live will have the same value regarding the bread. You will buy the bread with the same price and will spend the same money like before.

It is another thing if you have bitcoin. In that case you will be in heaven. Because you will change the bitcoin with currency of your country and you can buy the bread practically gratis. And not only the bread but much more things. If the bitcoin will worth 10 000 us dollar for you it is necessary to change only 0.1 bitcoin to have 1000 us dollar. With 1000 dollar in my country can live an entire family for one month. This is the meaning of the increase of the price of bitcoin.

As for your expression in bold this is not possible for thousand factors. But if you want to see one way in which this can be made possible I suggest to read this my thread: https://bitcointalk.org/index.php?topic=1191118.0

Every your thought about what you will read there is welcomed.
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September 29, 2015, 12:32:09 PM
 #17

No I think you got the intepretation mixed up. If somehow fiat value goes down considerably, that is due to inflation. In other words the same value of fiat which can buy you a certain amount of goods, can now get you lesser amount or quantity of that items. It can be caused by a lot of factors like for example devaluation, uncontrolled money printing, political instability, economic woes, etc. Bitcoin mechanics is different. When you have 21 millions and even less out there, there is not enough coin supply so it works the other way round. This time more goods are needed to get the same unit of bitcoin.

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September 29, 2015, 12:38:16 PM
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No I think you got the intepretation mixed up. If somehow fiat value goes down considerably, that is due to inflation. In other words the same value of fiat which can buy you a certain amount of goods, can now get you lesser amount or quantity of that items. It can be caused by a lot of factors like for example devaluation, uncontrolled money printing, political instability, economic woes, etc. Bitcoin mechanics is different. When you have 21 millions and even less out there, there is not enough coin supply so it works the other way round. This time more goods are needed to get the same unit of bitcoin.

Probably you didn't understand what I have explained. The fiat value goes down (can goes down) considerably even for only one other reason. The increase of value of bitcoin (and only for this). This is the case discussed above. And this is possible to happen in the future.

I don't want to comment your other thoughts.
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