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RealBitcoin
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December 13, 2015, 03:47:15 PM |
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Fiat is already worthless, people just dont realize it.
Its a black hole that sucks out your wealth and leaves you indebted to bankers. How can such thing have value?
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"Governments are good at cutting off the heads of a centrally
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to be holding their own." -- Satoshi
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MaritiJames3
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December 13, 2015, 04:03:23 PM |
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Fiat will be here for many decades to come. Remember not all trade is 'online'.
The positivity is good, but the focus for bitcoin should not be to compete with other currencies, but to find it's place next to these currencies.
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Razick
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December 13, 2015, 04:18:04 PM |
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That's an absolutely foolish thing to say. Does fiat still have value relative to real goods and services? Well then, it's not worthless.
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ACCOUNT RECOVERED 4/27/2020. Account was previously hacked sometime in 2017. Posts between 12/31/2016 and 4/27/2020 are NOT LEGITIMATE.
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Moneyburner
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December 13, 2015, 04:41:58 PM |
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Some customers I deal with at my job don't even have computers, or know how to use a scanner, ect. There will never be a time where fiat is worthless. Atleast not in our lifetime. The government will always want control.
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a7mos
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December 13, 2015, 04:53:09 PM |
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People still using fiat and cash money although it's value is declined in the last decades .
So I think that fiat can not be useless as people will continue using it
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bob123
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December 13, 2015, 04:56:05 PM |
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Fiat never will be worthless.
Even if btc will become most used currency.
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European Central Bank
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December 13, 2015, 05:44:06 PM |
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Replace $10,000 with $1 million plus and then it might be a valid question. $10,000 isn't to be sniffed at all but it's still not a lot in world finance.
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RenegadeMind
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December 14, 2015, 04:34:51 AM |
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Do the math.
Assume 15,000,000 BTC (for ease).
$10,000 * 15,000,000 = $150,000,000,000
That's a mere $150 billion.
The world GDP is $77,868 billion. (In 2014 via Wikipedia.)
77,868 / 150 = 519
150 / 77,868 = 0.0019263369
So the world GDP is 520x larger, or BTC only accounts for 0.2%.
Now, all of that is total garbage. Complete horse shit. But it's a kind of indication of the size of the issue.
To actually calculate you need to look at the transaction volume of BTC and the velocity of money and I just don't have time to bother.
$10,000 per BTC is far too low to matter.
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USB-S
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In XEM we trust
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December 14, 2015, 05:49:52 AM
Last edit: December 14, 2015, 06:34:45 AM by USB-S |
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Do the math.
Assume 15,000,000 BTC (for ease).
$10,000 * 15,000,000 = $150,000,000,000
That's a mere $150 billion.
The world GDP is $77,868 billion. (In 2014 via Wikipedia.)
77,868 / 150 = 519
150 / 77,868 = 0.0019263369
So the world GDP is 520x larger, or BTC only accounts for 0.2%.
Now, all of that is total garbage. Complete horse shit. But it's a kind of indication of the size of the issue.
To actually calculate you need to look at the transaction volume of BTC and the velocity of money and I just don't have time to bother.
$10,000 per BTC is far too low to matter.
That's pretty good calculations you've got going on there, We'd need at least 5-10% of the worlds GDP to make a difference in my opinion. That would mean 250-500k per coin, which is pretty doable considering we've gotten this far and we're only picking up speed. Am I disillusioned for believing that? I mean it just seems so obvious to me. I accept the fact that it could be nothing tomorrow, but the chances of that happening are close to zero to me. A lot of people here believe the same stuff, but how come others outside the bitcoin community don't see what we're seeing? I think I'm part of a cult, cool. |
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Xubu
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December 14, 2015, 06:19:40 AM |
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Definatly not !!
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NorrisK
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Activity: 1946
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December 14, 2015, 07:39:40 AM |
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Do the math.
Assume 15,000,000 BTC (for ease).
$10,000 * 15,000,000 = $150,000,000,000
That's a mere $150 billion.
The world GDP is $77,868 billion. (In 2014 via Wikipedia.)
77,868 / 150 = 519
150 / 77,868 = 0.0019263369
So the world GDP is 520x larger, or BTC only accounts for 0.2%.
Now, all of that is total garbage. Complete horse shit. But it's a kind of indication of the size of the issue.
To actually calculate you need to look at the transaction volume of BTC and the velocity of money and I just don't have time to bother.
$10,000 per BTC is far too low to matter.
That's pretty good calculations you've got going on there, We'd need at least 5-10% of the worlds GDP to make a difference in my opinion. That would mean 250-500k per coin, which is pretty doable considering we've gotten this far and we're only picking up speed. Am I disillusioned for believing that? I mean it just seems so obvious to me. I accept the fact that it could be nothing tomorrow, but the chances of that happening are close to zero to me. A lot of people here believe the same stuff, but how come others outside the bitcoin community don't see what we're seeing? I think I'm part of a cult, cool. You are probably a bit disillusioned  As much as I would like that to happen, it just does not seem realistic to me. If it does happen within our lifetime though, I have my retirement set up and enough to leave a nice amount to my kids. Let's first reach that 10k before talking about those types of numbers. |
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Amph
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December 14, 2015, 08:11:01 AM |
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Do the math.
Assume 15,000,000 BTC (for ease).
$10,000 * 15,000,000 = $150,000,000,000
That's a mere $150 billion.
The world GDP is $77,868 billion. (In 2014 via Wikipedia.)
77,868 / 150 = 519
150 / 77,868 = 0.0019263369
So the world GDP is 520x larger, or BTC only accounts for 0.2%.
Now, all of that is total garbage. Complete horse shit. But it's a kind of indication of the size of the issue.
To actually calculate you need to look at the transaction volume of BTC and the velocity of money and I just don't have time to bother.
$10,000 per BTC is far too low to matter.
well you don't need to have all the world gdp converted in bitcoin, to destroy fiat with bitcoin itself, a good adoption for bitcoin, can start a chain that make people not believing in bitcoin anymore, and thus making fiat much less valuable bcecause more and more investors will begin to invest in bitcoin |
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romjpn
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December 14, 2015, 08:30:31 AM |
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No, 10k$ is pretty much a middle-way target for 2020 I'd say, that's all, no complete disruption. The market cap of Bitcoin is ridiculously tiny considering its potential !
But I can see a small country officially adopting Bitcoin as a part of its "foreign currencies savings" midterm, not replacing FIAT though, that would be a surprise.
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paffie
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December 14, 2015, 08:31:26 AM |
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I don't think fiat will ever be useless... Offcourse it would be nice if the bitcoin price was $10.000... you'd still have to pay your groceries with fiat |
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Hashminers
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December 14, 2015, 09:58:08 AM |
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I think fiat be worthless for you if you are just using bitcoin daily.
For now fiat is not worthless is good to have for some people who don't use bitcoins.
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Bettwarm
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December 14, 2015, 10:16:34 AM |
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The value of bitcoin is not related to fiat directly. Its value is determined by the usefulness of bitcoin. When bitcoin is widely adopted, its value will increase, but the value of fiat is still worth something.
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bitlancr
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December 14, 2015, 10:45:29 AM |
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I don't agree with this statement. Fiat is still the main currency, since the governments and corporate companies own the banks or at least control them.
You're still going to need fiat to get stuff that you need on a daily basis, fiat will become worthless when the governments make it worthless.
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eternalgloom
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Activity: 1792
Merit: 1283
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December 14, 2015, 10:45:57 AM |
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No, fiat will not be worthless, since they will still remain the official currency of many nations. I don't think we'll see many first world nations adopting Bitcoin to replace their own currency.
It would be cool to see though, that a country adopts Bitcoin as their currency..
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jt byte
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December 14, 2015, 10:58:56 AM |
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I don't agree with this statement. Fiat is still the main currency, since the governments and corporate companies own the banks or at least control them.
You're still going to need fiat to get stuff that you need on a daily basis, fiat will become worthless when the governments make it worthless.
Very true this time of future a lot of people use fiat so we need it. Yes fiat won't be useless, because the price will be still the same and how ever bitcoin is still increasing. I would like to see more store in other country to use bitcoin so that I just can pay with bitcoin. |
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LuckyYOU
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December 15, 2015, 09:30:07 AM |
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It would kinda depend on how much the world or at least the country where I'm living in has adapted to bitcoin or not. Even if the whole world has adapted to bitcoin, they would still need to know the value of everything compared to fiat. So no, I don't think it will become worthless.
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