bryant.coleman
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December 20, 2015, 02:33:46 PM |
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You are forgetting a few of the important facts. If Bitcoin goes up to $10,000 per coin, then the market cap will be around $150 billion. Compare that to the figure of $1,500 billion each for the United States Dollar, and the Euro. This means that even if Bitcoin goes up to $10K per coin, its market cap will be much lower than that of the tier 1 fiat currencies.
Even the US national debt is 19 trillion. That is much larger than the $150 billion of bitcoin, or 120 times larger. OK... United States Treasury bonds can also be considered as a form of fiat currency. And just like the United States Dollar, the total market cap of the United States Treasury bonds is also going up very steeply (along with the rising federal debt). Some of the nations (such as Russia and China) are dumping the US bonds, but the market demand is still very strong. |
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Decoded
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give me your cryptos
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December 21, 2015, 12:42:57 AM |
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If bitcoin hit $1,000,000+, which is highly unlikely, fiat would be worthless. Not 10,000, because there's something really wrong about a 210 billion dollar market cap.
If bitcoin hit 1 mil, 1 satoshi would be a cent. Uh...
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looking for a signature campaign, dm me for that
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cellard
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December 21, 2015, 07:19:49 PM |
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If bitcoin hit $1,000,000+, which is highly unlikely, fiat would be worthless. Not 10,000, because there's something really wrong about a 210 billion dollar market cap.
If bitcoin hit 1 mil, 1 satoshi would be a cent. Uh...
What's so wrong about it? Gold is a several trillion dollar marketcap market and the qualities of Gold are inferior to Bitcoin objectively. Gold is all network effect, it's pretty useless in the 21 century. When people wake up and see Bitcoin for what it is, the marketcap is easily and realistically on the trillions as well. |
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ausbit
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December 21, 2015, 07:45:04 PM |
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Fiat is fiat. For now nothing can replace it.
We can say that still many of the people around the globe does not know the value of Bitcoins yet, what will be the future of Bitcoins, whether it will rise or go down. No body knows. So there are many people who is still using the fiat currencies . so still Fiat currency they using it. Bitcoins can't be replaced the fiat currencies at this point now. |
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Altynbekova
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December 21, 2015, 07:46:26 PM |
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Fiat will never be worthless. Why?
Since computers can fail or have a failure. In that case you pay your 'goods' with fiat.
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Amph
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December 21, 2015, 07:56:15 PM
Last edit: December 22, 2015, 06:13:25 PM by Amph |
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Fiat will never be worthless. Why?
Since computers can fail or have a failure. In that case you pay your 'goods' with fiat.
what if there is a massive blackout and you're not able to use any atm, no cash at your disposal, hence also fiat can be useless, like bitcoin and like everything else but they never talk about catastrophic scenario for fiat, always for bitcoin....one wonders why... |
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LuckyYOU
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December 22, 2015, 03:15:51 PM |
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Fiat will never be worthless. Why?
Since computers can fail or have a failure. In that case you pay your 'goods' with fiat.
what if there is a massive blackout and you're not able to use any atm, no cash at your disposal, hence also fiat cna be useless, like bitcoin and like everything else but they never talk about catastrophic scenario for fiat, always for bitcoin....one wonders why... In that case you are always going to need one or the other. You gotta have something to fall back on. So in this case you are going to need fiat. What if bitcoin doesn't evolve to it's full potential, then mass adaption won't happen. Meaning that we're still going to need fiat even when 1 bitcoin is equal to 10k |
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newcoins1978
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December 22, 2015, 03:55:09 PM |
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This would really depend on how much bitcoin would be adapted to the world. I think that if a lot of merchants would accept bitcoin, fiat wouldn't be a problem. It would be nice to have both available though as payment. If mass adaption has happened by then, then yes fiat will be useless. Until then we're still going to need fiat to get the stuff we need on a daily basis.
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Bitcoinbro
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December 22, 2015, 04:22:02 PM |
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I think fiat will stay the same as it always has been. Fiat is not depending on bitcoin, the price of bitcoin doesn't have any effect on fiat. That's why I think it won't have an effect. The governments are smart enough not to let bitcoin take over the economy, so I think they will find a way somehow for bitcoin to get that big in value.
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avw1982
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December 22, 2015, 07:03:26 PM |
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This would really depend on how much bitcoin would be adapted to the world. I think that if a lot of merchants would accept bitcoin, fiat wouldn't be a problem. It would be nice to have both available though as payment. If mass adaption has happened by then, then yes fiat will be useless. Until then we're still going to need fiat to get the stuff we need on a daily basis.
Fiat currency will always useful It will not destroy and all Just Bitcoin is in unreachable distance when compare to price.Only thing Bitcoin will play as a business money in International Shares and businesses. After their adaption Price of the bitcoin also will increase for sure. |
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wadii33
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December 23, 2015, 12:43:35 AM |
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if bitcoin just surprisengly riches 10000$ we become richer but this will not affect fiat because it's only affect the bitcoin users that became wealthier and the new users will be unlucky because they started investing and buying a 0.01 BTC for a thounsand dollars that is worth now just over 4$
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turkandjaydee
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December 23, 2015, 10:25:27 AM |
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No way, are you expecting people to pay everyday product using bitcoin?
its hard to do that without better internet penetration.
The good thing about fiat money is that you can use it absolutely offline.
Then because cash-fiat is still a thing, then bank-fiat would also be a thing.
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Gloober
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December 23, 2015, 10:31:40 AM |
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No, not unless bitcoin becomes it's own fiat currency. If bitcoin would shoot up that high right now and reach that value, fiat would not be useless at all.
As of right now the world hasn't adapted to bitcoin yet, so you're still going to need to exchange in order to buy something in stores.
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bitlancr
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December 23, 2015, 10:52:13 AM |
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Not in a 100 years. I doubt that people will just make fiat so worthless if bitcoin reach 10.000 dollars.
If fiat would be worthless what will happen then with the price of bitcoin I wouldn't be sure about that the fiat would be worthless.
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HeroCat
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December 23, 2015, 01:24:12 PM |
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BTC willl not reach $10.000, because BTC mining is going up worldwide and therefore, price will not go so high.  |
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Cendassi
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December 23, 2015, 02:22:53 PM |
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BTC willl not reach $10.000, because BTC mining is going up worldwide and therefore, price will not go so high. And my hope is going down  but I would be s till happy if the price of bitcoin will be at 1500 dollars. But fiat money won't be ever useless they are so much people who still use it. |
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Luqman
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December 23, 2015, 03:24:13 PM |
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Bitcoin's price will never affect fiat in any way, this could be happen if people over the world using bitcoin then fiat become worthless..
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samanas
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December 23, 2015, 04:15:14 PM |
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Bitcoin's price will never affect fiat in any way, this could be happen if people over the world using bitcoin then fiat become worthless..
I think people in the world will use various digital money including bitcoin. The value of digital money is independent of the fiats. |
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AtheistAKASaneBrain
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December 23, 2015, 04:58:37 PM |
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Nope, for as long as governments and corporate companies are in control of the main currency, fiat will never be worthless. As long as bitcoin hasn't adapted all over the world and you are not able to pay with it everywhere, we're all still going to need fiat.
That statement is not correct. Currencies have shown to be worthless hundreds of times over the centuries it existed.A currency which can't buy you a loaf of bread is worthless!! And even then you can't use it as fuel "because goat shit burns better", Andreas Antonopoulos would say!  No currency ever was able to hold it's purchasing power and therefore crashed at the end.The system has collapsed. And then it starts all over again.With a new currency.And this cycle repeats again and again. If you don't have fiat to compare bitcoin to, how would you know how much bitcoin would be worth? You wouldn't know that the bitcoin would be worth $10.000 at that moment. You're still going to need fiat if the world did not adapt to bitcoin yet, you're still going to need fiat to pay for you loaf of bread. So explain again why fiat would be worthless? If for some reason the dollar completely dissapeared and it wasn't a valid token to edge other stuf fagainst anymore, it wouldn't matter, we still have a million other ways to find a price, the most immediate would be to compared Bitcoin to gold instead of USD, and we would still have EUR and CNY. |
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Amph
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December 23, 2015, 06:56:36 PM |
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BTC willl not reach $10.000, because BTC mining is going up worldwide and therefore, price will not go so high. this is no sense, because with the halving the mienrs will not dump so much, actually their dumping pressure is not that significant for the market what is really matter is the demand not the supply |
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