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Ano
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January 06, 2016, 11:21:06 AM |
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My answer is no as well.It is fiat which set the value of Bitcoin up and makes it worth to buy and invest in it.With other words Bitcoin is backed by fiat so It can reach to 100,000 $ then too fiat will have its own importance just like before.
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ridery99
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January 06, 2016, 01:36:08 PM |
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Dumping bitcoin will still be beneficial.
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ingiltere
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January 06, 2016, 04:44:01 PM |
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No, what kind of perspective is it? I don't really understand. If Bitcoin price rise that means devaluing of national currencies but their worth is coming from government power and forces. If you don't destroy all governments in the world then you ca't destroy fiat money. Fiat money will always be and used as long as nations hold their government and country rules.
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Mr.grin
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January 06, 2016, 04:57:03 PM |
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Fiat is fiat. For now nothing can replace it.
well not true, you can replace it already at least partially , there are some services that offer you to pay in bitcoin, to receive what you want Well it is true, but bitcoin will always be valuable, and I think if that happens, you just have to ask the person bitcoin wallets address, and send it in place, the point you just have to bring your running bitcoin wallet that you can download on your smartphone |
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Yakamoto
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January 06, 2016, 05:28:59 PM |
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No, what kind of perspective is it? I don't really understand. If Bitcoin price rise that means devaluing of national currencies but their worth is coming from government power and forces. If you don't destroy all governments in the world then you ca't destroy fiat money. Fiat money will always be and used as long as nations hold their government and country rules.
The rise in the value of Bitcoin would not necessarily mean the devaluing of currencies by governments, it can simply be that more people are interested in investing or utilizing Bitcoin, and the increased demand is driving up the price. This can happen for a number of reason, the devaluing of currency is just one scenario. Fiat money can theoretically be destroyed, all it would require is the movement back to commodity-backed currencies. Which is more unlikely than likely at this point. |
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Temo58
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January 06, 2016, 11:16:23 PM |
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when all bitcoins will be mained then price of bitcoin will be not 10 000$ , 100 000$ . just save your bitcoins  |
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2legit2
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January 06, 2016, 11:19:07 PM |
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of course not in order for fiat to be worthless bitcoin has to completely replace it
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johnyj
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January 07, 2016, 02:23:34 AM
Last edit: January 07, 2016, 02:34:36 AM by johnyj |
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i dont know about others but i dont think it will happen because we are still comparing the bitcoin price with the faint currency so its some where the faint value which is keeping the bitcoin value alive ..if there is no faint then on what scale we can mesure bitcoin i mean a product should be sold for a cost like a candy for 1cent so if there will be no dollars or any other faint currency then how we will know that how much bitcoins we have to pay to buy a candy.so no matter how much big the price goes but the bitcoins are still nothing without faint currency
Gold's value is decided by it's mining cost, the competition will make sure that each gold miner will only be able to sell the gold a little bit above its production cost Similarly, without fiat money, bitcoin's value will be based on its mining cost, which can also be approximated by the value of chip/electricity used in average |
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johnyj
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January 07, 2016, 02:33:05 AM |
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Fiat become worthless if all the people realized the true nature of its value (cost nothing to create thus should worth nothing), but I guess majority of human are illiterate when it comes to money creation, so it could take some decades before the knowledge has been largely spread and debated, currently maybe less than 1% people know the truth The video The Biggest Scam In The History Of Mankind has 4.4 million views and I guess only 1 million reader believe what it says , and the people who really understand it will be much less[/b] Funny that you mention this video.I also watch Mike Maloney's videos and the history of money series are his most viewed ones. I showed "The biggest scam in the history of mankind" to so many people who have a financial or economical background and believe it or not, more than half of them asked me if that is really the truth because they can not believe it! This is not what they learned during apprentice ship or in schools. Very often people just get taught what they have to know, and not what they should know!This system starts already to fool us and our children in the schools!! I tried the same to some people with economy degrees and they don't understand it at all. They have been fed up with all lower level details like supply demand curve and quantitative theory of money supply. FRB is the highest level knowledge they have regarding money creation. You have to see from the money creator's point of view to see the truth, which most of the bitcoin miners are. But for most of those economists, they don't even think about that for the entire of their life |
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richardsNY
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January 07, 2016, 03:29:41 AM |
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of course not in order for fiat to be worthless bitcoin has to completely replace it
Or when fiat is getting replaced by an other Bitcoin like digital currency released by the governments. It will be something where they still maintain with full authority over everything. They don't want to lose control. That will happen once Bitcoin takes over. |
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Tstar
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January 07, 2016, 05:01:11 AM |
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Fiat will never ever become worthless in our lifetime circle even if bitcoin worth a million. There are too many places on this planet where you could stick your coins into your butt  Take for example Balkans, Middle East and Africa. If you want to eat in big cities you MAY be OK with bitcoins. Now move away more than 50km in radius |
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Straux
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January 07, 2016, 06:49:27 AM |
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No. Fiat will have some worth. Bitcoin's market cap will have to be the same as the dollar's total value or more, meaning something like all the 21 million bitcoin adding up to a couple hundred trillion, aka ~10 million a coin.
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samanas
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January 07, 2016, 10:15:13 AM |
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In the future, fiat is still the choice of government as they can print the money as necessary to pay the state debt.
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AsaroUk
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January 07, 2016, 10:55:39 AM |
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Nah bitcoin will be always the second best of all the currency I think.
The fiat money is always have been using a long time a go so I doubt that it will be useless later.
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Amph
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January 07, 2016, 11:25:58 AM |
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Nah bitcoin will be always the second best of all the currency I think.
The fiat money is always have been using a long time a go so I doubt that it will be useless later.
maybe not useless but it could have a minor role, like bitcoin is now i guess that poor country have more chance to adopt bitcoin in the case their government collapse |
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MaritiJames3
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January 07, 2016, 02:54:30 PM |
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Nah bitcoin will be always the second best of all the currency I think.
The fiat money is always have been using a long time a go so I doubt that it will be useless later.
maybe not useless but it could have a minor role, like bitcoin is now i guess that poor country have more chance to adopt bitcoin in the case their government collapse It will be easier for 3rd world countries to adapt to bitcoin, yes. Also because 1 bitcoin would be worth way more than their actual currency. There's a bunch of stuff you can buy in third world countries with only 1 dollar, so imagine what you can do with $450 equal to 1 btc. |
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Bitcoinbro
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January 07, 2016, 02:59:24 PM |
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I think fiat will be always worth of having it.
I don't think that fiat money will be worthless after all.
Bitcoin is not safe so we don't know about the future of it.
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funkenstein
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Khazad ai-menu!
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January 07, 2016, 04:56:28 PM |
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Let me rephrase the question for you:
If a fiat token is worth 10k sat, is the token worthless?
Lets take this apart. Your statement has the form: If A then B.
Here A is a definite link between the fiat token and the bitcoin token. B states that the fiat token is worthless. This can only be true then if the bitcoin token is also worthless.
I'm not sure where to go with this. Perhaps some context is necessary because I don't see any reason the fiat tooken and the bitcoin token would become simultaneously worthless at a given exchange rate between the two.
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Yakamoto
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January 07, 2016, 05:11:27 PM |
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Nah bitcoin will be always the second best of all the currency I think.
The fiat money is always have been using a long time a go so I doubt that it will be useless later.
maybe not useless but it could have a minor role, like bitcoin is now i guess that poor country have more chance to adopt bitcoin in the case their government collapse It will be easier for 3rd world countries to adapt to bitcoin, yes. Also because 1 bitcoin would be worth way more than their actual currency. There's a bunch of stuff you can buy in third world countries with only 1 dollar, so imagine what you can do with $450 equal to 1 btc. Well they won't suddenly have money to use just because they are starting to use Bitcoin, it just means that they have the capacity to earn more with different forms of currency. |
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samanas
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January 07, 2016, 07:55:10 PM |
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Nah bitcoin will be always the second best of all the currency I think.
The fiat money is always have been using a long time a go so I doubt that it will be useless later.
maybe not useless but it could have a minor role, like bitcoin is now i guess that poor country have more chance to adopt bitcoin in the case their government collapse When there is a run away inflation in that country, people will consider bitcoin. The best country to adopt bitcoin is Argentina or Venezuela. |
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