serjent05
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July 26, 2016, 04:48:24 PM |
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If bitcoin price is 10,000 USD, i dont think fiat money will be worthless. Bitcoin value is independent from fiat money. Same thing with fiat money to Bitcoin. We are just comparing for example USD and EURO, they are both currency and even if USD gone 10x the value of EURO, euro will never be worthlless because there are still a country using it and backing it. Same thing with Bitcoin and Fiat money.
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goldcoinminer
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July 27, 2016, 05:00:41 AM |
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If bitcoin price is 10,000 USD, i dont think fiat money will be worthless. Bitcoin value is independent from fiat money. Same thing with fiat money to Bitcoin. We are just comparing for example USD and EURO, they are both currency and even if USD gone 10x the value of EURO, euro will never be worthlless because there are still a country using it and backing it. Same thing with Bitcoin and Fiat money.
Digital currency is different from fiat, like in your example USD and EURO are different because in every country we have our own currency and only by bitcoin that we are united in using only one currency and if that value will be reach by bitcoins it could be a dominant currency. |
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Mauser
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July 27, 2016, 05:48:24 AM |
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If bitcoin price is 10,000 USD, i dont think fiat money will be worthless. Bitcoin value is independent from fiat money. Same thing with fiat money to Bitcoin. We are just comparing for example USD and EURO, they are both currency and even if USD gone 10x the value of EURO, euro will never be worthlless because there are still a country using it and backing it. Same thing with Bitcoin and Fiat money.
For 1 BTC to reach 10,000 USD we might need a hyper inflation. So in the end you might only get a few grociers for your 10,000 USD =) Of course there could be a huge run on bitcoins bring the price up to utopic levels and making all the bitcoin investors milionairs. Very unlikely though. |
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Kotone
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July 27, 2016, 05:48:51 AM |
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Nope. Because we don't know if fiat will still be using in the future or not. But as far as I know, Bitcoin price can't go from 500$ into 10,000$ in just a week or year, so if that is the case, fiat currency will not be worthless unless someone stock all the fiat in long time. But we still don't know if the fiat currency price will hike or not. So for me, fiat will still be useful in the next generation and we will still use it to transact and to pay with our bills.
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Maesters1-
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July 27, 2016, 04:30:00 PM |
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first it is not possible that bitcoin rate will be ever come to 10$. and suppose it happened and the price of bitcoin reduce to 10$ i think the people will lose their confidence on bitcoin . they will stop investment in bitcoin. they will fine some other sources for their investment. so i can say that if the price of bitcoin drop to 10$ the fiat currency will not be worthless. but will become more stronger.
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STT
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July 27, 2016, 05:03:16 PM |
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Digital currency is different from fiat, like in your example USD and EURO are different because in every country we have our own currency and only by bitcoin that we are united in using only one currency and if that value will be reach by bitcoins it could be a dominant currency.
Dollars are a digital currency, it just has no fixed amount and they keep expanding the total available to suit government needs for cashflow. If US government wanted to remove all physical notes, they could do this and just issue everyone with a debit card for the central bank. They probably wont but I believe it costs money for them to keep replacing notes that wear out so in theory it might save them money to do so. Otherwise dollar would be the same, all digital and just the same prices slowly rising every day The main difference from normal national currency to bitcoin is the computerised control of major factors, such as the production of new currency. Via block reward, this is quite different from politics involved in US dollars and bitcoin has a fixed amount known to ever exist. If they ever change this about bitcoin it would likely mean the standard fails. Price of fiat money wont affect bitcoin, its really not our business. Dollars is just one nation and as said above, bitcoin represents the earths population though it just a small percentage mostly highly online based |
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chaser15
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July 27, 2016, 07:36:04 PM |
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If bitcoin price is 10,000 USD, i dont think fiat money will be worthless. Bitcoin value is independent from fiat money. Same thing with fiat money to Bitcoin. We are just comparing for example USD and EURO, they are both currency and even if USD gone 10x the value of EURO, euro will never be worthlless because there are still a country using it and backing it. Same thing with Bitcoin and Fiat money.
For 1 BTC to reach 10,000 USD we might need a hyper inflation. So in the end you might only get a few grociers for your 10,000 USD =) Of course there could be a huge run on bitcoins bring the price up to utopic levels and making all the bitcoin investors milionairs. Very unlikely though. USD will undervalued and that case might happen. Meaning the value of $10,000 in the future is only like $10 today. So it's still useless even the bitcoin price will reached $10,000 since value are just the same in the real world. |
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groll
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July 28, 2016, 07:33:49 AM |
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i dont think so that if the price of bitcoin rise to 10000USD the fiat currency will be worthless. i think in near future it is not possible that the price of bitcoin will reach to 10000 it will take years i think to reach to this level. even then it is not possible that tie fiat will be worthless.
It is not far from being possible. Somehow I am seeing it to happen in the future. With bitcoins always increasing 50 to 100% of its price every year there is a high potential for bitcoins to reach 10k$. But to think that it will replace the fiat currency it is impossible. But it may be possible that bitcoin will be the official currency online that will serve as the representative of fiat currency especially dollars. |
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outatime1
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July 28, 2016, 11:05:24 AM |
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I don't think fiat currencies will go away. I think we will have both fiat and bitcoin together, each with it' own niche in the same way that we have fiat along with credit cards, paypal, western union, etc.
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Bettwarm
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July 28, 2016, 04:27:13 PM |
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I don't think fiat currencies will go away. I think we will have both fiat and bitcoin together, each with it' own niche in the same way that we have fiat along with credit cards, paypal, western union, etc.
Haha, go away. PayPal has no future, wait a few years and they will be gone. There support is worthless, don't accept bitcoin as legal payment proof. I think that says enough. Oh wait it can also be chargebacked... |
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jak3
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July 28, 2016, 06:33:30 PM |
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bitcoin and faint are related to each other and we are the one who made this rule because people are not gonna leave hand cash so soon we need atleast 500years to build trust with bitcoin before faint became worthless
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Fidemoga
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August 07, 2016, 09:17:58 AM |
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bitcoin and faint are related to each other and we are the one who made this rule because people are not gonna leave hand cash so soon we need atleast 500years to build trust with bitcoin before faint became worthless
That is right. The bitcoin value will increase in the long term but the fiat value will reduce in the long term. |
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maxhor
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August 07, 2016, 09:37:50 AM |
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I also don't think fiat will be worthless in case if bitcoin will go $10.000 for each, both are related because at the moment it's very difficult to use bitcoin in some part of the world, we still need fiat currencies to buy some stuff, maybe after some years bitcoin could replace it but I'm not sure about this.
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Tanic
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August 07, 2016, 09:43:03 AM |
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It is something unreal to bitcoin would be 10.000$. And if it happen and many people will try to fiat in the same moment - collapse is possible. And probably not just collapse, economy crashing as well. It's gonna be new the bladder.
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Dudeperfect
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August 07, 2016, 10:58:52 AM |
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No, and I can strongly defend my statement. Bitcoin is still in primary phase as compared to economic picture of the world, although having some price fluctuations I believe has it potential to be one of the major player on international level but still it can’t make fiat worthless because any point of time in the future, more people will be using fiat rather than bitcoin (or any other crypto currency). On the other side, we are in bitcoin since beginning and most of us might have good amount of bitcoin till that price mark so, fiat will be worthless for us.
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Hanacerty
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August 09, 2016, 03:27:54 PM |
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It is something unreal to bitcoin would be 10.000$. And if it happen and many people will try to fiat in the same moment - collapse is possible. And probably not just collapse, economy crashing as well. It's gonna be new the bladder.
A few years ago, I thought it would be impossible for the bitcoin price to be over $100. Now the price is $500. |
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angryswamp
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August 09, 2016, 03:46:53 PM |
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It is something unreal to bitcoin would be 10.000$. And if it happen and many people will try to fiat in the same moment - collapse is possible. And probably not just collapse, economy crashing as well. It's gonna be new the bladder.
A few years ago, I thought it would be impossible for the bitcoin price to be over $100. Now the price is $500. thats true, i think the price might soon jump to 1000 or even more hopefully |
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Fidemoga
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August 18, 2016, 06:23:58 PM |
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It is something unreal to bitcoin would be 10.000$. And if it happen and many people will try to fiat in the same moment - collapse is possible. And probably not just collapse, economy crashing as well. It's gonna be new the bladder.
A few years ago, I thought it would be impossible for the bitcoin price to be over $100. Now the price is $500. thats true, i think the price might soon jump to 1000 or even more hopefully I think the bitcoin price could rise to $1000 by the end of this year or early next year. It could be even higher. |
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Akupuniard
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August 18, 2016, 06:57:13 PM |
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Nope, cause bitcoin and fiat is two other sides and fiat is not depending on bitcoin but bitcoin is depending on fiat, a bit strange but it's true.
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angryswamp
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August 18, 2016, 08:47:56 PM |
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It is something unreal to bitcoin would be 10.000$. And if it happen and many people will try to fiat in the same moment - collapse is possible. And probably not just collapse, economy crashing as well. It's gonna be new the bladder.
A few years ago, I thought it would be impossible for the bitcoin price to be over $100. Now the price is $500. yeah, people say: "naah its never going to reach 10000 per bitcoin" while a while ago they said "naah bitcoin is never going to reach 100 dollars" |
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