Absolutely nothing backs Fiat paper its completely worthless

[mtnsaa]

of course fiat money is worthless, its just a paper, but i dont think that it causes any problems as bitcoin is just a code too that has value just because people think its valuable

This. Every currency is worthless because it represents something else that actually have value. If you are talking about how fiat works and how it's based on debt basically, well that's how it goes, if you have a new system that is compatible with human life (not idiotic or idealistic utopian dreams) then you can propose something better. I think Bitcoin has potential, at least to change some things around. The problem is that it just doing its first steps but it is surely a complete unique way of rethinking economy and technology in today's world.

[bargainbin]

Doesn't the US back every dollar against gold ? or was that a long time ago or i misheard something

Of course not. That's why it's called fiat.
"No country currently backs its currency with gold, but many have in the past, including the U.S.; for half a century beginning in 1879, Americans could trade in $20.67 for an ounce of gold. The country effectively abandoned the gold standard in 1933, and completely severed the link between the dollar and gold in 1971."

Welcome to 21st century.

[DaveWave]

So, let me see if I have understood this correctly.

On the one side we have fiat currency, backed up by your government, maybe backed up by other countries, possibly the IMF too. Used by 100% of the population of your country and probably many that aren't.

On the other side we have Bitcoin, backed up by nobody and used by less than 1/1000th of the population of any country. Mainly used by criminals and ohh, most people seem to only care what it's worth against the dollar, which I'm sure means that most users seem to only care about making money in a fiat currency?

And yet you say fiat paper is worthless?

[MicroGuy]

So, let me see if I have understood this correctly.

On the one side we have fiat currency, backed up by your government, maybe backed up by other countries, possibly the IMF too. Used by 100% of the population of your country and probably many that aren't.

On the other side we have Bitcoin, backed up by nobody and used by less than 1/1000th of the population of any country. Mainly used by criminals and ohh, most people seem to only care what it's worth against the dollar, which I'm sure means that most users seem to only care about making money in a fiat currency?

And yet you say fiat paper is worthless?

Well, at one point and time autos were in the same boat. 100% of the population traveled by horse and buggy. There were no gas stations, and roads weren't equipment for gasoline powered motorcars.

Fiat isn't worthless yet, but that is the direction. Once the people of this planet (and I use that term loosely) awaken to the Ponzi scheme being perpetrated by the central banks, they won't want US Dollars, Euro, or Yen. The people will demand cryptocurrencies like Bitcoin.

These new digital currencies will grow to become more popular and more important than the internet. You are in the right place, at the right time, to witness the liberation of mankind from its chains of fiat bondage.

[DaveWave]

Well, at one point and time autos were in the same boat. 100% of the population traveled by horse and buggy. There were no gas stations, and roads weren't equipment for gasoline powered motorcars.

Fiat isn't worthless yet, but that is the direction. Once the people of this planet (and I use that term loosely) awaken to the Ponzi scheme being perpetrated by the central bank, they won't want US Dollars, Euro, or Yen. The people will demand cryptocurrencies like Bitcoin.

These new digital currencies will grow to become more popular and more important than the internet. You are in the right place, at the right time, to witness the liberation of mankind from its chains of fiat bondage.

1. If I have to pay my mortgage, taxes, food bills in dollars I will want dollars. If I'm also being paid in dollars then why the hell would I want to convert my hard earned cash into an intermediary and take a hit on commission fees?

2. If you think your, or any, government will let Bitcoin replace it's own currency then you are delusional. It will never, ever, ever happen.

3. I accept that you may make money by investing (gambling) in Bitcoin, but if you want to protect yourself from a financial collapse you should buy something like gold instead. Should the worse thing happen you will have something shiny for your efforts.

[MicroGuy]

Well, at one point and time autos were in the same boat. 100% of the population traveled by horse and buggy. There were no gas stations, and roads weren't equipment for gasoline powered motorcars.

Fiat isn't worthless yet, but that is the direction. Once the people of this planet (and I use that term loosely) awaken to the Ponzi scheme being perpetrated by the central bank, they won't want US Dollars, Euro, or Yen. The people will demand cryptocurrencies like Bitcoin.

These new digital currencies will grow to become more popular and more important than the internet. You are in the right place, at the right time, to witness the liberation of mankind from its chains of fiat bondage.

1. If I have to pay my mortgage, taxes, food bills in dollars I will want dollars. If I'm also being paid in dollars then why the hell would I want to convert my hard earned cash into an intermediary and take a hit on commission fees?

2. If you think your, or any, government will let Bitcoin replace it's own currency then you are delusional. It will never, ever, ever happen.

3. I accept that you may make money by investing (gambling) in Bitcoin, but if you want to protect yourself from a financial collapse you should buy something like gold instead. Should the worse thing happen you will have something shiny for your efforts.

1. The transition to cryptocurrencies will be a slow process that will occur over many decades. The value of these currencies will grow as the network effect increases. Yes, today you are correct, it is tedious and somewhat impractical. But so was downloading a movie or sending an email in 1994.

2. This is a valid point. But I don't think bitcoin will replace fiat. I believe bitcoin will be co-opted by central banks until it is under their full regulatory control. It will be emerging cryptocurrencies that will slowly chip away at this financial establishment rule.

3. I own very little Bitcoin. But I am investing in gold; a rare digital gold. But that is a discussion for another forum.

[CuntChocula]

...
These new digital currencies will grow to become more popular and more important than the internet. You are in the right place, at the right time, to witness the liberation of mankind from its chains of fiat bondage.

Yes, satoshi's already bigger than Jesus, crypto more important than the internet, and mankind will soon be freed from the chains of ...what was it? fiat bondage.
BTW, you ever share shaving utensils/needles/had unprotected sex with AmericanPegasus? PM me, will keep it confidential. Just trying to pin down Patient Zero.
ty

[johnyj]

I don't think it is the army that backs fiat money, otherwise fiat money will be backed by President, who is the leader of army. If fact President do not have direct control over the creation of fiat money, he only borrow money from central banks

I believe it is backed by an illusion which is very difficult to get rid off, and once everyone have this illusion, the loop is closed so it can maintain itself indefinitely

[YoonYeonghwa]

I think that we will be waiting a long time before Bitcoin overtakes fiat.

[Bitcoinpro]

I think that we will be waiting a long time before Bitcoin overtakes fiat.

Bitcoin overtook the USD so quickly it was laughable,

something that took 5,000 years to evolve got smashed

in a few short years by logic

[bitsmichel]

I think that we will be waiting a long time before Bitcoin overtakes fiat.

How long is a long time? I think fiat will exist for at least a few centuries more. But, we have to admit that technology is evolving so rapidly. 20 years ago we still used a beeper/buzzer, no mobile phones, no flat screen, floppy disk, cassette and no internet either.

[Bitcoinpro]

I think that we will be waiting a long time before Bitcoin overtakes fiat.

How long is a long time? I think fiat will exist for at least a few centuries more. But, we have to admit that technology is evolving so rapidly. 20 years ago we still used a beeper/buzzer, no mobile phones, no flat screen, floppy disk, cassette and no internet either.

adoption is speeding up of new technology, people lie and say no one knows about bitcoin

but its complete bs, its just like saying no one has heard about any type of currency, ill admit

i dont know the name of every currency in the world but of course i have heard about them

and would accept any of them into my life in a significant quantity

[TheCloser]

Precious metals will always be the backbone of currency trading across the globe. I would take physical 1 o.z. silver and gold eagles all day over fiat or digital currency. My reason for this? My bullion is backed by my 12 gauge. Which is strong.

[Bitcoinpro]

Precious metals will always be the backbone of currency trading across the globe. I would take physical 1 o.z. silver and gold eagles all day over fiat or digital currency. My reason for this? My bullion is backed by my 12 gauge. Which is strong.

and u post here instead of metals forum

[road to morocco]

Precious metals will always be the backbone of currency trading across the globe. I would take physical 1 o.z. silver and gold eagles all day over fiat or digital currency. My reason for this? My bullion is backed by my 12 gauge. Which is strong.

Note to self:
TheCloser is a srs d00d. Cap right away.

[Bitcoinpro]

Two things back the US dollar.

Military might



And insane patriotism

lol hes is dressing up for the movies hes in europe

[franky1]

So, let me see if I have understood this correctly.

1. On the one side we have fiat currency, backed up by your government, maybe backed up by other countries, possibly the IMF too. Used by 100% of the population of your country and probably many that aren't.

2. On the other side we have Bitcoin, backed up by nobody and used by less than 1/1000th of the population of any country.

3. Mainly used by criminals and ohh,

4. most people seem to only care what it's worth against the dollar,

5. which I'm sure means that most users seem to only care about making money in a fiat currency?

And yet you say fiat paper is worthless?

1. if you wash away your love of the american dollar.. and think about the third world countries.. your mindset will shift and not be so biased and obvious that your a Yank

2. bitcoin has more population then several countries/currencies combined.. again stop comparing to america.. and think about the world and different fiats.

3. less bitcoin % is used illegally compared to your loving dollar.. just walk the streets of detroit or other street hustling towns of drugs and prostitution and you will finally wake up that your lovely dollar is not so perfect

4. again wrong.. i get paid in bitcoin and i buy things in bitcoin. my fiat bank balance has not been touched in months.. maybe 1 transaction in 2 years was from my fiat bank.. the rest was in bitcoin.. and also im not american so i dont even care about the dollar valuation.. that dollar valuation are for those that love the dollar.. (only 318m out of 7billion.. .. UNDER 5% ...so not that many)

5. go talk to anyone that lives in china who uses yuan, how important the dollar is to them. they wont care about the dollar.

i think that you have not yet learned bitcoins usefulness, i dont think you realise that you can get a job anywhere in the world and not have to be paid in dollars..
so try to put your love for the dollar aside. and spend 5 minutes pretending you are from bangledesh, china, barbados.. anywhere thats not america.. and i promise you, your mind will be more enlightened to whats available outside of your american cesspit

[btcxyzzz]

It's backed by the force of tyrants. It's the biggest fraud in history, the cause of all problems in our society. World will be a much different place whan we fix the money.

[Zarathustra]

FIAT Money is debt/credit, and debt/credit is backed by deposits. I can't get credit out of hot air.

you can..

you do know that credit is a credit agreement.. the primary way banks "create money"..

you do realise that its not money movement from one account to another to give you credit.. the banks magic the money out of nowhere and you sign a credit card contract to hand them funds + a fee..

same goes for mortgages. the funds dont come from other peoples accounts.

when you realise that its created by nothing more then laws allowing them to create it under the use of credit agreements .. you will see that fiat is only backed by laws..

It's not created by nothing. It's created against a deposit/pledge (House, machines, salary etc.) Money is not a thing. Money is debt/credit.

[TheCloser]

Precious metals will always be the backbone of currency trading across the globe. I would take physical 1 o.z. silver and gold eagles all day over fiat or digital currency. My reason for this? My bullion is backed by my 12 gauge. Which is strong.

and u post here instead of metals forum

Its best to be well diversified. Hedging is the key to success.