gkv9
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!!! RiSe aBovE ThE StoRm !!!
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January 30, 2016, 04:49:19 AM |
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@OP,
If you are saying that fiat is completely worthless, remember that we ain't currently living in a "Bitcoin-Only based economy" and rather we are living in a biased economy where most are in its favor and most are barking against it...
Also, the values are currently being evaluated in "Paper money" itself for BTC, and it will take a lot of time for BTC to take over these economies...
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The Bitcoin software, network, and concept is called "Bitcoin" with a capitalized "B". Bitcoin currency units are called "bitcoins" with a lowercase "b" -- this is often abbreviated BTC.
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avw1982
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January 30, 2016, 05:51:31 AM |
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@OP,
If you are saying that fiat is completely worthless, remember that we ain't currently living in a "Bitcoin-Only based economy" and rather we are living in a biased economy where most are in its favor and most are barking against it...
Also, the values are currently being evaluated in "Paper money" itself for BTC, and it will take a lot of time for BTC to take over these economies...
It guess Op mentioned here. Fiat is worthy for all people but Bitcoin is more worth in value and its system as well. World economy is depends on fiat only but bitcoin have future power like How middle east countries came arise power with oil resource after 1970. |
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gkv9
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Activity: 1246
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!!! RiSe aBovE ThE StoRm !!!
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January 30, 2016, 07:33:47 PM |
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@OP,
If you are saying that fiat is completely worthless, remember that we ain't currently living in a "Bitcoin-Only based economy" and rather we are living in a biased economy where most are in its favor and most are barking against it...
Also, the values are currently being evaluated in "Paper money" itself for BTC, and it will take a lot of time for BTC to take over these economies...
It guess Op mentioned here. Fiat is worthy for all people but Bitcoin is more worth in value and its system as well. World economy is depends on fiat only but bitcoin have future power like How middle east countries came arise power with oil resource after 1970. No I guess, because Op has been saying that Bitcoin would replace Fiat very soon, which is not gonna happen... As we have all witnessed that BTC has developed gradually and its user base too increased rapidly, but that doesn't mean that it is accepted by everyone, and for that to happen, we all would need to dedicate too much time and even money in accordance with the needs of everyone, and that would take a lot of time... |
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BruceLee007
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January 30, 2016, 07:48:58 PM |
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thats correct, nothing backs it so it is completely worthless, i believe that people should start using bitcoin because of that and it would help bitcoin to grow
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DesignDerby.co.uk
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January 30, 2016, 07:54:10 PM |
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I agree with you. The only think that backs fiat is only people's belief that it has a value that could be used into exchanging it for something else (that was the plan when it was invented) but it's backbone is an empty space that never have been filled and BTCitcoin taking over all the monetary exchanges would certainly damage fiat as a whole.
Exactly....... So many discussions I have had with people, in regards to that piece of paper 'representing' nothing its amazing. |
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Puhi
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January 30, 2016, 07:55:08 PM |
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Gold standard has to come back, if we want to move the wealth distribution in the right direction.
This is the basic fact.
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vrm86
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January 30, 2016, 08:01:37 PM |
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@OP,
If you are saying that fiat is completely worthless, remember that we ain't currently living in a "Bitcoin-Only based economy" and rather we are living in a biased economy where most are in its favor and most are barking against it...
Also, the values are currently being evaluated in "Paper money" itself for BTC, and it will take a lot of time for BTC to take over these economies...
It guess Op mentioned here. Fiat is worthy for all people but Bitcoin is more worth in value and its system as well. World economy is depends on fiat only but bitcoin have future power like How middle east countries came arise power with oil resource after 1970. No I guess, because Op has been saying that Bitcoin would replace Fiat very soon, which is not gonna happen... As we have all witnessed that BTC has developed gradually and its user base too increased rapidly, but that doesn't mean that it is accepted by everyone, and for that to happen, we all would need to dedicate too much time and even money in accordance with the needs of everyone, and that would take a lot of time... True. Reading bitcoin news, btctalk threads etc. can make you feel, that bitcoin is a serious game changer in the financial world. And then just log out and take a look around your real world surrounding you, to ascertain it won't happen in the nearest future. |
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The Sceptical Chymist
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Activity: 3332
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Cashback 15%
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January 30, 2016, 08:18:08 PM |
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I am blown away at the ignorant responses here, but that shouldn't surprise me. It's a silly topic to begin with, as bitcoin isn't backed by anything either. "Math and electricity", that's a joke. Money doesn't have to be backed by anything to serve its function, and what we've got--fiat--is hardly worthless. I buy everything with it. Could it become worthless? Certainly. Most things can.
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gkv9
Legendary
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Activity: 1246
Merit: 1000
!!! RiSe aBovE ThE StoRm !!!
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January 30, 2016, 08:24:56 PM |
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I am blown away at the ignorant responses here, but that shouldn't surprise me. It's a silly topic to begin with, as bitcoin isn't backed by anything either. "Math and electricity", that's a joke. Money doesn't have to be backed by anything to serve its function, and what we've got--fiat--is hardly worthless. I buy everything with it. Could it become worthless? Certainly. Most things can.
That's true, fiat can't be worthless, else BTC itself will be worthless someday if we won't evaluate with fiat as currently it is the only way people are "exchanging" their coins for the same... Certainly??? Do you think that it will get worthless one day??? It will, but will still have some value associated with it, as it cannot be completely destroyed... |
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CuntChocula
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Activity: 42
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January 30, 2016, 08:55:52 PM |
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I am blown away at the ignorant responses here, but that shouldn't surprise me. It's a silly topic to begin with, as bitcoin isn't backed by anything either. "Math and electricity", that's a joke. Money doesn't have to be backed by anything to serve its function, and what we've got--fiat--is hardly worthless. I buy everything with it. Could it become worthless? Certainly. Most things can.
Get thee behind me, Satan: thou art an offence unto me: for thou savourest not the things that be of Satoshi, but those that be of statist fraud! ...all hopped up on bath salts, probably  |
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vrm86
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January 30, 2016, 09:15:14 PM |
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I am blown away at the ignorant responses here, but that shouldn't surprise me. It's a silly topic to begin with, as bitcoin isn't backed by anything either. "Math and electricity", that's a joke. Money doesn't have to be backed by anything to serve its function, and what we've got--fiat--is hardly worthless. I buy everything with it. Could it become worthless? Certainly. Most things can.
Why then governments hesistate (generally) to print money everytime they need some? Why can't I print some on my own? |
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futureofbitcoin
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January 30, 2016, 09:19:44 PM |
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no, the governments back fiat.
In fact, I'm willing to bet you that there are WAAAAAAYYYYY more people who would trust government backed currencies than none-government backed currencies.
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CuntChocula
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Activity: 42
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January 30, 2016, 09:21:30 PM |
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I am blown away at the ignorant responses here, but that shouldn't surprise me. It's a silly topic to begin with, as bitcoin isn't backed by anything either. "Math and electricity", that's a joke. Money doesn't have to be backed by anything to serve its function, and what we've got--fiat--is hardly worthless. I buy everything with it. Could it become worthless? Certainly. Most things can.
Why then governments hesistate (generally) to print money everytime they need some? Why can't I print some on my own? Because when you print money without the economy to back it, you get price inflation roughly equivalent to base money inflation (the extra money you printed). You can print your own money, and you do. Bitcoin, for instance, is just that. As are all the alts. You can print Monopoly money. You can't print *counterfeit* government money. That answer your questions? |
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vrm86
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January 30, 2016, 09:30:15 PM |
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no, the governments back fiat.
In fact, I'm willing to bet you that there are WAAAAAAYYYYY more people who would trust government backed currencies than none-government backed currencies.
Surely there are lot of people trusting governments, but it does not proof validity of that view. Gov's are backing money with promises, like the future retirements in some countries. |
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gkv9
Legendary
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Activity: 1246
Merit: 1000
!!! RiSe aBovE ThE StoRm !!!
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January 30, 2016, 09:34:28 PM |
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I am blown away at the ignorant responses here, but that shouldn't surprise me. It's a silly topic to begin with, as bitcoin isn't backed by anything either. "Math and electricity", that's a joke. Money doesn't have to be backed by anything to serve its function, and what we've got--fiat--is hardly worthless. I buy everything with it. Could it become worthless? Certainly. Most things can.
Why then governments hesistate (generally) to print money everytime they need some? Why can't I print some on my own? Would you like to be "indebted" to yourself??? Then, how do you think governments will be able to take such steps as if it is going to harm the economy so badly??? Printing ain't in the hands of Governments alone, there are Federal Reserves who take care of the same... |
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CuntChocula
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January 30, 2016, 09:35:15 PM |
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no, the governments back fiat.
In fact, I'm willing to bet you that there are WAAAAAAYYYYY more people who would trust government backed currencies than none-government backed currencies.
Surely there are lot of people trusting governments, but it does not proof validity of that view. Gov's are backing money with promises, like the future retirements in some countries. That's the way society works, on trust. Bitcoin being no exception. You trust that other people will want your bitcoins, and they, in turn, trust that those bitcoins will be worth something to other people. Turtles all the way down. Substitute *whatever you want* for Bitcoin. Try Beanie Babies. |
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vrm86
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January 30, 2016, 09:45:59 PM |
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no, the governments back fiat.
In fact, I'm willing to bet you that there are WAAAAAAYYYYY more people who would trust government backed currencies than none-government backed currencies.
Surely there are lot of people trusting governments, but it does not proof validity of that view. Gov's are backing money with promises, like the future retirements in some countries. That's the way society works, on trust. Bitcoin being no exception. You trust that other people will want your bitcoins, and they, in turn, trust that those bitcoins will be worth something to other people. Turtles all the way down. If there are any BTC buy offers, thats not the matter of trust at all. When somebody is buyin BTC he/she is taking some risk. The difference is, that governments don't inform about any risks related to their decisions, but want people to believe that their conditions are set in stone. I am blown away at the ignorant responses here, but that shouldn't surprise me. It's a silly topic to begin with, as bitcoin isn't backed by anything either. "Math and electricity", that's a joke. Money doesn't have to be backed by anything to serve its function, and what we've got--fiat--is hardly worthless. I buy everything with it. Could it become worthless? Certainly. Most things can.
Why then governments hesistate (generally) to print money everytime they need some? Why can't I print some on my own? Would you like to be "indebted" to yourself??? Then, how do you think governments will be able to take such steps as if it is going to harm the economy so badly??? Printing ain't in the hands of Governments alone, there are Federal Reserves who take care of the same... I have responded to the claim, that money could be backed by nothing. I didn't say, that governments should print money at will, please read carefully. |
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labwork
Member
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January 30, 2016, 09:49:54 PM |
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You clearly don't understand what "backed" means, let me educate you:
[Backed currency is a form of money] whose value has a direct correspondence with the value of a commodity (such as gold), whether or not it is redeemable in that commodity on demand.
that was the old definition, you still live under a rock, no money is backed by gold anymore, money can be easily backed by other factor, such as the usage, the more it is used the more value it acquire everything that make the asset more valuable can be consider a form of backup That's the current definition of "backed currency". I didn't travel back in time to give you that link. And if you feel that everything contributes to an asset's backing, how is fiat toilet paper unbacked? It is "backed by the full faith and credit of the U.S. a government (or, as you would put it, Jackbooted Gubermint Thugs)." Bitcoin? Miners fork off to a better alt, and *POOF!* No moar backing  This process is not that fast, and the community would not jeopardize it's own assets like that. Remember that a hard fork needs to have the majority adoption. Why would the majority want to their assets become dust all of a sudden? Worst case scenario there would be another strong coin on the horizon, and btc would gradually fade as people would migrate their assets to the new strong coin (of even both them would coexist). |
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makingwin1
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January 30, 2016, 09:54:33 PM |
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i guess you are right, but it still has value as governments say that and you can buy stuff with it
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CuntChocula
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January 30, 2016, 09:55:33 PM |
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...
That's the way society works, on trust. Bitcoin being no exception.
You trust that other people will want your bitcoins, and they, in turn, trust that those bitcoins will be worth something to other people. Turtles all the way down.
If there are any BTC buy offers, thats not the matter of trust at all. When somebody is buyin BTC he/she is taking some risk. The difference is, that governments don't inform about any risks related to their decisions, but want people to believe that their conditions are set in stone. What do you mean? Did Bitcoin warn you about risks? Is a mechanism for issuing such warnings even a part of the Bitcoin protocol? I certainly can't speak for every government, but mine (US) hasn't lied to me re. value of the USD. |
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