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Author Topic: Replace the dollar with a cryptocurrency. How exactly?  (Read 419 times)
BabelZZ
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November 19, 2017, 08:03:24 PM
 #1

I' ll take bitcoin as an example.

Is it mandatory that the value of all bitcoins is equal to the value of the world economy?

Can this value be archived before all the bitcoins are mined?

When I buy bitcoin someone will take my dollars.
So how can we technically replace all dollars with the bitcoins?
In the end will there always be someone with only dollars in their pockets or  am i wrong?
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deadthings
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November 19, 2017, 08:09:58 PM
 #2

I' ll take bitcoin as an example.

Is it mandatory that the value of all bitcoins is equal to the value of the world economy?

Can this value be archived before all the bitcoins are mined?

When I buy bitcoin someone will take my dollars.
So how can we technically replace all dollars with the bitcoins?
In the end will there always be someone with only dollars in their pockets or  am i wrong?

So what me and some people think bitcoin will be the global currency, it won't beat dollar and be more popular but it will be like a dollar, so we could just pay or do some things with dollar and bitcoin at the same time.

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November 19, 2017, 08:27:42 PM
 #3

I' ll take bitcoin as an example.

Is it mandatory that the value of all bitcoins is equal to the value of the world economy?

Can this value be archived before all the bitcoins are mined?

When I buy bitcoin someone will take my dollars.
So how can we technically replace all dollars with the bitcoins?
In the end will there always be someone with only dollars in their pockets or  am i wrong?

Your example is flawed because not even the dollar represents the whole world economy there are many other currencies that are very strong, what I think it is going to happen is that bitcoin is going to become one of the strongest currencies of the world and a significant amount of trade is going to move through it, it is not going to become the first world currency because governments are never going to allow that.

 
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November 19, 2017, 08:39:39 PM
 #4

There's no need to replace dollars for bitcoins and it would not be efficient in daily life. As a cryprocurrency it would do just fine, but as the dollar, although it's one of the most important, is not the only currency, you cannot just replace it for bitcoin.

amaral1977
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November 19, 2017, 09:28:34 PM
 #5

I' ll take bitcoin as an example.

Is it mandatory that the value of all bitcoins is equal to the value of the world economy?

Can this value be archived before all the bitcoins are mined?

When I buy bitcoin someone will take my dollars.
So how can we technically replace all dollars with the bitcoins?
In the end will there always be someone with only dollars in their pockets or  am i wrong?

A currency is just a debt title. Someone gets a  service from you and "writes" you a debt title. then you take that and aquire something from someone else. BTC can replace that with some advantages - It´s decentralized and not inflationary. However it has to overcome it´s scalability problems. Moreover it should be more stable, price wise and fungible to become a real currency for everyday use.

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mackstuart
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November 19, 2017, 09:43:40 PM
 #6

We all want to see it happening, but it would be almost impossible to see it really happening in less than 10 years, maybe more than that, or maybe we are not even going to be alive to see it happening.
It is going to be a difficult task, and no one of us knows how it will happen, because we are not even prepared to see it coming.
I mean, we all want to have a economic system based on cryptocurrencies, but it is too soon to see it happening because the world is not prepared to acostumbrate to it.
And those people who borned before the ninetees, are not even able to use a smartphone.

margarete11
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November 19, 2017, 09:43:58 PM
 #7

I' ll take bitcoin as an example.

Is it mandatory that the value of all bitcoins is equal to the value of the world economy?

Can this value be archived before all the bitcoins are mined?

When I buy bitcoin someone will take my dollars.
So how can we technically replace all dollars with the bitcoins?
In the end will there always be someone with only dollars in their pockets or  am i wrong?

you are just exchanging your bitcoins for dollars  just like you are exchanging your gold to dollars , there was no need to replace dollars with gold right ? bitcoin was just like that there was really no reason to make bitcoin replace dollar.
BabelZZ
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November 19, 2017, 09:58:23 PM
 #8

A currency is just a debt title. Someone gets a  service from you and "writes" you a debt title. then you take that and aquire something from someone else. BTC can replace that with some advantages - It´s decentralized and not inflationary. However it has to overcome it´s scalability problems. Moreover it should be more stable, price wise and fungible to become a real currency for everyday use.

I took bitcoin as an example but we can talk about cryptocurrency that  will solve the problem of scalability.
So are there any problem theoretically speaking substituting dollars with a cryptocurrency?

There's no need to replace dollars for bitcoins and it would not be efficient in daily life. As a cryprocurrency it would do just fine, but as the dollar, although it's one of the most important, is not the only currency, you cannot just replace it for bitcoin.

In a near future all payments will be made via smarthphones or hardware connected to the net.
So what would be the difficulty in everyday use?

So what me and some people think bitcoin will be the global currency, it won't beat dollar and be more popular but it will be like a dollar, so we could just pay or do some things with dollar and bitcoin at the same time.

So what's the point to have double currrency?

Your example is flawed because not even the dollar represents the whole world economy there are many other currencies that are very strong, what I think it is going to happen is that bitcoin is going to become one of the strongest currencies of the world and a significant amount of trade is going to move through it, it is not going to become the first world currency because governments are never going to allow that.

So it will be another currency like other?
Again what is the point?

you are just exchanging your bitcoins for dollars  just like you are exchanging your gold to dollars , there was no need to replace dollars with gold right ? bitcoin was just like that there was really no reason to make bitcoin replace dollar.

In this case i don't understand why we talk about "closing banks" "decentralized currency" if we can replace the paper money and the economy managed by bank etc etc.
In the long run ,without replacemenent ,who control the money will be on the top anywayright?
amaral1977
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November 19, 2017, 10:08:13 PM
 #9

I took bitcoin as an example but we can talk about cryptocurrency that  will solve the problem of scalability.
So are there any problem theoretically speaking substituting dollars with a cryptocurrency?


Theoretically no. But the problem i see if you are looking at a simple "replacement" is all this years of accumulation of fiat and printing of new bills to maintain price. How can you replace something that as no value with something that is scarse and theoretically non inflationary. I think we can see at least a change in our finantial and monetary system, if not a small revolution.


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CREX24GRAVIEXBITEBTC

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BabelZZ
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November 19, 2017, 10:16:33 PM
 #10

Theoretically no. But the problem i see if you are looking at a simple "replacement" is all this years of accumulation of fiat and printing of new bills to maintain price. How can you replace something that as no value with something that is scarse and theoretically non inflationary. I think we can see at least a change in our finantial and monetary system, if not a small revolution.

With cryptocurrency we can help change the actual financial and monetary system, you saying?
If not a total replacement at least an improvement of the actual state?
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November 19, 2017, 10:19:56 PM
 #11

I think both of these currencies share different advantages and disadvantages on their own. I think dollar will always remain to the fact that it has an advantage over any digital currencies that you can transact offline without the need of internet connection.

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BabelZZ
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November 19, 2017, 10:43:04 PM
 #12

I think both of these currencies share different advantages and disadvantages on their own. I think dollar will always remain to the fact that it has an advantage over any digital currencies that you can transact offline without the need of internet connection.

I think this is the fundamental point above all.

First infrastructure and then think about implementation in daily life.
Very good point.
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November 19, 2017, 10:46:19 PM
 #13

I' ll take bitcoin as an example.

Is it mandatory that the value of all bitcoins is equal to the value of the world economy?

Can this value be archived before all the bitcoins are mined?

When I buy bitcoin someone will take my dollars.
So how can we technically replace all dollars with the bitcoins?
In the end will there always be someone with only dollars in their pockets or  am i wrong?


i think there is relation between bticoin price with value of world economy. its just different.
i think its easier if we buy something offline by dollar, its more acceptable now days.
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November 19, 2017, 10:48:26 PM
 #14

If you know the demand and suppy principle it will.not be hard for you to understand this concept, why? Because it is kind of buying and selling of your share or stocks that only varies and fluctitates every time there is a transaction.
In regards of the world economh, it is right that even dolar is not the basis of world economy, abd bitcoin is decentralized cannot be counted as helping the real economy up
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November 19, 2017, 10:57:36 PM
 #15

I' ll take bitcoin as an example.

Is it mandatory that the value of all bitcoins is equal to the value of the world economy?

Can this value be archived before all the bitcoins are mined?

When I buy bitcoin someone will take my dollars.
So how can we technically replace all dollars with the bitcoins?
In the end will there always be someone with only dollars in their pockets or  am i wrong?

youre idea is wrong bitcoin was being used as a commodity just like bronze , silver and gold ! bitcoin could never replace a national currency !
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November 19, 2017, 11:08:31 PM
 #16

The total number of bitcoins shouldn't matter there, the face value as per arbitrary unit would shift as supply changes, but as a whole the cap is the same.

As for a possible transition, that's a tricky matter. Fiat has an established circulation with taxes, pensions and anything public funded. A huge part of the population are government workers or depend on the services.
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November 19, 2017, 11:28:00 PM
 #17

I' ll take bitcoin as an example.

Is it mandatory that the value of all bitcoins is equal to the value of the world economy?

Can this value be archived before all the bitcoins are mined?

When I buy bitcoin someone will take my dollars.
So how can we technically replace all dollars with the bitcoins?
In the end will there always be someone with only dollars in their pockets or  am i wrong?

If bitcoin wants to replace dollars well it will be more difficult for bitcoin to defeat dollars in very easy way there is many strategies that bitcoin do befpthat will be done all. In order to become the main currency in the whole world bitcoin needs the people to subscribe bitcoin.
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November 19, 2017, 11:38:55 PM
 #18

First question:
yeah, the value of all bitcoins should be equal to the value of the world economy or everything should be scale like 1:10 etc.
Second:
Maybe?
4th:
Yeah it is technicially impossible, because as you said we have only x btc so bank should have opportunity to print some btc but he can't...
last:
Yes you are right.

The one techniciall way it to steal all bitcoins from their users/owners and grade all bitcoins according to current dollars amount for everyone. And then everyone would hvae some bitcoins. like 0,00000000003  Cool
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November 20, 2017, 12:08:17 AM
 #19

I' ll take bitcoin as an example.

Is it mandatory that the value of all bitcoins is equal to the value of the world economy?

Can this value be archived before all the bitcoins are mined?

When I buy bitcoin someone will take my dollars.
So how can we technically replace all dollars with the bitcoins?
In the end will there always be someone with only dollars in their pockets or  am i wrong?

The price of all the Fiats are not related to its values, not even an inch of it.

This will not be possible since the cryptocurrencies are decentralized, you can monitor its price but it is impossible for you to manipulate it. And the government that doesn't that. They wanted to have profits, in order for the economy to grow.
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November 20, 2017, 12:08:56 AM
 #20

when you are sure to buy bitcoin with your dollar, that means you have learned bitcoin and understand it, trading strategy is needed to make a profit.

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