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Author Topic: Will Bitcoin survive if the USD fails?  (Read 3448 times)
tkbx
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June 27, 2013, 01:19:18 PM
 #1

Many people seem to treat Bitcoin like silver or gold, that if the USD were to collapse, their wealth would be safe in bitcoin.

Metals and Bitcoin:
1. Derives value from rarity and difficulty to obtain more.

Metals:
1. Value universally understood (99/100 people will accept gold after a collapse, 1/100 will accept bitcoin).
2. Does not require a network to trade.

Bitcoins:
1. If stored correctly, impossible for thieves to steal, or governments to sieze.
2. No complex measurements to verify authenticity, purity, and volume.

Bitcoin may have some advantages over gold, but it also has some fundamental disadvantages (such as requiring a network to trade). For this reason, I would not be comfortable relying on Bitcoin for an economic collapse. What does everyone else think?
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June 27, 2013, 03:27:09 PM
 #2

short answer - of course it will. the world doesn't revolve around america.

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June 27, 2013, 05:57:52 PM
 #3

Failure of US$ does not equate to failure of the internet.
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June 27, 2013, 05:58:08 PM
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short answer - of course it will. the world doesn't revolve around america.

I agree that the US is not the center of the world, however the international currency of the world is USD.

If the USD were to collapse (which it won't) a lot of very scary stuff will happen in a lot of places where the USD is the main currency (mainly the US). Probably as bad as what happened around Katrina or worse. I think most of the local IT infrastructure in the US would not hold up. It's pretty hard to trade BTC without access to the blockchain.

As for the rest of the world I am not sure what would happen (assuming local currencies don't crash). I am assuming most parts of the internet will stay up.

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tkbx
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June 27, 2013, 06:15:22 PM
 #5

short answer - of course it will. the world doesn't revolve around america.
But it does, sadly. Lots of places use the USD as a standard in a way. Oil is priced in it worldwide.
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June 27, 2013, 06:16:37 PM
 #6

short answer - of course it will. the world doesn't revolve around america.
If the USD were to collapse (which it won't)
What makes you think that?
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June 27, 2013, 08:38:51 PM
 #7

I agree that the US is not the center of the world, however the international currency of the world is USD.

Isn't that starting to change? I mean I've read that some countries are starting to do exchanges in other currencies than USD and just flat out start avoiding it.

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June 27, 2013, 09:26:30 PM
 #8

short answer - of course it will. the world doesn't revolve around america.

I agree that the US is not the center of the world, however the international currency of the world is USD.

Isn't that slowly changing to Euro's?
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June 27, 2013, 09:30:58 PM
 #9

Maybe you all would like to trade in chinese currency, controlled by the communist party in china?
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June 27, 2013, 10:49:10 PM
Last edit: June 27, 2013, 11:00:25 PM by whydifficult
 #10

short answer - of course it will. the world doesn't revolve around america.
If the USD were to collapse (which it won't)
What makes you think that?

I do think the crisis is far from over but I don't think it will tear down the whole USD. A lot of market crashes happened already in recent history (since the twenties) and the USD is still standing strong. People need currencies and currently the whole western infrastructure is built on top of the USD.

Maybe you all would like to trade in chinese currency, controlled by the communist party in china?

I really don't know why that would be so much worse? Atleast they don't try to hide the torturing, media oppression, stasi like mass surveillance and true war objectives.

EDIT: Maybe there is some confusion about whether we are talking about the same country. Here is an article on the country "US" I am talking about.

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June 27, 2013, 10:51:57 PM
 #11

short answer - of course it will. the world doesn't revolve around america.

I agree that the US is not the center of the world, however the international currency of the world is USD.

Isn't that slowly changing to Euro's?

It looked like it might be a decade ago but economic problems in Europe, that seems less likely to happen anytime soon.

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June 27, 2013, 11:14:25 PM
 #12

If there was an umbilical cord between the U.S. dollar and bitcoin, it's been cut a long time ago. Since the beginning of the year, we've seen bitcoin's value rise hugely against all the world currencies. The U.S. dollar didn't changed much.

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June 28, 2013, 07:16:35 AM
 #13

short answer - of course it will. the world doesn't revolve around america.

I agree that the US is not the center of the world, however the international currency of the world is USD.

Isn't that slowly changing to Euro's?

The Euro is in jeopardy of surviving much less becoming the world's reserve currency.  If anything, they may switch to a basket of currencies instead of just the USD but there is zero chance the Euro takes over unilaterally.

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June 28, 2013, 06:18:40 PM
 #14

I hope that usd and euro fail together ... I will trade my btc with gold coins ... I will be rich

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CurbsideProphet
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June 28, 2013, 07:00:27 PM
 #15

I hope that usd and euro fail together ... I will trade my btc with gold coins ... I will be rich

There's no orderly way for the USD and Euro to fail.  It's not like they fail overnight and the next day you're sipping mai tai's on a beach because you made a good call.  If they fail there will be widespread anarchy and possibly WWIII.  The largest economy AND military isn't going to just go down quietly.

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July 03, 2013, 06:00:01 PM
 #16

short answer - of course it will. the world doesn't revolve around america.

I agree that the US is not the center of the world, however the international currency of the world is USD.

If the USD were to collapse (which it won't) a lot of very scary stuff will happen in a lot of places where the USD is the main currency (mainly the US). Probably as bad as what happened around Katrina or worse. I think most of the local IT infrastructure in the US would not hold up. It's pretty hard to trade BTC without access to the blockchain.

As for the rest of the world I am not sure what would happen (assuming local currencies don't crash). I am assuming most parts of the internet will stay up.
Then again, apparently a large majority of the world's internet traffic flows through the USA, which also gives the American government the ability to spy on all that information.

http://hosted2.ap.org/OHCOL/07e34bb59e064cedb7e2776e8db4b4f7/Article_2013-07-02-Global%20Surveillance/id-cab10369412d451aa37c9321848cd950

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July 07, 2013, 04:39:49 AM
Last edit: July 07, 2013, 08:48:50 AM by tokeweed
 #17

short answer - of course it will. the world doesn't revolve around america.

oh wow. where have you been living?  under a rock???

the usd falls, america will make sure it will take everyone with it.

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arbitrage001
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July 07, 2013, 06:30:20 AM
 #18

USD has strengthen quite a bit.

Anyone who has been holding metal or other currencies (or bitcoin) suffer quite a blow back.
 
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July 07, 2013, 07:43:06 AM
 #19

You must be an American.

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July 07, 2013, 04:22:25 PM
 #20

I hope that usd and euro fail together ... I will trade my btc with gold coins ... I will be rich

There's no orderly way for the USD and Euro to fail.  It's not like they fail overnight and the next day you're sipping mai tai's on a beach because you made a good call.  If they fail there will be widespread anarchy and possibly WWIII.  The largest economy AND military isn't going to just go down quietly.

Major Fiat currencies cannot "fail"...
Because they are the only way to pay taxes and stay out of jail...
So every Fiat Currency has a fundamental value >> Tax Base...
(We are not talking about Banana Republics here).

This USD "fails" nonsense is floated by people...
Who have never filed a Tax Return or held a meaningful job in society.
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