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Author Topic: Is bitcoin actually protecting fiat money?  (Read 8504 times)
hahay
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July 02, 2019, 11:54:15 PM
 #141

In my opinion bitcoin and crypto coins are not here to protect fiat money, but i think is a good way to store money on bitcoin and hold it for long or until a profit is made, especially when a global economic crisis coming.
Yeah you are right it is not money protector but it is being use to increase our money, when you keep your money for long them it does not give you profit as you want from it but when you invest it in bitcoin it increases and gives your profit even more than double, so I can say bitcoin is money savvier for in forum of investment.
So in other words bitcoin is actually indeed able to protect fiat money and if it is done then there will be more value to be obtained, therefore investing in bitcoin is very profitable. But on the other hand there is still a risk that allows your money to be lost even though it is only stored in bitcoin, many hacking cases occur and basically no one protects your money in bitcoin, the only thing that can protect your money is only good security which you can apply at any time.

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July 03, 2019, 01:07:39 AM
 #142

I dunno. This perfectly sounds like the conspiracy theories nerds are concocting every time they do not have anything to do with their busy lives. Well, as for me, the banks and the central governments are struggling in the battle that is waged by the world of cryptocurrency. They cannot be so stupid enough to make such problems by themselves. Crypto is a serious threat to the value of fiat.

 
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July 03, 2019, 04:07:15 AM
 #143

The biggest threat to fiat money is inflation. Inflation can be cured by injecting wealth into the economy and by that rising enough belief to keep the system afloat. This can be done for instance by occupying foreign countries and by that opening up new markets to the companies that are essential to the economy. Or this can be done by loose regulations with the derivatives markets, that will create wealth out of thin air and high hopes.

Can it be that pumping of the crypto markets is just another financial shenanigan created to keep the old system afloat?
They are creating new wealth out of nothing with cryptos, just like with derivatives. The made up wealth that is created, is actually backing the value of fiat. This would make sense why regulators seem so blind on goxdollars and tether.
No, I do not think that the cryptocurrency was created by the states to protect their paper money from inflation. States can not control the location of capital, which is invested in cryptocurrency, in their country. Because of this, the Chinese government stated that the cryptocurrency harms the country's economy because it contributes to the uncontrolled withdrawal of funds from the state.

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July 04, 2019, 09:02:30 AM
 #144

Huge inflation leads to hyperinflation - and we can see that in Zimbabwe or Venezuela. Heard that there had been even a bank robbery in Venezuela, where thieves left worthless money in the bank vaults but took all the computers because they have a real physical value.
Usually I don't care about hearsays, but in this case I'm almost ready to believe it, as it would make sense (if the computers were easy to get moved and not of the cheap kind  Smiley )
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July 05, 2019, 06:17:23 PM
 #145

the most basic characteristics of money, which is to be a store of value, and eventually that fiat will get replaced by fiat from other countries, crypto or even precious metals.

As well, what is worth noting - the fiat currencies lost this basic feature in order to fund their military (starting point - the Great War).
Most countries wanted to be out of the gold standard anyway and they just used the war as the perfect excuse, they tried to cheat gold and then they suffered the consequences of having their economies sustain even more damage after the war since they did not had sound money, what it worries me is that for the first time in history all currencies are fiat, and the damage the economy can suffer if they all crash is immense so I keep most of my money in bitcoin and gold.



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July 05, 2019, 06:47:02 PM
 #146

The fact is that inflation in Venezuela also made money useless.  If we were talking about dollars, then of course the thieves would take dollars.  But since there was practically waste paper, which is called money in Venezuela, I had to take out the money by trucks in order to at least steal a bag equivalent to $ 100,000.

These are facts but people are not actually interested in facts, they like consiracy theories much more. Amd one of them is that cryptocurrency are made to protect fiat money from inflation, which to me perfectly makes no sense at all but many are obviously willing to believe that.

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