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qtronix
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November 11, 2013, 11:54:56 AM
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so if it where to collapse is bitcoin dead, so many people are buying due to the exchange rate ? so if the dollar holds no value neither will bitcoin ?

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November 11, 2013, 12:00:05 PM
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so if it where to collapse is bitcoin dead, so many people are buying due to the exchange rate ? so if the dollar holds no value neither will bitcoin ?

While the dollar might be the current world reserve currency, it won't be forever. And it is not the only currency. There are things in Europe called Euros. In China there are Yuan and so on.

The next 24 hours are critical!
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November 11, 2013, 12:02:12 PM
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Where we are going we won't need bits of paper.
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November 11, 2013, 12:35:23 PM
 #4

if dollar were to collapse, USD/BTC exchange rate would sharply rise, that's all. in no sense is bitcoin tied to USD. it'll be traded for CNY/EUR, that's all

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November 11, 2013, 12:36:58 PM
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Another method of exchange would be used...another currency, precious metal, or even a normal good.
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November 11, 2013, 12:39:54 PM
 #6

dollar wont crash lol

everyone is thinking that, then it wont happen
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November 11, 2013, 12:53:45 PM
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dollar wont crash lol

everyone is thinking that, then it wont happen

If everyone is thinking that, it will collapse even faster.
Why would you hold much dollars, if you believe it will crash?
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November 11, 2013, 01:03:37 PM
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US debt is so high they can't even pay the interest on loans. Crash or default is a mathematical certainty, just a matter of time. All depends when the chinese get sick of seeing their money disappear.

Look inside yourself, and you will see that you are the bubble.
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November 11, 2013, 01:03:52 PM
 #9

dollar wont crash lol

everyone is thinking that, then it wont happen

I tend to agree with Peter Schiff, the dollar will invariably collapse because it's being printed like there's no tomorrow. Or if the Fed pulls a Paul Volcker and shuts off the spigot, the US (and perhaps the rest of the world) will enter a deflationary depression. (Holders of "hard assets" like gold and bitcoin should probably fear that outcome the most.) That doesn't mean the USD will automatically do a Zimbabwe and die completely, but the US could experience >>20% CPI inflation, especially if the rest of the world no longer wants all those printed dollars. And if you start WW3 to try to force the Russians or Chinese to accept USD, then we're all doomed anyway. Grin

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November 11, 2013, 01:10:48 PM
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"Everyone" in this context does not include the vast swathes of consumers who haven't the slightest interest in the financial system, and think "QE? wasn't that an ocean liner?"

In my limited time watching various markets, I've formed the opinion that they do whatever people least expect them to.

Applied to BTC, I have a horrible feeling that maybe this is as good as it gets. There will be no rocket (as everyone expects). It will not crash to zero (as everyone else expects). It will never go mainstream (because *everyone* as explained above does not knowing or care about it... "inflation is how you fill balloons right?"). So china was the last hurrah.

Enjoy your profits, thanks for playing.

I really hope I'm wrong though.

"A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution" - Satoshi Nakamoto
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November 11, 2013, 01:18:19 PM
 #11

The USD WILL collapse. Then so will the Euro, the Japanese Yen, the Swiss Franc, the Canadian dollar, and the Australian dollar - to start.

This is a mathematical certainty.

Short of some sort of false flag to distract from the insolvency of the QE countries (US, Canada, Europe, etc.), there is no way to avert the collapse.

Peter Schiff is an optimist.

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November 11, 2013, 03:07:41 PM
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"Everyone" in this context does not include the vast swathes of consumers who haven't the slightest interest in the financial system, and think "QE? wasn't that an ocean liner?"

In my limited time watching various markets, I've formed the opinion that they do whatever people least expect them to.

Applied to BTC, I have a horrible feeling that maybe this is as good as it gets. There will be no rocket (as everyone expects). It will not crash to zero (as everyone else expects). It will never go mainstream (because *everyone* as explained above does not knowing or care about it... "inflation is how you fill balloons right?"). So china was the last hurrah.

Enjoy your profits, thanks for playing.

I really hope I'm wrong though.

I guess we'll see, anything is possible with BTC. But what about Africa, India, etc? I realize 90% of us in Western Nations are such blithering idiots that we think inflation is what fills balloons, but those in places with hyper inflation (for example) are probably much more aware and more willing to adapt to this new concept. Furthermore, that still leaves 10% of non-retards in Western Nations to get this moving. China was a nice speculative pump for bitcoin, but the price doesn't have to by sky high for the concept to work - although once the concept is working, the price will be high - but based on a more solid basis than Asian (or anyones) speculation.

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November 11, 2013, 03:49:30 PM
 #13

dollar wont crash lol

everyone is thinking that, then it wont happen

I tend to agree with Peter Schiff, the dollar will invariably collapse because it's being printed like there's no tomorrow. Or if the Fed pulls a Paul Volcker and shuts off the spigot, the US (and perhaps the rest of the world) will enter a deflationary depression. (Holders of "hard assets" like gold and bitcoin should probably fear that outcome the most.) That doesn't mean the USD will automatically do a Zimbabwe and die completely, but the US could experience >>20% CPI inflation, especially if the rest of the world no longer wants all those printed dollars. And if you start WW3 to try to force the Russians or Chinese to accept USD, then we're all doomed anyway. Grin

How does a deflationary depression = >>20% CPI.  It would be the other way around if its deflationary i.e. -20% CPI.
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November 11, 2013, 04:21:04 PM
 #14

Kenya currency collapsed.  Look at what they're using! Bitcoin!

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November 11, 2013, 04:32:14 PM
 #15

If the USD collapses, it will likely take the rest of the world's currencies with it.  That includes Bitcoin.  That's just part of being the worlds reserve currency.  $360 for BTC would mean what?  $10,000 BTC would mean what?  Would you give up 1BTC for $1 million? USD wouldn't be worth anything so you'd in a sense being giving your BTC away for free.

What crypto needs for success, is not the collapse of the USD but the ability to thrive next to it, so people can transition naturally without wrecking the worlds economies.  Collapse doesn't benefit anyone.  Aside from all that, I still don't believe Bitcoin is ready to fill the void. 

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November 11, 2013, 04:34:09 PM
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I guess we'll see, anything is possible with BTC. But what about Africa, India, etc? I realize 90% of us in Western Nations are such blithering idiots that we think inflation is what fills balloons, but those in places with hyper inflation (for example) are probably much more aware and more willing to adapt to this new concept. Furthermore, that still leaves 10% of non-retards in Western Nations to get this moving. China was a nice speculative pump for bitcoin, but the price doesn't have to by sky high for the concept to work - although once the concept is working, the price will be high - but based on a more solid basis than Asian (or anyones) speculation.

No need to go to Africa or India. Germans are well aware of what inflation or hyper-inflation is. It's a dreaded word in Germany, and Germany = Europe.

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November 11, 2013, 04:35:56 PM
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good riddance.

we don't need blood stained government monopoly trash
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November 11, 2013, 04:36:25 PM
 #18

Kenya currency collapsed.  Look at what they're using! Bitcoin!

Awesome, I've been preaching it. Africa is ripe for BTC adoption. We need to get member of the BTC foundation to go over there and push this.


If the USD collapses, it will take the rest of the world's currencies with it.  That includes Bitcoin.  $360 for BTC would mean what?  $10,000 BTC would mean what?  Would you give up 1BTC for $1 million?  It USD wouldn't be worth anything so you'd in a sense being giving your BTC away for free.

What crypto needs for success, is not the collapse of the USD but the ability to thrive next to is, so people can transition naturally without wrecking the worlds economies.  Collapse doesn't benefit anyone.  

If the USD truly collapses, BTC wouldn't be measured in USD, it would probably be measured by some type of purchasing power index. However, I doubt if the USD will vanish, but I suspect collapse AS WE KNOW IT and hyper inflation is in our future. Also, the USD collapses that would be devastating to the world economy for a while, but by no means would it destroy all other currencies. It might shift power around, but to an extreme example do you think it will destroy North Korea's won? I imagine most other currencies, while affected, would survive as well.

BTC: 13WYhobWLHRMvBwXGq5ckEuUyuDPgMmHuK
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November 11, 2013, 04:37:58 PM
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If the USD collapses, it will likely take the rest of the world's currencies with it.  That includes Bitcoin.  That's just part of being the worlds reserve currency.  $360 for BTC would mean what?  $10,000 BTC would mean what?  Would you give up 1BTC for $1 million? USD wouldn't be worth anything so you'd in a sense being giving your BTC away for free.

What crypto needs for success, is not the collapse of the USD but the ability to thrive next to it, so people can transition naturally without wrecking the worlds economies.  Collapse doesn't benefit anyone.  Aside from all that, I still don't believe Bitcoin is ready to fill the void. 

This.
antimattercrusader
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November 11, 2013, 04:38:52 PM
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I guess we'll see, anything is possible with BTC. But what about Africa, India, etc? I realize 90% of us in Western Nations are such blithering idiots that we think inflation is what fills balloons, but those in places with hyper inflation (for example) are probably much more aware and more willing to adapt to this new concept. Furthermore, that still leaves 10% of non-retards in Western Nations to get this moving. China was a nice speculative pump for bitcoin, but the price doesn't have to by sky high for the concept to work - although once the concept is working, the price will be high - but based on a more solid basis than Asian (or anyones) speculation.

No need to go to Africa or India. Germans are well aware of what inflation or hyper-inflation is. It's a dreaded word in Germany, and Germany = Europe.

Yes,but Germany and Europe already has a powerful banking infrastructure with a invested interest not to be obsoleted. Even if there is no legal battle, they will fight to remain relevant with marketing, products, services. They will eventually lose that battle - but in Africa there doesn't even need to be a battle, bitcoin might end up becoming the natural choice. I use the telecom situation in China as an example, they skipped the land line stage and went straight to wireless - Africa is ripe for a similar skip-the-banking-credit card as payment method step.


I think we (BTC Foundation etc) should, in fact, push for adoption in Africa, it would both benefit them, and the BTC Community. It would help bring them into the modern world and international business environment. Once the rest of the world sees how great it works, it will be hard to resist. The current Western banking/government structure would be less able to destroy it, since it's clearly legitimate currencies and in widespread use elsewhere.

Africa is the beachhead.

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