My question about bitcoins economical shift

[OpenCryptoSystem]

And dont tell me that mining gives value to the bitcoin.

Mining its just some smart excuse to say to solve blocks or what ever.

All the crypto have only value coz of people faith in.

Now when the btc price is low many newbies think btc is bad now..and no more hope.
They just dont realise its okay to go down and to go up.
Once they see it will go up like over...15 k many newbies will jump and will invest.
After world war 2 property prices around the world was extremly cheap...even in places like london real estate was cheap.
But slowly couse of stabilisation and economical and social growth the prices started going higher.
Everything can fall and go up again.

As i know fiat price was backed with gold in very first, then the bad guys like rotchilds and other bankers just removed the gold as fiat backer and they start using debt instead of gold.

Now should they use gold again to re-value btc price?
I guess this is most correct way to get real btc value

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[yitzjoe]

I agree if the dollar will be difficult to really collapse because it is built with a system that is very old and good and many countries depend on the dollar, but if this happens then there are many other fiat that will give value to crypto like the euro, yesn - yen Japan and other currencies. because the basic value of crypto itself is fiat that is circulating today

[jseverson]

Now should they use gold again to re-value btc price?
I guess this is most correct way to get real btc value

Why would it be based on gold? Just so it wouldn't be dependent on USD or any fiat value anymore? It kind of doesn't make sense to me, because gold value is also paired with fiat anyway and also has its own fluctuations in value. Bitcoin actually being backed with gold is also out of the question because of Bitcoin's decentralized nature.

Either way, you seem to believe that the USD will collapse soon, and I beg to disagree. A USD collapse, which is the largest reserve currency in the world, would also mean a global economic collapse, and there may be bigger problems to worry about than what to pair BTC with. Also worth noting that people like McAfee's prediction takes into account massive USD devaluation, but they price it in USD anyway. Just my two satoshis on the matter.

[Ycekezuv]

If such a situation suddenly happens, then everything will be the same, only on price tags instead of $ will satoshi!

[NavI_027]

If that's the case then other replies are right. It will be the same with our current monetary system. There is no need for finding equivalence if the only existing form of money is bitcoin (though seems impossible to happen), its price will now freely move without comparing to any currency.

But in my opinion, putting this into reality was still not a  very good idea because we can still see loopholes on it. The supply of bitcoin is limited, it has only a 21M btc to be mined in total. If this depletes as time goes by, what do you think will happen? Of course, the price of it will soar high. The result, imbalance in our economy. Another to be considered, if btc will be the only existing currency then how will you put a price to a particular goods if we have no basis at all. For example, how can you justify that a pair of Converse sneakers is only .005 btc and not cheaper or more expensive than that.
@OP ~ Next time, express your ideas clearer.

[reflector]

As we know due to high inflation economical situation is very unstable !

Now im if the dollar collapsing then how the bitcoin or other coins value will be calculated??

Lets say all the fiat money will be gone and crypto currency will be used how the bitcoin price will be calculatwd??
If the dollar is falling the USDT...virtual currency will be still the base currency for crypto?

The Bitcoin is a decentralised platform so we should only consider the demand and supply but future market is mostly occupy the cryptocurrencies so fiat currencies are not performing well in the world. It is not affect the USD, USDT and TUSD because these two are depends on USD But dollar is depends on economic growth of United states so Bitcoin will never affect in any situation.

[davis196]

As we know due to high inflation economical situation is very unstable !

Now im if the dollar collapsing then how the bitcoin or other coins value will be calculated??

Lets say all the fiat money will be gone and crypto currency will be used how the bitcoin price will be calculatwd??
If the dollar is falling the USDT...virtual currency will be still the base currency for crypto?

very unstable?In which world do you live in?
"Now im if the dollar collapsing"-Wow,what a sentence.I guess that you are asking the same guestion every newbie asks here.The dollar won't collapse,crash or die.It will slowly decrease it's value over the next decades.
The bitcoin price will be measured in every other stable Fiat currency-euro,canadian dollar,british pound,austrlian dollar.
 

[smil3y7]

...
The bitcoin price will be measured in every other stable Fiat currency-euro,canadian dollar,british pound,austrlian dollar.
 

That could be the case. But the thing is that most of other Fiat currencies are just like US Dollar - not backed by anything tangible (if I remember correctly, Dollar used to be backed by gold back in the days but it's not anymore, right?). I'm from an EU country and the value of Euro is also declining, thanks to inflation and faked economic indexes... Besides, there is at least one country in EU that is already trying to get rid of Fiat money, planning to leave only "plastic". And if that works out for them (meaning if people accept that change and don't revolt about it) and other countries will follow then we'll be left with "virtual money" anyway. If that scenario goes through, crypto has a great potential to replace government regulated virtual money.

[nur rochid]

As we know due to high inflation economical situation is very unstable !

Now im if the dollar collapsing then how the bitcoin or other coins value will be calculated??

Lets say all the fiat money will be gone and crypto currency will be used how the bitcoin price will be calculatwd??
If the dollar is falling the USDT...virtual currency will be still the base currency for crypto?

The Bitcoin is a decentralised platform so we should only consider the demand and supply but future market is mostly occupy the cryptocurrencies so fiat currencies are not performing well in the world. It is not affect the USD, USDT and TUSD because these two are depends on USD But dollar is depends on economic growth of United states so Bitcoin will never affect in any situation.

different if bitcoin becomes the world currency, of course economic conditions will affect the world economy, because bitcoin becomes a means of payment from various economic activities

[Hydrogen]

if the dollar collapsing then how the bitcoin or other coins value will be calculated??

From the example of nations like turkey, its been established that when fiat currencies collapse or inflate, people look for alternatives to store their wealth to avoid devaluation. Turkey's inflating lira has fueled it attaining one of the highest bitcoin ownership rates in the world. Likewise in venezuela we see the state turning to crypto currencies when their own native fiat currency, the bolivar, hyperinflates or devalues.

When fiat collapse/inflates the value of crypto currencies and bitcoin, increases. That's the precedent we have seen and the one which is likely to continue into the future.

if the dollar collapsing then how the bitcoin or other coins value will be calculated??Lets say all the fiat money will be gone and crypto currency will be used how the bitcoin price will be calculatwd??
If the dollar is falling the USDT...virtual currency will be still the base currency for crypto?

USDT is tether. That is a somewhat different topic.

This article from bitcoin magazine did a good job explaining tether:

https://bitcoinmagazine.com/articles/clearing-misconceptions-how-tether-should-and-does-work/

[1Referee]

A USD collapse, which is the largest reserve currency in the world, would also mean a global economic collapse, and there may be bigger problems to worry about than what to pair BTC with.

People don't realize how serious a collapse scenario will be because they just read something on the internet, think it will increase Bitcoin's value and thus it's a great opportunity for those looking to sell high, they then echo it across a wide variety of platforms, and there you have it, even more noobs thinking that the US dollar is nearing its last days. It's mind boggling how weak minded some people are. If the US dollar goes down, we all go down with it, lol.

Bitcoin's value at that point being $1,000,000 will represent a value of $10,000 today. If Bitcoin needs devaluing fiat currencies to artificially increase significantly, it's pretty pathetic if you ask me. Be careful what you wish for peeps, it will work against you.

[OpenCryptoSystem]

A USD collapse, which is the largest reserve currency in the world, would also mean a global economic collapse, and there may be bigger problems to worry about than what to pair BTC with.

People don't realize how serious a collapse scenario will be because they just read something on the internet, think it will increase Bitcoin's value and thus it's a great opportunity for those looking to sell high, they then echo it across a wide variety of platforms, and there you have it, even more noobs thinking that the US dollar is nearing its last days. It's mind boggling how weak minded some people are. If the US dollar goes down, we all go down with it, lol.

Bitcoin's value at that point being $1,000,000 will represent a value of $10,000 today. If Bitcoin needs devaluing fiat currencies to artificially increase significantly, it's pretty pathetic if you ask me. Be careful what you wish for peeps, it will work against you.

Here is many people who know exacly , but i have not heared from them.

As we know bitcoin and whole blockchain is made by secret service and funded by secret service and goverment.
Many here in this forum working together with goverment elite and with secret service.
Many people here are former or even current goverment agents.
So id like to hear what is opinion they have about all of this !!

Cmon...we are all here in this forum we should talk about everything honestly no need to hide anything !!

Dollar is destined to collapse now everybody talking about this and people who hold crypto are worry about this.

[bob3772]

fiat isn't going to collapse very quickly even if it does. The major economies and governments have too much power right now to allow that. If/when it does happen then other things will just be priced against goods. Like gold used to be priced against everything like milk, eggs etc.

Im sure gold is not as good payment method like bitcoin !!

Would you carry gold with you to go to shop to buy milk??

I dont think its logical !

I think btc will be rather then gold

obviously bitcoin is much better. I just mentioned gold because gold was used traditionally. Eventually it was replaced by cash as people realised the actual transaction of gold wasn't necessary and then printed notes which were backed by gold. In today's age bitcoin would be far superior.

[esetop01tryba]

It is unlikely that Fiat money will go away and circulation, maybe in the future it will happen but not today for sure !

[omfg.xekcep]

As we know due to high inflation economical situation is very unstable !

Now im if the dollar collapsing then how the bitcoin or other coins value will be calculated??

Lets say all the fiat money will be gone and crypto currency will be used how the bitcoin price will be calculatwd??
If the dollar is falling the USDT...virtual currency will be still the base currency for crypto?

Generally speaking dollar is the world reserve currency and I am sure nothing will happen with dollar in the near future especially while US is powerful and integral. Let me ask you a question. Why do you bury dollar?  Are there any objective reasons for that? I am really want to hear your point of view.
In fact dollar is used for evaluating a price almost for everything. Technically we can use nearly any currency with low inflation for that purposes, for instance, Euro.

[OpenCryptoSystem]

As we know due to high inflation economical situation is very unstable !

Now im if the dollar collapsing then how the bitcoin or other coins value will be calculated??

Lets say all the fiat money will be gone and crypto currency will be used how the bitcoin price will be calculatwd??
If the dollar is falling the USDT...virtual currency will be still the base currency for crypto?

Generally speaking dollar is the world reserve currency and I am sure nothing will happen with dollar in the near future especially while US is powerful and integral. Let me ask you a question. Why do you bury dollar?  Are there any objective reasons for that? I am really want to hear your point of view.
In fact dollar is used for evaluating a price almost for everything. Technically we can use nearly any currency with low inflation for that purposes, for instance, Euro.

Dollar has high debt, its not mean nothing ?

[figmentofmyass]

But the problem is btc is not backed up by nothing secure.

At least now btc is backed by fiat somehow...and fiat is backed by debt and people are the collateral for debt so.

Btc value comes from just because of limited coins??

BTC is backed by nothing. in some philosophical sense, you could say it's backed by code, or math (or rather humans' paltry understanding of math).

but the truth is, it's backed by nothing at all. the reason people use it is because other people use it. it's based on faith. it's a token that people trust (until they don't). its value is determined by nothing more than demand vs its limited supply.

satoshi said something about this back in the day:

I think the traditional qualifications for money were written with the assumption that there are so many competing objects in the world that are scarce, an object with the automatic bootstrap of intrinsic value will surely win out over those without intrinsic value.  But if there were nothing in the world with intrinsic value that could be used as money, only scarce but no intrinsic value, I think people would still take up something.

(I'm using the word scarce here to only mean limited potential supply).

[maksimukr1989]

It's too early to think about it.Fiat isn't going anywhere.At least in this century.At the moment it's on the verge of fiction.

[jseverson]

As we know bitcoin and whole blockchain is made by secret service and funded by secret service and goverment.
Many here in this forum working together with goverment elite and with secret service.
Many people here are former or even current goverment agents.
So id like to hear what is opinion they have about all of this !!

That's kind of a little too conspiracy nut for me. No one has had any evidence whatsoever that a government entity was the brainchild of Bitcoin and the blockchain. They certainly have nothing to gain by working with forum members on Bitcoin matters.

Dollar has high debt, its not mean nothing ?

Here's an article that tackles the US debt issue. tldr; the US is fine for now, and even defaulting won't equal a collosal USD collapse.

[stompix]

Okay, i was looking the countries wich has the higest debt.
Then i found out debt has something to do with inflation.

Japan has highest debt and suprise surprise why ?

Because they have printed too much money now the inflation is eating the money.

And japan have big bitcoin infrastructure of merchants.
Japan is allready bitcoin friendly country.

What inflation are you talking about?
https://www.reuters.com/article/us-japan-economy-inflation/japan-inflation-ticks-up-but-bojs-target-remains-elusive-idUSKCN1M03C6

The nationwide core consumer price index (CPI), which excludes fresh food costs, rose 0.9 percent in August from a year earlier, matching a median market forecast and accelerating slightly from a 0.8 percent gain in July.

This one?  

But canada and usa will fall down soon.

Yeah, any minute... don't blink or you might miss it.

As we know bitcoin and whole blockchain is made by secret service and funded by secret service and goverment.
Many here in this forum working together with goverment elite and with secret service.
Many people here are former or even current goverment agents.
So id like to hear what is opinion they have about all of this !!

Triple double layered tin foil hat activated!

A USD collapse, which is the largest reserve currency in the world, would also mean a global economic collapse, and there may be bigger problems to worry about than what to pair BTC with.

People don't realize how serious a collapse scenario will be because they just read something on the internet, think it will increase Bitcoin's value and thus it's a great opportunity for those looking to sell high, they then echo it across a wide variety of platforms, and there you have it, even more noobs thinking that the US dollar is nearing its last days. It's mind boggling how weak minded some people are. If the US dollar goes down, we all go down with it, lol.

Bitcoin's value at that point being $1,000,000 will represent a value of $10,000 today. If Bitcoin needs devaluing fiat currencies to artificially increase significantly, it's pretty pathetic if you ask me. Be careful what you wish for peeps, it will work against you.

All those that are cheering for a collapse of the USD will be the first ones running in the streets, banging their heads against every wall still standing and asking God why this happened!!!

If the US collapse in a small timeframe (1 week or ) we're all rekt! China Japan Germany Somalia it doesn't matter, the last time the US economy sneezed millions lost their jobs even f they couldn't even point where the US was on a map.

What is BTC or any other crypto going to do for all those? Are they going to turn to bounty hunting on bitcointalk and doing work here?  
Seriously, some people are thinking and acting like children.