Bitcoin Forum
April 20, 2019, 03:23:13 PM *
News: Latest Bitcoin Core release: 0.17.1 [Torrent]
 
   Home   Help Search Login Register More  
Pages: « 1 [2] 3 4 »  All
  Print  
Author Topic: Is the US dollar backed by oil?What do you think?  (Read 321 times)
awik p
Full Member
***
Offline Offline

Activity: 518
Merit: 100



View Profile
March 21, 2019, 02:24:46 AM
 #21

I don't think so, if US dollar is backed by Saudi Arabian oil then why it's current money value isn't the same as Saudi Real? U.S. dollars are backed by the “full faith and credit” of the U.S. Government, that is what I strongly believe for now.
I agree. the American government won't like that, they certainly don't want to be dependent on other countries, instead they have to be the opposite. especially at this time the American president from a businessman background

Every time a block is mined, a certain amount of BTC (called the subsidy) is created out of thin air and given to the miner. The subsidy halves every four years and will reach 0 in about 130 years.
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
playboy654
Member
**
Offline Offline

Activity: 406
Merit: 27

★Bitvest.io★ Play Plinko or Invest!


View Profile
March 21, 2019, 03:40:46 AM
 #22

The oil is the most important think for a economic development so it definitely affect something while it's developed if it was being the US dollar you would not been amazing with this it will definitely be possible when the price increases for oil

▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬ ★ ★ ★ ★ ★ ▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬
PLINKO    |7| SLOTS     (+) ROULETTE    ▼ BIT SPINBITVESTPLAY or INVEST ║ ✔ Rainbot  ✔ Happy Hours  ✔ Faucet
▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬ ★ ★ ★ ★ ★ ▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬
mu_enrico
Copper Member
Sr. Member
****
Offline Offline

Activity: 476
Merit: 709


Bitcoin >> Fiat


View Profile WWW
March 21, 2019, 03:49:01 AM
 #23

The first video is about the bitcoin bubble and the second video is explaining the petrodollar and the US/Saudi Arabia relationships.The petrodollar conspiracy theory sounds pretty good to me.
It's not a conspiracy theory in my opinion since political science often uses it as a case study.
It's a fact that in order to buy crude oil, countries need to use the US dollar. Some oil producers tried to change it (the medium of exchange) but got punished by the US military.

█▀▀█
██▄█
BESTMIXER.IO // BEST BITCOIN MIXER
█▀▀█
██▄█
CryptopreneurBrainboss
Sr. Member
****
Offline Offline

Activity: 406
Merit: 408


Address me as "BRAINBOSS" from now henceforth...


View Profile WWW
March 21, 2019, 04:38:18 AM
 #24

Is US an oil producing state for their currency to be backed by oil? They don't even have oil to start with. The US dollar was (I repeat) was backed by gold but currently it isn't backed by any previous metal or resources it's just a bubble waiting to bust. The US dollars is backed by lies, printed just like any other fiat currency from thin air to pay debts they're owing mostly China and other. The US dollars is just a joke.

█▀▀█
██▄█
BESTMIXER.IO // BEST BITCOIN MIXER
█▀▀█
██▄█
arifteguhr
Sr. Member
****
Offline Offline

Activity: 728
Merit: 250



View Profile WWW
March 21, 2019, 04:40:24 AM
 #25

I don't think so, if US dollar is backed by Saudi Arabian oil then why it's current money value isn't the same as Saudi Real? U.S. dollars are backed by the “full faith and credit” of the U.S. Government, that is what I strongly believe for now.
I agree. the American government won't like that, they certainly don't want to be dependent on other countries, instead they have to be the opposite. especially at this time the American president from a businessman background
therefore even though the price of oil rises the US dollar will continue to rise because their government will certainly not depend on other countries so that the US dollar will experience an increase in itself rather than depending on the price of oil or the country of people

       ▄██▄
       ▀██▀
  ▄            ▄
 ███████████  ███
  ▀            ▀
 ▄               ▄
███  ██████████████
 ▀               ▀
 ▄               ▄
██████████████  ███
 ▀               ▀
  ▄            ▄
 ███  ███████████
  ▀            ▀
       ▄██▄
       ▀██▀

H A R A
▬▬▬▬▬▬▬▬▬▬▬▬
           ███
        █████████
     ███████████████
  █████████████████████
█████████████████████████
██  █████████████████████
██     ██████████████████
██        ███████████████
██          █████████████
██          █████████████
███         █████████████
  ████      ███████████
     ████   ████████
        █████████
           ███





██████
███▀▀▀
███
███





███
███
███▄▄▄
██████

.GLOBAL & TRANSPARENT..
.BLOCKCHAIN-BASED..........
.DATA EXCHANGE................

██████
▀▀▀███
   ███
   ███





   ███
   ███
▄▄▄███
██████
TWITTER
GITHUB
REDDIT
FACEBOOK
BITCOINTALK
LINKEDIN
lepbagong
Full Member
***
Offline Offline

Activity: 658
Merit: 111



View Profile WWW
March 21, 2019, 04:59:33 AM
 #26

As far as I know, it is only natural if the dollar will be connected to the import / export of oil commodities because it is somehow needed as an equal perception of payments that is wiser to use the dollar. Is the US dollar backed by oil, I have not been able to ensure that it is true, it should be observed more closely.

jseverson
Hero Member
*****
Offline Offline

Activity: 938
Merit: 673


View Profile
March 21, 2019, 06:10:45 AM
 #27

the second video is explaining the petrodollar and the US/Saudi Arabia relationships.The petrodollar conspiracy theory sounds pretty good to me.

Saudi only accepting oil undoubtedly started it, but even if they accepted other currencies now, I don't think it's going to matter too much. The US Dollar has already established itself as the reserve currency, and nearly every country has a huge stockpile of it. It's going to remain the most convenient option even without the petrdollar concept because it's going to remain globally accepted.

This doesn't mean that the USD can't collapse, but rather that it's a strong, liquid currency. Strictly speaking, it's still not backed by anything at the end of the day. Saying it's backed by oil is almost like saying Bitcoin is backed by whales IMO.

Leonardo7
Jr. Member
*
Offline Offline

Activity: 103
Merit: 6


View Profile WWW
March 21, 2019, 12:20:00 PM
 #28

Thank you so very much, thank you davis196, for sharing this. My knowledge has been distorted. The analyst is right to all extent, come to think of it, Venezuela is currently at a very massive political crisis, and the USA is going to enter an agreement if they haven't with the opposition leader to start accepting only dollars for both crude oil transaction and international transactions. Put this like this: The USA is able to get oil to back their currency because of their military might and capability, and the USA is going to stay top of that, for how long? I really can't tell. Am blessed for watching how the USA dollars still managing to survive despite the massive debt and budget deficit.

BLOCKMASON LINK
Create Web APIs From Any Smart Contract
BitBustah
Hero Member
*****
Offline Offline

Activity: 1078
Merit: 521



View Profile WWW
March 21, 2019, 01:40:03 PM
 #29

the second video is explaining the petrodollar and the US/Saudi Arabia relationships.The petrodollar conspiracy theory sounds pretty good to me.

Saudi only accepting oil undoubtedly started it, but even if they accepted other currencies now, I don't think it's going to matter too much. The US Dollar has already established itself as the reserve currency, and nearly every country has a huge stockpile of it. It's going to remain the most convenient option even without the petrdollar concept because it's going to remain globally accepted.

This doesn't mean that the USD can't collapse, but rather that it's a strong, liquid currency. Strictly speaking, it's still not backed by anything at the end of the day. Saying it's backed by oil is almost like saying Bitcoin is backed by whales IMO.

Many conspiracy theorists believe Gadaffi was killed because he only wanted to accept gold for Libya's oil.  That would have completely undermined the United States dollar and exposed it as worthless numbers in a computer screen that can be created at will.

█▀▀█
██▄█
BESTMIXER.IO // BEST BITCOIN MIXER
█▀▀█
██▄█
cizatext
Member
**
Offline Offline

Activity: 560
Merit: 40

Join for nice promotions: t.me/trust_dice


View Profile
March 21, 2019, 02:17:47 PM
 #30

Well that is his own personal view about bitcoin he thinks bitcoin is a bubble but to us bitcoin is a currency that is accepted globally. And on the petrodollars theory is still subject to verification because the us dollars should be backed by the us external reserve where the values of all currency is determine on the exchange market.

stompix
Legendary
*
Offline Offline

Activity: 1036
Merit: 1007



View Profile
March 21, 2019, 05:54:40 PM
 #31

Many conspiracy theorists believe Gadaffi was killed because he only wanted to accept gold for Libya's oil.  That would have completely undermined the United States dollar and exposed it as worthless numbers in a computer screen that can be created at will.

This is a myth with all dictators.
It is said that both Saddam and Ceausescu wanted this, and the later was killed because he wanted to open an alternative to the FMI. This while he had not a cent and his country was starving, probably the one in the worst shape from all of the former Warsaw Pact.

All failed regime need to have an enemy, someone who is destroying them and not letting them be a galaxy superpower.
Why has Venezuela gone bust and not Norway?

As for the gold for oil, there is one tiny flaw in it.
You can ask for gold, but it's up to the buyer to agree with this.
That's the major problem, and with oil supply and production going to the roof you have little chance of forcing the buyer to accept your terms.

Is US an oil producing state for their currency to be backed by oil? They don't even have oil to start with.

Read the news!
United States is the world's largest producer of crude oil




Oceat
Sr. Member
****
Online Online

Activity: 924
Merit: 257


★Bitvest.io★ Play Plinko or Invest!


View Profile
March 21, 2019, 10:53:52 PM
 #32

His points are totally valid but I think it is more a conspiracy theory in my opinion.
USA strives for keeping oil amounts on their control but this doesn't mean that they are doing that because US dollar is backed to it. It would be foolish to do so with a commodity that you do not own.
But still, need proof if it is valid and besides if there is someone who can give a valid reason I think they were probably gonna be hiding somewhere. I guess they should have to shut their mouth up if they know something about the truth or else the government will.



BIG WINNER!
[15.00000000 BTC]


▄████████████████████▄
██████████████████████
██████████▀▀██████████
█████████░░░░█████████
██████████▄▄██████████
███████▀▀████▀▀███████
██████░░░░██░░░░██████
███████▄▄████▄▄███████
████▀▀████▀▀████▀▀████
███░░░░██░░░░██░░░░███
████▄▄████▄▄████▄▄████
██████████████████████
▀████████████████████▀
▄████████████████████▄
██████████████████████
█████▀▀█▀▀▀▀▀▀██▀▀████
█████░░░░░░░░░░░░░▄███
█████░░░░░░░░░░░░▄████
█████░░▄███▄░░░░██████
█████▄▄███▀░░░░▄██████
█████████░░░░░░███████
████████░░░░░░░███████
███████░░░░░░░░███████
███████▄▄▄▄▄▄▄▄███████
██████████████████████
▀████████████████████▀
▄████████████████████▄
███████████████▀▀▀▀▀▀▀
███████████▀▀▄▄█░░░░░█
█████████▀░░█████░░░░█
███████▀░░░░░████▀░░░▀
██████░░░░░░░░▀▄▄█████
█████░▄░░░░░▄██████▀▀█
████░████▄░███████░░░░
███░█████░█████████░░█
███░░░▀█░██████████░░█
███░░░░░░████▀▀██▀░░░░
███░░░░░░███░░░░░░░░░░
▀██░▄▄▄▄░████▄▄██▄░░░░
▄████████████▀▀▀▀▀▀▀██▄
█████████████░█▀▀▀█░███
██████████▀▀░█▀░░░▀█░▀▀
███████▀░▄▄█░█░░░░░█░█▄
████▀░▄▄████░▀█░░░█▀░██
███░▄████▀▀░▄░▀█░█▀░▄░▀
█▀░███▀▀▀░░███░▀█▀░███░
▀░███▀░░░░░████▄░▄████░
░███▀░░░░░░░█████████░░
░███░░░░░░░░░███████░░░
███▀░██░░░░░░▀░▄▄▄░▀░░░
███░██████▄▄░▄█████▄░▄▄
▀██░████████░███████░█▀
▄████████████████████▄
████████▀▀░░░▀▀███████
███▀▀░░░░░▄▄▄░░░░▀▀▀██
██░▀▀▄▄░░░▀▀▀░░░▄▄▀▀██
██░▄▄░░▀▀▄▄░▄▄▀▀░░░░██
██░▀▀░░░░░░█░░░░░██░██
██░░░▄▄░░░░█░██░░░░░██
██░░░▀▀░░░░█░░░░░░░░██
██░░░░░▄▄░░█░░░░░██░██
██▄░░░░▀▀░░█░██░░░░░██
█████▄▄░░░░█░░░░▄▄████
█████████▄▄█▄▄████████
▀████████████████████▀




Rainbot
Daily Quests
Faucet
andika2018
Member
**
Offline Offline

Activity: 448
Merit: 10

mindsync.ai


View Profile
March 22, 2019, 12:22:49 AM
 #33

As far as I know, it is only natural if the dollar will be connected to the import / export of oil commodities because it is somehow needed as an equal perception of payments that is wiser to use the dollar. Is the US dollar backed by oil, I have not been able to ensure that it is true, it should be observed more closely.

US Dollar used in international transaction not only oil but most commodities using dollar currency for transaction. US Dollar not backed by oil, its backup by people trust only on US government. Once ago, Dollar backed by gold but after bretton wood, US Dollar printed from thin air

Burogh
Member
**
Offline Offline

Activity: 420
Merit: 10

Harmony for One and All


View Profile
March 22, 2019, 01:17:17 AM
 #34

I kinda like this guy and his Youtube content,but he is anti-bitcoin and he has some solid arguments.

https://www.youtube.com/watch?v=YChQ3KQ_1f4

https://www.youtube.com/watch?v=xNr1LWgIyiE

The first video is about the bitcoin bubble and the second video is explaining the petrodollar and the US/Saudi Arabia relationships.The petrodollar conspiracy theory sounds pretty good to me.

What do you think?

America always interesting in Oil. America use military power to take control on oil. We can see this at middle east, how america want to control the politics and taking benefits from oil. Saudi Arabi is america alliance and thats why their relation very close if its about oil

rollingstorm45
Member
**
Offline Offline

Activity: 448
Merit: 17


View Profile
March 22, 2019, 01:45:29 AM
 #35

I sounds good but still need to be proven. There is a lot of conspiracy going on with the US and Saudi Arabia regarding its petroleum import/export. To think that the Dollar is backed by oil I won't believe it.
the dollar is not supported by one trade product, but the dollar is used to buy and sell all products around the world, that makes the dollar very strong. if world trade does not use dollars but uses crypto, the dollar will certainly be destroyed and the value will not be high anymore.

mbluxs
Sr. Member
****
Offline Offline

Activity: 812
Merit: 250



View Profile WWW
March 22, 2019, 04:12:45 AM
 #36

As far as I know, it is only natural if the dollar will be connected to the import / export of oil commodities because it is somehow needed as an equal perception of payments that is wiser to use the dollar. Is the US dollar backed by oil, I have not been able to ensure that it is true, it should be observed more closely.
At a glance, I have read about the dollar as well as the oil that indeed existed since the first agreement and caused the price of the dollar to be higher, because everyone who wants oil requires US dollars to buy it.

       ▄██▄
       ▀██▀
  ▄            ▄
 ███████████  ███
  ▀            ▀
 ▄               ▄
███  ██████████████
 ▀               ▀
 ▄               ▄
██████████████  ███
 ▀               ▀
  ▄            ▄
 ███  ███████████
  ▀            ▀
       ▄██▄
       ▀██▀

H A R A
▬▬▬▬▬▬▬▬▬▬▬▬
           ███
        █████████
     ███████████████
  █████████████████████
█████████████████████████
██  █████████████████████
██     ██████████████████
██        ███████████████
██          █████████████
██          █████████████
███         █████████████
  ████      ███████████
     ████   ████████
        █████████
           ███





██████
███▀▀▀
███
███





███
███
███▄▄▄
██████

.GLOBAL & TRANSPARENT..
.BLOCKCHAIN-BASED..........
.DATA EXCHANGE................

██████
▀▀▀███
   ███
   ███





   ███
   ███
▄▄▄███
██████
TWITTER
GITHUB
REDDIT
FACEBOOK
BITCOINTALK
LINKEDIN
virasog
Legendary
*
Offline Offline

Activity: 1134
Merit: 1001


★777Coin.com★ Fun BTC Casino!


View Profile
March 22, 2019, 05:29:17 AM
 #37

I don't think so, if US dollar is backed by Saudi Arabian oil then why it's current money value isn't the same as Saudi Real? U.S. dollars are backed by the “full faith and credit” of the U.S. Government, that is what I strongly believe for now.
I agree. the American government won't like that, they certainly don't want to be dependent on other countries, instead they have to be the opposite. especially at this time the American president from a businessman background

I do not think that US dollar is backed by oil. It should be backed by the Gold which is also not the case. I am sure dollar will soon face the crisis in the next economic crisis  whereby  people will have no option but to invest in digital currencies. At that moment i feel that bitcoin price will sky rocket and there will be no stopping to it.

BlueStackz
Legendary
*
Offline Offline

Activity: 1176
Merit: 1023



View Profile
March 22, 2019, 05:48:49 PM
 #38

The oil part is true but why it is not Saudi real and why it is "trust in us government" is because USA basically owns Saudi Arabia that is why. Saudi Arabia could "try" to not give their oil to USA and try to blackmail USA and just sell their oil to Russia for cheap and that is exactly when USA will decide "bringing democracy to Saudi Arabia" is a good decision. It would be a bloody war again but you will see a USA flag everywhere in Saudi Arabia for sure.

Hence, Saudi Arabia just sells their oil to USA and lives freely with that money and do whatever they want. So, just because Dollar is backed by Oil doesn't really mean its also not trust to government, its basically hand in hand, you literally trust the government to find oil at all times no matter where and how.

......
.L I V E C O I N . N E T.
.
..PROFITBOX..
██  █████████████████████████
  █████████▄      ▄██████████
█████████████▄  ▄████████████
    █████████████████████████
  ██████████▀    ▀█ ▀████████
████  █████▀  ▄▄  ▀█  ▀██████
  ████████▀  ▄██▄  ▀█   ▀████
    ██████   ▀██▀   ██   ████
  █████████▄      ▄██████████
██  █████████▄  ▄████████████
  ███████████████████████████
██  █████████████████████████
  █████████████████████▀ ███
█████████████████████▀   ███
    █████████████▀     ████
  █████████████▀   ██    ████
████  █████▀     ██    ████
  ███████▀   ██    ██    ████
    █████    ██    ██    ████
  ███████    ██    ██    ████
██  █████    ██    ██    ████
  ███████████████████████████
.....
stompix
Legendary
*
Offline Offline

Activity: 1036
Merit: 1007



View Profile
March 22, 2019, 06:58:55 PM
 #39

The oil part is true but why it is not Saudi real and why it is "trust in us government" is because USA basically owns Saudi Arabia that is why. Saudi Arabia could "try" to not give their oil to USA and try to blackmail USA and just sell their oil to Russia for cheap and that is exactly when USA will decide "bringing democracy to Saudi Arabia" is a good decision. It would be a bloody war again but you will see a USA flag everywhere in Saudi Arabia for sure.

Yeah, nice conspiracy theory and plan of action but it has a problem, called reality.

First, the US is getting only 12% of its oil from the Middle East.
China, India, and Japan are bigger oil importers from Saudi Arabia than the United States.
Rusia can't buy oil from Saudi Arabia as Russia is a net exporter, they have no use for oil.
Blackmailing the US won't work as they can easily find other sources while selling their oil cheaper will destroy their oil income dependent economy.

Do your homework better next time.

America always interesting in Oil. America use military power to take control on oil. We can see this at middle east, how america want to control the politics and taking benefits from oil.

Except for the fact that China and Russia are extracting more oil from Iraq and Lybia than US companies.

I do not think that US dollar is backed by oil. It should be backed by the Gold which is also not the case.

How do you back a 20 trillion per year economy with gold when all the gold ever mined in the world is barely worth 1/3 of it?

STT
Legendary
*
Offline Offline

Activity: 2058
Merit: 1114



View Profile WWW
March 22, 2019, 07:09:03 PM
 #40

USA has an alliance with Saudi Arabia, theres only one superpower in the world right now and USA are a useful part of security to many nations including Saudi Arabia and  so that connection between the two countries is unlikely to alter so long as it benefits both parties.   I'm not sure anyone said the obvious but USA is large enough in production of oil to join OPEC if it wanted

Quote
How do you back a 20 trillion per year economy with gold when all the gold ever mined in the world is barely worth 1/3 of it?

It can be done, the price would be about 10,000 per ounce.   The same negative is/was levelled at Bitcoin, the point being the price rises to the utility it provides and also monetary velocity, etc.
Thats not my estimate, read this guys book/explanations on why this is a likely outcome :

https://twitter.com/JamesGRickards/status/1109131952068706304

█▀▀█
██▄█
BESTMIXER.IO // BEST BITCOIN MIXER
█▀▀█
██▄█
Pages: « 1 [2] 3 4 »  All
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!