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Author Topic: Bitcoin start Backing USA dollar  (Read 410 times)
Polo7
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October 14, 2020, 03:33:37 PM
 #1

The USA dollar need good backer.

The Bitcoin is perfect to backing Up USA dollar.
That Can Work like real fractional reserve.
I think 2021 year the dollar Will be backed by BTC
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October 14, 2020, 03:57:05 PM
 #2

Yes. Surely it will happen to help save the dollar after the oil has reduced its role in supporting the dollar's value. I have followed your post on how oil impacts the dollar. Can you elaborate more? I find your discussion topics recently informative and quite interesting.

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October 14, 2020, 04:02:10 PM
 #3

Yes. Surely it will happen to help save the dollar after the oil has reduced its role in supporting the dollar's value. I have followed your post on how oil impacts the dollar. Can you elaborate more? I find your discussion topics recently informative and quite interesting.

I Can say im Economic expert Smiley
The More is that oil reserves are full so anyone Can know.
So the USA and eu Will join Now their Economic.
To join its for Liquitity
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October 14, 2020, 04:07:31 PM
 #4

The USA dollar need good backer.

The Bitcoin is perfect to backing Up USA dollar.
That Can Work like real fractional reserve.
I think 2021 year the dollar Will be backed by BTC

This is not even a consideration.  IF the US wanted to be backed by something they would go back to the gd standard which they wont do either.  Right now governments are looking to distance themselves from crypto, not use it as a backing to their own soveign currency

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October 14, 2020, 04:07:40 PM
 #5

The EU is looking to create a blockchain-based stable currency and how will it help them create liquidity? China is also ready to bring its cryptocurrency to use nationwide.
How does the US create its own cryptocurrency or will they use Bitcoin to liquidate its cash flow?
This knowledge is too much for me. We hope to receive a reasonable explanation.

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October 14, 2020, 07:04:17 PM
 #6

There is no way Bitcoin would be used to back USA Dollar, what is the size of US economy and what is the market cap of BTC. People to understand somethings about Centralised government and their currencies, they want control and as long as Bitcoin remain decentralised they won't touch it, they will just create their own digital currencies.

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October 14, 2020, 11:08:25 PM
 #7

Bitcoin's main price is convertible to the dollar then, bitcoin will do the same to stabilize the dollar's situation?

This is not even a consideration.  IF the US wanted to be backed by something they would go back to the gd standard which they wont do either.  Right now governments are looking to distance themselves from crypto, not use it as a backing to their own soveign currency
This clarifies the idea you have in mind polo. US won't allow their currency be backed up by cryptocurrency. They would support it somehow and it's just a matter of time through their words of mouth but seeing it to happen as you're thinking, I don't think so.


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October 15, 2020, 03:36:24 AM
 #8

The Bitcoin is perfect to backing Up USA dollar.
That Can Work like real fractional reserve.
I think 2021 year the dollar Will be backed by BTC

Ironically, Bitcoin is only attractive to a lot of Bitcoin owners-- probably even the majority-- because of its price in USD or other fiat. I guess it is an undeniable fact that a lot of people who flocked to Bitcoin are essentially investors. If, for example, Bitcoin's USD equivalent would fall to, say $2,000, they would be extremely disappointed even if the reality is that their number of Bitcoins are intact. They would suddenly forget that 1BTC is 1BTC still and that the supply is still very much limited and so on.

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October 15, 2020, 04:48:40 AM
 #9

Ironically, Bitcoin is only attractive to a lot of Bitcoin owners-- probably even the majority-- because of its price in USD or other fiat. I guess it is an undeniable fact that a lot of people who flocked to Bitcoin are essentially investors. If, for example, Bitcoin's USD equivalent would fall to, say $2,000, they would be extremely disappointed even if the reality is that their number of Bitcoins are intact. They would suddenly forget that 1BTC is 1BTC still and that the supply is still very much limited and so on.
I thought that bitcoin was being backed by fiat currency from the start not only USD but other currencies as well. Bitcoin now could be exchange to different currencies so I do not have doubt that others will going to say that Dollars  will going to be as backed up by bitcoin. For me this is ideal and hopefully that one day all government or other system will going to acknowledge bitcoin as digital currency. If that will going to happen then all that has been holding bitcoin has advantage over others thay aren't aware of bitcoin until now.
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October 15, 2020, 07:37:02 AM
 #10

Cryptocurrencies cannot back fiat

For Backing we do need something:
Non Volatile
Stable
Usually acceptable all over the world
Etc..

Cryptocurrencies are certainly in the rear end of the spectrum when we are talking about Volatility and such , for right now I think we have not yet reached a state where cryptocurrencies can do that.

Therefore I believe it cannot back USD in any case. When it comes to government , they have to back up banks and are mostly are very interconnected with them , banks are the number 1 competitor of cryptocurrencies therefore it would not only create an economic unrest but issues in the governance.

.
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October 15, 2020, 07:40:29 AM
 #11

How do you sign up for dollar crypto backed by bitcoin? Any bounty? Any shills? Any roadmap? What algorithm? Premine?

Self hating nerd that want to escape from reality into the cyberpunk.
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October 15, 2020, 08:25:50 AM
 #12

It will hard for bitcoin to start backing USA dollar. Bitcoin is a decentralized currency which is not control by the government compared to fiat money which is centralized and it control by the government. Fiat money is very popular to people which the government will not allow bitcoin which is not control by the government to improve their economy in the country.

The government has what it takes to improve their dollar to back up all their stock market and others things not to collapse before 2021.
I think dollar is older than bitcoin so it will be difficult for bitcoin to start backing dollar in the areas of economy.
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October 15, 2020, 03:50:21 PM
 #13

We have tether all ready it can be used as new digital dollar, simple!
It's not simple. Do you think that people would love to use a cryptocurrency that could freeze their funds? There is a possibility that whether you do something bad or not, they have the ability to freeze your funds and won't be able to use it. Just like the banks freezing your bank accounts. What do you think with that?
(https://cryptobriefing.com/tether-can-freeze-destroy-your-usdt/)


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October 15, 2020, 04:23:24 PM
 #14

u can say something like that, but can u tell how to make it happen ? , it's decentralized after all, just how something like btc which it always have fluctuating value will backing something stable value ? of course its not make a sense .

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October 15, 2020, 09:19:59 PM
 #15

We have tether all ready it can be used as new digital dollar, simple!
It's not simple. Do you think that people would love to use a cryptocurrency that could freeze their funds? There is a possibility that whether you do something bad or not, they have the ability to freeze your funds and won't be able to use it. Just like the banks freezing your bank accounts. What do you think with that?
(https://cryptobriefing.com/tether-can-freeze-destroy-your-usdt/)



I think the solution here is to go Old Fashion way lol shoot and kill lol Cheesy
Too much shiet so much shiet
Now that you have been aware of the freezing of funds by Tether, you're talking nonsense. There's no sense anymore with what you are suggesting about the backing up of dollar, about bitcoin and other related topics about cryptocurrency.
Maybe you have to make up yourself and start thinking that you need to say things with a sense or even it's just an opinion, think of it first before saying it.


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October 16, 2020, 04:41:40 AM
 #16

Quote
A global reserve currency is the one that facilitates cross-border trade, including investments and international debt obligations. Global central banks hold reserve currencies to help protect against major swings in foreign-exchange rates, as well as in the conduct of monetary policy.

Bitcoin Unlikely to Replace US Dollar as Global Reserve: Marc Chandler

We must be realistic Bitcoin cannot meet all these requirements and more for it to start backing the USA dollar.

Bitcoin by its nature, especially volatility, cannot compete with this role.

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October 16, 2020, 04:46:09 AM
 #17

Is this a joke or something? Tell us how can a Fiat currency provide something that the Issuer of this currency does not recognize? And in the case of the dollar - not only the Issuer but also the rest of the world.
Do you want your salary to be lottery vouchers instead of dollars? I don't think you do. And no one wants to. Where does this overwhelming desire to use btc everywhere come from? Are you all right?
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October 16, 2020, 02:05:30 PM
 #18

u can say something like that, but can u tell how to make it happen ? , it's decentralized after all, just how something like btc which it always have fluctuating value will backing something stable value ? of course its not make a sense .
Its simple just count how many btc and how many dollars.
Can be only 75% of USA dollars with 25% btc reserve.
Simple

nah, u are crazy now, let me explain a little , perhaps u change ur mind.
first, Bitcoin, u know exactly has a fixed amount , then u want bitcoin backing US dollars ? something unlimited ? can be printed anytime by their goverment ?
well, to make it simple, a century ago , US dollars is backed by Gold, Over the time that the United States dollar was backed by gold, it experienced major fluctuations in value in relation to the world market. On 1963,the United States resolved the situation by following the example of most other nations and changing their currency system.

you know what that means? should I be more clear about that?

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October 16, 2020, 09:46:35 PM
 #19

If there is something that should back the USD again, it would be gold and not bitcoins.

Imagine USD being backed by something that can easily be obtained if the price is right, that'll be problematic since countries can band together if they want to and sabotage bitcoin's price, and you end up with a weakened dollar with practically little to no value. Plus, unlike gold, bitcoin has no other uses apart from being a temporary 'hedge' from failing assets and currencies, and its value is built on the fact that there are tons of infrastructure invested to mine this coin, and miners wouldn't let those investments go to waste. Add speculation to the mix and you get bitcoin.

USD will not go back to the gold standard, nor the US would be introducing something to back up their currency. With the current setup of the dollar, they can create something out of nothing literally if they wanted to, and the repercussions wouldn't be that severe short-term as it can be evenly spread out into years--even decades--up until a recession occurs and they'll just start at square 1 again as if nothing happened. The specifications of the USD is 'perfect' in most aspects and in sync with how the world economy goes right now, and bitcoin just doesn't rhyme with all those control methods from a central governing body.

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DICE
SLOTS
BACCARAT
BLACKJACK
.
GAME SHOWS
POKER
ROULETTE
CASUAL GAMES
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ChrisPop
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October 17, 2020, 08:27:36 AM
 #20

I always thought that giving up the Gold Standard was a bad idea. Now we have a chance to rebuild the health of the financial system by a pegging fiat currencies to Bitcoin - aka the Digital Gold.

Of course this could not happen at all, but it certainly won't happen overnight unless we will assist a worldwide shocking event that will wake us up. However in the event that nations do institute Bitcoin reserves - the price would skyrocket perhaps even above the $1M mark.

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Breed and Race Dogs for Fun and Profit
Against Other Players in This Groundbreaking
Social Cryptocurrency Game.
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