el kaka22
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October 23, 2020, 09:19:04 PM |
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There is no world and there is no possible way that USD would ever become worthless, it is impossible for something like that to ever happen ever. Of course, it could devalue and not be as valuable as right now, that is called inflation and sometimes inflation is much worse than other years, maybe 2020 will be a record breaking high, maybe it won't be, USA is very well at hiding it, you look at school prices and the inflation is worlds biggest, you look at TV and it is not, it is cheap, so you really don't know what to look at when we are talking about inflation in USA.
However one thing is for sure and that is the fact that USD will always be valuable when you compare it to other currencies, it will always have a power because it is backed by one of the largest economies in the world.
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Casdinyard
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October 24, 2020, 07:20:37 AM |
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lets say usa dollar and all currencies will be highly devalued .....then how we know the btc value??
most traders use USDT so if something happens with usa dollar is my USDT Will be worthless over night?
If all the fiat currency, devalued or goes deeper, we cant guarantee that bitcoin will go up because people are panicking and traders as well. It wont happen overnight and It is being predicted by the economist all you have to do is to keep yourself updated. Convert to gold as much as possible because there is no certainty in bitcoin and it’s very volatile and unpredictable, but if you’re a risk taker keep going. Governments of each country will not allow their currency to fall as much to the point the their people will choose assets to hold than to use their money. There will be decrease on the value of fiat currencies due to economic issues but it won't be a sudden downfall, it would happen slowly. And as the prices are falling down, governments has to make an action in order to stop the downfall movement of the currencies. So I guess it would still be safe to use fiat and cryptos at the same time. We should not make a drill to convert everything into assets especially in case of USD which is one of the most powerful currencies and is mostly being used in transactions across the world market.
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bits4books
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Crypto is not a religion but i like it
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October 24, 2020, 09:44:37 AM |
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I didn't change anything. I didn't talk about the cost at all. Quote me where I talked about costs. You are making things up.
BTC's real value for you is the price that'd make you cash em all out. Nothing else. From which price would you cash out? $100k? That means your price is $100k for a coin.
If this is not reasoning about the price and replacing the concepts of "price" with "desired price" then I don't even know. And you still continue to ignore supply / demand. Even your example about Korea is subject to this rule - they have one demand, the rest of the world has another. Why doesn't the rest of the world trade at Korean prices? You understand that comparing the local market and the General one is another mistake?
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bassbity
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October 24, 2020, 01:31:08 PM |
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In general, inflation occurs due to a decrease in purchasing power. inflation can turn into hyperinflation, if a decrease in purchasing power reaches a critical point of interest. while the price of bitcoin is used as a hedge against inflation scenarios, because bitcoin is digital, easily accessible, speculative, liquid, scarce and has a supply limit.
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slapper
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October 24, 2020, 07:46:00 PM |
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lets say usa dollar and all currencies will be highly devalued .....then how we know the btc value??
most traders use USDT so if something happens with usa dollar is my USDT Will be worthless over night?
No, usd dollar can never be worthless. It always has its own price either high or low. Many countries are depended on this currency and as you observe, it is the most value currency in the world. Moreover, the monetary system has been developed for century. Precisely banks and the government understands how to maintain the power of cash in the 21st After all, people cant live totally without cash. Thats why dollar can never ever sudenly disappear
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so98nn
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October 25, 2020, 07:12:36 AM |
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lets say usa dollar and all currencies will be highly devalued .....then how we know the btc value??
If USD is devalued in imagination also then whole world will suffer economic crisis in the first instance. I mean come on, USD forms the most basic formula for each currency in the world. I mean considering USD then followed by GBP. I dont think USA will ever let it get devalued. BTC value is literally has indirect relation with USD. I mean it's about the market cap that BTC is holding, how much money is in there! It will stay strong for longer though. most traders use USDT so if something happens with usa dollar is my USDT Will be worthless over night?
Same here, I don't think USDT will get hampered with the devaluation. They will hold the positions by putting more liquid investments into it.
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acquafredda
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October 25, 2020, 08:01:36 AM Merited by fillippone (1) |
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![](https://ip.bitcointalk.org/?u=http%3A%2F%2Fwww.mybudget360.com%2Fwp-content%2Fuploads%2F2015%2F08%2Fcost-of-living-chart.jpg&t=665&c=Kl0nsrWfeothvw) This is what inflation does in the real life. Only looking at longer periods of time do we see the insidious nature of inflation and I am certain bitcoin is here to help save our hard earned cash from it.
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MCobian
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October 25, 2020, 09:24:38 AM |
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I doubt the USD will be worthless, because America is a big country. Surely the American government has a solution to keep the USD useful, although fiat will definitely experience high inflation in a pandemic situation due to the government printing money. But that doesn't mean fiat is worthless, we still need fiat for transactions. Then regarding Bitcoin the value is getting higher in a situation like now, because many people have started to trust Bitcoin as a store of value
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deisik
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October 25, 2020, 09:35:52 AM |
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lets say usa dollar and all currencies will be highly devalued .....then how we know the btc value?? The simple answer is we can't know that It is not the devaluation of the currency itself that matters here but rather economic conditions in which it occurs. For example, if the world economy implodes, it is unlikely that Bitcoin will be more worth in real terms. On the other hand, if inflation actually contributes to the economic growth (this is also possible), its value may in fact rise both in real and relative terms (i.e. how much 1 bitcoin is worth in dollars) most traders use USDT so if something happens with usa dollar is my USDT Will be worthless over night? If the company behind USDT pulls an exit scam, this is a certainty
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Xinarae*
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October 25, 2020, 12:32:49 PM |
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If the US dollar depreciates and inflation rises the USD will have a problem and so on inflation lowers everything including a country's economy. In this case the man of BTC will be reduced a lot but the currency will not be violated. As soon as the price goes up btc value will return to its previous place bitcoin can be matched with real currency. Bitcoin transactions do not require any financial institution so its transaction movements cannot be followed in any way USD there will be alternative methods even if there is a problem.
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fillippone
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October 26, 2020, 03:08:09 PM |
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![](https://ip.bitcointalk.org/?u=http%3A%2F%2Fwww.mybudget360.com%2Fwp-content%2Fuploads%2F2015%2F08%2Fcost-of-living-chart.jpg&t=665&c=Kl0nsrWfeothvw) This is what inflation does in the real life. Only looking at longer periods of time do we see the insidious nature of inflation and I am certain bitcoin is here to help save our hard earned cash from it. Please note how much the important things outside the inflation measuring basket (I guess CPI) have risen compared to the things that are inside the basket. Inflation in education expenses are quite spectacular here, but also healthcare, not included, are on the rise. Of course those are engineered to keep the inflation number low, so that CB's can inject more money into the system and distort it even more.
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Silberman
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October 27, 2020, 04:07:15 PM |
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lets say usa dollar and all currencies will be highly devalued .....then how we know the btc value??
most traders use USDT so if something happens with usa dollar is my USDT Will be worthless over night?
Assuming that bitcoin becomes the dominant currency of the world then things will be priced on bitcoin and then we will forget about pricing things on dollars, if dollars still exist at that point, that is an extreme scenario that I do not think it is going to happen but if that was the case that will be the way we will deal with it, about your second question that is correct, the dollar can be devalued overnight without anyone having any say on it, the FED can just print as much money as they want and devalue what you can buy with your money, but they could even issue a decree saying the current 1 dollar bills are now only worth 10 cents effectively devaluing their currency 90% overnight.
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pixie85
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October 27, 2020, 06:21:25 PM |
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lets say usa dollar and all currencies will be highly devalued .....then how we know the btc value??
most traders use USDT so if something happens with usa dollar is my USDT Will be worthless over night?
I don't think that most BTC traders use usdt. Do you have any statistics to support that? Most trades around the world are made with fiat money. USDt can crash regardless of what the USD price will be. USDt is not 100% backed by usd. not even 90%. We don't even know how much they really have.
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Yatsan
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October 27, 2020, 11:19:52 PM |
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It is very more unlikely and very impossible to make happen that USDT will be devalued to become worthless overnight. We all do know that many are still patronizing the usage of USDT even the price is cutting down into minimal loss due to the economic state of the country of US but such reasoning is not just enough to make USDT to become worthless that is very impossible to happen seriously speaking. lets say usa dollar and all currencies will be highly devalued .....then how we know the btc value??
most traders use USDT so if something happens with usa dollar is my USDT Will be worthless over night?
I don't think that most BTC traders use usdt. Do you have any statistics to support that? Most trades around the world are made with fiat money. USDt can crash regardless of what the USD price will be. USDt is not 100% backed by usd. not even 90%. We don't even know how much they really have. I agree. Traders mostly use their cash or money they have from fiat which they make use for purchasing cryptocurrencies like Bitcoin as well as the other existing crypto in the market. Fiat is also being used for trading and investment.
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CryptopreneurBrainboss
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October 28, 2020, 09:07:51 AM |
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If all the fiat currency, devalued or goes deeper, we cant guarantee that bitcoin will go up because people are panicking and traders as well. It wont happen overnight and It is being predicted by the economist all you have to do is to keep yourself updated. Convert to gold as much as possible because there is no certainty in bitcoin and it’s very volatile and unpredictable, but if you’re a risk taker keep going.
There's more certainty in bitcoin than gold though, bitcoin is the investment for the 21 century while gold was for previous centuries, the recovery rate of bitcoin can't be compared to that of gold as it's way above its reach. Assuming both asset were to fall, in the short term due to the devaluation of the US dollars, as a result of uncertainty in the market caused by fud and panic like we experience during the heat of covid-19 in March. The recovery rate if bitcoin would be faster just as we're currently experiencing abive the gold. Why then will you choice gold over bitcoin? Sounds so unreasonable especially as you must have been enlightening on the advantage of bitcoin over gold. The digitalize of bitcoin, it's finite supply and decentralized nature, just to mention a few is enough reason to consider it a more favorable investment option.
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arwin100
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October 28, 2020, 09:52:23 AM |
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lets say usa dollar and all currencies will be highly devalued .....then how we know the btc value??
most traders use USDT so if something happens with usa dollar is my USDT Will be worthless over night?
I don't think that most BTC traders use usdt. Do you have any statistics to support that? Most trades around the world are made with fiat money. USDt can crash regardless of what the USD price will be. USDt is not 100% backed by usd. not even 90%. We don't even know how much they really have. I rarely use USDT on my trades and always looking up to BTC or ETH pair to other alts with no USDT involvrment whenever I want to start my trade. So no wonder where op get that statistics and maybe he is just curious about those things and want to know the pulse of the people here.
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acquafredda
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October 28, 2020, 03:43:07 PM |
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![](https://ip.bitcointalk.org/?u=http%3A%2F%2Fwww.mybudget360.com%2Fwp-content%2Fuploads%2F2015%2F08%2Fcost-of-living-chart.jpg&t=665&c=Kl0nsrWfeothvw) This is what inflation does in the real life. Only looking at longer periods of time do we see the insidious nature of inflation and I am certain bitcoin is here to help save our hard earned cash from it. Please note how much the important things outside the inflation measuring basket (I guess CPI) have risen compared to the things that are inside the basket. Inflation in education expenses are quite spectacular here, but also healthcare, not included, are on the rise. Of course those are engineered to keep the inflation number low, so that CB's can inject more money into the system and distort it even more. I am more and more convinced that the inflation death spiral was a truly engineered plan to avoid people to reach some basic financial independence. Given the rising cost of goods and stagnant incomes, let alone massive unemployment people need always more debt to finance their living. And what about those who can’t even access some debt money? This is bad man.
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fillippone
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October 28, 2020, 04:39:51 PM |
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I am more and more convinced that the inflation death spiral was a truly engineered plan to avoid people to reach some basic financial independence. Given the rising cost of goods and stagnant incomes, let alone massive unemployment people need always more debt to finance their living. And what about those who can’t even access some debt money? This is bad man.
Of course the inflation is engineered to make people poorer. If money loses value over time you are induced in spending it to buy goods, i.e. getting poor. Bitcoin is going to fix it.
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Wysi
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October 28, 2020, 05:13:59 PM |
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Please know the difference between USD and USDT, and moreover USD will not not disappear overnight as its the official currency of one of world's largest economy, USDT is occasionally used to covert our asset to protect it from volatility and I have not come across any individual till date who have invested in USDT like we do with other crypto. I would request you to avoid taking unnecessary panics.
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deisik
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October 28, 2020, 08:03:51 PM |
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Why then will you choice gold over bitcoin? Sounds so unreasonable especially as you must have been enlightening on the advantage of bitcoin over gold. The digitalize of bitcoin, it's finite supply and decentralized nature, just to mention a few is enough reason to consider it a more favorable investment option There are many reasons why people may prefer gold over Bitcoin Bitcoin largely remains a speculative asset while gold is a genuine store of value, although some consider Bitcoin a store of value too. Physical gold is better as a store of value partly because it doesn't rely on anything other than physical laws which are unlikely to change in the foreseeable future and turn your precious gold into useless lead. Bitcoin, along with its cryptocurrency brethren, on the other hand, is much more vulnerable in this regard, and anyone who is seriously going to challenge that point should first check their sanity and intelligence scores
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