Will bitcoin end the dollar’s reign?

[Khaos77]

Whether Bitcoin existed or not, the Dollar will end the Dollar's reign.    

Fiat currencies don't last forever.  They can't.  With all debt-based money, eventual failure is an integral part of the recipe.  It's just how they function.  Some last longer than others, but they will all approach worthless at some point.

And if the US Government Seizes all bitcoin of all US citizens, and then backs the US $ with it,
then your conclusions of the dollar demise are void.  

I've seen you make some stupid posts before, but this one truly is special.  You really must be running out of arguments if this is the straw you're clutching at.  The infinitesimally small chance of this happening aside, there will never be enough bitcoins to back all the money they keep printing.

Considering history is something you always been clueless too.
The fact that the US Government seized gold in the 1930s is beyond your limited understanding.

Also your failure to understand the number of bitcoin is not limited at all.
Bitcoin is inflated to the right side of the decimal so fools like you think their is a limited supply.
By having Bitcoin at 8 decimal places to the right of zero, this give the current bitcoin a 2.8 quadrillion supply of bitcoin not the 21 million supply that a moron such as yourself believes. In addition, moving even further to the right inflates bitcoin supply as moving to the 12 decimal place to right of zero (like LN is doing) increases the bitcoin supply to 28000 quadrillion supply.

So the US could print all day long while the adding decimals to the right of zero in bitcoin, and you still would be clueless.

And if the US Government Seizes all bitcoin of all US citizens, and then backs the US $ with it,
then your conclusions of the dollar demise are void.   

Is this even possible, US government seizing all the citizens bitcoin and backing it with dollar as bitcoin exists on wallets for which you can't tell who has or uses one following the anonymous nature of cryptocurrency investors.
Should the above scenario be possible, it could have serious effect on a negative base to bitcoin.
Well, dollar will always rain supreme being the resrved currency so long as America remains as world power.

In the US, KYC/AML are standard, and the majority of people purchased bitcoin from an exchange or used a credit card /debit card so there are records, easily accessible by the US Gov.
Bitcoin is not a anon , as they would have you believe, have you ever order a product or service with bitcoin to your home address, then you just linked your name to bitcoin address and all bitcoin address info is visible on the public blockchain.

Yes the dollar will always be the supreme reserved currency as at anytime , it could be backed by the resources that America could gain access too.  Not to mention, using a quantum computer to seize access of satoshi's bitcoins, if they set their minds to it.

 

[ven7net]

When the pandemic hit, the US dollar was as mighty as ever. Despite talk of faltering American supremacy, the dollar ruled as the medium of international trade, the anchor against which other nations value their currencies, and the “reserve currency” most central banks hold as savings.
Before the US, only five powers had enjoyed the coveted “reserve currency” status, going back to the mid-1400s: Portugal, then Spain, the Netherlands, France and Britain. Those reigns lasted 94 years on average. At the start of 2020, the dollar’s run had endured 100 years. That would have been reason to question how much longer it could continue, but for one caveat: the lack of a successor.

Read the article @ https://www.ft.com/content/ea33b688-12e0-459c-80c5-2efba58e6f1a

At the time of writing this thread there was no paywall at Financial Times for this article 

Lately there has been a lot of talk about the fall of the dollar's hegemony as an international currency. In discussions, cryptocurrencies are very often touched upon as one of the ways to solve this problem, however, many analysts are wondering if cryptocurrencies are chosen as a replacement for the dollar, will cryptocurrencies be able to solve the same problems that the dollar had? This is a really very good question and probably at the moment no one can say for sure what will replace the dollar, maybe it will be BTC or other cryptocurrencies, or maybe the world will again return to currencies pegged to gold. All this is likely to become clear and we will find out what lies ahead.

[serjent05]

Considering history is something you always been clueless too.
The fact that the US Government seized gold in the 1930s is beyond your limited understanding.

Government can do the unimaginalble things.  That includes seizing properties and alike with a reason of something like they are doing it for the "people".  So yeah, the event like confiscating Bitcoin isn't far to happen.

Also your failure to understand the number of bitcoin is not limited at all.
Bitcoin is inflated to the right side of the decimal so fools like you think their is a limited supply.
By having Bitcoin at 8 decimal places to the right of zero, this give the current bitcoin a 2.8 quadrillion supply of bitcoin not the 21 million supply that a moron such as yourself believes. In addition, moving even further to the right inflates bitcoin supply as moving to the 12 decimal place to right of zero (like LN is doing) increases the bitcoin supply to 28000 quadrillion supply.

I believe adding maximum supply for Bitcoin is very possible since it is only a program that anyone with authority can modify.  As long as developers reach a consensus of adding supply to it, then it will happen.  But adding 0 to the right after a decimal point won't change the fact that BTC has a 21m limit in numerical terms of being a whole number.

So the US could print all day long while the adding decimals to the right of zero in bitcoin, and you still would be clueless.

The first part is true but the latter part is kinda debatable since it is yet to happen.

[DooMAD]

I've seen you make some stupid posts before, but this one truly is special.  You really must be running out of arguments if this is the straw you're clutching at.  The infinitesimally small chance of this happening aside, there will never be enough bitcoins to back all the money they keep printing.

Considering history is something you always been clueless too.
The fact that the US Government seized gold in the 1930s is beyond your limited understanding.

Physical gold is far easier to seize than something like a seed phrase when employing encryption to its full potential.  I could disguise my private keys within images or other media and send them to any corner of the planet I choose.  Anyone who has had their BTC confiscated simply wasn't taking all the precautions they could have taken.

Also your failure to understand the number of bitcoin is not limited at all.
Bitcoin is inflated to the right side of the decimal so fools like you think their is a limited supply.

It is already well established that division does not create more of something.  If you believe you can prove otherwise, please do us all a favour and cut yourself in half.

[Yatsan]

Not all things will remain on their original position to last forever. Everything that we see right now are just temporary. Maybe those can make it in on a very long run but still certain limitations or ending will comes for everything changes through time. Now with Dollar, we cannot say that its reign will end because of Bitcoin's existence for crypto and fiat are two different types of currencies. Dollar will come to its end no matter what happen for it have already lasted for too long. It might get into extension and we cannot say whether it will sooner or later. Same concept applies with cryptocurrencies. Not all can be permanent but sure many things will just be temporary so better make good use and seize the moment.

[Mituletr]

Bitcoin won't be the end of it, but we are heading into a multipolar reserve currency world and crypto in general offers an interesting solution to that. Whether or not major countries decide to use it as such is an open question.

[Khaos77]

I've seen you make some stupid posts before, but this one truly is special.  You really must be running out of arguments if this is the straw you're clutching at.  The infinitesimally small chance of this happening aside, there will never be enough bitcoins to back all the money they keep printing.

Considering history is something you always been clueless too.
The fact that the US Government seized gold in the 1930s is beyond your limited understanding.

Physical gold is far easier to seize than something like a seed phrase when employing encryption to its full potential.  I could disguise my private keys within images or other media and send them to any corner of the planet I choose.  Anyone who has had their BTC confiscated simply wasn't taking all the precautions they could have taken.

You seem to miss the point,  that if you are locked up in jail , you will give them what they want.
You are one of the nutjobs that think encryption will protect you , until they hit you with a wrench,

Also your failure to understand the number of bitcoin is not limited at all.
Bitcoin is inflated to the right side of the decimal so fools like you think their is a limited supply.

It is already well established that division does not create more of something.

Oh Dumb&mad,

When One Biological Cell Divides, after the division their are TWO.  https://medlineplus.gov/genetics/understanding/howgeneswork/cellsdivide/
Just because your limited mind can't comprehend bitcoin supply is increased by division does not change the reality, that it is.

FYI:  Simple Math for you.
1/½ = 2
1/¼=  4
1/.00000001        = 100000000          
1/.000000000001 = 1000000000000
See there, division does create more.  

[Haselh70]

During the pandemic, the US dollar was as mighty as ever. The dollar ruled as the medium of international trade and the reserved currency most central banks hold as savings. There are contenders. Europe had hope for the Euro, introduced in 1999. But the currency has failed to gain the world trust irrespective of the high value. The pandemic has made bitcoin sound like pure digital hype.   Surprisingly its price swings four times higher than gold.  From its launch in 2009, bitcoin builders have aspired to establish it as "digital gold." its price has more than quadrupled since March, making it one of the hottest investments of 2020.  Trusted or not, bitcoin will gain progress on its ambitions to replace the dollar as a medium of exchange. Moreover smaller businesses are starting to use bitcoin in international trade, particularly where dollars can be hard to come by or the local currency is unstable. And in recent weeks paypal and its venmo subsidiary have started storing bitcoin with an eye towards accepting it as payment next year.The Bitcoin surge may still prove to be a bubble, but even if it pops, this year's rush to cryptocurrencies should serve as a warning to government money printers especially the dollar.

[Vaskiy]

The global economic development have shattered during the long shutdown, and slowly things have begun to change slowly. Everything in the world is temporary, and things will change slowly. Dollar has reached the position through its long journey. Bitcoin is in its very early days. The growth in the very short time period is the one that has made people to discuss about Bitcoin end the dollar's reign. When things change, we can expect big difference in the market. Maybe by that time we can have more advancement taking bitcoin to the mainstream usage.

[MIner1448]

The dollar and bitcoin are completely different concepts, bitcoin is a cryptocurrency, the dollar is fiat money, they have different purposes. It seems to me that Dolar will never win, we are already witnessing decades of his domination, I do not think that the government will so easily give up its world currency to Bitcoin, even if there are reasons for this.

[DooMAD]

You seem to miss the point,  that if you are locked up in jail , you will give them what they want.
You are one of the nutjobs that think encryption will protect you , until they hit you with a wrench,

They'd have to identify everyone first.  If they still haven't caught all the people engaged in illegal peer-to-peer filesharing and copyright infringement, what chance do you think they have of catching all users of Bitcoin?  They might catch a few and make an example of them, but they can't stop it completely.

It is already well established that division does not create more of something.

FYI:  Simple Math for you.
1/½ = 2 smaller pieces of the original amount
1/¼=  4 smaller pieces of the original amount
1/.00000001        = 100000000   smaller pieces of the original amount      
1/.000000000001 = 1000000000000. smaller pieces of the original amount
See there, division does create more.  if you're a numerically illiterate fuckwit

FTFY

More pieces does not mean a larger quantity.  Were you educated at all?

If you can't understand your own simple math or what the quotients of your rudimentary formulae represent, then maybe you should go back to school (unless, of course, you are in fact a schoolkid of below-average intelligence, in which case you need to try harder in class).

[shoreno]

The dollar and bitcoin are completely different concepts, bitcoin is a cryptocurrency, the dollar is fiat money, they have different purposes. It seems to me that Dolar will never win, we are already witnessing decades of his domination, I do not think that the government will so easily give up its world currency to Bitcoin, even if there are reasons for this.

dollar wont win against btc ? are you sure with that ? because your next sentence tells how great the dollar was . also if you think that dollar is different to btc why will you think that it cant win but actually bitcoin and dollar arent totally different because i think that they based the concept of btc to dollar ( not its centralize feature ) but because dollar is a money or a currency .

 to be clear both of them really have a little differences and that makes us choose if what side we are in so btc or usd cant really end each others live's  .

[aesma]

If you think about it, even if a country wanted to adopt BTC as its currency, it would be very difficult. Basically all people and companies in the country would have to change their current fiat money for BTC.

When there was the gold standard, in practice the dollar wasn't really backed by gold, it was just a convention that the bank would give you gold for your dollars. If people actually all tried to do it there would have been a problem. For Bitcoin to be adopted, you would need to do that.

Unless we go for some new paper money backed by bitcoin, that would be interesting.

[Khaos77]

It is already well established that division does not create more of something.

FYI:  Simple Math for you.
1/½ = 2 smaller pieces of the original amount
1/¼=  4 smaller pieces of the original amount
1/.00000001        = 100000000   smaller pieces of the original amount      
1/.000000000001 = 1000000000000. smaller pieces of the original amount
See there, division does create more.  if you're a numerically illiterate fuckwit

nonsense speak

It is a wonder , that you can tie your own shoes.

Yes Numb nuts, in the virtual world more pieces does increase supply.

One Bitcoin division by  .25            means their are 4 tradable pieces.
One Bitcoin division by  .00000001 means their are 100000000  tradable pieces

That is a increase in tradable supply of 99999996 pieces that can be sold or traded.

It is a shame you are just too fucking stupid to comprehend reality or math.

 

[DooMAD]

Yes Numb nuts, in the virtual world more pieces does increase supply.

One Bitcoin division by  .25            means their are 4 tradable pieces.
One Bitcoin division by  .00000001 means their are 100000000  tradable pieces

That is a increase in tradable supply of 99999996 pieces that can be sold or traded.

Let's pretend for a second that the US Government were completely insane and tried to do what you described.  It's hardly going to be a "backed" currency if they're constantly printing a greater number of dollars whilst at the same time dividing the number of bitcoins they're "backing" them with into smaller and smaller fractions.  Your entire premise is utterly moronic.  It would only serve to draw more attention to the fact that the value of the currency is constantly diminishing.  But please, keep arguing semantics about how fractions of a whole are magically greater than the whole.


//EDIT:

US Government, will outlast you, so I suggest you quit worrying about them.  

The whole point was that I'm not worried about them.  Your ridiculous scenario about the US was entirely lacking in logic, just like every other post you've ever made.  You couldn't make a valid point if your life depended on it.

[Jay05]

What I believe, Bitcoin will not end the dollar's reign. No country wants to devalue its currency whether it's dollar or yuan. They will make Bitcoin an asset or commodity like Gold. I know people want to like it but this is true. Still, we want fiat to spend money not bitcoin. Bitcoin will compete with Gold, not with the dollar. They won't this happen as they will lose the superpower tag which I believe no country wants it. They are 2 countries that are competing right now USA and China and they will make sure that Bitcoin doesn't come their way. Also, normal people have no knowledge about Bitcoin, how it works. For them Fiat is everything.

[Khaos77]

Yes Numb nuts, in the virtual world more pieces does increase supply.

One Bitcoin division by  .25            means their are 4 tradable pieces.
One Bitcoin division by  .00000001 means their are 100000000  tradable pieces

That is a increase in tradable supply of 99999996 pieces that can be sold or traded.

Let's pretend for a second that the US Government were completely insane and tried to do what you described.

 

US Government, will outlast you, so I suggest you quit worrying about them.  

As far , using Division to increase supply,
you have to look no further than Lightning Network which is planing to allow 12 places to the right of the decimal instead of the standard 8.
Plus you already have some exchanges offering 9 places to the right of the decimal in the trading of some alt pairs with bitcoin.

So as usual, your fantasy world and reality have very little in common.

Might I suggest you just go cuddle with WindFury/Tman and quit interrupting the grown-ups when we are talking with your lack of understanding.  

[ukw]

Bitcoin is unlikely to replace the dollar as a global currency. This is also said by one of the highest rated analysts of foreign currencies.

The global currency is the one that facilitates cross-border trade, including investment and international debt markets. Global central banks hold foreign exchange currencies to protect against significant fluctuations in exchange rates, as well as in exchange rates. I think we are a long way from when Bitcoin will be able to do that.

[ene1980]

The global currency is the one that facilitates cross-border trade, including investment and international debt markets. Global central banks hold foreign exchange currencies to protect against significant fluctuations in exchange rates, as well as in exchange rates. I think we are a long way from when Bitcoin will be able to do that.

If you look at bitcoin it is probably the best currency to replace any dominating currency for international trade and the only negative aspect you can tell is the high volatility and you cannot expect a currency to have really huge volatility and the traders will not trust anything that changes the valuation in a short period. If we overcome all those negatives then bitcoin could be a good alternative.

[Khaos77]

The global currency is the one that facilitates cross-border trade, including investment and international debt markets. Global central banks hold foreign exchange currencies to protect against significant fluctuations in exchange rates, as well as in exchange rates. I think we are a long way from when Bitcoin will be able to do that.

If you look at bitcoin it is probably the best currency to replace any dominating currency for international trade and the only negative aspect you can tell is the high volatility and you cannot expect a currency to have really huge volatility and the traders will not trust anything that changes the valuation in a short period. If we overcome all those negatives then bitcoin could be a good alternative.

Bitcoin is a failure at transaction capacity because the core devs have limited it.

You can buy a $20 meal with the US dollar and not pay any transaction fees.
Bitcoin , you have to pay $20 plus a transaction fee of $5 to $20 dollars, only morons will do that.

US dollar has unlimited transaction capacity without paying a miner's variable transaction fees,
Bitcoin can't replace any fiat currency in it's present pitiful state.