Hydrogen
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October 29, 2022, 05:03:55 PM Last edit: October 29, 2022, 05:16:22 PM by Hydrogen |
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As it is, the value of the fiat is collapsing and as it's not linked to a physical reserve and has no intrinsic value unlike gold and silver, it has the tendency to disappoint.
Historically, fiat currency in the united states was considered intrinsically backed by gold reserves inside fort knox and US central bank vaults. (There are near to 13,000 metric tons of gold stored in fort knox to help back the US dollar.) https://en.wikipedia.org/wiki/Fort_KnoxThe degree to which fiat currencies are backed by gold reserves has arguably diminished over time with the loss of gold standards. Fractional reserve banking has also played a role in gold reserve capacity to back fiat thanks to general expansion of money supply. More recently, internet trolls have claimed the US dollar is backed by the combined might of the US military which will seize foreign assets in the event of the US economy becoming insolvent. Considering russia's unpopularity when Putin attempted this with ukraine, I don't know how the united states was supposed to pull this off. Yet it seemed to be a common sentiment and urban myth and so may be worth acknowledging if only for pure myth busting purposes.
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Gyfts
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October 29, 2022, 06:01:14 PM |
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As it is, the value of the fiat is collapsing and as it's not linked to a physical reserve and has no intrinsic value unlike gold and silver, it has the tendency to disappoint.
Historically, fiat currency in the united states was considered intrinsically backed by gold reserves inside fort knox and US central bank vaults. (There are near to 13,000 metric tons of gold stored in fort knox to help back the US dollar.) https://en.wikipedia.org/wiki/Fort_KnoxThe degree to which fiat currencies are backed by gold reserves has arguably diminished over time with the loss of gold standards. Fractional reserve banking has also played a role in gold reserve capacity to back fiat thanks to general expansion of money supply. More recently, internet trolls have claimed the US dollar is backed by the combined might of the US military which will seize foreign assets in the event of the US economy becoming insolvent. Considering russia's unpopularity when Putin attempted this with ukraine, I don't know how the united states was supposed to pull this off. Yet it seemed to be a common sentiment and urban myth and so may be worth acknowledging if only for pure myth busting purposes. Well, the U.S. economy is backed by an entire military industrial complex that is prepared to defend its own sovereignty and the sovereignty of its allies at a moment's notice. It's not entirely a conspiracy or anything, a currency is backed by the government's solvency and that solvency includes a military ready to defend a country's assets. I'm not suggesting that the U.S. military will go out and invade a country for pure profit motive, war's are expensive. USD has long drifted from the gold standard and even some of the looniest conspiracy theorist will say that Fort Knox doesn't have the gold anymore. Without dispute, USD isn't backed by anything anymore.
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cozytrade
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October 29, 2022, 07:16:51 PM |
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Governments are "helping" by throwing more money at the problem imo instead of doing as some are going to do with electricity and offering loans to suppliers if their costs go higher (as a pay as you normally do and we'll cover the rest - which is what should really be done in these circumstances and wouldn't be too expensive to do).
That is the problem with governments. Most of the time they don't try to cure the root cause of the problems instead they take some initiative here and there. They are making things worse by throwing more money at the people. Printing unlimited amounts of money and then distributing it to the people to relief their problems. If that is the best govt can do then they are of no use.
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zasad@
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October 29, 2022, 08:45:25 PM |
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As it is, the value of the fiat is collapsing and as it's not linked to a physical reserve and has no intrinsic value unlike gold and silver, it has the tendency to disappoint.
Historically, fiat currency in the united states was considered intrinsically backed by gold reserves inside fort knox and US central bank vaults. (There are near to 13,000 metric tons of gold stored in fort knox to help back the US dollar.) https://en.wikipedia.org/wiki/Fort_KnoxThe degree to which fiat currencies are backed by gold reserves has arguably diminished over time with the loss of gold standards. Fractional reserve banking has also played a role in gold reserve capacity to back fiat thanks to general expansion of money supply. More recently, internet trolls have claimed the US dollar is backed by the combined might of the US military which will seize foreign assets in the event of the US economy becoming insolvent. Considering russia's unpopularity when Putin attempted this with ukraine, I don't know how the united states was supposed to pull this off. Yet it seemed to be a common sentiment and urban myth and so may be worth acknowledging if only for pure myth busting purposes. The gold standard ended in 1971. All the world's banks and companies do not borrow in dollars and repay loans in dollars. A dollar is only valuable because borrowers are required to pay back more dollars. World politics is like a big theater. While everyone is watching the performance (the events in Ukraine), the main thief is stealthily robbing all the spectators.
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South Park
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October 29, 2022, 09:11:55 PM |
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governments will soon be revising policies to maneuver this crisis and since this is a like a snowball rolling from the top, its gonna be harder to stop it which they will need to print more fiat bills if they chose not to invade another country's resources.
we may not hear it from the news but people from European countries are already protesting. Moldova alone recently have a big one. crimes will rises as well. Pelosi's husband just hours ago was hammered.
This is the risk that very few are talking about but that is there, when a huge economic crisis strikes the world people are more willing to raise their voice and fight for a change, so if things keep being as bad as they are I would not be surprised if several governments fell and in the rest there was a change on the people at the top as people look for solutions to their problems, and at Europe this could mean more countries following the path of England and leaving the European Union for good.
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Sebas.tian
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October 31, 2022, 03:42:23 AM |
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This is simply true as regards the massive adoption of bitcoin. Inflation is only creating avenues for cryptocurrency to be explored because why pay higher price when I can get it at a cheap rate on any exchange network. Future cities are being developed in recent times to encourage the use of only cryptocurrency. The fait is definitely in trouble if this standing inflation does not pass.
Fiat might be on trouble but it will stay, inflation will always be there as well dedpite if losing its value. We have to keep in mind that fiat and crypto can still complement each other. Know what to own the most and know where to convert crypto into fiat, by that you can be more profitable and more liquid. Yes, fiat will remain no matter how strong the inflation is in the land, because the government still have the power to make it depreciating or appreciating in the country. I don't think, this inflation can affect crypto the way is affecting fiat money right now to devalue because crypto is a decentralized currency that has the capacity to increase higher without the permission of the government and decrease without the permission of the government. Owning crypto in this bearish season, it will really help you to make a huge amount of money in the future when the price of crypto hit higher in the market.
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Inwestour
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October 31, 2022, 01:20:44 PM |
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Yes, fiat will remain no matter how strong the inflation is in the land, because the government still have the power to make it depreciating or appreciating in the country. I don't think, this inflation can affect crypto the way is affecting fiat money right now to devalue because crypto is a decentralized currency that has the capacity to increase higher without the permission of the government and decrease without the permission of the government. Owning crypto in this bearish season, it will really help you to make a huge amount of money in the future when the price of crypto hit higher in the market.
If when you say cryptocurrency you mean bitcoin, then yes I agree with you, it will bring you profit, but if you want to save yourself from inflation with shitcoins, then you may have problems. In the future, governments may make a digital dollar, or euro, and they will also be subject to inflation, because they can also be printed in an unlimited amount.
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Leviathan.007
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November 03, 2022, 08:55:59 AM |
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According to the information I have from many countries fiat currencies were falling every day and if you check the value in long term you would be shocked because of that and that's all because of the government's policies in any country and pricing worthless by the government while the doing this will make the that fiat more worthless, for example, a country like Turkey, they were losing the fiat currency value in long term but recently and during the last months the inflation rate was much higher compared to the last months and this made Turkey fiat even more worthless than it should be normally.
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Stringer-0145
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November 03, 2022, 10:29:59 AM |
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There's a real problem with fiat
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teosanru
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November 03, 2022, 08:09:55 PM |
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But tell me one thing it isn't that this is happening for the very first time we have seen in past recessions as well that the economy has collapsed due to increased inflation and ultimately leading to a spiral situation but eventually after a recession the economy stabilizes itself somehow or the other. Never have I ever seen the economy completely getting ruined or fiat coming into question on such a crash. Why do you think this time is different? why are people thinking that this time fiat would end?
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sana54210
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November 04, 2022, 06:04:32 PM |
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According to the information I have from many countries fiat currencies were falling every day and if you check the value in long term you would be shocked because of that and that's all because of the government's policies in any country and pricing worthless by the government while the doing this will make the that fiat more worthless, for example, a country like Turkey, they were losing the fiat currency value in long term but recently and during the last months the inflation rate was much higher compared to the last months and this made Turkey fiat even more worthless than it should be normally.
That is mainly because when nations do not have a plan like companies do, that means they do not have anything ready for the future, plus nobody saves them neither. I know that people love liberal politics a lot here, and socialism seen as a big devil’s work, but in reality, if governments could find a way to make income from things that are not just pure tax, then it would make so much better for all the people that live there, plus there wouldn't be need to keep printing money. I believe things like education, healthcare, and defence should be government owned, and there could be some money made, look at USA and how they sell weapons, why not build some planes and missiles or whatever and sell them? If it helps then it would help.
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BRINIRHA
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November 04, 2022, 07:02:46 PM Merited by fillippone (2) |
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Actually, the source of the problem or the beginning of this uncontrolled inflation was when the Pandemic started and when people were told to quarantine themselves. or rather isolate yourself by not interacting with many people. to break the chain of viral contamination. Now that's when the government of a country like the US for example. become worried that the economic cycle will be hampered or worried that the economy will stop. so the printing of money began. and the government distributes money to the public to spend to keep the economy running. and it worked. but the problem came after. ie where the supply of money that has been printed becomes too much. and causes the value of the currency to decrease and the price of goods to rise (uncontrolled inflation). so that now to overcome this, the government or the bank will definitely raise the bank's interest rate to attract customers and attract too much money in circulation. that's one of the initial causes.
but it doesn't stop there. because actually inflation is a good thing in the economy if it can be controlled properly. but when inflation gets higher it quickly or gets out of control. then of course it is very bad for the economy. and the second problem from the current uncontrolled inflation is that during the pandemic many factories or industries have reduced employees (layoffs). and production is reduced. because the buyer's interest decreased during the pandemic. so the decision to reduce production and lay off some employees looks logical. but problems arise when the pandemic ends. namely there is a surge in buyer interest in a product. and people are getting thirsty for shopping after the pandemic is over. while the producers were not fully prepared at that time. because they now no longer have a lot of employees to make large quantities of products in a short time. and this is the second factor of uncontrolled inflation and rising prices of goods, namely the scarcity of products and the high interest of unbalanced buyers. actually there are some more factors such as war and such.
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South Park
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November 08, 2022, 08:05:29 PM |
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According to the information I have from many countries fiat currencies were falling every day and if you check the value in long term you would be shocked because of that and that's all because of the government's policies in any country and pricing worthless by the government while the doing this will make the that fiat more worthless, for example, a country like Turkey, they were losing the fiat currency value in long term but recently and during the last months the inflation rate was much higher compared to the last months and this made Turkey fiat even more worthless than it should be normally.
That is mainly because when nations do not have a plan like companies do, that means they do not have anything ready for the future, plus nobody saves them neither. I know that people love liberal politics a lot here, and socialism seen as a big devil’s work, but in reality, if governments could find a way to make income from things that are not just pure tax, then it would make so much better for all the people that live there, plus there wouldn't be need to keep printing money. I believe things like education, healthcare, and defence should be government owned, and there could be some money made, look at USA and how they sell weapons, why not build some planes and missiles or whatever and sell them? If it helps then it would help. The problem with this idea is that it has been tried before and governments are very inefficient at producing anything, if we take a look at communist countries in the past in which they owned every single industry you will see that over and over again they were overtaken by economies that were capitalist in nature, so while I can understand your point and it makes sense, when such an experiment has been done in real life it has always failed.
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Mpamaegbu
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November 08, 2022, 10:53:58 PM |
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This whole current inflation thing reminds me of the 2008 global financial meltdown and the consequences it heralded. The small sized company I worked for which was barely starting up then was severely hit to the point that a good number of staff were let go. Some people have opined that the aftermath of that recession birthed Bitcoin. Let's see what will be birthed as this global inflation heightens by next year. May be another phenomenon? I'm only worried that it will get worse by next year.
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Before you boast of your material acquisition, take a stroll to a morgue and there you will find those who were once better than you're. Only fools think they've it all. Stay humble 🤔
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2stout
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November 10, 2022, 04:06:12 AM |
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Fiat has been in real trouble ever since they stopped backing it with something tangible and instead with the full faith and credit of said government. Every year, fiat is worth less and less and buys less and less.
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awik p
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Pepemo.vip
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November 10, 2022, 05:25:33 AM |
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At present, Europe is the most hit by this storm and although, there are countries who are Bitcoin tolerant, its not enough. Fiat money looks to be the primary cause of inflation and countries who introduce CBDCs in my opinion are only worsening the situation. It's in times like this Bitcoin is needed as it has proven severally to be a hedge against inflation. "Digital Assets will replace govt issued currencies within a decade or at least present a solid alternative to them"- Business Insider, Aug 2021.
Yes, It would also allow them to enter into budgeting deficits without creating hyperinflation as they tend to borrow in financial markets when they spend more than they collect in taxes. I strongly believe that Bitcoin and other cryptocurrencies only represent a viable option for governments to adopt. Although crypto is facing some issues such as scalability and regulation, I firmly believe that these problems can be solved in due time. what is beyond our authority is the government's policy on the legalization of cryptocurrencies. the most difficult thing to penetrate is about the necessary politicization of interests. I personally believe that cryptocurrencies will be worthy of replacing fiat currencies, but not in a short time, given that there are still many pros and cons regarding this, and it actually hinders its development
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YUriy1991
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PredX - AI-Powered Prediction Market
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November 10, 2022, 07:44:15 AM Merited by fillippone (2) |
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I think This is an interesting topic at the moment, many new crypto-currencies and blockchain-based startups appear every day. The crypto-currency market has grown rapidly over the past few years and has already managed to attract interest from large industrial investors. Today many experts have already recognized that over time, as a result of competition and technological progress, cryptocurrency will actually become a more efficient and highly secure system compared with banks and payment card systems.
At the same time, I'm excited to see where all this is leading and what the future has in store for cryptocurrency and blockchain. If there ever comes a day when our fiat paper currency is replaced by a cryptocurrency, we'll all look back at this time as the catalyst that got us there.
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justdimin
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November 10, 2022, 07:15:21 PM |
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what is beyond our authority is the government's policy on the legalization of cryptocurrencies. the most difficult thing to penetrate is about the necessary politicization of interests. I personally believe that cryptocurrencies will be worthy of replacing fiat currencies, but not in a short time, given that there are still many pros and cons regarding this, and it actually hinders its development
I do not think that it will "replace" fiat, fiat is something that each nation needs for their own freedom, if they all start to use bitcoin then the bigger ones could take control over the smaller ones. Right now, even if it means a financial war, you can go against USA, which will hurt you like how it did to Cuba for example, but you can have freedom. In that case everyone would be using the same, and that is not going to be fine. Alternative payment method to fiat is the way to go. The best thing that could happen would be like El Salvador, just get it legal tender in all the nations of the world, which means alternative to fiat, and that would be fine and would actually make crypto go insanely high too.
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ChiNgadOr
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November 10, 2022, 11:44:21 PM |
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Inflation is a term virtually everyone is associated with and in one case or the other, is battling with in their economy as the cost of living a comfortable life is now looking like an illusion. According to statistics, a total of 95 countries are battling this scourge and with government policies not helping and the fiat failing woefully, it would be common sense to turn to Bitcoin. ![](https://ip.bitcointalk.org/?u=https%3A%2F%2Fi.ibb.co%2F7RMFGKd%2Fthis-is-why-we-all-need-bitcoin-v0-z1f5jff64lv91.jpg&t=665&c=hdUCaOoP6f00Dw) A fiat currency such as the dollar, euro, pound or even the yen is a trusted medium of exchange or legal tender issued by a government or recognized authority. As it is, the value of the fiat is collapsing and as it's not linked to a physical reserve and has no intrinsic value unlike gold and silver, it has the tendency to disappoint. At present, Europe is the most hit by this storm and although, there are countries who are Bitcoin tolerant, its not enough. Fiat money looks to be the primary cause of inflation and countries who introduce CBDCs in my opinion are only worsening the situation. It's in times like this Bitcoin is needed as it has proven severally to be a hedge against inflation. "Digital Assets will replace govt issued currencies within a decade or at least present a solid alternative to them"- Business Insider, Aug 2021. https://www.statista.com/statistics/225698/monthly-inflation-rate-in-eu-countries/https://www.investopedia.com/ask/answers/041515/fiat-money-more-prone-inflation-commodity-money.aspInflation is increasing everyday and their is nothing we can do since we are earning in fiat for those of us that are working and doing some casual businesses that is bring food to our table. Everybody is complaining of recession coming to hit us in full and also the hike in food prices and other goods. Things are becoming very difficult these days and things we could buy with our money can no long afford our necessities. Since there is nothing we can do, we can as well try other things we can do that we give us some funds.
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┌∩┐(◕_◕) ┌∩┐ Not your keys, not your coins. Binance (and any other CEX) can fuck off ┌∩┐(◕_◕) ┌∩┐
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BigBos
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November 11, 2022, 02:48:37 AM |
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Inflation is a term virtually everyone is associated with and in one case or the other, is battling with in their economy as the cost of living a comfortable life is now looking like an illusion. According to statistics, a total of 95 countries are battling this scourge and with government policies not helping and the fiat failing woefully, it would be common sense to turn to Bitcoin.
Yes, that's right, this FIAT currency will continue to experience inflation from year to year, why is that? The more the population in a country, the greater the need to finance their lives, the need for commodities from year to year will increase, while the commodities used will decrease, so that the scarcity of raw materials causes a company to have to spend more. This is what causes the price of goods to rise due to increased operational costs and high demand. the last one is the government's fault, which prints too much money so that the circulation of money is too large, the circulation of money and goods in circulation must be balanced. while for Bitcoin, I think it should be pegged to gold so that its volatility is not too volatile and helps maintain its value if it is to be used as a global currency.
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