"Fiat is hopeless"

[mobilestrike]

I won't say fiat is hopeless but the power controlling these fiat is hopeless. They just want power and they will do not matter what to keep themselves as a leader. They will even print trillions of money just to showcase their power and ability to do so. Fiat has backed all our finances since ages. It started way back in stone age when people overcame barter system and were looking for something more stable to trade with. Fiat comes into picture here. Without fiat, I don't really think the world can survive.

Even crypto like bitcoins are somewhat backed by fiat. Imagine if there is no fiat, all our expenses will be paid in bitcoins and it can only be done digitally. What about people who are far away from technology? Mostly the adults. They will be the ones to struggle here.

[retreat]

As long as central banks have complete control over monetary and financial policy, the public will never truly have financial freedom. With their authority and power, they will restrict any movement that could weaken the strength of their fiat currency, and that includes Bitcoin, which is the antithesis of fiat currency. Therefore, for those of us who understand this, we must stick even more firmly to Bitcoin and trust that only Bitcoin truly gives us complete control over the assets we own.

[atookz]

Elon Musk's statement is not without basis. Public trust in fiat is indeed declining and is indeed undergoing a severe test. In several countries, fiat is currently losing trust due to high inflation, ballooning national debt, and the excessive printing of money. Eliminating central banks may not be the first step, but rather the last. Central banks still play a significant role in crisis management, and their removal would impact economic stability and security. And if bitcoin replaces them, it won't be without challenges and will certainly require further adjustments. Challenges such as price fluctuations, government regulation, public understanding, scalability, and efficiency are all challenges that must be faced, although bitcoin offers attractive alternatives (such as decentralization and transparency). We don't know what the future holds, but if we look at the current reality of the future of finance as a symbiosis between the fiat system and digital assets, the two can complement each other. Fiat provides short-term stability, while bitcoin provides freedom and long-term protection of value.

[philipma1957]

Back when Elon Musk started expressing his disappointment with Donald Trump's "One Big Beautiful Bill", he posted a message on X that "Fiat is hopeless". With inflation spiraling out of control, and excessive government spending, the tech mogul might be right. So if all Fiat currencies are "hopeless", does this mean Bitcoin will take over the world in the future? I know the odds are slim (governments want control/power), but abolishing central banks could be the first step towards making this a reality.

What's your opinion? Your input would be greatly appreciated.

fiat is doing exactly what the bosses of the world want it to do.

this path began for the usd under tricky dick nixon

study the usd debt and how it grew since nixon took the usa off the gold standard.

oh btw gold is over 4000

and silver went over 50 today before it backed off a bit.

[fruktik]

In most countries wages rise higher than inflation even in more developed countries a lot of people just get increases after a time of high inflation and it usually only covers that year of high inflation while they must try to work out what to do about the rest (although I don't think they lose as much as in poorer countries where 10%+ inflation is common).

In most countries, wages grow faster than inflation, but not in mine. Prices rise several times a year. This situation is simply fed up with everyone. People can no longer afford even the most basic food and clothing. The state is sliding into the abyss. I see no further prospects for development. What kind of technology can we talk about when those in power only think about how to steal more money? They can't get enough. They can't seem to get enough. Even the grandchildren of current deputies have already received positions in the government. Under these circumstances, the country will soon cease to exist.

[₿itcoin]

So if all Fiat currencies are "hopeless", does this mean Bitcoin will take over the world in the future? I know the odds are slim (governments want control/power), but abolishing central banks could be the first step towards making this a reality.
What's your opinion? Your input would be greatly appreciated.

emm,, Elon Musk wasnt actually mistaken when he mentioned Fiat is hopeless,, also he pronounced his new America Party would accept Bitcoin. you know, fiat allude to to all currencies that are fabricate by governments &  central banks, which are not literally backed by any hard metal or commodity in truth.

One of the big downsides of the fiat system is that they can easily print new money if needed, which increases inflation &  reduces peoples purchasing power.  if you talk about bitcoin the supply is limited to 21 million coins utmost. it cannot be increased indefinitely by creating new coins, even Satosh cant do it, LoL...

So the question is, can Bitcoin completely replace fiat? Not right away, because governments dont like to give up control &  privileges. But in my opinion, Bitcoin is already showing that it is a smart alternative, especially for those who are fed up with fiat currency regulations, inflation &  economic uncertainty. It is no longer a question of 'when will Bitcoin win',  it is a question of 'when will more people start to understand what real money should be.'

[Marvell1]

As long as central banks have complete control over monetary and financial policy, the public will never truly have financial freedom. With their authority and power, they will restrict any movement that could weaken the strength of their fiat currency, and that includes Bitcoin, which is the antithesis of fiat currency. Therefore, for those of us who understand this, we must stick even more firmly to Bitcoin and trust that only Bitcoin truly gives us complete control over the assets we own.

I agree with what you say but have you ever thought what would happen if the central bank and government lost control of monetary and financial policy? What would our economy be like without management and leadership?

Honestly, I really don't know how our economy will work, but I don't see how a decentralized economy can be better than the current one.


So while I don't like what central banks and governments are doing, but I think they are necessary for our economy and our world. We don't need to get rid of them completely, we just need to find ways to reduce our dependence on them and bitcoin is the solution.

[Asanoha]

I don't see any chance of Bitcoin replacing fiat money. Of course, Bitcoin is good. But you need something instant and physical at the same time. You cannot always rely on digital payment methods. I really experienced some problems just because I wasn't carrying cash, and it happened to me last week. It happened a couple of times before. Sometimes the banking channels don't work well. I transferred money from one bank to another, and it took a few hours; the bank says it happened due to technical issues.

The same thing can happen with Bitcoin. You will send some money to an address, and you will have to wait for hours to get some confirmation on the blockchain. Physical cash helps in sucha  situation. I know the society is becoming cashless, but we need cash as well.

Have you tried using the Bitcoin Lightning network?

[GiftedMAN]

As long as central banks have complete control over monetary and financial policy, the public will never truly have financial freedom. With their authority and power, they will restrict any movement that could weaken the strength of their fiat currency, and that includes Bitcoin, which is the antithesis of fiat currency. Therefore, for those of us who understand this, we must stick even more firmly to Bitcoin and trust that only Bitcoin truly gives us complete control over the assets we own.

This is the truth, all the banks are affiliated to the central banks and the central banks are owned, operated and financed by the government and the government is in total control of the monetary policy which means they will stand to protect the fiat currency when when it is losing so much value they can never stop protecting it because they have a full control of it and seeing the movement of Bitcoin and how the government is not willing to accept it as a replacement for fiat currency it is best for those who believes in Bitcoin to hold still while the government keeps having control of what they believe in.

[bubilas]

Back when Elon Musk started expressing his disappointment with Donald Trump's "One Big Beautiful Bill", he posted a message on X that "Fiat is hopeless". With inflation spiraling out of control, and excessive government spending, the tech mogul might be right. So if all Fiat currencies are "hopeless", does this mean Bitcoin will take over the world in the future? I know the odds are slim (governments want control/power), but abolishing central banks could be the first step towards making this a reality.

What's your opinion? Your input would be greatly appreciated.

The financial system is highly centralized, controlled by a handful of people who wield the power to change the lives of millions of people for the worse.
This shouldn't be the case; we are all born equal, and it's wrong that upon entering this life, we immediately take on national debt and begin participating in a financial race that's already lost.
It's good that we have cryptocurrencies, which give weight to that part of justice that is on our side.

[philipma1957]

Back when Elon Musk started expressing his disappointment with Donald Trump's "One Big Beautiful Bill", he posted a message on X that "Fiat is hopeless". With inflation spiraling out of control, and excessive government spending, the tech mogul might be right. So if all Fiat currencies are "hopeless", does this mean Bitcoin will take over the world in the future? I know the odds are slim (governments want control/power), but abolishing central banks could be the first step towards making this a reality.

What's your opinion? Your input would be greatly appreciated.

The financial system is highly centralized, controlled by a handful of people who wield the power to change the lives of millions of people for the worse.
This shouldn't be the case; we are all born equal, and it's wrong that upon entering this life, we immediately take on national debt and begin participating in a financial race that's already lost.
It's good that we have cryptocurrencies, which give weight to that part of justice that is on our side.

the financial race is not real and it is not to be won 🏆.

but the world leaders use that a part of the way to control and puppet us.

[cxtreenal]

As long as central banks have complete control over monetary and financial policy, the public will never truly have financial freedom. With their authority and power, they will restrict any movement that could weaken the strength of their fiat currency, and that includes Bitcoin, which is the antithesis of fiat currency. Therefore, for those of us who understand this, we must stick even more firmly to Bitcoin and trust that only Bitcoin truly gives us complete control over the assets we own.

This is the truth, all the banks are affiliated to the central banks and the central banks are owned, operated and financed by the government and the government is in total control of the monetary policy which means they will stand to protect the fiat currency when when it is losing so much value they can never stop protecting it because they have a full control of it and seeing the movement of Bitcoin and how the government is not willing to accept it as a replacement for fiat currency it is best for those who believes in Bitcoin to hold still while the government keeps having control of what they believe in.

Governments believe in the Bitcoin system but are not ready to accept this asset because they cannot control Bitcoin in the same way they can control fiat. In my opinion Bitcoin can strategically increase the wealth of a country by linking it to its fiat system without the need for replacement. While countries with weak economies struggle to save fiat, countries are trapped in the IMF monetary policy and debt trap unable to escape inflation. A strong commitment to Bitcoin and accumulation means building a financial system of their own starting from the individual level and spreading to every level of the state.

[lizarder]

Back when Elon Musk started expressing his disappointment with Donald Trump's "One Big Beautiful Bill", he posted a message on X that "Fiat is hopeless". With inflation spiraling out of control, and excessive government spending, the tech mogul might be right. So if all Fiat currencies are "hopeless", does this mean Bitcoin will take over the world in the future? I know the odds are slim (governments want control/power), but abolishing central banks could be the first step towards making this a reality.

The context in which he spoke is certainly true, as fiat is indeed hopeless in the long term. However, he stated this after the two had already had a tense relationship in government and other partnerships, so we shouldn't be entirely surprised by this situation. No one knows whether Bitcoin will rule the world in the future, but that control is currently nearly 35 percent, with many people turning to Bitcoin as a way to protect the value of their currency.

Complete control is a difficulty for governments to exert over Bitcoin, so there are many considerations regarding this. Central banks can never be abolished, given their function. Even in El Salvador, there is still a central bank (Banco Central de El Salvador) that has so far fully accepted Bitcoin. This demonstrates that the government still needs the central bank and will not take steps to abolish it.

[ndutndut]

As long as central banks have complete control over monetary and financial policy, the public will never truly have financial freedom. With their authority and power, they will restrict any movement that could weaken the strength of their fiat currency, and that includes Bitcoin, which is the antithesis of fiat currency. Therefore, for those of us who understand this, we must stick even more firmly to Bitcoin and trust that only Bitcoin truly gives us complete control over the assets we own.

Fiat is indeed hopeless. Because if we look at the history of civilization, all fiat eventually collapsed, causing people to return to using gold as money. Perhaps with the advent of Bitcoin, they will likely switch to Bitcoin. I believe that someday, perhaps within 100 years, paper money will lose 99% of its value. Therefore saving in fiat is a futile endeavor.

Because indeed the current fiat system will not provide us with financial freedom in the future, because central banks have complete control over this financial system, unlike Bitcoin, which cannot be controlled by anyone. So I completely agree with you hold on to Bitcoin because besides giving you complete control over your Bitcoin, it will also protect you from inflation.

[bitLeap]

Back when Elon Musk started expressing his disappointment with Donald Trump's "One Big Beautiful Bill", he posted a message on X that "Fiat is hopeless". With inflation spiraling out of control, and excessive government spending, the tech mogul might be right. So if all Fiat currencies are "hopeless", does this mean Bitcoin will take over the world in the future? I know the odds are slim (governments want control/power), but abolishing central banks could be the first step towards making this a reality.

What's your opinion? Your input would be greatly appreciated.

Even Elon Musk account is on my blocked list. lol  

His opinions are too much nonsense, and now he can change his perspective depending on how important his political career is at the moment. There's too much drama, even if he says there's no hope, but his platform still uses a fiat payment system to get blue checkmarks.


Eliminating central banks would impact the entire global financial system. This digitalization is selfish, failing to consider that many people still rely on fiat currency. For those who understand the digital transition from fiat to cryptocurrency, it might not be an issue, but what about those who still lack access to digital infrastructure?

The fact is, developing countries are still at a very low stage of digital financial literacy.

[Abiky]

I won't say fiat is hopeless but the power controlling these fiat is hopeless. They just want power and they will do not matter what to keep themselves as a leader. They will even print trillions of money just to showcase their power and ability to do so. Fiat has backed all our finances since ages. It started way back in stone age when people overcame barter system and were looking for something more stable to trade with. Fiat comes into picture here. Without fiat, I don't really think the world can survive.

Even crypto like bitcoins are somewhat backed by fiat. Imagine if there is no fiat, all our expenses will be paid in bitcoins and it can only be done digitally. What about people who are far away from technology? Mostly the adults. They will be the ones to struggle here.

Bitcoin backed by Fiat? I've thought it was backed by mathematics and cryptography? It's the people who give value to Bitcoin. Everyone measures its value in Fiat terms, because that's the standard unit of account. But this could change in the future. Especially if the world becomes "hyperbitcoinized". With institutions and governments quickly adding Bitcoin to their reserves, anything is possible.

I concur with Elon Musk that Fiat is hopeless. Despite this, I don't think Fiat will cease to exist because central banks and governments are behind it. If you want to protect yourself against inflation, just buy and hold BTC for the long term. Gold is also a good option. National debts will just keep rising for the foreseeable future. We should learn to live with this.

[summonerrk]

In my country, the situation with cryptocurrencies is getting worse and worse because they're becoming very difficult to exchange for fiat. And since summer, the regulations have been tightened even further. Now, all bank card transactions from exchanges are tracked and immediately reported to the tax authorities. Peer-to-peer transactions are increasingly being banned, and there are plenty of people willing to cheat or send dirty fiat. The situation is dire, and all because fiat is 100 percent controlled by the state.

[MainIbem]

In my country, the situation with cryptocurrencies is getting worse and worse because they're becoming very difficult to exchange for fiat. And since summer, the regulations have been tightened even further. Now, all bank card transactions from exchanges are tracked and immediately reported to the tax authorities. Peer-to-peer transactions are increasingly being banned, and there are plenty of people willing to cheat or send dirty fiat. The situation is dire, and all because fiat is 100 percent controlled by the state.

It's basically cause of the regulations in your country so it's your government's fault that people can't change their cryptocurrencies freely for fiat, maybe if the people over there speak up through protest or whatever why that the shake the government and make them see the need to retrace their steps, then using crypto in your country would be very much welcomed, similar situation happend in my country when the government began to place unnecessary bans and frustrate citizens from seeing a need to use crypto but I'm glad we've passed that phase and the use of digital currency is much welcomed in my country.

[YOSHIE]

What's your opinion? Your input would be greatly appreciated.

Maybe if you look at the current unstable world economy, fiat money exchange rates are uncertain, as well as rampant inflation, prices of goods are soaring, fiat is almost worthless, especially in weak countries.
except for the dollar, on that basis, perhaps Elon Musk is starting to think that the only thing that is surviving at the moment is the dollar, if the dollar collapses like fiat in other countries, of course and certainty Bitcoin is one of the indisputable assets in maintaining the exchange rate against the bad global economy.

Yes, I agree with Elon's thoughts, Fiat has no hope in the future, we can take fiat with one truck and only get one sack of wheat, Bitcoin has hope in maintaining its value when the market collapses.

[sana54210]

Really not going to care what Elon said, and fiat being in terrible place is not even that much of a new information neither. It was already known and we should not really consider this as a news. Elon keeps saying many things very late, and acts as if he is some visionary for being able to see it.

We literally realized fiat is shitty and that's why we moved to bitcoin, literally over a decade ago. I am sure he realized fiat is hopeless some time ago and not now, but it wasn't 10+ years ago. We should consider what we are going to see this period and we could make it work one way or another. What we are seeing right now is not easy decision making and just realizing we are not going to see this be that much of a big word from him.