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Author Topic: Bitcoin after the collapse of the Dollar  (Read 3413 times)
miztaziggy
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April 20, 2014, 09:21:01 PM
 #1

I have read a lot recently about the pending collapse of the Dollar.

The amount of currency being printed is insane, the US are shipping their inflation across the globe by printing so much money, and when it comes home to roost, it's going to destroy the Dollar. There will be hyper inflation at worst, but a total lack of confidence in the Dollar and formation of a new world monetary system at best.

Already China are buying up all the gold and there's real credible talk of China linking their currency to Gold. It'll be the only currency in the world backed by anything and there will be a massive rush to get it pushing the value up. It'll be the end of the petro-Dollar as we know now for international trade and world reserve currency.

There's also rumours of gold being professionally debased, bars drilled out and filled with Tungsten metal. If it's the American government doing this, it's exactly the same thing that ended the Greek empire and the Roman empire.

So, either this year or next when the Dollar collapses and the Yuan takes over, what are the credible options for Bitcoin?

In theory the price in dollars should rise in line with the massive inflation, but that will be dependant on people spending their worthless Dollars on Bitcoin, maybe they will, maybe they wont. There will definitely be a rush to dump worthless fiat currency and go for something solid, either gold, a gold backed Yuan, stocks (maybe?), property (again risky?), Bitcoin?

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April 20, 2014, 09:23:29 PM
 #2

More likely, a lot of people will move to crypto only.
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April 20, 2014, 09:29:59 PM
 #3

like what happened with cyprus

people will move to crypto and gold/silver/hard assets

paper assets will crash

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April 20, 2014, 09:46:40 PM
 #4

It's really hard to say. Remember 2008? Stocks were pummelled, but so were precious metals. Cash was king.

If we go into a deflationary spiral, Bitcoin might fall along with everything else. If we end up in a scenario with the dollar falling and gold and silver rising, I can see Bitcoin skyrocketing as well. There's just no telling, especially with all the manipulations going on.

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April 20, 2014, 09:55:38 PM
 #5

cash don't exist... because when crash comes, all automat will be down in a few hour.
it's like petrol station in france when the factory is offline (syndicat problem).

all people run to the station, drain the "normal citern" and then ... no stock at all even is the people don't take gas every week.
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April 20, 2014, 09:59:37 PM
 #6

If the fed continues to taper we are heading to a deflation and a collapse in the stocks markets dragging along everything else including bitcoin.
if they finally understand their Keynesian policies are wrong and allow the market to correct itself the dollar may still be saved.
my personal belief is that once the s&p 500 goes -50% 2008-2009 style the fed will start QE4 and continue inflating the dollar away.
if that happens everything including bitcoin will shoot up in price until confidence in the dollar is completely lost and it begins to be dumped along with u.s treasuries, this will create massive inflation and most likely a u.s default on its debt.

this will definitely bring the spotlight on bitcoin and gold.
miztaziggy
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April 20, 2014, 10:07:47 PM
 #7

If the fed continues to taper we are heading to a deflation and a collapse in the stocks markets dragging along everything else including bitcoin.
if they finally understand their Keynesian policies are wrong and allow the market to correct itself the dollar may still be saved.
my personal belief is that once the s&p 500 goes -50% 2008-2009 style the fed will start QE4 and continue inflating the dollar away.
if that happens everything including bitcoin will shoot up in price until confidence in the dollar is completely lost and it begins to be dumped along with u.s treasuries, this will create massive inflation and most likely a u.s default on its debt.

this will definitely bring the spotlight on bitcoin and gold.


Interesting...

So you don't think the next round of QE is guaranteed regardless of what happens?
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April 20, 2014, 10:15:18 PM
 #8

If the fed continues to taper we are heading to a deflation and a collapse in the stocks markets dragging along everything else including bitcoin.
if they finally understand their Keynesian policies are wrong and allow the market to correct itself the dollar may still be saved.
my personal belief is that once the s&p 500 goes -50% 2008-2009 style the fed will start QE4 and continue inflating the dollar away.
if that happens everything including bitcoin will shoot up in price until confidence in the dollar is completely lost and it begins to be dumped along with u.s treasuries, this will create massive inflation and most likely a u.s default on its debt.

this will definitely bring the spotlight on bitcoin and gold.


Interesting...

So you don't think the next round of QE is guaranteed regardless of what happens?

who knows, in the end the fed's open market committee is made of 12 people who can decide to go either way.
no way of knowing if they continue QE or decide to finally do the responsible thing.
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April 20, 2014, 11:22:21 PM
 #9

It's really hard to say. Remember 2008? Stocks were pummelled, but so were precious metals. Cash was king.

If we go into a deflationary spiral, Bitcoin might fall along with everything else. If we end up in a scenario with the dollar falling and gold and silver rising, I can see Bitcoin skyrocketing as well. There's just no telling, especially with all the manipulations going on.

Very well observed.

However after the storm was over, gold appreciated to a new high. Had BTC been around at the time, it sure would have done so as well. First deflationary shock, then hyperinflation, is what the critics say.  Wink

Such a crisis is also a wakeup call to many people who then look for alternatives.

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April 21, 2014, 02:06:57 AM
 #10

I am planning on having some metal, some bitcoin, and some cash.  At least then I won't lose it all.

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April 21, 2014, 03:08:17 AM
 #11

I hope after all of this much more people will move to cryptocurrencies only.

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April 21, 2014, 03:33:54 AM
 #12

I have read a lot recently about the pending collapse of the Dollar.

The amount of currency being printed is insane, the US are shipping their inflation across the globe by printing so much money, and when it comes home to roost, it's going to destroy the Dollar. There will be hyper inflation at worst, but a total lack of confidence in the Dollar and formation of a new world monetary system at best.
That is correct. The US economy is today little more than a house of cards protected by a whole lotta firepower.

I shudder to think how the US government will behave when backed into the corner of debt-repayment by China et all...

It will be up to every US citizen to curtail their government and prevent total annihilation.

Related: Dead Dollar Walking - Stephan Molyneux

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April 21, 2014, 04:12:44 AM
 #13

I hope after all of this much more people will move to cryptocurrencies only.

It would have been nice if it happens so. But I don't think that any such incident will benefit the Bitcoin. If the USD collapse, people are likely to shift their investments to risk-free assets such as bullion and real estate. Bitcoin is currently being considered as a high risk investment.

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April 21, 2014, 04:39:01 AM
 #14

Bitcoin after the collapse of the Dollar
96.8% of current internet users will not be able to afford to pay monthly internet access fees.
Mining will be much easier.  Shocked

Seriously, buying food could be a concern for many middle-class people.
I would expect BTC to be worth at least 5x the current all time high. (~$6,000+/btc)

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April 21, 2014, 04:58:22 AM
 #15

Bitcoin after the collapse of the Dollar
96.8% of current internet users will not be able to afford to pay monthly internet access fees.
Mining will be much easier.  Shocked

Seriously, buying food could be a concern for many middle-class people.
I would expect BTC to be worth at least 5x the current all time high. (~$6,000+/btc)
$6,000 assumes a very small market-cap for a form of money that is about to take over the world...

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April 21, 2014, 06:48:45 AM
 #16

Gold will go up because of its history as currency and store of wealth and the fact that most people don't understand Bitcoin and think that "if you can't touch it you don't own it",  while other realize that btc can do all that gold can do and do it better mostly (and a lot more). Both up a lot but maybe btc more because gold is already quite expensive.

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April 22, 2014, 12:09:00 AM
 #17

like many ... you can buy nothing with gold and silver "metal" if you don't have a middle man (bank or notary).
but with independant and valuable network (that it works with no middle man), you can buy anything with stable price !
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April 22, 2014, 12:33:23 AM
 #18

Xapo forecasts that each BTC will be $500K to $1m in 10 years.  This doesn't even factor in a dollar collapse.  By the time that actually happens we aren't even going to look at the dollar as a form of measurement.

I personally don't think it will ever get that high.  We won't be using BTC exclusively in our future world of crypto.  Ethereum and/or something else will cut into that market-share I'm sure.
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April 22, 2014, 03:37:37 AM
 #19

No dollar, no bitcoin value, sorry.

Bitcoin would have to be more valued than gold.

People off grid or on will not exchange in something which can be destroyed, hard asset cannot.
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April 22, 2014, 06:06:39 AM
 #20

No dollar, no bitcoin value, sorry.

That is rubbish. Bitcoin will be having value, regardless whether the USD is around or not. Although most of the exchanges of BTC are conducted in USD, don't forget that a significant part is also done using the Euro, Russian Rouble and the UK Pound.

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