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Author Topic: Bitcoin after the collapse of the Dollar  (Read 3412 times)
Beliathon
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April 22, 2014, 06:08:42 AM
 #21

Bitcoin would have to be more valued than gold.
"Ye gods lad, you're saying a barrel of this 'oil' of yours will one day be more valuable than a horse?! MADNESS! Madness I say!"

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Libin
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April 22, 2014, 07:01:22 AM
 #22


Already China are buying up all the gold and there's real credible talk of China linking their currency to Gold.

IMHO, China yuan is supported by nothing but CP's gun. Many chinese predict china yuan will collapse in the near future, and a number of them exchange their CNY for USD. The following link is a post from a chinese bbs which can support my point of view. The OP exchanged his asset for  $2 million!

http://bbs.tianya.cn/post-develop-1575919-1.shtml
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April 22, 2014, 08:01:19 AM
 #23

Dollar and Rouble had rather bad year, especially after big intervention into Rouble.

Bitcoin is simply better then normal currency because of transactions. It won't be collapse of dollar, it will be ignorance of dollar existence.

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April 22, 2014, 10:13:00 AM
 #24

Dollar and Rouble had rather bad year, especially after big intervention into Rouble.

Ruble had a very bad year, but the Russian government don't care about it. Actually it is beneficial for them, as they are mostly an exporting nation. On the other hand, USD is doing good so far this year.

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April 22, 2014, 11:15:08 AM
 #25

Nah. dollar will strengthen this year.

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April 22, 2014, 11:25:24 AM
 #26

move to crypto is only a matter of time.
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April 22, 2014, 11:34:47 AM
 #27

The U.S. dollar has been the world currency for something over 3 decades. Because of greed among bankers and investors, and because of lack of Federal Reserve Bank foresight and controls, the dollar is collapsing as the world currency. The only thing that is holding the dollar up currently is the faith that if you go to the store, you can buy something with it. Since other countries (China) are constantly watching the dollar - because it is somewhat of a barrier that keeps their own currency from excelling - they see the mismanagement that is going on. They are pulling out of the dollar. Already Russia, Germany and China, along with various countries in Africa and the Middle east, are starting to trade oil for gold rather than the dollar.

What is your USD paycheck worth in the scheme of things? If you earn $1,000 a week, what is that compared to the formal U.S. debt of $17 trillion? And when you consider that the little bit of USD that you have is worth even less when compared with the informal U.S. debt (which is probably around $200 trillion), why would you have faith in the USD? It is only the trust and hope of the people and the foreign nations that is keeping the USD from collapsing into hyper-inflation. Expect this to happen - hyper-inflation - in 3 or 4 month. It's starting already in the grocery store.

Bitcoin just might be the savior for the American people. And those who are in now will be the wealthy of the future.

Smiley
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April 22, 2014, 02:58:48 PM
 #28

Nah. dollar will strengthen this year.

Do you have any facts to strengthen your argument? The US dollar will strengthen if the public debt is reduced. That is not going to happen until Obama is removed from the office.

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April 22, 2014, 03:39:04 PM
 #29

Crypto will go moon because there is no gold available at that very moment.
Crypto is the easiest method to convert to when bank holidays are comming because you can convert all your dollars online (from your chair) to a crypto.

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April 22, 2014, 03:40:16 PM
 #30

The U.S. dollar has been the world currency for something over 3 decades.

Wrong, 6 decades.

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April 22, 2014, 03:53:07 PM
 #31

Dollar strengthening? LAWL

http://www.barchart.com/chart.php?sym=$DXY&t=BAR&size=M&v=0&g=1&p=MO&d=X&qb=1&style=technical&template=


25 year chart of the index price of USD.

I bet that it will reach a new low within 2 years. Worse than 06-08
Honeypot
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April 22, 2014, 04:15:54 PM
 #32

Give me all your dollars. It will be worthless so you shouldn't care Smiley

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April 22, 2014, 04:16:37 PM
 #33

Crypto will go moon because there is no gold available at that very moment.
Crypto is the easiest method to convert to when bank holidays are comming because you can convert all your dollars online (from your chair) to a crypto.




conversions has to be done before the bank holidays ..
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April 22, 2014, 04:42:52 PM
 #34

USD has a lot more going for it than bitcoin.

Pros to USD
USD: untraceable transactions via physically exchanging cash
Bitcoin: traceable, all transactions recorded on blockchain

USD: Keep cash in an FDIC insured bank account and the government is good for the first $100,000, fraud/theft protection
Bitcoin: 15% of all coins currently held in circulation were stolen from their original owners (if you believe the list of bitcoin thefts on this forum)

USD: zero transaction fees for cash or check deposits or withdrawals, or ACH transfers
Bitcoin: transaction fees

USD: treated as cash by the IRS, duh
Bitcoin: treated as a commodity by the IRS, taxed as capital gains

USD: costs you nothing to safely stash it in a FDIC guaranteed bank, and you get paid interest to boot!
Bitcoin: spend lots of your money for security, you're in charge of it yourself

USD: exchange rate is very stable, intrinsic value is its guarantee as a medium of exchange by the U.S. government & use as a medium of exchange by U.S. economy, and the U.S. government and U.S. economy are powerful entities
Bitcoin: exchange rate is extremely unstable, has virtually no intrinsic value at all (compare to money orders)

USD: currency exchanges are stable, reliable, no risk of theft
Bitcoin: exchanges are unstable, unreliable, risk of theft

USD: can keep a bunch of them of varying types in wallet easily as paper medium
Bitcoin: poor/zero implementation as paper medium

USD: inflation rate in the near-term (1-2 years) is very predictable, and long-term inflation is quite low.
Bitcoin: deflation rate as measured by bitcoin's exchange rate is very high, making it unattractive as a currency and instead attractive as a commodity/hedge against the dollar (probably why the IRS pwned bitcoin by treating it as such)

USD: I can make a bunch of cash transactions under $5,000 and it's not recorded anywhere
Bitcoin: I can make a bunch of transactions and every single one of them is viewable by everyone in a global database.  NSA's wet dream, how ironic.
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April 22, 2014, 04:53:37 PM
 #35

USD: I can make a bunch of cash transactions under $5,000 and it's not recorded anywhere
Bitcoin: I can make a bunch of transactions and every single one of them is viewable by everyone in a global database.  NSA's wet dream, how ironic.

People may or may not agree with your points here. But this one is absolutely wrong. How can anyone trace a BTC10 transaction back to you, unless you publish your wallet ID?  Grin

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April 22, 2014, 05:03:37 PM
 #36


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 is absolutely zero chance that the Chinese government will link their currency to gold. China has been following the policy of driving down the value of their currency in order to promote exports for a long time. Linking their currency to gold would have the opposite effect.

Do not waste your time debating whether Bitcoin can work. It does work.

"Early adopters will profit" is not a sufficient condition to classify something as a pyramid or Ponzi scheme. If it was, Apple and Microsoft stock are Ponzi schemes.

There is no such thing as "market manipulation." There is only buying and selling.
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April 22, 2014, 05:21:12 PM
 #37

Dollar and Rouble had rather bad year, especially after big intervention into Rouble.

Ruble had a very bad year, but the Russian government don't care about it. Actually it is beneficial for them, as they are mostly an exporting nation. On the other hand, USD is doing good so far this year.

Russia has so much oil, they should be strong during a "Global economic collapse".
The USA also has huge amounts of oil, but our debt is off the charts ridiculous.

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April 22, 2014, 05:47:32 PM
 #38


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 is absolutely zero chance that the Chinese government will link their currency to gold. China has been following the policy of driving down the value of their currency in order to promote exports for a long time. Linking their currency to gold would have the opposite effect.

True, however, China will never hold the world reserve currency with a Yuan backed only in USD. It has no positive benefit over USD.

China may feel they're at the point they can stand on their own.

Maybe they want to transform from the country with cheap exports driven by low wages and low standards of living, and possibly they want to do what America has done for the last 70 years and export their debt around the globe, drive up living standards and consume more crap.

It seems plausible to me that China would want to hold the world's reserve currency and all the benefits that it will bring. To do this they need a reason for people to want to hold this currency over the USD.
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April 22, 2014, 05:50:44 PM
 #39

move to crypto is only a matter of time.
Probably but i wonder after how long? Bitcoin has a big potential but that doesn't mean that we will use only bitcoin. I just wonder what we'll have after 30 years  Roll Eyes
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April 22, 2014, 06:32:57 PM
 #40

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.
When there is weakness in the stock market the USD strengthens (goes up).

Weak economy = Lower interest rates to encourage buying = Stronger USD  

The USD is seen as a "flight to quality." Living close to the international border, I've converted lots of USD:MXN during stock market corrections taking advantage of more buying power in Mexico.

So, if Bitcoin competes with the USD then one can rationalize that BTC should increase with weakness in the stock market and US Economy if it's seen as a "flight to quality."

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