Question - I understand now why most people tend to rate the value using USD but if the USD crashes and causes global instability, what currency would be used to distinguish bitcoin's actual value?
If bitcoin became the global currency and national currencies became a secondary alternative, how would wealth be determined without some measure of denomination?
I could have 10 btc each worth the equivalent of X USD but if USD isn't worth shit would we still use it to compare? If everyone had nothing but bitcoin across the world, by what measure would we use to determine what it's worth?
Is there a reason it's USD and not Euro or other? Is it habit?
Most people measure against USD because it is a widely used currency.
Once it collapses, 1 BTC will become worth 1,000,000,000,000,000,000,000 USD or close to infinite because everybody wants to get rid of their dollars because the only value they will have then is wipe your @*s or make a fire.
If it takes a few years, bitcoin will be able to survive on its own. On other words, you don't need a counter currency to value bitcoin.
Bitcoin will be the currency then.
The value of a bitcoin then will be determined by the amount of gold or oil it will buy (or other commodities)
You've already seen the reverse correlation with gold when the december peak reached the price of 1 ounce of gold.
(well at least I *want* it to see ;-)
