Topic: Bitcoin after the collapse of the Dollar (Read 3782 times)

waiting for the day dollar falls...

I love this thread, and we should all endeavor to keep it on page 1

Yes. Partially correct. Both Russia and the US have huge deposits of petroleum. But there is a fundamental difference between the two. Russia is a net exporter of oil (out of the 11.9 million barrels they produce every day, they export some 9 million barrels, either as crude oil or as refined products). On the other hand, the US is a net importer of oil (they produce around 10 million barrels every day, but also imports another 14 million barrels, especially from Mexico and the OPEC).

Yes, over a long period of time the dollar eventually weakens but I'm talking shorter lengths like a bear market.

During weak economic times like the great recession, the dollar was strong and mighty.  Reason being, other currencies fled to the dollar thus higher demand.

The biggest scam in the history of the world...

low interest rates make people borrow more dollars.
every borrowed dollar is a new printed dollar.
printing dollars causes inflation and weakens the dollar.

We'll have a world that is better in some ways, and worse in others.

Bitcoin is truly anonymous, if you know how to use it. NSA can't really do much here.

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."

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 

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.

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.

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.

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? 

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.

conversions has to be done before the bank holidays ..

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

Don't be a bitch. Follow through and walk the walk

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

Wrong, 6 decades.

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.