Bitcoin does not need or want to replace fiat.
I agree, they can work independent or with each other. Crypto Currencies do not need to replace fiat.
Topic: Bitcoin simply cannot replace fiat (Read 7127 times)
I agree, they can work independent or with each other. Crypto Currencies do not need to replace fiat.
lol Does anyone here in their right minds actually think fiat will ever be replaced?
Fiat is the sole control mechanism that governments use to keep their citizens in check. Military/govn't spy programs..you name it...all boils down to fiat and its power. Banks and governments are synonymous. You're going to have to overthrow your government in order to ever have fiat replaced by a virtual currency. The only, and I mean only way that would happen is if the government itself eliminated fiat, established their own virtual currency, and banned all other alt-currencies.
Fiat is the sole control mechanism that governments use to keep their citizens in check. Military/govn't spy programs..you name it...all boils down to fiat and its power. Banks and governments are synonymous. You're going to have to overthrow your government in order to ever have fiat replaced by a virtual currency. The only, and I mean only way that would happen is if the government itself eliminated fiat, established their own virtual currency, and banned all other alt-currencies.
Modern fiat currencies are already over 90% virtual. I know this is very likely not your point exactly, but one of the strongest features of a fiat currency before any backed up currencies (or limited in supply by some external factors like bitcoin, for that matter) is that it potentially allows effectively and even handsomely solve some problems inherent to the latter. First of all, I refer here to the problem of disincentivizing production which fiat currencies easily get rid of...
I am, along with my associates, working on a solution to that one.
I'll keep the community posted.
I'll keep the community posted.
Have you found a way to circumvent the government regulations? If so, why can't you post a few words about it?
lol Does anyone here in their right minds actually think fiat will ever be replaced?
Fiat is the sole control mechanism that governments use to keep their citizens in check. Military/govn't spy programs..you name it...all boils down to fiat and its power. Banks and governments are synonymous. You're going to have to overthrow your government in order to ever have fiat replaced by a virtual currency. The only, and I mean only way that would happen is if the government itself eliminated fiat, established their own virtual currency, and banned all other alt-currencies.
Use your brain people, this is simply just an alternative form of future payment, just like paypal and western union were and still are.
Fiat is the sole control mechanism that governments use to keep their citizens in check. Military/govn't spy programs..you name it...all boils down to fiat and its power. Banks and governments are synonymous. You're going to have to overthrow your government in order to ever have fiat replaced by a virtual currency. The only, and I mean only way that would happen is if the government itself eliminated fiat, established their own virtual currency, and banned all other alt-currencies.
Use your brain people, this is simply just an alternative form of future payment, just like paypal and western union were and still are.
Quote from the article:
"I agree that Bitcoin is intrinsically valuable, and useful (for purposes such as online payments and provably fair gaming), but the chances of it taking over the fiat world are pretty much non-existent."
Not too long ago this kind of article was saying "Bitcoin has NO intrinsic value". Now they've had to pull back from that since it is being used to buy stuff (starting with pizza). In the future they will also have to pull back from saying the chances of Bitcoin taking over fiat is non-existent.
Bitcoin won't be replacing anything in China in the foreseeable future.
The government quickly nipped that one in the bud.
The government quickly nipped that one in the bud.
I am, along with my associates, working on a solution to that one.
I'll keep the community posted.
Bitcoin won't be replacing anything in China in the foreseeable future.
The government quickly nipped that one in the bud.
The government quickly nipped that one in the bud.
Yes b!z I agree that Bitcoin Simply Cannot Replace Fiat especially due to the fact bitcoin is only worth until people are willing to accept it as payment. Bitcoin is based on technology once people lose its faith in it than simply it will worth nil. Whereas fiat is backed by the state so really I don’t believe fiat will be unacceptable any time soon but can’t say about bitcoin.
An independent company will provide the Bitcoins. If the price plunged, neither Alderney nor the Royal Mint would lose anything.
There is no reason why bitcoin, or some other digital currency, couldn't replace fiat currencies. The comment "Fiat rules the world because it’s what people are used to" doesn't hold water. Ancient cultures used to use sea shells for money and that didn't last. Just about everything changes given enough time.
Value isn't meaningless. It's who gives it value, and whether it is supported that is relevant.
And ultimately it all boils down to what you, and me, and everyone else think about it. This is what "relevant" in the end. So I have to repeat in case you didn't get my point, value as such taken by itself is meaningless because it simply doesn't exist beyond human mind and its perception...
Cryptocurrency was never intended to replace fiat.
So many have missed the point of the whole thing...................................
What does one do?
One buys them the books and they eat the covers...................................
My $.02.
So many have missed the point of the whole thing...................................
What does one do?
One buys them the books and they eat the covers...................................
My $.02.
In short, I would agree bitcoin can't "replace" fiat.
With that said, who says both can't co-exist. I think they certainly both can and will and both will have it's own set of uses and strengths/weaknesses.
With that said, who says both can't co-exist. I think they certainly both can and will and both will have it's own set of uses and strengths/weaknesses.
Value isn't meaningless. It's who gives it value, and whether it is supported that is relevant.
Apparently bitcoin has no support whatsoever, and it is represented in it's volatility index. You need "collective" acceptance.
Toilet paper has good value, it has a relatively constant and stable value. Every year, year round, it only rises in price a small amount.
Apparently bitcoin has no support whatsoever, and it is represented in it's volatility index. You need "collective" acceptance.
Toilet paper has good value, it has a relatively constant and stable value. Every year, year round, it only rises in price a small amount.
The takeaway from that should be that when BTC captures even more of the value that is currently held in other commodities, such as gold, that BTC will continue to increase in value. Which are easier to store & transport...bitcoins or gold bars & coins? Which are easier to use for commerce directly? Bitcoin only has a tiny fraction of the total value held in other commodities, and has the capability of becoming far more useful. So, of the two, an oz of gold seems rather overpriced to me now and a bitcoin seems like an astounding bargain even at current prices.
While i agree with what you said, i was talking about comparing bitcoins with ounces of gold. The comparison is meaningless. There is no point on comparing bitcoins with ounces or grams or kilograms or whatever... If you want to compare 1 out of 21m bitcoins with 1/21000000 of the total weight of gold in earth then ok. It will make much more sense.
Value as such is meaningless, for there is no such thing as objective value in itself and by itself. It exists only in our heads, and our conceptions about it differ at any given time (that's what makes exchange of goods possible). Whether you like or not, people will compare the price of a bitcoin with that of an ounce of gold because it is the subjective value that matters...
Actually no they will not. Some people will use it as a pr buzz but most of us understand that means nothing. Of course retards will compare it but it can't be helped anyway.
The takeaway from that should be that when BTC captures even more of the value that is currently held in other commodities, such as gold, that BTC will continue to increase in value. Which are easier to store & transport...bitcoins or gold bars & coins? Which are easier to use for commerce directly? Bitcoin only has a tiny fraction of the total value held in other commodities, and has the capability of becoming far more useful. So, of the two, an oz of gold seems rather overpriced to me now and a bitcoin seems like an astounding bargain even at current prices.
While i agree with what you said, i was talking about comparing bitcoins with ounces of gold. The comparison is meaningless. There is no point on comparing bitcoins with ounces or grams or kilograms or whatever... If you want to compare 1 out of 21m bitcoins with 1/21000000 of the total weight of gold in earth then ok. It will make much more sense.
Value as such is meaningless, for there is no such thing as objective value in itself and by itself. It exists only in our heads, and our conceptions about it differ at any given time (that's what makes exchange of goods possible). Whether you like or not, people will compare the price of a bitcoin with that of an ounce of gold because it is the subjective value that matters...
Bitcoin will not replace fiat or gold or anything else whatsoever although is has the potential to disrupt markets like that of international remmitances.
Bitcoin is worth more than gold already, apparently. :-)
Compare the $13 billion market cap of BTC to the estimated total net worth of all the gold ever mined on earth (some 200,000 tonnes, worth $9 trillion).
Ok what will happen if do that comparison? Something that will actually make sense?
The comparison of the price of 1 bitcoin with the price of 1 ounce of gold is meant for pr buzz reasons and holds no other value whatsoever.
The takeaway from that should be that when BTC captures even more of the value that is currently held in other commodities, such as gold, that BTC will continue to increase in value. Which are easier to store & transport...bitcoins or gold bars & coins? Which are easier to use for commerce directly? Bitcoin only has a tiny fraction of the total value held in other commodities, and has the capability of becoming far more useful. So, of the two, an oz of gold seems rather overpriced to me now and a bitcoin seems like an astounding bargain even at current prices.
While i agree with what you said, i was talking about comparing bitcoins with ounces of gold. The comparison is meaningless. There is no point on comparing bitcoins with ounces or grams or kilograms or whatever... If you want to compare 1 out of 21m bitcoins with 1/21000000 of the total weight of gold in earth then ok. It will make much more sense.
http://letstalkbitcoin.com/bitcoin-simply-cannot-replace-fiat/#.UpmkkcRpmEw
Yes or no? What do you think?
Yes or no? What do you think?
bitcoin does work thats it none uses it to buy things with the value goes up and down you could not set a constant rate so obviosly if you have to use it to send money either your going to win or loose its not static its fluctuant its not meant to be a fiat its made to do hashing work for processing information so why try to mislead people into thinking its a fiat. Are you for real or not be real to others and you will be real to yourself. Dont think speak from the heart its the best.
"bitcoin for fiat , is like MP3 for CD .. "
~Max Keiser
~Max Keiser
"replacing fiat" is a lofty idea, one that bitcoin doesn't need to attain to at all in order to be successful. The "currency" aspect of Bitcoin maybe the most exciting thing to talk about but it's Bitcoin the "protocol" where the real action is.
Bitcoin isn't best decribed as a currency at all really, a better discription might be "fluid commodity"
Bitcoin isn't best decribed as a currency at all really, a better discription might be "fluid commodity"
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