Topic: Bitcoin start Backing USA dollar - page 2. (Read 476 times)

lol . i didnt even knew that its possible for usd to be backed by btc because users here seem to agree but how come when theres a debate before that usd and btc are enemy because usd is made by the government while btc is a non government and said to be made only by one person which is satoshi nakamoto .

 infact there are even alot of questions if usdt is really backed by usd when infact both of them are kinda related to each other while btc and usd are clearly incompatible

LOL, tell telling is very easy. Yet, let just go with the flow talking about it. Who knows that this guy's speculation is right because there are reports or posts here too that bitcoin is not really he first cryptocurrency and that this type of digital currency has been use already in those agents use to travel to other countries to investigate and since bringing money with them is difficult then they use this kind of technology to transfer money without getting caught through anonymity. These are just possibilities but who knows that satoshi really are a group of military personnel who made it for their mission outside their country.

BTC? No I am not believing that the government is going to be doing that. It’s true that they may be having other plans , before this time there has been some talks that the government might unveil the Fedcoin and through this Fedcoin they are going to be able to make lots of money from it. But this BTC part? Nah it’s not something that seems possible to me.

Nobody really cares how much of BTC they are holding, whether it is 1 BTC or not, they are just more into how much it is worth in dollars. If someone is holding 1BTC that they got at $2000 and it falls to $500, they are definitely going to be so worried for sure. It’s been like that since the start, it’s just the USD worth that’s attracting some of them.

What?!
Not again.
You mean the one posting here named "satoshi" is CIA?  
That's something new for me. I didn't know he had that much spare time rather than protecting the secrets of the government.

Again with the claims without proofs. I can't imagine where you are getting this kind of ideas.
Deep Web? Too much fictional movies?

Bitcoin was created to last Long until 2030
That Long the fiat system Will last.
And for that Long need backing  its a btc.

Btc was created by the central Inteligency services
With Military grade tecolody.
To be bullet proof and scared asset with limited supply.
Btc Will continue Where gold failed.

I think there will be feedback, we will see that now the US has legalized BTC. there must be an advantage for them

The only "backing" that needs to be done with the US dollar is to give the toxic banking debt back to the central banks. It would also be handy if they gave back the assets they bought with the valueless dollar as well.

I always thought that giving up the Gold Standard was a bad idea. Now we have a chance to rebuild the health of the financial system by a pegging fiat currencies to Bitcoin - aka the Digital Gold.

Of course this could not happen at all, but it certainly won't happen overnight unless we will assist a worldwide shocking event that will wake us up. However in the event that nations do institute Bitcoin reserves - the price would skyrocket perhaps even above the $1M mark.

If there is something that should back the USD again, it would be gold and not bitcoins.

Imagine USD being backed by something that can easily be obtained if the price is right, that'll be problematic since countries can band together if they want to and sabotage bitcoin's price, and you end up with a weakened dollar with practically little to no value. Plus, unlike gold, bitcoin has no other uses apart from being a temporary 'hedge' from failing assets and currencies, and its value is built on the fact that there are tons of infrastructure invested to mine this coin, and miners wouldn't let those investments go to waste. Add speculation to the mix and you get bitcoin.

USD will not go back to the gold standard, nor the US would be introducing something to back up their currency. With the current setup of the dollar, they can create something out of nothing literally if they wanted to, and the repercussions wouldn't be that severe short-term as it can be evenly spread out into years--even decades--up until a recession occurs and they'll just start at square 1 again as if nothing happened. The specifications of the USD is 'perfect' in most aspects and in sync with how the world economy goes right now, and bitcoin just doesn't rhyme with all those control methods from a central governing body.

nah, u are crazy now, let me explain a little , perhaps u change ur mind.
first, Bitcoin, u know exactly has a fixed amount , then u want bitcoin backing US dollars ? something unlimited ? can be printed anytime by their goverment ?
well, to make it simple, a century ago , US dollars is backed by Gold, Over the time that the United States dollar was backed by gold, it experienced major fluctuations in value in relation to the world market. On 1963,the United States resolved the situation by following the example of most other nations and changing their currency system.

you know what that means? should I be more clear about that?

Is this a joke or something? Tell us how can a Fiat currency provide something that the Issuer of this currency does not recognize? And in the case of the dollar - not only the Issuer but also the rest of the world.
Do you want your salary to be lottery vouchers instead of dollars? I don't think you do. And no one wants to. Where does this overwhelming desire to use btc everywhere come from? Are you all right?

We must be realistic Bitcoin cannot meet all these requirements and more for it to start backing the USA dollar.

Bitcoin by its nature, especially volatility, cannot compete with this role.

Now that you have been aware of the freezing of funds by Tether, you're talking nonsense. There's no sense anymore with what you are suggesting about the backing up of dollar, about bitcoin and other related topics about cryptocurrency.
Maybe you have to make up yourself and start thinking that you need to say things with a sense or even it's just an opinion, think of it first before saying it.

u can say something like that, but can u tell how to make it happen ? , it's decentralized after all, just how something like btc which it always have fluctuating value will backing something stable value ? of course its not make a sense .

It's not simple. Do you think that people would love to use a cryptocurrency that could freeze their funds? There is a possibility that whether you do something bad or not, they have the ability to freeze your funds and won't be able to use it. Just like the banks freezing your bank accounts. What do you think with that?
(https://cryptobriefing.com/tether-can-freeze-destroy-your-usdt/)

It will hard for bitcoin to start backing USA dollar. Bitcoin is a decentralized currency which is not control by the government compared to fiat money which is centralized and it control by the government. Fiat money is very popular to people which the government will not allow bitcoin which is not control by the government to improve their economy in the country.

The government has what it takes to improve their dollar to back up all their stock market and others things not to collapse before 2021.
I think dollar is older than bitcoin so it will be difficult for bitcoin to start backing dollar in the areas of economy.

How do you sign up for dollar crypto backed by bitcoin? Any bounty? Any shills? Any roadmap? What algorithm? Premine?

Cryptocurrencies cannot back fiat

For Backing we do need something:
Non Volatile
Stable
Usually acceptable all over the world
Etc..

Cryptocurrencies are certainly in the rear end of the spectrum when we are talking about Volatility and such , for right now I think we have not yet reached a state where cryptocurrencies can do that.

Therefore I believe it cannot back USD in any case. When it comes to government , they have to back up banks and are mostly are very interconnected with them , banks are the number 1 competitor of cryptocurrencies therefore it would not only create an economic unrest but issues in the governance.

I thought that bitcoin was being backed by fiat currency from the start not only USD but other currencies as well. Bitcoin now could be exchange to different currencies so I do not have doubt that others will going to say that Dollars  will going to be as backed up by bitcoin. For me this is ideal and hopefully that one day all government or other system will going to acknowledge bitcoin as digital currency. If that will going to happen then all that has been holding bitcoin has advantage over others thay aren't aware of bitcoin until now.

Ironically, Bitcoin is only attractive to a lot of Bitcoin owners-- probably even the majority-- because of its price in USD or other fiat. I guess it is an undeniable fact that a lot of people who flocked to Bitcoin are essentially investors. If, for example, Bitcoin's USD equivalent would fall to, say $2,000, they would be extremely disappointed even if the reality is that their number of Bitcoins are intact. They would suddenly forget that 1BTC is 1BTC still and that the supply is still very much limited and so on.