Topic: Bitcoins biggest flaw - page 2. (Read 2669 times)
Personally think it's asking to much for the public to not relate the value of a bitcoin in fiat. Fiat has been ingrained by the owners of our nations to be as valuable as water or air. Bitcoin will be interconnected with fiat as long as fiat holds value.
What if ALL fiat currencies collapsed tomorrow? lol
hard to tell in that situation. What would gold be valued at? I'm sure i could get an ounce of gold for a pack of ramen noodles, if someone was hungry enough. Ramen is the investment of the apocolypse <-- i cant even spell it.
Why not just do like the federal reserve does and have a central issuing computer (we will call it crypto-jesus) that dictates how much it is worth.
XD Crypto-jesus says one BTC is worth 5 bags of ramen noodles!
What if ALL fiat currencies collapsed tomorrow? lol
hard to tell in that situation. What would gold be valued at? I'm sure i could get an ounce of gold for a pack of ramen noodles, if someone was hungry enough. Ramen is the investment of the apocolypse <-- i cant even spell it.
What if ALL fiat currencies collapsed tomorrow? lol
Bitcoin's biggest flaw is not in the protocol, It's biggest flaw is people judge its value based on fiat currency such as the EURO or USD, This is bitcoins biggest flaw as long as bitcoins value is dictated by fiat currency then it will have little chance of accomplishing indenpendence as a currency.
If the USD collapsed tomorrow what would happen to BTC? who or what would dictate its value? silver? gold? the mining difficulty?
Your thoughts?
If the USD collapsed tomorrow what would happen to BTC? who or what would dictate its value? silver? gold? the mining difficulty?
Your thoughts?
It is only pegged to national currencies because 99.99999% of businesses only accept national currencies so bitcoin accepting businesses have to convert their bitcoins in order to spend them or pay suppliers. The greater the number of businesses accepting bitcoins, the more products will be able to be priced strictly in bitcoins.
If the USD collapsed, as the Zimbabwe dollar did, bitcoins might just be worth millions of USD but still around 5 Euros.
Bitcoin's biggest flaw is not in the protocol, It's biggest flaw is people judge its value based on fiat currency such as the EURO or USD, This is bitcoins biggest flaw as long as bitcoins value is dictated by fiat currency then it will have little chance of accomplishing indenpendence as a currency.
If the USD collapsed tomorrow what would happen to BTC? who or what would dictate its value? silver? gold? the mining difficulty?
Your thoughts?
If the USD collapsed tomorrow what would happen to BTC? who or what would dictate its value? silver? gold? the mining difficulty?
Your thoughts?
Mining difficulty is determined solely by the combined hash speed of the network.
And BTC's value would be determined, as always, by the amount of the source currency or commodity the majority of buyers are willing to offer weighed against the amount the majority of sellers will accept.
If USD drops by, say, 50% against most other currencies that are actively traded, the same will probably happen with USD-BTC exchanges.
Bitcoin's biggest flaw is not in the protocol, It's biggest flaw is people judge its value based on fiat currency such as the EURO or USD, This is bitcoins biggest flaw as long as bitcoins value is dictated by fiat currency then it will have little chance of accomplishing indenpendence as a currency.
If the USD collapsed tomorrow what would happen to BTC? who or what would dictate its value? silver? gold? the mining difficulty?
Your thoughts?
If the USD collapsed tomorrow what would happen to BTC? who or what would dictate its value? silver? gold? the mining difficulty?
Your thoughts?
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