Do You Think Bitcoin Will Replace Dollar Soon? - page 190.

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Quote from: danherbias07 on August 12, 2016, 09:51:30 AM

Quote from: deisik on August 12, 2016, 08:57:55 AM

Quote from: Yakamoto on August 11, 2016, 09:35:03 PM

Quote from: deisik on August 11, 2016, 05:34:52 PM

Quote from: Doamader on August 11, 2016, 05:26:53 PM

Something all should already know its dollars, fiat its printed money soo they can print unlimited money, bitcoin for other side has a supply limited, and should get less and less coins avaible over the time, being loosing wallets keys or any other way. With this said there is no way to bitcoin replace any currencie, and dollar currently is the currencie present at all transactions over the world.

Bitcoin infinite divisibility is believed to solve this problem, though I think that it would only increase price volatility

It increases volatility when you start to hit massive amounts where the smaller numbers actually matter, just like how Satoshi means nothing in the value right now. Once/If Bitcoin hits $1m Satoshis would matter, but for right now they mean nothing

That's exactly my point. After Bitcoin hits $1M, the volatility will be devastating since anyone with as little as just 1 Bitcoin could instantaneously move the price a few thousand dollars. As a result, the system will become useless for anything but algorithmic trading...

Though I think the price will never hit that mark in the first place, at least on any serious trading volume

So that should not happen right? It will just destroy this good online currency and might even be the means of using in more illegal transaction if it hits that big. They just need some coins to buy it without being traced and dont need to bring a lot of money for transaction

The price simply can't get there since Bitcoin will implode long before that because of the exponential growth in volatility. The primary reason is that the number of bitcoins in circulation is unreservedly capped to 21M coins. It is hard to estimate how many bitcoins are being actively traded right now, but it can be said with surety that this number will start decreasing after some moment in the future or in the past (that is, it's already decreasing)...

This will necessarily lead to higher volatility over time

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Quote from: deisik on August 12, 2016, 02:21:23 AM

Quote from: machinek20 on August 12, 2016, 02:11:27 AM

No, dollar is too superior and too strong to beat, dollar has become an international currency and has been standing before the bitcoin born, if bitcoin replace dollar it will ruin the global transaction and cause chaos everywhere, and another reason is dollar is USA fiat, its impossible to change a country fiat

If the US somehow leaves the club of world superpowers, the dollar won't last long thereafter. But the throne is never empty, and the Chinese yuan seems to be the first candidate to fill the void. Yeah, I know this doesn't sound very convincing...

But remember how fast the Soviet Union collapsed

The US way different than Soviet Union. The URSS collapsed fast because the system didn't allow for long term survival. Fiat is built in a way that it seems it can survive various deaths like a zombie if the country is a big power (and US is top power)

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Quote from: deisik on August 12, 2016, 08:57:55 AM

Quote from: Yakamoto on August 11, 2016, 09:35:03 PM

Quote from: deisik on August 11, 2016, 05:34:52 PM

Quote from: Doamader on August 11, 2016, 05:26:53 PM

Something all should already know its dollars, fiat its printed money soo they can print unlimited money, bitcoin for other side has a supply limited, and should get less and less coins avaible over the time, being loosing wallets keys or any other way. With this said there is no way to bitcoin replace any currencie, and dollar currently is the currencie present at all transactions over the world.

Bitcoin infinite divisibility is believed to solve this problem, though I think that it would only increase price volatility

It increases volatility when you start to hit massive amounts where the smaller numbers actually matter, just like how Satoshi means nothing in the value right now. Once/If Bitcoin hits $1m Satoshis would matter, but for right now they mean nothing

That's exactly my point. After Bitcoin hits $1M, the volatility will be devastating since anyone with as little as just 1 Bitcoin could instantaneously move the price a few thousand dollars. As a result, the system will become useless for anything but algorithmic trading...

Though I think the price will never hit that mark in the first place, at least on any serious trading volume

So that should not happen right? It will just destroy this good online currency and might even be the means of using in more illegal transaction if it hits that big. They just need some coins to buy it without being traced and dont need to bring a lot of money for transaction.

deisik

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Quote from: Yakamoto on August 11, 2016, 09:35:03 PM

Quote from: deisik on August 11, 2016, 05:34:52 PM

Quote from: Doamader on August 11, 2016, 05:26:53 PM

Something all should already know its dollars, fiat its printed money soo they can print unlimited money, bitcoin for other side has a supply limited, and should get less and less coins avaible over the time, being loosing wallets keys or any other way. With this said there is no way to bitcoin replace any currencie, and dollar currently is the currencie present at all transactions over the world.

Bitcoin infinite divisibility is believed to solve this problem, though I think that it would only increase price volatility

It increases volatility when you start to hit massive amounts where the smaller numbers actually matter, just like how Satoshi means nothing in the value right now. Once/If Bitcoin hits $1m Satoshis would matter, but for right now they mean nothing

That's exactly my point. After Bitcoin hits $1M, the volatility will be devastating since anyone with as little as just 1 Bitcoin could instantaneously move the price a few thousand dollars. As a result, the system will become useless for anything but algorithmic trading...

Though I think the price will never hit that mark in the first place, at least on any serious trading volume

deisik

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Quote from: ASHLIUSZ on August 12, 2016, 05:49:50 AM

Quote from: deisik on August 12, 2016, 04:43:42 AM

Quote from: goldcoinminer on August 12, 2016, 03:24:58 AM

Quote from: deisik on August 12, 2016, 02:21:23 AM

Quote from: machinek20 on August 12, 2016, 02:11:27 AM

No, dollar is too superior and too strong to beat, dollar has become an international currency and has been standing before the bitcoin born, if bitcoin replace dollar it will ruin the global transaction and cause chaos everywhere, and another reason is dollar is USA fiat, its impossible to change a country fiat

If the US somehow leaves the club of world superpowers, the dollar won't last long thereafter. But the throne is never empty, and the Chinese yuan seems to be the first candidate to fill the void. Yeah, I know this doesn't sound very convincing...

But remember how fast the Soviet Union collapsed

For now maybe dollar are more superior but there are always countries that are getting stronger, and one of the countries is china. They have improved there economy and important aspect of like the military which is the most important if you want to compete with other big countries.

China is still very weak militarily. On the other hand, it has never been strong in the past, so it may never need to be in the future in order to take over the US and the world in the bargain. Really, the US rose as a world superpower exactly because it stayed away from the warfare that devastated Europe and Asia in the 20th century...

So it will be highly ironic if China does precisely the same

In key areas of military technology China is still a good 20 years behind the U.S. Its anti submarine warfare capability is marginal and many of its submarines are noisy. China lacks the necessary quieting and propulsion technologies to build anything remotely comparable to an U.S. or Russian nuclear submarine.

As I said, they may not need all this military power to get to the world domination. The US got there not because of its military power. It had been lucky to stay away from major warfare raging through the first half of the 20th century and hadn't its economy in ruins after it was over...

If China is given the same opportunity, it would fit their strategy perfectly

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Quote from: deisik on August 12, 2016, 04:43:42 AM

Quote from: goldcoinminer on August 12, 2016, 03:24:58 AM

Quote from: deisik on August 12, 2016, 02:21:23 AM

Quote from: machinek20 on August 12, 2016, 02:11:27 AM

No, dollar is too superior and too strong to beat, dollar has become an international currency and has been standing before the bitcoin born, if bitcoin replace dollar it will ruin the global transaction and cause chaos everywhere, and another reason is dollar is USA fiat, its impossible to change a country fiat

If the US somehow leaves the club of world superpowers, the dollar won't last long thereafter. But the throne is never empty, and the Chinese yuan seems to be the first candidate to fill the void. Yeah, I know this doesn't sound very convincing...

But remember how fast the Soviet Union collapsed

For now maybe dollar are more superior but there are always countries that are getting stronger, and one of the countries is china. They have improved there economy and important aspect of like the military which is the most important if you want to compete with other big countries.

China is still very weak militarily. On the other hand, it has never been strong in the past, so it may never need to be in the future in order to take over the US and the world in the bargain. Really, the US rose as a world superpower exactly because it stayed away from the warfare that devastated Europe and Asia in the 20th century...

So it will be highly ironic if China does precisely the same

In key areas of military technology China is still a good 20 years behind the U.S. Its anti submarine warfare capability is marginal and many of its submarines are noisy. China lacks the necessary quieting and propulsion technologies to build anything remotely comparable to an U.S. or Russian nuclear submarine.

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Quote from: goldcoinminer on August 12, 2016, 03:24:58 AM

Quote from: deisik on August 12, 2016, 02:21:23 AM

Quote from: machinek20 on August 12, 2016, 02:11:27 AM

No, dollar is too superior and too strong to beat, dollar has become an international currency and has been standing before the bitcoin born, if bitcoin replace dollar it will ruin the global transaction and cause chaos everywhere, and another reason is dollar is USA fiat, its impossible to change a country fiat

If the US somehow leaves the club of world superpowers, the dollar won't last long thereafter. But the throne is never empty, and the Chinese yuan seems to be the first candidate to fill the void. Yeah, I know this doesn't sound very convincing...

But remember how fast the Soviet Union collapsed

For now maybe dollar are more superior but there are always countries that are getting stronger, and one of the countries is china. They have improved there economy and important aspect of like the military which is the most important if you want to compete with other big countries.

China is still very weak militarily. On the other hand, it has never been strong in the past, so it may never need to be strong in the future in order to take over the US and the world in the bargain. Really, the US rose as a world superpower exactly because it stayed away from the warfare that devastated Europe and Asia in the 20th century...

So it will be highly ironic if China does precisely the same

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imposible because bitcoin only transaction online
only digital curency, is dollar money fiat and accepted goverment all the world

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Quote from: deisik on August 12, 2016, 02:21:23 AM

Quote from: machinek20 on August 12, 2016, 02:11:27 AM

No, dollar is too superior and too strong to beat, dollar has become an international currency and has been standing before the bitcoin born, if bitcoin replace dollar it will ruin the global transaction and cause chaos everywhere, and another reason is dollar is USA fiat, its impossible to change a country fiat

If the US somehow leaves the club of world superpowers, the dollar won't last long thereafter. But the throne is never empty, and the Chinese yuan seems to be the first candidate to fill the void. Yeah, I know this doesn't sound very convincing...

But remember how fast the Soviet Union collapsed

For now maybe dollar are more superior but there are always countries that are getting stronger, and one of the countries is china. They have improved there economy and important aspect of like the military which is the most important if you want to compete with other big countries.

madwica

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Bitcoin can not replace dollar or any fiat in each country because fiat is much prefer to use by more people specially of those people who are in remote area they can not used bitcoin because they can not access it and they do not know also what is bitcoin while fiat is always there easily to earn for them.

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Quote from: machinek20 on August 12, 2016, 02:11:27 AM

No, dollar is too superior and too strong to beat, dollar has become an international currency and has been standing before the bitcoin born, if bitcoin replace dollar it will ruin the global transaction and cause chaos everywhere, and another reason is dollar is USA fiat, its impossible to change a country fiat

If the US somehow leaves the club of world superpowers, the dollar won't last long thereafter. But the throne is never empty, and the Chinese yuan seems to be the first candidate to fill the void. Yeah, I know this doesn't sound very convincing...

But remember how fast the Soviet Union collapsed

machinek20

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No, dollar is too superior and too strong to beat, dollar has become an international currency and has been standing before the bitcoin born, if bitcoin replace dollar it will ruin the global transaction and cause chaos everywhere, and another reason is dollar is USA fiat, its impossible to change a country fiat

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Quote from: Leonard2016 on August 12, 2016, 12:50:33 AM

Quote from: Mauser on August 11, 2016, 11:13:39 PM

Quote from: RoseMann on August 11, 2016, 12:35:41 PM

No way, no chance we need real currency in order for decentralized currency to work

Also with another recent bitcoin exchange hack is the trust of people into bitcoin security limited. We need a longer time period of stable prices for bitcoins to be seen more valuable again.

anybody who thinks "bitcoin" is not secure because an exchange site was hacked is an idiot. because it has nothing to do with bitcoin and only traders use exchanges like bitfinex not the regular users who want to use bitcoin as a currency like dollar.

Trust is the main issue with the exchange sites now and we have already witness a major crisis years past because of the exchange unforeseen closure and that makes the price really fall back drastically but this time it is not a big problem since the price has recovered easily.

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Quote from: Mauser on August 11, 2016, 11:13:39 PM

Quote from: RoseMann on August 11, 2016, 12:35:41 PM

No way, no chance we need real currency in order for decentralized currency to work

Also with another recent bitcoin exchange hack is the trust of people into bitcoin security limited. We need a longer time period of stable prices for bitcoins to be seen more valuable again.

anybody who thinks "bitcoin" is not secure because an exchange site was hacked is an idiot. because it has nothing to do with bitcoin and only traders use exchanges like bitfinex not the regular users who want to use bitcoin as a currency like dollar.

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Quote from: RoseMann on August 11, 2016, 12:35:41 PM

No way, no chance we need real currency in order for decentralized currency to work

Also with another recent bitcoin exchange hack is the trust of people into bitcoin security limited. We need a longer time period of stable prices for bitcoins to be seen more valuable again.

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Quote from: Cast12 on August 11, 2016, 09:42:11 PM

Bitcoin won't replace dollar any time soon. How else are we suppose to price bitcoin if it replaces dollars(assuming the bitcoin also replaces other known fiat currencies)?

If bitcoin would replace dollar, we could use other currency, but as you've said that "assuming the bitcoin replaces other currencies" then that means, there is no more fiat, they extinct... But it won't happen of course... Government of the world still has many things to work out on and fix than changing their currency...

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Bitcoin won't replace dollar any time soon. How else are we suppose to price bitcoin if it replaces dollars(assuming the bitcoin also replaces other known fiat currencies)?

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Quote from: deisik on August 11, 2016, 05:34:52 PM

Quote from: Doamader on August 11, 2016, 05:26:53 PM

Something all should already know its dollars, fiat its printed money soo they can print unlimited money, bitcoin for other side has a supply limited, and should get less and less coins avaible over the time, being loosing wallets keys or any other way. With this said there is no way to bitcoin replace any currencie, and dollar currently is the currencie present at all transactions over the world.

Bitcoin infinite divisibility is believed to solve this problem, though I think that it would only increase price volatility

It increases volatility when you start to hit massive amounts where the smaller numbers actually matter, just like how Satoshi means nothing in the value right now. Once/If Bitcoin hits $1m Satoshis would matter, but for right now they mean nothing.

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Quote from: BitMaxz on August 11, 2016, 05:49:48 PM

Quote from: angryswamp on August 11, 2016, 04:29:36 PM

Quote from: Frodomaga on August 11, 2016, 02:16:03 PM

There is no way to believe bitcoin could replace dollar soon. But is possible to be used in large amount by ordinary people

it is actually possible we might need to wait only for a decade till something huge will start happening, i hope that dollar will become extinct pretty soon

Don't expect for that it will never never happen.. because bitcoin is always be alternative online money just like paypal..
Dollar is always remain to use by people..
Also bitcoin has no stable price so its impossible that bitcoin will replace usd..

I won't debate with you on that because I have already accepted that bitcoin is just an alternative currency for fiat. Anyway, though this is just an alternative currency, it is still good to use it because of the great benefits in online transactions and can be use as an investment at the same time.

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it actually will in like 20 years or so when a lot of people will be using bitcoins on daily basis

Topic: Do You Think Bitcoin Will Replace Dollar Soon? - page 190. (Read 417357 times)