Topic: If Bitcoin been backed by Dollar then what will happen if the Dollar collapsed? (Read 461 times)

Precisely. Bitcoin is not designed to make people rich, but to get out from the shadows of government and banks. It’s up to the people already on how they will maximize the potentials of using bitcoin, either using it as a mode of payment or maximize accumulating bitcoin in order to establish a highly valuable investment. While there can be varied options for bitcoin benefits, but I don’t think that Satoshi has invented bitcoin all for the sake of moneymaking.

Unfortunately, more investors will result to more people’s opinions and conspiracy theories. I feel defeated that a lot of people seem to have missed the core purpose of bitcoin. I know that it’s profitable but all people care about is money when it comes to cryptocurrency which is not only its purpose in fact it wasn’t created at all because of that particular reason.
I personally don’t know why Satoshi thought of it when normal people were just accepting everything from the government with no questions. I guess that’s what makes Satoshi a unique person.

If only some users here will read some of the good threads here in the forum, they won't ask such question or think about this towards bitcoin. Satoshi didn't think about enriching himself when he created this currency. It is designed to be centralized so even ordinary people can benefit from it. A p2p currency that everyone can use and not rely to their fiat currency. Just take note of its importance as a cross-border payment. If you are dealing with fiat, you need a lot of documentation before you can send it to the other parts of the world, aside from the time that you need to wait. Whereas, if you deal with btc, you can even do your transaction at the comfort of your home within few minutes, and it will be received at the other side of the world.

I don’t think bitcoin is designed to turn people into millionaires, but most likely to gain freedom from the banks and be the bank of their own bitcoin. That is actually the purpose of Satoshi, that people will no longer rely to the government and banks, because bitcoin is a decentralized currency and that the owner itself is responsible to manage his own funds without entrusting to any third party like banks.

Because it is following a schedule. You can see the schedule here: https://en.bitcoin.it/wiki/Controlled_supply

It has real use, or at least it could have real use. Bitcoins can be exchanged for things other than fiat. Read this: https://bitcointalksearch.org/topic/bitcoin-pizza-day-i-want-to-buy-5497440

BTW, fiat also has no physical form. Those pieces of paper that you have are not dollars/euros/yen, but instead they are tokens that can be exchanged for dollars/euros/yen.


As long as people are willing to exchange things of value for bitcoins, then bitcoins will have value, regardless of what happens to fiat.

The problem with saying that something is "backed" or is not "backed" is that the word "backed" means different things to different people. I think it would help if when you say that Bitcoin is "semi-backed by fiat", you explain exactly what that means.



If fiat loses value then everything else gains value with respect to that fiat. That is called inflation.  You can buy both bitcoins and food with fiat. Are you claiming that if the value of the fiat goes to 0, then the value of food will go to 0 also?



Other than the bitcoins that Satoshi may or may not control, Satoshi and any plan she might have are irrelevant at this point.

Money is money, nothing is real money.

Money created and distributed to citizens by governments and banks is simply money. It is money when it has purchasing power and value but it will be only a useless paper if it loses purchasing and power to zero.

Maybe people want to classify between money created by central banks as real money and money created illegally by criminals is fake money. People like to use these terms to classify money but it is confusing. Real or fake money, if it has zero value, purchasing power to exchange with other things, other fiat currency, it is useless and will become the same, no matter you call it as real or fake money.

No.  He made it to make people enjoy freedom. 


Which equations?


Why is real money traded for Bitcoin if it's not considered real money itself?  Bitcoin, as a currency, is being exchanged for another currency at an increasing rate, yet only you acknowledge it as 'real'.  Change my mind. 

Buddy according to coin gecko 92% been mined in what? 16 years? what make you think that the last Bitcoin will be mined in 2140?

Satoshi wasn't smart, he or they was a genius and genius people tend to see money as nothing but a tool, a tool that help them get by.

the Utopia Satoshi want to create will cost a fortune and the fortune will come from the fact that he/they owner 5% of the total Bitcoin.

again, Bitcoin has no real use at all it has no physical form nor backed by anything but the Fiat that people pay to get it.
perhaps will have a semi physical form once a country use it to pay it employs as part of the backed up will be in goods this country produce and the only country so far think of this is Nigeria and it's a poor country so this won't save Bitcoin.

you my friend are the only person who understand me and see the point of this post so let me ask this to see how far we agree here.

1-you agree that once people don't pay any fiat to get Bitcoin it will lose it value?
meaning it's backed or semi backed by fiat

2-once the fiat that people pay lose it value Bitcoin will have the same or similar value to the fiat it been backed in?

3-Satoshi has a bigger plans than what we see or think and his plane will be executed once Bitcoin hit a huge price?

Now you're making sense with this. Demand and supply rule everything. If nobody wants bitcoin it would be worthless, if nobody wants Tesla or Apple stock it would be worthless even if they're back by something. If nobody wants gold it would be worthless. Demand and supply. Why do you think most altcoins remain less than $0.005 all their lives? Simply because nobody wants them.
So don't say bitcoin is backed by the dollar when you know that it's back by demand and supply.


2140.
That's not just a number, that's a year. That's the tear the last bitcoin will be minded. That's 116 years from now. So let's assume Satoshi was 18 when he created Bitcoin in 2009, he'll be 33 now. I've never been so good at maths but if my calculations are correct Satoshi would be 149 years in 2140.
So except Satoshi is one of the Salvatore brothers (most likely Stefan), I don't see how he'll be alive to make so much wealth and create a Utopia country for smart people.

Gold has a value because it's physical thing and not just because it's rare.
if today we been hit by a sold gold meteor that wighte 10000000 mega ton gold will still have a value as there is a vratiy of thing can be used only by gold.
you know that CPU has gold in it? and you know that Cobber lose 70% of elicrecty while gold lose less than 10% meaning that it's better Conductive

Bitcoin and all of Crypto is nothing more than bunch of ones and zeros in a silicon and wood.
zero phyiscal value, what gave it a value is demand and supply, the more people want it the more price it gain.

and this is where Satoshi master plan will come to real, once the last Bitcoin mined (92.5% of the Bitcoins are already mined) there will be no more supply but only demand, Bitcoin's price might get to 200K per one Bitcoin meaning that Satoshi will be the rich enough to buy an entire country.

If I had to Guess I'll say his plan is to create a utopia for smart people

The single fact that you've been involved with Bitcoin since 2016 should make you know that Bitcoin is not backed by any currency. It is not backed by the dollar or any other currency. If the dollar collapses, the value of a bitcoin can simply be measured in another currency. It is mostly measured in dollars because that's the generally acceptable currency in the international market.

There are cryptocurrencies backed by dollars such as USDT and USDC. These are called stable currencies because they neither go above or below $1. They appreciate and depreciate based on the dollar. If the dollar crashes, they'll crash. That's a coin back by a dollar.
Gold, for example, is not backed by the dollar. If the dollar ceases to exist, gold would still have its value, only that it would be valued using other currencies in the international market. The currency that is used to put a price on the asset has nothing to do with the value of the asset.

But what you are talking about are strictly rumors and speculation.  There is no proof Satoshi was even a math genius.  Satoshi may not even be one entity, it could be a group of smart people who put Bitcoin together.

There are a lot of speculations about who Satoshi is or was, but there is no real proof for any of the theories to become more or less valid.  Mining is still worth it, just not the way it used to be a k a home Mining.  Things definitely used to be much easier back when one CPU was equal to one Vote.  These days are over however, we have a much more powerful Bitcoin.  All the many thousands of Miners are not doing the work in vain, some of them are voluntarily doing it just out of support or to try and hit the Jackpot which is also pretty much impossible today, but many of them are doing it to get more Bitcoin or even make a hefty Profit.

It's very obvious that some persons don't know about Bitcoin but they would love to discuss anything they feel like to discuss, when you cross the user profile it looks like someone that have not at least gather little information of forum before it makes this thread, for me, I know very well, that some people just introduce their siblings here to earn bitcoin not to learn bitcoin, because the concept of op is totally different from the objectives of other persons who is already in the forum that's while it's direction of explanation is contradictory.

you really think that he will include such a detail in his whitepaper?!
buddy explain to me how something has value without being backed up by value it self?
every form of money in the ancinte time backed by gold or silver, hell when the Phoenicians invented the money they did it so they don't have to transport there gold via see and risk losing it.
the only form of money wasn't backed by gold was zahang money (warlord in china)
Bitcoin has a value because people pay money for it and that's that.
because when Bitcoin start it had a value less than 0.0001 dollar and it start to go up the more people want it.

I agree with 90% of what you siad, but again look up the Bitcoins Biloierins they are all smart and math genius like Satoshi himself

look up cicada 3301 a lot of people think that Satoshi is a group of cicada 3301 members, Satoshi was a math genius and he deliberately created Bitcoin's system so it become harder and harder to get (halving) and had a market cap of 20 million at max

you need at least 1000 hash to locate a block now a days and the rewards dose not even worth it anymore.
so, in a certine year Bitcoin won't be mined no more which will make it price stronger than ever and the 1 million Bitcoin owned by him/them will be used to there project.
as I said before I can't say that Satoshi is good or evil, whatever he want to do will be bettre than what we have today

Bitcoin is not backed by any fiat currency, you only think like that because dollar's been used as the baseline for how valuable a bitcoin is already, but for all intents and purposes bitcoin is not backed by the dollar, nor is it supported by any other currency on the market, outside and inside. And let me just correct you on one thing, if I'm not mistaken there is no where in the bitcoin whitepaper where it's specifically mentioned that he created bitcoin to make smart people rich, matter of fact, a lot of stupid clowns on the internet became rich off of bitcoin and those that are "smart" didn't get their hands on bitcoin at all, so idk bout that my guy.

Bitcoin is as real as it can be, the money is just an after effect, bitcoin is money and is originally intended to only be used as a currency and nothing else, probably because Satoshi's getting fucked by remittance fees and all that shit, to which he created a cryptocurrency that spans the planet and that does not fuck you over with fees and wait times.

Bitcoin is money first, it only became a store of value accidentally.

I don't think Satoshi himself/themselves expected his creation to boom like what we currently have right now and I think his intention is only to create a new form of digital and decentralized money he/they did that not for the good of himself/themselves. So I am asking you right now why the heck Satoshi has to back BTC with a centralized fiat if he hate it himself/themselves?

Replying to the title first, Bitcoin is not backed by the Dollar and it would be pointless to back it by Fiat.  That would redeem the entire purpose of Bitcoin null.

But you probably meant to say what happens if the Dollar collapses considering Bitcoin is usually priced in Fiat.  Well.  If the Dollar collapses, first and fore most the whole world is going to be doomed for a while.  No body would care about Bitcoin or Fiat probably for a reasonable time.

If they did care still, Bitcoin will PROBABLY continue to exist and have value.  Because it will continue to be as scarce, it will have the same properties.  Long as the Internet is still alive and well, Bitcoin will continue to be used without a doubt.  Particularly considering there would likely be a significant amount of hatred or uncertainty about Banks, Bitcoin would be a great solution as it is Decentralized.

What the hell?  Hand me out a source of ALL the people who became Rich from Bitcoin being over 130 IQ?  This sounds ridiculous and so made up.

But then Money is not real either.  What you get with the Money is.

Bitcoin is real.  It is valued by us who are using it and it is valuable to most of us here.  I would continue to pay for Bitcoin even if a whole piece was a million Dollars.  I just think it is a value and I do think it will never permanently lose the value it has.  I could be very wrong.  Who knows.  It remains to be seen.

Many things are 'not real' if you think about it.  Got something of value that other people think is worthless?  To you it is value, to them it is nothing.  They could throw it in the garbage can and go on with their day.  But then there are other people who would pay the value you think it has.  Or maybe even more just because they value it too.  This reminds me of Schiff, who always said Bitcoin has no value and is equal to zero but now I bet he regrets deeply.

Bitcoin is a value.  There is no point in changing your mind considering this is a fact as it is priced close to 70 THOUSAND Dollars and has only been rising for more than a decade.

The op is making a lot of strong but wild allegations there. I don't think there is evidence that Satoshi created Bitcoin to get rich, that it's a way for very smart people to get rich, or that people who got rich from cryptos have very high IQ. When Bitcoin was created, it's cost in the early days was well below $1, so it wasn't about the price or about a smart investment. Bitcoin was about a revolutionary approach to what money can be like, even if not many people appreciated it. As for who can and did get rich from Bitcoin, I think it's a wide range of people under different circumstances.
It's good that Bitcoin isn't backed by dollar because its point is to offer an independent alternative from fiat.

no, only smart people who knew math very well adopt it.

I told my rich frinde to buy Bitcoins in 2015 but he didn't listne and he laughed, he was stupied and his money came from inhrite and he would've been a millioner now,

in another word, Bitcoin nature was only appealing to smart people like Satoshi, hell even Wallstreet said that Bitcoin is a huge pyramid scheme so did 90% of the people till 2015.