If Bitcoin been backed by Dollar then what will happen if the Dollar collapsed? - page 2.

AlphaBoy

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Quote from: Blitzboy on June 02, 2024, 10:17:55 AM

Now, now, lets not get carried away with this "Bitcoin genius" narrative. Satoshi Nakamoto was smart, and I've always seen talent. But the concept that Bitcoin was created only for geniuses to get rich? Not really. Bitcoin is a digital asset, a decentralized future symbol, and a large, beautiful financial freedom vision. Its about empowering people and challenging the status quo, not just making money. Everyone, regardless of IQ, can support that.

Back to your dollar collapse question. Bitcoin would fall if tethered to the dollar. Bitcoin's worth isnt only connected to the dollar. It comes from its scarcity, practicality, and rising acceptability as a real store of wealth. The dollar's days as the world's reserve currency may be numbered anyway. So, who knows, maybe Bitcoin will be the one laughing last.

yes I am from a third world country
the meaning behind my words "high IQ" is the fact that the only people who belvieved in BTC or Crypto in early days where geunises just like Satoshi, the bought it dirt cheap and they sold it for gold never to be worry ever again about money

if the dollar collapsed then Bitcoin will still have a back up by other currncies but still, it can't be the currncy of the futere just by being backed up in diffrinte currncy that's like trading 1 kilo of gold for 10 bars that wight 100 gram each,

what I am saying is that Bitcoin will collpase with those currncies (USD EUR) and such.
that's it

Dr.Bitcoin_Strange

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Quote from: AlphaBoy on June 01, 2024, 06:43:37 AM

he made it so only smart people who live in the west can be millionaires in the future and he did it I mean look at the richest people who made there fortune form Bitcoin and other Crypto currencies, all of them have 130 IQ at the least and all of them sold most of it.
Bitcoin isn't real, the money that those people got is.
change my mind!

I find some misleading information in this topic, @OP.

Bitcoin, isn't it real? How do you mean? If you are saying that an asset is not real, then how can you even make the profit that comes from that asset when you don't invest in or have the asset? An asset is money because you can trade it for any fiat you want.

Secondly, Satoshi Nakamoto did not only develop Bitcoin so that people in the West could become millionaires; he created it so that anyone who loved the technology could adopt it and use it for p2p transactions. In the Bitcoin White Paper, Satoshi did not say he created Bitcoin to enrich people from the West or everyone in the world. If people from the West were the first to take the advantage of investing in Bitcoin on time, then it was their luck, Satoshi never stopped anyone from around the world to own Bitcoin when it was first launched.

Z-tight

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Quote from: Blitzboy on June 02, 2024, 10:17:55 AM

The dollar's days as the world's reserve currency may be numbered anyway. So, who knows, maybe Bitcoin will be the one laughing last.

So many people have been saying this about the dollar, that its days are numbered, however i think it is just out of jealousy for the U.S and its system, i don't agree that the U.S dollar is going to stop being the world's reserve currency anytime, but we can all agree that BTC wasn't even created to replace the dollar, neither can it.

BTC is fine as a p2p electronic cash that is censorship resistant and permissionless and so many people have to accept its part as an alternative to fiat and not a replacement.

Blitzboy

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Now, now, lets not get carried away with this "Bitcoin genius" narrative. Satoshi Nakamoto was smart, and I've always seen talent. But the concept that Bitcoin was created only for geniuses to get rich? Not really. Bitcoin is a digital asset, a decentralized future symbol, and a large, beautiful financial freedom vision. Its about empowering people and challenging the status quo, not just making money. Everyone, regardless of IQ, can support that.

Back to your dollar collapse question. Bitcoin would fall if tethered to the dollar. Bitcoin's worth isnt only connected to the dollar. It comes from its scarcity, practicality, and rising acceptability as a real store of wealth. The dollar's days as the world's reserve currency may be numbered anyway. So, who knows, maybe Bitcoin will be the one laughing last.

Frankolala

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Quote from: AlphaBoy on June 01, 2024, 06:43:37 AM

I genuinely think about this question twice a week.

Satoshi Nakamoto (Who ever he really is) simply made Bitcoin to give a chance to geniuses like him to be rich
remember that Satoshi was a math genius, he solved equations thought to be impossible it the time being.

he made it so only smart people who live in the west can be millionaires in the future and he did it I mean look at the richest people who made there fortune form Bitcoin and other Crypto currencies, all of them have 130 IQ at the least and all of them sold most of it.
Bitcoin isn't real, the money that those people got is.
change my mind!

The rich get richer and the poor gets poorer. From what you are saying it looks like you are from a third world country. The rich people who understand the potential in bitcoin were able to accumulate enough Bitcoin when it was cheap, and from history bitcoin price have being increasing overtime generating more profit for them.

Next time don't think of things but make research and learn more about it before you come to share your thoughts with people, so that they don't see you as someone that is in the other side of the world. Government printed fiat to manipulate it and make themselves rich, bitcoin is opposite of fiat.

aoluain

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Quote from: AlphaBoy on June 01, 2024, 06:43:37 AM

I genuinely think about this question twice a week.

Satoshi Nakamoto (Who ever he really is) simply made Bitcoin to give a chance to geniuses like him to be rich
remember that Satoshi was a math genius, he solved equations thought to be impossible it the time being.

So are you referring to Satoshi's wealth in terms of the amount of Bitcoin which is
in the wallets known to be his*, the ones to this day still remain untouched? because
until they are liquidated into FIAT they are still just a digital asset

The gift he gave us was:

Quote

A purely Peer-to-Peer version of electronic cash would allow online payments to be
sent directly from one party to another without going through a financial institution

It has nothing to do with getting rich, it has just turned into a speculative asset by some
people. There is nothing to stop anyone from using it, rich or poor

Its obvious that wealthy people have the finances to jump into Bitcoin and grow their
wealth, the same goes for people with lesser means, they have the same opportunity
but on a smaller scale.

stompix

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Quote from: AlphaBoy on June 01, 2024, 06:43:37 AM

Satoshi Nakamoto (Who ever he really is) simply made Bitcoin to give a chance to geniuses like him to be rich

Nope, he didn't!
He gave people the ability to transact without a 3rd party, he wasn't interested din making billionaires.

Quote from: AlphaBoy on June 01, 2024, 06:43:37 AM

remember that Satoshi was a math genius, he solved equations thought to be impossible it the time being.

Nope, he didn't!
And if you insist on this one, what equations did he solve?

Quote from: AlphaBoy on June 01, 2024, 06:43:37 AM

he made it so only smart people who live in the west can be millionaires in the future and he did it I mean look at the richest people who made there fortune form Bitcoin and other Crypto currencies, all of them have 130 IQ at the least and all of them sold most of it.

BS! There are a lot of cases of low IQ individuals who just played their cards right at the right moment and got rich.
Besides a lot of the early adopters which were far more technical than the current generation sold their coins early on or didn't care on accumulating that much of it

Quote from: AlphaBoy on June 01, 2024, 06:43:37 AM

I also think that Satoshi did it so no country will ever be under sanctions or blockade and If it wasn't for Bitcoin we wouldn't have the deep web now.

Deep web is a different concept than what you actually think of, you're talking about dark web, and dark web is far older than Bitcoin, just as how the first darknet market predate Bitcoin by a decade.

Antonas1

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Quote from: AlphaBoy on June 01, 2024, 06:16:38 PM

Quote from: Antonas1 on June 01, 2024, 08:46:16 AM

...

1-Do you believe that Bitcoin (and Crypto in general) will be the currency of the future?
if so then what happen if the USD collapsed?

2-What was the end goal of Satoshi (if you you believe that he is a singler guy)

1. The future is now. Bitcoin has developed from the beginning as a currency. Don't you see it? 2009-2024! If USD dies, then we will still use Bitcoin.
2. Make Bitcoin easy to use as a currency. I don't care if it's a man, a woman, or a bunch of people.

Quote from: AlphaBoy on June 01, 2024, 06:16:38 PM

I am just saying that Satoshi want to create an ideal world where smart people are rich and that's it
with that being said Satoshi dream came true,

Why do you always talk about getting rich? There are many people who are getting extremely rich from Bitcoin, even though they don't understand how it works.

Apocollapse

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Just because Dollar is a global reserve currency and most people use Dollar to buy Bitcoin, it doesn't mean Bitcoin is backed by Dollar!

This is another fallacy when someone learn Bitcoin, they thought once Dollar is gone, it will greatly affect Bitcoin. However Bitcoin isn't necessary need to convert to Dollar since Bitcoin is already a currency.

1 BTC = 1 BTC, start to treat something equivalent in BTC instead of Dollar.

peter0425

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Quote from: AlphaBoy on June 01, 2024, 06:16:38 PM

1-Do you believe that Bitcoin (and Crypto in general) will be the currency of the future?
if so then what happen if the USD collapsed?

If the usd collapse then there will be a shift in the world. As we all know usd is the global reserve so if it were to collapse, there would be a decision to make to choose which will be the currency to be the world’s reserve. It could be bitcoin or it could be other fiat currencies as well so it’s difficult to know for sure.

Quote

2-What was the end goal of Satoshi (if you you believe that he is a singler guy)

He just wanted to make a currency void of third parties that’s it. I don’t think he intended for all of this to happen.

Ever-young

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Quote from: Churchillvv on June 01, 2024, 02:02:33 PM

Quote from: AlphaBoy on June 01, 2024, 07:53:49 AM

The reality tho is the fact that this coin and Crypto in general is backed by nothing but Fiat and this is why I always want to sell my BTC before it's to late (it been stolen but that beside the point)

Bitcoin is not backed by fiat, it's an alternative currency which is used same way as fiat but not a physical money as your regular fiat.

That up there is the lamest assertion I've seen about Bitcoin on this forum, I mean, WTF does he mean by Bitcoin is backed by fiat?
Asides the very fact that they're both legal tenders and used for transactions, there's absolutely no relationship between Bitcoin and fiat.

I'm trying to figure out how you're able to think that a Centralized currency could back up a decentralized currency because it doesn't make sense to me. There's just so many distinctions between crypto and fiat and I can't begin to name them all.

If you're selling your bitcoin, it should be for somewhat different reason and not the silly idea that it's backed up by fiat, that's just so lame.

odolvlobo

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Quote from: AlphaBoy on June 01, 2024, 06:16:38 PM

1-Do you believe that Bitcoin (and Crypto in general) will be the currency of the future?
if so then what happen if the USD collapsed?

Bitcoin is not backed by USD. If Bitcoin becomes the currency of the future, one reason could be the collapse of USD. If USD collapses, the value of a bitcoin will increase as people dump their USD and buy bitcoins.

Quote from: AlphaBoy on June 01, 2024, 06:16:38 PM

2-What was the end goal of Satoshi (if you you believe that he is a singler guy)

It's right there in the white paper.

Quote

A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution.

oktana

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No. You’ve gotten it wrong. Satoshi never built Bitcoin for people to get rich. It is only coincidental that it’s making people rich, and now people see it as a way to make money than a currency. Bitcoin is meant to be just like dollar. But without a middle man (peer to peer). It’s unfortunate that people now think this way and the essence of Bitcoin keeps dying gradually.

AlphaBoy

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Quote from: Antonas1 on June 01, 2024, 08:46:16 AM

Looking at your replies, it seems like you are pretty obstinate. So, if I agree that you are "right" in your prior argument, what would you do? Because in my mind, there are only two possibilities.
1. Stop all Bitcoin-related activities and never go back on them.
2. Increase your IQ to compete with the folks you're referring to.

1-Do you believe that Bitcoin (and Crypto in general) will be the currency of the future?
if so then what happen if the USD collapsed?

2-What was the end goal of Satoshi (if you you believe that he is a singler guy)

I do not have any animosity against Satoshi nor the smart people who became filthy rich because of the Bitcoin, I am just saying that Satoshi want to create an ideal world where smart people are rich and that's it
with that being said Satoshi dream came true, if it didn't came true then 67 billion isn't enough for his ideal world and that you should never see Crypto is the future currency

iBaba

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Quote from: pakhitheboss on June 01, 2024, 08:07:24 AM

I have been hearing this word that one day dollar will collapse. I haven't seen any sign that it will collapse on the contrary those tried destroying the dollar have either collapsed or died.

If you don't have knowledge about Bitcoin then you should first work on having little knowledge about it. Find out first the reason for the creation of Bitcoin then you will understand that if anyday dollar collapsed it won't affect Bitcoin.

Exactly my thoughts about OP too. The Knowledge of Bitcoin and the history of Bitcoin which includes its creation and growth over time is a great knowledge that can help OP by giving him a hands-on understanding of what the technology is all about the purpose behind it as well as the vision that herald it's making. OP will realize it doesn't have anything to do with the dollar currency and should not be associated with it since it really doesn't depend on it. Having these basic knowledge and understanding on how the bitcoin operates and works helps one to get a clear cut meaning and would not have to ask those questions.

Mate2237

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Op what you discuss in the body of the thread is entirely different from the topic so we that would make the comments would do in two perspective. One for the topic and the other for the body. Okay dollar collapsed it will affect the price of bitcoin because bitcoin is calculated with dollar then from dollar other currencies calculate how much they get from bitcoin. Bitcoin has been calculated directly to my fiat currency. Like example. If I want to sell 0.0057 I will first write the bitcoin rate in dollar in the current price. $67,740 then times the amount I want to sell 0.0057 then times the amount of your country currency in dollar exchange rate at the moment. Example 2: $67,740 X 0.0057 = $386.118 X NGN 1,450 = NGN 559, 871.1.

Yes bitcoin has made many to become millionaires.

thecodebear

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Quote from: AlphaBoy on June 01, 2024, 08:09:39 AM

Quote from: thecodebear on June 01, 2024, 07:31:56 AM

Quote from: AlphaBoy on June 01, 2024, 06:43:37 AM

I genuinely think about this question twice a week.

Satoshi Nakamoto (Who ever he really is) simply made Bitcoin to give a chance to geniuses like him to be rich
remember that Satoshi was a math genius, he solved equations thought to be impossible it the time being.

he made it so only smart people who live in the west can be millionaires in the future and he did it I mean look at the richest people who made there fortune form Bitcoin and other Crypto currencies, all of them have 130 IQ at the least and all of them sold most of it.
Bitcoin isn't real, the money that those people got is.
change my mind!

Your actual post had nothing to do with your title, and your post was just a bunch of made up nonsense about Satoshi. A mod should delete this thread.

read it again
my post says that Satoshi want to create an Ideal world where smart people like him will never be poor or have any worry about the money.
that the just of it
you didn't answer my question

I already read it again, and then pointed out it was bizarre.

Your title is about bitcoin being backed by the dollar. And you said you think about that twice a week. And then you ignored the title and switched entirely to making up a bunch of stuff about Satoshi like he's a math genius and he made bitcoin for geniuses to be rich lol. You mention him solving equations thought to be impossible lol. You start mentioning IQs lol. So, just a bunch of stuff you made up about him.

So, again, I say:

Your actual post had nothing to do with your title, and your post was just a bunch of made up nonsense about Satoshi. A mod should delete this thread.

Churchillvv

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Quote from: AlphaBoy on June 01, 2024, 07:53:49 AM

The reality tho is the fact that this coin and Crypto in general is backed by nothing but Fiat and this is why I always want to sell my BTC before it's to late (it been stolen but that beside the point)

Am I hearing bitcoin is scam here?

Perhaps a lot of people have shared with you what bitcoin really is all about but I guess you still have a theory to give in this community about bitcoin.

Bitcoin is not backed by fiat, it's an alternative currency which is used same way as fiat but not a physical money as your regular fiat.

I can see a bunch of regrets in your statements maybe you couldn't succeed with your idea of becoming a billionaire after having up to a hundred to a thousand bitcoin which you lost now that bitcoin is way too valuable than you can imagine you turn against it with some kind of theory.

Localhostspeed

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Quote from: AlphaBoy on June 01, 2024, 06:43:37 AM

I genuinely think about this question twice a week.

Satoshi Nakamoto (Who ever he really is) simply made Bitcoin to give a chance to geniuses like him to be rich
remember that Satoshi was a math genius, he solved equations thought to be impossible it the time being.

Is this an assumption or he communicated that to you? Some of the wallet many people believed to be owned by Satoshi has remain untouched for several years and not a single sat has been moved out from it, how do you back your claim that Satoshi enrich himself. Do you even have idea some rich list wallets that has bought Bitcoin since 2009 and has never touch them, please research about "Bitcoin richlist addresses".

Quote

he made it so only smart people who live in the west can be millionaires in the future and he did it I mean look at the richest people who made there fortune form Bitcoin and other Crypto currencies, all of them have 130 IQ at the least and all of them sold most of it.
Bitcoin isn't real, the money that those people got is.
change my mind!

It's not about smart people, it's about people who are tired of the government censorship and middleman system across the traditional finance couple with lack of privacy that people don't enjoy. This is what Bitcoin was created for. I think you need to read Bitcoin Whitepaper once more.

Bitcoin isn't back by dollar, it's depends on what a buyer is willing to buy from another seller. It can be pair against any currency even other Cryptocurrencies like Ethereum(Btc/ETH) and many others or other popular stablecoins(Btc/usdt).

bluebit25

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Quote from: AlphaBoy on June 01, 2024, 06:43:37 AM

I genuinely think about this question twice a week.

Satoshi Nakamoto (Who ever he really is) simply made Bitcoin to give a chance to geniuses like him to be rich
remember that Satoshi was a math genius, he solved equations thought to be impossible it the time being.

he made it so only smart people who live in the west can be millionaires in the future and he did it I mean look at the richest people who made there fortune form Bitcoin and other Crypto currencies, all of them have 130 IQ at the least and all of them sold most of it.
Bitcoin isn't real, the money that those people got is.
change my mind!

The narrowness of your understanding is exposed by the main views you are imposing so ask yourself, are you capable of doing this? And if you do, do you think about being rich?

I'm just someone who takes advantage of the opportunities the market offers to make a profit, but I'm truly grateful to those who built this market with great faith.

Curiosity to give opinions about Satoshi only belongs to certain individuals/groups, and Satoshi is not concerned about that. If you research about WP Bitcoin, try to find out why they brought it come to everyone.

Topic: If Bitcoin been backed by Dollar then what will happen if the Dollar collapsed? - page 2. (Read 461 times)