If bitcoin price is $10.000, will fiat be worthless? - page 22.

deppil

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Quote from: South Park on April 05, 2017, 09:53:38 AM

Quote from: Slark on March 30, 2017, 03:07:40 PM

Quote from: South Park on March 30, 2017, 03:00:02 PM

The problem with price being the major attractor to people is that they will invest in bitcoin just to speculate with the price instead of believing in the technology and that will open way for another bubble to form, we can benefit of that in the short term but like every other bubble it will eventually burst and that will be bad for us in the long term.

Price is a magnet for people to research and eventually invest in bitcoin - we cannot deny that. It was and always will be like that.
I was the same, I came to BTC looking for fast buck and extra money, but in the meanwhile I learned enough about BTC that I am here to stay.
Volatility, bubbles, speculations - they will be part of bitcoin for a very long time; don't try to fight the trend, embrace it.

I wont but the problem with those people that only come to bitcoin for the price is they will switch immediately to any other coin that promises them the possibility of earning bigger amounts of money in the shortest time frame possible, they are not in bitcoin in the long term.

I think the characteristics of each user is different. I myself was initially interested because bitcoin because of their high price. but it does not mean I'm going to leave it in a short time. I even had 2 years to be here

South Park

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Quote from: Slark on March 30, 2017, 03:07:40 PM

Quote from: South Park on March 30, 2017, 03:00:02 PM

The problem with price being the major attractor to people is that they will invest in bitcoin just to speculate with the price instead of believing in the technology and that will open way for another bubble to form, we can benefit of that in the short term but like every other bubble it will eventually burst and that will be bad for us in the long term.

Price is a magnet for people to research and eventually invest in bitcoin - we cannot deny that. It was and always will be like that.
I was the same, I came to BTC looking for fast buck and extra money, but in the meanwhile I learned enough about BTC that I am here to stay.
Volatility, bubbles, speculations - they will be part of bitcoin for a very long time; don't try to fight the trend, embrace it.

I wont but the problem with those people that only come to bitcoin for the price is they will switch immediately to any other coin that promises them the possibility of earning bigger amounts of money in the shortest time frame possible, they are not in bitcoin in the long term.

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Quote from: Fatanut on April 03, 2017, 11:55:36 PM

Quote from: Alfa123 on April 02, 2017, 10:28:37 AM

Quote from: yatogami on April 02, 2017, 03:28:31 AM

Quote from: Denker on December 13, 2015, 05:44:44 AM

No I don't agree.The reason is that Bitcoin can reach that value pretty fast and the circunstances why this happens could be so different.
Fiat will still be around in decades!A success for Bitcoin in terms of value in fiat doesn't have to be connected with losing value of fiat.
Let's just some of the gold holders switch over to Bitcoin, online gaming, gambling, foreign remittances and e-commerce use Bitcoin in a larger magnitude and boom you have your $10k BTC.Euro, Dollar, Yen, Yuan etc will still be around and used by general public.

i agree with you, although bitcoin was worth $ 10,000, fiat will remain the world's financial foundation.

I agree with you. Regardless of what price will be at bitcoin, it will never become the main currency. After all, the government will not accept a cryptocurrency as its national currency

I beg to differ. The price of bitcoin, especially when it's around 10k USD, is the indicator that people are using bitcoins and merchants are accepting bitcoins. Let's say the price of bitcoin is already at 100k USD (hypothetically), then that means huge investors, businessmen, and large companies have already entered the game. Almost everyone is starting to become a bitcoin user. This will destroy the government's taxation since they cannot collect any.

At that point, bitcoin is already the main currency. It might not be a regulated and government owned/issued currency, but it is the main currency because everyone's using it.

I doubt that. That large amount will say that it will be a world currency and that means world peace which I doubt will happen. They will not agree with a price that large which is not regulated, there will be much of disagreement with different sides. The problem is they might work together to bringing it down just to get back the value they want for each country's currency. Plus, there would be no more who will tell how much value a bitcoin would be without their currencies.

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Quote from: Alfa123 on April 02, 2017, 10:28:37 AM

Quote from: yatogami on April 02, 2017, 03:28:31 AM

Quote from: Denker on December 13, 2015, 05:44:44 AM

No I don't agree.The reason is that Bitcoin can reach that value pretty fast and the circunstances why this happens could be so different.
Fiat will still be around in decades!A success for Bitcoin in terms of value in fiat doesn't have to be connected with losing value of fiat.
Let's just some of the gold holders switch over to Bitcoin, online gaming, gambling, foreign remittances and e-commerce use Bitcoin in a larger magnitude and boom you have your $10k BTC.Euro, Dollar, Yen, Yuan etc will still be around and used by general public.

i agree with you, although bitcoin was worth $ 10,000, fiat will remain the world's financial foundation.

I agree with you. Regardless of what price will be at bitcoin, it will never become the main currency. After all, the government will not accept a cryptocurrency as its national currency

I beg to differ. The price of bitcoin, especially when it's around 10k USD, is the indicator that people are using bitcoins and merchants are accepting bitcoins. Let's say the price of bitcoin is already at 100k USD (hypothetically), then that means huge investors, businessmen, and large companies have already entered the game. Almost everyone is starting to become a bitcoin user. This will destroy the government's taxation since they cannot collect any.

At that point, bitcoin is already the main currency. It might not be a regulated and government owned/issued currency, but it is the main currency because everyone's using it.

Alfa123

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Quote from: yatogami on April 02, 2017, 03:28:31 AM

Quote from: Denker on December 13, 2015, 05:44:44 AM

No I don't agree.The reason is that Bitcoin can reach that value pretty fast and the circunstances why this happens could be so different.
Fiat will still be around in decades!A success for Bitcoin in terms of value in fiat doesn't have to be connected with losing value of fiat.
Let's just some of the gold holders switch over to Bitcoin, online gaming, gambling, foreign remittances and e-commerce use Bitcoin in a larger magnitude and boom you have your $10k BTC.Euro, Dollar, Yen, Yuan etc will still be around and used by general public.

i agree with you, although bitcoin was worth $ 10,000, fiat will remain the world's financial foundation.

I agree with you. Regardless of what price will be at bitcoin, it will never become the main currency. After all, the government will not accept a cryptocurrency as its national currency

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Quote from: Denker on December 13, 2015, 05:44:44 AM

No I don't agree.The reason is that Bitcoin can reach that value pretty fast and the circunstances why this happens could be so different.
Fiat will still be around in decades!A success for Bitcoin in terms of value in fiat doesn't have to be connected with losing value of fiat.
Let's just some of the gold holders switch over to Bitcoin, online gaming, gambling, foreign remittances and e-commerce use Bitcoin in a larger magnitude and boom you have your $10k BTC.Euro, Dollar, Yen, Yuan etc will still be around and used by general public.

i agree with you, although bitcoin was worth $ 10,000, fiat will remain the world's financial foundation.

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Quote from: D05GTO on March 29, 2017, 12:32:48 PM

Quote from: South Park on March 29, 2017, 11:11:32 AM

Quote from: iv4n on March 24, 2017, 07:25:22 AM

Much mlre votes for NO, and little contradiction how can bitcoin worth 10 000 dollars when dollar is worthless, how you imagine that to happen?
Fiat will be present for many more years, just some world revolution can end dollar domination, and bitcoin is good start for that revolution, but many more things has to be done to come to that.

It is not precisely a contradiction I think the OP meant that if bitcoin was worth 10k dollars then that will probably mean that the dollar is under hyperinflation but the truth is that bitcoin could reach that value by just reaching more adoption.

Anything is possible with bitcoins in future but to see that high price we have to wait for so many years and if it reaches there I don't think that people will stop using fiat as even at that time there will be many people who will not be aware about bitcoins.

after all, I think $ 10k is priced highly improbable? it took a very urgent reason to bitcoin could have such a high price? even 4 times more expensive than gold. but I think however high the price of bitcoin. fiat currencies will continue to be a major currency

CloudStrife

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An increase in the Bitcoin price would not make people stop using Fiat. For that to happen, people would need to find a more efficient way to micropayments, and maybe a large number of people would stop using fiat currency. But at the moment, the Bitcoin network is not ready for micropayments, and nothing guarantees that this will happen when Bitcoin reaches $ 10,000. Either way, this works, and will probably continue to work as a very efficient way to store value.

mhd japar siregar

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it depends on the people who vote. when 1 BTC is worth so much, then, will be very difficult to get it, and I think the price will be adjusted to the price of fiat, so fiat is more significant, because a country must have a fiat. for people who are not too familiar with bitcoin, I think Fiat will be very meaningful for him

pinkpanther03

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Quote from: virtualx on December 13, 2015, 05:25:39 AM

In one of the topics I read "If bitcoin will reach $10.000, fiat currency has become worthless"
Do you agree with this statement?

Even bitcoin will reach 10,000$ neither 100,00$ still I do believe Fiat will not be worthless instead it will become more be useful, This is just my perception and thought only about it.

Slark

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Quote from: South Park on March 30, 2017, 03:00:02 PM

The problem with price being the major attractor to people is that they will invest in bitcoin just to speculate with the price instead of believing in the technology and that will open way for another bubble to form, we can benefit of that in the short term but like every other bubble it will eventually burst and that will be bad for us in the long term.

Price is a magnet for people to research and eventually invest in bitcoin - we cannot deny that. It was and always will be like that.
I was the same, I came to BTC looking for fast buck and extra money, but in the meanwhile I learned enough about BTC that I am here to stay.
Volatility, bubbles, speculations - they will be part of bitcoin for a very long time; don't try to fight the trend, embrace it.

South Park

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Quote from: Ducky1 on March 29, 2017, 01:26:49 PM

Quote from: danherbias07 on March 29, 2017, 12:38:48 PM

Quote from: D05GTO on March 29, 2017, 12:32:48 PM

Quote from: South Park on March 29, 2017, 11:11:32 AM

Quote from: iv4n on March 24, 2017, 07:25:22 AM

Much mlre votes for NO, and little contradiction how can bitcoin worth 10 000 dollars when dollar is worthless, how you imagine that to happen?
Fiat will be present for many more years, just some world revolution can end dollar domination, and bitcoin is good start for that revolution, but many more things has to be done to come to that.

It is not precisely a contradiction I think the OP meant that if bitcoin was worth 10k dollars then that will probably mean that the dollar is under hyperinflation but the truth is that bitcoin could reach that value by just reaching more adoption.

Anything is possible with bitcoins in future but to see that high price we have to wait for so many years and if it reaches there I don't think that people will stop using fiat as even at that time there will be many people who will not be aware about bitcoins.

Yes time will tell and also if people who are supporting it can take all the risk that it gives considering many would want to fight that number 1 spot or take over bitcoin.
We can see it happening now, and as long as it is on the top more will come. This test to how much we will have faith into making bitcoin the prior currency will be the final act when it reaches that very large price.

Price is the major factor that will draw attention of many people in future and will attract them to get into the bitcoin world and if price crashes in future then I doubt that there will be many people who will show interest in bitcoins in fact many existing users will also quit bitcoins.

The problem with price being the major attractor to people is that they will invest in bitcoin just to speculate with the price instead of believing in the technology and that will open way for another bubble to form, we can benefit of that in the short term but like every other bubble it will eventually burst and that will be bad for us in the long term.

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Quote from: CryptoStake on March 30, 2017, 10:34:15 AM

I do not agree. Actually, Bitcoin and fiat money is a coin with two sides, they both exist but in a different way, meaning that each has his own way, both need each other. What would happen if Bitcoin without fiat money, to be exchanged for what? Is the community as a whole are familiar with and use Bitcoin in everyday life as a means of buying, selling and exchange? So I think it will remain Bitcoin as Bitcoin and fiat money as fiat money

And why would they need each other?

Fiat has existed without Bitcoin by its side for a few centuries and would most certainly have existed without it for a few more centuries being no worse for the lack of Bitcoin nearby. Regarding Bitcoin existence without fiat, it is assumed that it will be exchanged for goods and services in pretty much the same way fiat has been doing that for all these centuries. In fact, this is the exact purpose which Bitcoin has been conceived with, i.e. to be used as a full-fledged currency not depending on any fiat as an intermediary

CryptoStake

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I do not agree. Actually, Bitcoin and fiat money is a coin with two sides, they both exist but in a different way, meaning that each has his own way, both need each other. What would happen if Bitcoin without fiat money, to be exchanged for what? Is the community as a whole are familiar with and use Bitcoin in everyday life as a means of buying, selling and exchange? So I think it will remain Bitcoin as Bitcoin and fiat money as fiat money.

rickadone

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Quote from: ekaterina77 on March 29, 2017, 04:14:49 PM

Quote from: Ducky1 on March 29, 2017, 01:26:49 PM

Quote from: danherbias07 on March 29, 2017, 12:38:48 PM

Quote from: D05GTO on March 29, 2017, 12:32:48 PM

Quote from: South Park on March 29, 2017, 11:11:32 AM

Quote from: iv4n on March 24, 2017, 07:25:22 AM

Much mlre votes for NO, and little contradiction how can bitcoin worth 10 000 dollars when dollar is worthless, how you imagine that to happen?
Fiat will be present for many more years, just some world revolution can end dollar domination, and bitcoin is good start for that revolution, but many more things has to be done to come to that.

It is not precisely a contradiction I think the OP meant that if bitcoin was worth 10k dollars then that will probably mean that the dollar is under hyperinflation but the truth is that bitcoin could reach that value by just reaching more adoption.

Anything is possible with bitcoins in future but to see that high price we have to wait for so many years and if it reaches there I don't think that people will stop using fiat as even at that time there will be many people who will not be aware about bitcoins.

Yes time will tell and also if people who are supporting it can take all the risk that it gives considering many would want to fight that number 1 spot or take over bitcoin.
We can see it happening now, and as long as it is on the top more will come. This test to how much we will have faith into making bitcoin the prior currency will be the final act when it reaches that very large price.

Price is the major factor that will draw attention of many people in future and will attract them to get into the bitcoin world and if price crashes in future then I doubt that there will be many people who will show interest in bitcoins in fact many existing users will also quit bitcoins.

I completely agree with your words. If still a small percentage of users will distinguish and that will be good. But this figure will not be huge. The fact is that bitcoin will not be perceived by most of humanity. And it's not the bitcoin itself, but the fact that people are accustomed to paper money.

It is not about the money, it is a matter of priority and how people are exchanging money, if you go and ask a random person on the street about bitcoin they won’t know what it is, because people don’t use it they are using fiat because the government leaves them no other choice and if you live in society than you have to go with the rules to survive.

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Quote from: Ducky1 on March 29, 2017, 01:26:49 PM

Quote from: danherbias07 on March 29, 2017, 12:38:48 PM

Quote from: D05GTO on March 29, 2017, 12:32:48 PM

Quote from: South Park on March 29, 2017, 11:11:32 AM

Quote from: iv4n on March 24, 2017, 07:25:22 AM

Much mlre votes for NO, and little contradiction how can bitcoin worth 10 000 dollars when dollar is worthless, how you imagine that to happen?
Fiat will be present for many more years, just some world revolution can end dollar domination, and bitcoin is good start for that revolution, but many more things has to be done to come to that.

It is not precisely a contradiction I think the OP meant that if bitcoin was worth 10k dollars then that will probably mean that the dollar is under hyperinflation but the truth is that bitcoin could reach that value by just reaching more adoption.

Anything is possible with bitcoins in future but to see that high price we have to wait for so many years and if it reaches there I don't think that people will stop using fiat as even at that time there will be many people who will not be aware about bitcoins.

Yes time will tell and also if people who are supporting it can take all the risk that it gives considering many would want to fight that number 1 spot or take over bitcoin.
We can see it happening now, and as long as it is on the top more will come. This test to how much we will have faith into making bitcoin the prior currency will be the final act when it reaches that very large price.

Price is the major factor that will draw attention of many people in future and will attract them to get into the bitcoin world and if price crashes in future then I doubt that there will be many people who will show interest in bitcoins in fact many existing users will also quit bitcoins.

I completely agree with your words. If still a small percentage of users will distinguish and that will be good. But this figure will not be huge. The fact is that bitcoin will not be perceived by most of humanity. And it's not the bitcoin itself, but the fact that people are accustomed to paper money.

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Quote from: danherbias07 on March 29, 2017, 12:38:48 PM

Quote from: D05GTO on March 29, 2017, 12:32:48 PM

Quote from: South Park on March 29, 2017, 11:11:32 AM

Quote from: iv4n on March 24, 2017, 07:25:22 AM

Much mlre votes for NO, and little contradiction how can bitcoin worth 10 000 dollars when dollar is worthless, how you imagine that to happen?
Fiat will be present for many more years, just some world revolution can end dollar domination, and bitcoin is good start for that revolution, but many more things has to be done to come to that.

It is not precisely a contradiction I think the OP meant that if bitcoin was worth 10k dollars then that will probably mean that the dollar is under hyperinflation but the truth is that bitcoin could reach that value by just reaching more adoption.

Anything is possible with bitcoins in future but to see that high price we have to wait for so many years and if it reaches there I don't think that people will stop using fiat as even at that time there will be many people who will not be aware about bitcoins.

Yes time will tell and also if people who are supporting it can take all the risk that it gives considering many would want to fight that number 1 spot or take over bitcoin.
We can see it happening now, and as long as it is on the top more will come. This test to how much we will have faith into making bitcoin the prior currency will be the final act when it reaches that very large price.

Price is the major factor that will draw attention of many people in future and will attract them to get into the bitcoin world and if price crashes in future then I doubt that there will be many people who will show interest in bitcoins in fact many existing users will also quit bitcoins.

danherbias07

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Quote from: D05GTO on March 29, 2017, 12:32:48 PM

Quote from: South Park on March 29, 2017, 11:11:32 AM

Quote from: iv4n on March 24, 2017, 07:25:22 AM

Much mlre votes for NO, and little contradiction how can bitcoin worth 10 000 dollars when dollar is worthless, how you imagine that to happen?
Fiat will be present for many more years, just some world revolution can end dollar domination, and bitcoin is good start for that revolution, but many more things has to be done to come to that.

It is not precisely a contradiction I think the OP meant that if bitcoin was worth 10k dollars then that will probably mean that the dollar is under hyperinflation but the truth is that bitcoin could reach that value by just reaching more adoption.

Anything is possible with bitcoins in future but to see that high price we have to wait for so many years and if it reaches there I don't think that people will stop using fiat as even at that time there will be many people who will not be aware about bitcoins.

Yes time will tell and also if people who are supporting it can take all the risk that it gives considering many would want to fight that number 1 spot or take over bitcoin.
We can see it happening now, and as long as it is on the top more will come. This test to how much we will have faith into making bitcoin the prior currency will be the final act when it reaches that very large price.

D05GTO

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Quote from: South Park on March 29, 2017, 11:11:32 AM

Quote from: iv4n on March 24, 2017, 07:25:22 AM

Much mlre votes for NO, and little contradiction how can bitcoin worth 10 000 dollars when dollar is worthless, how you imagine that to happen?
Fiat will be present for many more years, just some world revolution can end dollar domination, and bitcoin is good start for that revolution, but many more things has to be done to come to that.

It is not precisely a contradiction I think the OP meant that if bitcoin was worth 10k dollars then that will probably mean that the dollar is under hyperinflation but the truth is that bitcoin could reach that value by just reaching more adoption.

Anything is possible with bitcoins in future but to see that high price we have to wait for so many years and if it reaches there I don't think that people will stop using fiat as even at that time there will be many people who will not be aware about bitcoins.

South Park

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Quote from: iv4n on March 24, 2017, 07:25:22 AM

Much mlre votes for NO, and little contradiction how can bitcoin worth 10 000 dollars when dollar is worthless, how you imagine that to happen?
Fiat will be present for many more years, just some world revolution can end dollar domination, and bitcoin is good start for that revolution, but many more things has to be done to come to that.

It is not precisely a contradiction I think the OP meant that if bitcoin was worth 10k dollars then that will probably mean that the dollar is under hyperinflation but the truth is that bitcoin could reach that value by just reaching more adoption.

Topic: If bitcoin price is $10.000, will fiat be worthless? - page 22. (Read 145056 times)