If bitcoin price is $10.000, will fiat be worthless? - page 30.

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Quote from: User365 on January 22, 2017, 02:01:32 PM

No, i think it would mean there are ten times more people using it

It is really not going to be worthless and not just ten times but millions of people are preferring to use fiat. Because that is all set that fiat is one of the currency that has been using by so many countries throughout the world. And bitcoin is still new many are going to have their doubts with it and will still choose fiat over whatever its price.

Yeah i think whatever the price of bitcoin is, it still would rely on fiat conversion. You can't really use btc as it is in mainstream market today as most transactions are still through fiat. So i don't think the price of bitcoin, whether it goes up or crashes, would have a significant effect on fiat currency

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Quote from: Fatanut on January 24, 2017, 07:28:17 AM

Bitcoin will be worthless too if fiat is worthless and that's right since we're using fiat right now mainly. But what if the prices of everything are in bitcoin form instead? For example, a coffee is cost 0.0002BTC? Regardless if fiat has value or not, bitcoin wouldn't have no value. I think this is a possible scenario but it would take a lot of time before this happens. The majority of fiat have to be converted in bitcoins first. Basically, the whole thing should be upside down. This time, fiat depends on bitcoin.

I didn't quite understand what you meant to say on the whole, but if I got your point right, you basically claim that without fiat Bitcoin would be worthless too. This is an old story which people tend to repeat regularly. Nevertheless, if everything is priced in Bitcoin directly, wouldn't that prove the contrary? That is, that Bitcoin has value since you can pay with it for a cup of coffee (leaving aside technical issues)? There are no existential barriers to price anything priceable directly in bitcoins (I repeat it again for dumbasses that I discard technical issues), and we don't need to convert any fiat to bitcoin at that...

Since all paper will burn in the end

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Quote from: Fatanut on January 24, 2017, 07:28:17 AM

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Quote from: User365 on January 22, 2017, 02:01:32 PM

No, i think it would mean there are ten times more people using it

It is really not going to be worthless and not just ten times but millions of people are preferring to use fiat. Because that is all set that fiat is one of the currency that has been using by so many countries throughout the world. And bitcoin is still new many are going to have their doubts with it and will still choose fiat over whatever its price.

Most people will surely have their doubts since bitcoin is still new on this world and fiat is existed a hundreds of years which means it would be easily goes worthless no matter what and we should think off that bitcoin is depending on fiat value.If fiat would be worthless then bitcoin would be worthless also for sure because they dont have any value.

That's right, a lot of doubts in bitcoin are pretty much blocking the price from being more then 1.5K$.
Most of the people that has bitcoins are not using it, they are keeping it and waiting for the price to grow up so they can sell it, it hurts bitcoin as those people are blocking the price for growing as they will sell their bitcoins if it reaches a certain amount of value.

Yes of course bitcoin's existence should be considered by a lot of countries and us who uses it. And bitcoin's value is just depending on fiat which is dollar, so if fiat's are going to be worthless then the community of bitcoin will be worthless too. I'm only thinking if there are going to be some organizations that are going to declare bitcoins independent of having its own price.

Fiat is not dollar. Dollar is just one of the many currencies that are in fiat. Saying that fiat is dollar is like saying cryptocurrency is bitcoin. There are other variants.

Bitcoin will be worthless too if fiat is worthless and that's right since we're using fiat right now mainly. But what if the prices of everything are in bitcoin form instead? For example, a coffee is cost 0.0002BTC? Regardless if fiat has value or not, bitcoin wouldn't have no value. I think this is a possible scenario but it would take a lot of time before this happens. The majority of fiat have to be converted in bitcoins first. Basically, the whole thing should be upside down. This time, fiat depends on bitcoin.

You are right it would really takes time before this thing would turn upside down on which all fiat value would convert to bitcoin but thinking of this thing will be impossible since government wont really let this thing to happen.Even how high the price of bitcoin fiat would really be still there.

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Quote from: User365 on January 22, 2017, 02:01:32 PM

No, i think it would mean there are ten times more people using it

It is really not going to be worthless and not just ten times but millions of people are preferring to use fiat. Because that is all set that fiat is one of the currency that has been using by so many countries throughout the world. And bitcoin is still new many are going to have their doubts with it and will still choose fiat over whatever its price.

Most people will surely have their doubts since bitcoin is still new on this world and fiat is existed a hundreds of years which means it would be easily goes worthless no matter what and we should think off that bitcoin is depending on fiat value.If fiat would be worthless then bitcoin would be worthless also for sure because they dont have any value.

That's right, a lot of doubts in bitcoin are pretty much blocking the price from being more then 1.5K$.
Most of the people that has bitcoins are not using it, they are keeping it and waiting for the price to grow up so they can sell it, it hurts bitcoin as those people are blocking the price for growing as they will sell their bitcoins if it reaches a certain amount of value.

Yes of course bitcoin's existence should be considered by a lot of countries and us who uses it. And bitcoin's value is just depending on fiat which is dollar, so if fiat's are going to be worthless then the community of bitcoin will be worthless too. I'm only thinking if there are going to be some organizations that are going to declare bitcoins independent of having its own price.

Fiat is not dollar. Dollar is just one of the many currencies that are in fiat. Saying that fiat is dollar is like saying cryptocurrency is bitcoin. There are other variants.

Bitcoin will be worthless too if fiat is worthless and that's right since we're using fiat right now mainly. But what if the prices of everything are in bitcoin form instead? For example, a coffee is cost 0.0002BTC? Regardless if fiat has value or not, bitcoin wouldn't have no value. I think this is a possible scenario but it would take a lot of time before this happens. The majority of fiat have to be converted in bitcoins first. Basically, the whole thing should be upside down. This time, fiat depends on bitcoin.

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Quote from: angaper on January 22, 2017, 06:53:38 PM

Bitcoin never will be the official currency of any powerful country, in case that the dollar, euro or some other important fiat currency crashes, a emergent currency will take its place as the most important fiat currency. It is impossible that all fiat currencies lose their value simultaneously

There were a few such cases in history

For example, when the currency of Weimar Republic (German marks) had devalued completely in 1923, the Weimar government had to first substitute it with the Rentenmark backed by bonds which price were bound to the price of gold and later with the Reichsmark that was directly backed up gold. Another, more recent example is Zimbabwean dollars which just dropped from circulation completely crowded out by the US dollars. The latter were eventually made into legal tender with the former being totally abandoned. In this way, if some fiat currency should fail, the government may introduce another currency backed up by some property or asset (e.g. gold or silver) or just start using a foreign currency as legal tender and which is considered as stable and valuable

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Quote from: Zadicar on January 23, 2017, 05:26:08 AM

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Quote from: User365 on January 22, 2017, 02:01:32 PM

No, i think it would mean there are ten times more people using it

It is really not going to be worthless and not just ten times but millions of people are preferring to use fiat. Because that is all set that fiat is one of the currency that has been using by so many countries throughout the world. And bitcoin is still new many are going to have their doubts with it and will still choose fiat over whatever its price.

Most people will surely have their doubts since bitcoin is still new on this world and fiat is existed a hundreds of years which means it would be easily goes worthless no matter what and we should think off that bitcoin is depending on fiat value.If fiat would be worthless then bitcoin would be worthless also for sure because they dont have any value.

That's right, a lot of doubts in bitcoin are pretty much blocking the price from being more then 1.5K$.
Most of the people that has bitcoins are not using it, they are keeping it and waiting for the price to grow up so they can sell it, it hurts bitcoin as those people are blocking the price for growing as they will sell their bitcoins if it reaches a certain amount of value.

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Quote from: User365 on January 22, 2017, 02:01:32 PM

No, i think it would mean there are ten times more people using it

It is really not going to be worthless and not just ten times but millions of people are preferring to use fiat. Because that is all set that fiat is one of the currency that has been using by so many countries throughout the world. And bitcoin is still new many are going to have their doubts with it and will still choose fiat over whatever its price.

Most people will surely have their doubts since bitcoin is still new on this world and fiat is existed a hundreds of years which means it would be easily goes worthless no matter what and we should think off that bitcoin is depending on fiat value.If fiat would be worthless then bitcoin would be worthless also for sure because they dont have any value.

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Quote from: angaper on January 22, 2017, 06:53:38 PM

Bitcoin never will be the official currency of any powerful country, in case that the dollar, euro or some other important fiat currency crashes, a emergent currency will take its place as the most important fiat currency. It is impossible that all fiat currencies lose their value simultaneously.

Although something that you call emergence currency is take the place of fiat but I think the same thing will happen to the emergence currency, if it made from paper which the printing is endless. I think if bitcoin price is $10k bitcoin will more popular.

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Bitcoin never will be the official currency of any powerful country, in case that the dollar, euro or some other important fiat currency crashes, a emergent currency will take its place as the most important fiat currency. It is impossible that all fiat currencies lose their value simultaneously.

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No, i think it would mean there are ten times more people using it

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Quote from: Tanic on January 21, 2017, 05:42:57 PM

Quote from: Sahyadri on January 21, 2017, 08:48:24 AM

Bitcoin is an alternative mechanism of value transfer for a specific demographic of people.

It can never make fiat money worthless.

I am agree with you. Bitcoin can't make fiat worthless. But I think that with such huge price, 10000$ it's really big, bitcoin can easily be banned in some poor countries. So will such big price be good to us or not? That's the question.

i think bitcoin is not make for to make fiat worthless. bitcoin was created for online purpose and now we can also use it in local shops also but still bitcoin is not use by all the people and may be not more 1% people are using. it. but still its users are increasing from time to time.

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Quote from: Sahyadri on January 21, 2017, 08:48:24 AM

Bitcoin is an alternative mechanism of value transfer for a specific demographic of people.

It can never make fiat money worthless.

I am agree with you. Bitcoin can't make fiat worthless. But I think that with such huge price, 10000$ it's really big, bitcoin can easily be banned in some poor countries. So will such big price be good to us or not? That's the question.

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Quote from: LegendaryMiner on January 21, 2017, 03:25:02 PM

Quote from: szpalata on January 21, 2017, 05:17:21 AM

Quote from: jackshephard on January 19, 2017, 02:37:00 PM

Depending on the time fiat might have already devaluated overtime BUT I don't think it will be worthless, I think it would still be the way we evaluate the value of bitcoins..

It wouldn't be worthless like you said but at that stage Bitcoin will be controlling a greater market cap of maybe the US dollar and would therefore influence the world of fiats negatively but it wouldn't be able to render it worthless unless the whole world agrees to abandon fiat, which I strongly doubt.

Even if people started doing this, it would take many decades to happen... Another fact is that the only situation in which it can be said that fiat currency is worthless is the situation in which you could not buy anything with it, because if you could buy a Bitcoin with $ 10,000, that means that fiat would still be worth something.

Even if bitcoin gets on the mainstream in future and most of population starts using it there would be certain bunch of people who will still prefer to use fiat and will not prefer to complicate their spendings and we cannot expect that poor and uneducated people will ever adopt bitcoins as their primary currency.

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Quote from: szpalata on January 21, 2017, 05:17:21 AM

Quote from: jackshephard on January 19, 2017, 02:37:00 PM

Depending on the time fiat might have already devaluated overtime BUT I don't think it will be worthless, I think it would still be the way we evaluate the value of bitcoins..

It wouldn't be worthless like you said but at that stage Bitcoin will be controlling a greater market cap of maybe the US dollar and would therefore influence the world of fiats negatively but it wouldn't be able to render it worthless unless the whole world agrees to abandon fiat, which I strongly doubt.

Even if people started doing this, it would take many decades to happen... Another fact is that the only situation in which it can be said that fiat currency is worthless is the situation in which you could not buy anything with it, because if you could buy a Bitcoin with $ 10,000, that means that fiat would still be worth something.

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Quote from: Sahyadri on January 21, 2017, 08:48:24 AM

Bitcoin is an alternative mechanism of value transfer for a specific demographic of people.

It can never make fiat money worthless.

Yes I agree with your comment. those people who think that fiat will be worthless if more people will adopt bitcoin or the value of bitcoin when increased they actually think that if bitcoin by the increased sale out can decrease in value then fiat will also do the same.

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Bitcoin is an alternative mechanism of value transfer for a specific demographic of people.

It can never make fiat money worthless.

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Quote from: sabbirshm on January 19, 2017, 02:14:35 AM

I think Fiat has it's own important.It can't be worthless for bitcoin at 10000$.Because many countries people doesn't aware of bitcoin till now.And many government don't accept bitcoin till now.So in these contry bitcoin is worthless cause you can't buy daily accessories with bitcoin.That's why,I think bitcoin can't make fiat worthless.

That's one reason why fiat will never be worthless and bitcoin replacing it. Lets accept the truth that the world is not uniform. If there are places where bitcoin can be used, there are also places where it is not being used. Not to mention that even at places where bitcoin is used, there are still people who can't even afford to buy a gadget and afford an internet subscription. So even when the price of bitcoin goes to the moon, fiat will still be fiat and will still has a value.

I know the world is using fiat despite of the fact some has uses bitcoin, it's only 1% of the total population who uses bitcoin, so it's not a big threat to fiat.

Despite the small number of bitcoin users the coins has reached a very high price, so make no mistake bitcoin is a very big threat to the fiat system, it is not going to replace it but for the very first time we have an alternative.

It's because we don't need to become big in population in order to get the price higher. There would always be people willing to risk millions of dollars to an investment just like bitcoins. There could literally be just ten people in the room and have the price of bitcoins grow. Remember that the richest people hold the same amount of fiat as the 50% of the whole population in the world.

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Quote from: jackshephard on January 19, 2017, 02:37:00 PM

Depending on the time fiat might have already devaluated overtime BUT I don't think it will be worthless, I think it would still be the way we evaluate the value of bitcoins..

It wouldn't be worthless like you said but at that stage Bitcoin will be controlling a greater market cap of maybe the US dollar and would therefore influence the world of fiats negatively but it wouldn't be able to render it worthless unless the whole world agrees to abandon fiat, which I strongly doubt.

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Quote from: bravehearth0319 on January 20, 2017, 10:49:54 PM

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?

If bitcoin achieve 10,000$, Fiat in my assessment will still be exist. Because not all people are in favor in bitcoin even in Fiat, vice verse. It will be both still worth to use it. That's what I've been thinking about in my mind.

Of course because the basis of the value is on Fiat, how do you think fiat will even be outperform by bitcoin. I am glad to have bitcoin but never thought it will be more dominant than bitcoin in the future. It will simply not gonna happen as we won't allow it, believe me on this one, I know better.

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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?

If bitcoin achieve 10,000$, Fiat in my assessment will still be exist. Because not all people are in favor in bitcoin even in Fiat, vice verse. It will be both still worth to use it. That's what I've been thinking about in my mind.

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