If bitcoin price is $10.000, will fiat be worthless? - page 37.

carlerha

hero member

Activity: 588

Merit: 500

Quote from: simpler2016 on December 26, 2016, 11:50:13 PM

Quote from: ?? on ??

Quote from: rajasumi3 on December 26, 2016, 01:07:48 PM

No matter what may be the price of bitcoins , it will be not be able to compete with the fiat .because of fiat there will be control of government would not risk it to loose it up.

You are right, that's why there are a lot of people will still use fiat whatever will be the price of bitcoin. And I hope that price of $10,000 is going to be possible and the future, and maybe I am still with bitcoins by that time and I have some holdings of bitcoin. But still fiat will remain on that day and it will not be worthless unless the government will declare it.

You're right, as long as there is government and fiat currency. It is impossible to imagine a state without a currency, which is controlled by the government

yes that is a fact that fiat cannot be worth at any state, people will use both the currencies but not going to stop using fiat, there most of a currency in all the states of the world which will be under control of government.

deisik

legendary

Activity: 3514

Merit: 1280

English ⬄ Russian Translation Services

Quote from: erwin45hacked on December 28, 2016, 06:31:30 PM

Quote from: sportis on December 28, 2016, 02:39:23 PM

I want to reverse the question and ask; If gold price is $10000, will fiat be worthless? Is there any difference? Moreover when someone bought two pizzas with 10000 Btcs was a clue that btc was worthless?

Back then btc was still worthless so it is very understandable that he ended up buying pizzas for that huge amount. Nowadays it will be a very different story of course. Gold is pretty much different than fiat, both can live up well alongside with each other and it happened for thousand years already however it is a different case for bitcoin

You are obviously mistaken about gold and fiat

Fiat has been in wide use only for a little over 200 years and most of that time it was backed up by gold and silver. Thereby, you can't possibly say that these two forms of money lived well alongside each other for thousand years. Basically, fiat in its present form (i.e. not backed up by anything) has been around only for about 50 years plus or minus a few years (if we talk about the US dollar). Right now, many people are claiming that fiat failed miserably, and we should return to gold standard

Positid

sr. member

Activity: 378

Merit: 250

BULL RUN until 2030

Quote from: erwin45hacked on December 28, 2016, 06:31:30 PM

Quote from: sportis on December 28, 2016, 02:39:23 PM

I want to reverse the question and ask; If gold price is $10000, will fiat be worthless? Is there any difference? Moreover when someone bought two pizzas with 10000 Btcs was a clue that btc was worthless?

Back then btc was still worthless so it is very understandable that he ended up buying pizzas for that huge amount. Nowadays it will be a very different story of course. Gold is pretty much different than fiat, both can live up well alongside with each other and it happened for thousand years already however it is a different case for bitcoin

If only we can turn back the time and buy bitcoins to hold now then we will be rich easy. Life is really full of surprises because we do not think that it will grow this big like what we have witness now.

erwin45hacked

legendary

Activity: 1064

Merit: 1000

Quote from: sportis on December 28, 2016, 02:39:23 PM

I want to reverse the question and ask; If gold price is $10000, will fiat be worthless? Is there any difference? Moreover when someone bought two pizzas with 10000 Btcs was a clue that btc was worthless?

Back then btc was still worthless so it is very understandable that he ended up buying pizzas for that huge amount. Nowadays it will be a very different story of course. Gold is pretty much different than fiat, both can live up well alongside with each other and it happened for thousand years already however it is a different case for bitcoin

deisik

legendary

Activity: 3514

Merit: 1280

English ⬄ Russian Translation Services

Quote from: jaysabi on December 28, 2016, 03:21:47 PM

Quote from: sportis on December 28, 2016, 02:39:23 PM

I want to reverse the question and ask; If gold price is $10000, will fiat be worthless? Is there any difference? Moreover when someone bought two pizzas with 10000 Btcs was a clue that btc was worthless? Some people need to understand that fiat is currency and there are strong and weak fiat money. In addition there are strong and weak cryptocurrencies too. So, If people decide that a monetary system is worthless they will ban it from their life. I believe that after the next generation people they use only digital money not because of bitcoin price but because of internet and human needs.

Since gold (or any asset) trades relative to the underlying currency it is valued in, in order for gold to be worth $10,000, the dollar by definition has to depreciate

Where did you get this idea from?

Gold just like any other asset could rise exponentially because its value and utility might increase on its own and not because of the currency in which it is priced depreciating. There are many reasons why the demand for gold may surge. For example, some discovery is made which cures, say, cancer or something no less lethal and requires pure gold for it to work. The gold price will evidently rise. In fact, history knows a lot of such examples when demand for something hiked exponentially. One of these examples is petroleum (crude oil) which had been basically of no use until oil refining process was discovered circa 1850

jaysabi

legendary

Activity: 2044

Merit: 1115

★777Coin.com★ Fun BTC Casino!

Quote from: sportis on December 28, 2016, 02:39:23 PM

I want to reverse the question and ask; If gold price is $10000, will fiat be worthless? Is there any difference? Moreover when someone bought two pizzas with 10000 Btcs was a clue that btc was worthless? Some people need to understand that fiat is currency and there are strong and weak fiat money. In addition there are strong and weak cryptocurrencies too. So, If people decide that a monetary system is worthless they will ban it from their life. I believe that after the next generation people they use only digital money not because of bitcoin price but because of internet and human needs.

Since gold (or any asset) trades relative to the underlying currency it is valued in, in order for gold to be worth $10,000, the dollar by definition has to depreciate. When gold drops in price, people generally say oh that's gold becoming less valuable, but it is also true that it is the dollar becoming more valuable relative to gold. When gold or bitcoin are worth $10,000, whether you see that as the asset becoming more valuable or the currency becoming less valuable, the fiat currency still is not "worthless." As for your last point, it is entirely possible for digital currency to become the norm without cryptocurrency being the norm. Consider, for example, that the majority of the transactions in western economies are already digital, it's just digital fiat.

sportis

sr. member

Activity: 406

Merit: 252

Veni, Vidi, Vici

I want to reverse the question and ask; If gold price is $10000, will fiat be worthless? Is there any difference? Moreover when someone bought two pizzas with 10000 Btcs was a clue that btc was worthless? Some people need to understand that fiat is currency and there are strong and weak fiat money. In addition there are strong and weak cryptocurrencies too. So, If people decide that a monetary system is worthless they will ban it from their life. I believe that after the next generation people they use only digital money not because of bitcoin price but because of internet and human needs.

mastica

hero member

Activity: 938

Merit: 500

Fiat will always be the main currencie, there is not other thing to replace or to compete, countries wont allow those to happen, bitcoin reach such value its possibel, but those wont damage fiat power at all. Bitcoin can conquer it space at online transaction and when all the coins mined we can see what will happen, if the people will try to pump it or make it stable.

cryp24x

sr. member

Activity: 1190

Merit: 253

Quote from: anavuajna on December 28, 2016, 01:03:06 PM

Quote from: burner2014 on December 28, 2016, 08:49:55 AM

Of course, Fiat won't be useless if bitcoin price is $10.000.
There is no assurance that the fiat will just end useless, fiat has been part of our daily life without fiat we cannot really live comfortable.
Bitcoin is just like fiat another easy way to transact business, pay bills, remit money and etc.

now it is not so easy to pay Bitcoins. Not all stores accept it. Fiat can not do without. It will always be, no matter how much the price rises on Bitcoin

Yes, there are not that many stores that accept Bitcoin. Online might have a many places where we can spend Bitcoin but when it comes to Real life Stores like supermarket, fast foods, grocery store, drugstore, we are having a hard time convincing them to accept Bitcoin and they are just stubborn to only accept fiat money. I believe as long as there is usage of fiat money, it will not cease to exist or become worthless.

anavuajna

full member

Activity: 210

Merit: 100

Quote from: burner2014 on December 28, 2016, 08:49:55 AM

Of course, Fiat won't be useless if bitcoin price is $10.000.
There is no assurance that the fiat will just end useless, fiat has been part of our daily life without fiat we cannot really live comfortable.
Bitcoin is just like fiat another easy way to transact business, pay bills, remit money and etc.

now it is not so easy to pay Bitcoins. Not all stores accept it. Fiat can not do without. It will always be, no matter how much the price rises on Bitcoin

boyshx

sr. member

Activity: 574

Merit: 251

no, but I have the feeling if we reach those prices or higher govts would see it as a real threat and would try to put more regulation on BTC.

rizkyhiw

legendary

Activity: 1484

Merit: 1004

Quote from: burner2014 on December 28, 2016, 08:49:55 AM

Of course, Fiat won't be useless if bitcoin price is $10.000.
There is no assurance that the fiat will just end useless, fiat has been part of our daily life without fiat we cannot really live comfortable.
Bitcoin is just like fiat another easy way to transact business, pay bills, remit money and etc.

There is no assurance that the fiat will useless but noone knows bitcoin can make it happen too
but so far i can tell you bitcoin is on fire right now
something that most people cannot believe few months ago
about bitcoin price will not reach $1,000 in the end of the year, but it's getting closer now.

PacePay

hero member

Activity: 672

Merit: 500

Quote from: Jasad on December 27, 2016, 06:45:16 AM

Quote from: tunctioncloud on December 27, 2016, 05:48:04 AM

No. That would be kinda stupid to say so. Even if it reached the price of 1 000 000$ per bitcoin, why would it be worthless ? There will always be central banks, like there will always be fiat money, because bitcoin is not suited to the will of the finance world. You can't manipulate it, you can't increase the supply... This is a deflationary currency, and by this uniqueness, it can't overthrown the fiat money.

i even think that bitcoin the only thing can be worthless in the future ,
people are too optimistic and make a speculation like this ,
i don't think this scenario can heppened not now or later ,
bitcoin are a strange stuff while fiat have been established for hundred years.

Actually it is not the competition of fiat and bitcoin in the case if the price of one of them increase or decrease. but they are their own values because of their uses in the market. If one of them increases in value then the remaining remain in the same place where it was actually. The worthlessness depends on the adoption of that currency.

burner2014

hero member

Activity: 952

Merit: 515

Of course, Fiat won't be useless if bitcoin price is $10.000.
There is no assurance that the fiat will just end useless, fiat has been part of our daily life without fiat we cannot really live comfortable.
Bitcoin is just like fiat another easy way to transact business, pay bills, remit money and etc.

Liad.Services

full member

Activity: 238

Merit: 100

Fiat won't be worthless unless bitcoin becomes really expensive.

And when I say "really expensive" I mean to more then 100K$.
As there are around 21 Million bitcoins that will ever be produced, it means that if one bitcoin will worth 10K$/, then our total market value will be 210B$, which is pretty low considering that the gold market is something about 8T$.
So I guess we need far more to make our fiat worthless.

Positid

sr. member

Activity: 378

Merit: 250

BULL RUN until 2030

Quote from: DoublerHunter on December 27, 2016, 10:04:08 PM

That is a silly question, If bitcoin price will reach 10,000$ then fiat will still worthy because you can't get those profits from bitcoin if there is no fiat because that is the only way we can choose to convert your bitcoin into money. Making fiat worthless is impossible because that is the traditional way of having transactions in different country and nothing can easily make fiat worthless.

Government won't be working anymore if we choose to have bitcoin rather than fiat, we will kill the fiat system if we say fiat will be worthless and the conversion of bitcoin will not be according to fiat value.

DoublerHunter

hero member

Activity: 2590

Merit: 644

That is a silly question, If bitcoin price will reach 10,000$ then fiat will still worthy because you can't get those profits from bitcoin if there is no fiat because that is the only way we can choose to convert your bitcoin into money. Making fiat worthless is impossible because that is the traditional way of having transactions in different country and nothing can easily make fiat worthless.

deisik

legendary

Activity: 3514

Merit: 1280

English ⬄ Russian Translation Services

Quote from: stadus on December 27, 2016, 07:02:39 AM

Quote from: Jasad on December 27, 2016, 06:45:16 AM

Quote from: tunctioncloud on December 27, 2016, 05:48:04 AM

No. That would be kinda stupid to say so. Even if it reached the price of 1 000 000$ per bitcoin, why would it be worthless ? There will always be central banks, like there will always be fiat money, because bitcoin is not suited to the will of the finance world. You can't manipulate it, you can't increase the supply... This is a deflationary currency, and by this uniqueness, it can't overthrown the fiat money.

i even think that bitcoin the only thing can be worthless in the future ,
people are too optimistic and make a speculation like this ,
i don't think this scenario can heppened not now or later ,
bitcoin are a strange stuff while fiat have been established for hundred years.

Being positive is good but not to the point that we are not being realistic anymore, the price of bitcoin solely depend on fiat so without fiat it is worthless. We are a community who are a users of bitcoin but as a member of this community we still value fiat over bitcoin as we see it is risky to rely on one currency only that is not even controlled by the government.

Could you explain why you think that the price (or rather value) of Bitcoin solely depends on fiat and which fiat specifically? Does it mean that if there were no fiat sticking around, Bitcoin would be useless as well as worthless? If so, would stocks be as worthless? If so again, does it mean that companies whose stocks are traded for fiat and whose goods and services people buy for fiat would be worthless too? If you follow this reasoning, you will necessarily come to a conclusion that things don't mean anything themselves beside fiat, which is bullshit. The bottom line is that your premises are wrong, namely, that the price of Bitcoin solely depends on fiat...

If we don't mean of course that it depends on fiat solely because it is denominated in some fiat money

john2231

hero member

Activity: 924

Merit: 1001

Quote from: stadus on December 27, 2016, 07:02:39 AM

Quote from: Jasad on December 27, 2016, 06:45:16 AM

Quote from: tunctioncloud on December 27, 2016, 05:48:04 AM

No. That would be kinda stupid to say so. Even if it reached the price of 1 000 000$ per bitcoin, why would it be worthless ? There will always be central banks, like there will always be fiat money, because bitcoin is not suited to the will of the finance world. You can't manipulate it, you can't increase the supply... This is a deflationary currency, and by this uniqueness, it can't overthrown the fiat money.

i even think that bitcoin the only thing can be worthless in the future ,
people are too optimistic and make a speculation like this ,
i don't think this scenario can heppened not now or later ,
bitcoin are a strange stuff while fiat have been established for hundred years.

Being positive is good but not to the point that we are not being realistic anymore, the price of bitcoin solely depend on fiat so without fiat it is worthless. We are a community who are a users of bitcoin but as a member of this community we still value fiat over bitcoin as we see it is risky to rely on one currency only that is not even controlled by the government.

Well we are just using bitcoin because of the benefits that we can get in bitcoin like the price increase except $10k that honsetly it is impossible right now to happen.. fiat can be worth less like other said if there is no fiat bitcoin will be worthless.. the other thing why they are into bitcoin because of business there is no people or bitcoins users are not looking for a money in world of bitcoin all in this community or outside are staying in bitcoin for business. the other thing they are use bitcoin to gamble because gambling in their place are ban..

stadus

legendary

Activity: 3080

Merit: 1292

Hhampuz for Campaign management

Quote from: Jasad on December 27, 2016, 06:45:16 AM

Quote from: tunctioncloud on December 27, 2016, 05:48:04 AM

No. That would be kinda stupid to say so. Even if it reached the price of 1 000 000$ per bitcoin, why would it be worthless ? There will always be central banks, like there will always be fiat money, because bitcoin is not suited to the will of the finance world. You can't manipulate it, you can't increase the supply... This is a deflationary currency, and by this uniqueness, it can't overthrown the fiat money.

i even think that bitcoin the only thing can be worthless in the future ,
people are too optimistic and make a speculation like this ,
i don't think this scenario can heppened not now or later ,
bitcoin are a strange stuff while fiat have been established for hundred years.

Being positive is good but not to the point that we are not being realistic anymore, the price of bitcoin solely depend on fiat so without fiat it is worthless. We are a community who are a users of bitcoin but as a member of this community we still value fiat over bitcoin as we see it is risky to rely on one currency only that is not even controlled by the government.

Topic: If bitcoin price is $10.000, will fiat be worthless? - page 37. (Read 145055 times)