If bitcoin price is $10.000, will fiat be worthless? - page 38.

Jasad

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Quote from: tunctioncloud on December 27, 2016, 06:48:04 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.

tunctioncloud

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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.

simpler2016

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Quote from: rajasumi3 on December 26, 2016, 02:07:48 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

RenegadeMind

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Quote from: soham on December 26, 2016, 03:15:21 PM

If fiat will become worthless, then bitcoin will have no value because there will be no coin to compare the bitcoin.

That's false. You can still compare the value of bitcoin to how many loaves of bread or cars it will buy. No fiat is required for it to have value.

Quote from: soham on December 26, 2016, 03:15:21 PM

Fiat will remain strong in its place and bitcoin in its own place. Take bitcoin as an investment and convert it in to a fiat currency after few years and you will be able to fulfill your dreams.

You're missing the point. In a few years, you'll be able to buy whatever you want with Bitcoin. Again, fiat isn't a requirement for value.

soham

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I do not think that fiat will ever be worthless even if bitcoin reaches to a million dollar. Because we are comparing bitcoin's price with the fiat only. If fiat will become worthless, then bitcoin will have no value because there will be no coin to compare the bitcoin.

Fiat will remain strong in its place and bitcoin in its own place. Take bitcoin as an investment and convert it in to a fiat currency after few years and you will be able to fulfill your dreams.

Mometaskers

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Gov't are not going to give up on fiat anytime soon. I'm no economist but the current fiat circulating is the value of all the goods and services people have produced so far, it would take a long time for bitcoin to suck all that in. So I don't think fiat would be worthless, not in a few decades. New bitcoins are still being generated so if it'd replace fiat, it would probably happen after the maximum number of bitcoins has been reached. It's possible we no longer have fiat bills before bitcoin replace it (everyone would just be using cash/credit/debit cards).

rajasumi3

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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.

passwordnow

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Quote from: deisik on December 12, 2016, 02:34:44 AM

Quote from: passwordnow on December 11, 2016, 11:44:04 AM

Quote from: Zadicar on December 11, 2016, 11:35:15 AM

Quote from: cardoyasilad on December 11, 2016, 11:21:25 AM

I dont agree with that. Fiat cant be worthless even if bitcoin reaches that price how many years we have been using fiat in our daily transactions even the bitcoin appear in past years.

It wont really happen since bitcoin is getting its value from fiat and how would fiat would become worthless? If it would become useless then bitcoin might be considered as the global currency but i think it wont happen anytime soon. Fiat would still remain since its been regulated byt the government and they would not let this thing to happen for sure. It would be used for more generations and will still exist no matter what.

Yes it is not going to happen as we already using fiat in the long run and the government will not even agree that they will devalue fiat just because of bitcoin. Because bitcoin is still decentralized and the government doesn't have power to control the supply and regulate it.

They won't devalue fiat because of bitcoin

The thought of Bitcoin may not even cross their minds when they would be going to dump their currency. Governments may want to devalue national currencies for a lot of reasons. For example, the common cause is trade imbalance, i.e. a country may be exporting more goods than it imports, and thus it is forced to balance exports and imports through currency devaluation. But that doesn't in the least mean Bitcoin cannot profit from these devaluations handsomely as it already does

So what will happen if the fiat was devalued by the government, let's say your example did happen to your country. What is the medium of payment for the transactions, goods and services that you are using? Or they will just devalue some other value of paper bill just like what happened to India's demonetization of RS500 and RS1000.

tee-rex

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Quote from: dukeneptun on December 13, 2016, 02:59:08 AM

Quote from: deppil on December 12, 2016, 10:33:53 PM

Quote from: dukeneptun on December 12, 2016, 07:20:38 AM

Bitcoin going to 10k today/. Get ready for the biggest pump you've ever seen.

I think it would be impossible, I can say that because of how the state of the world and fiat in particular then, if the price of bitcoin reached 10000 times that of the dollar?
That will never happen

Obviously I was not serious. But the bottom line remains the same. Im a heavy believer of bitcoin and its future so while it didn't hit 10K today it will one day soon.

However crazy that may sound, if someone sells 1 satoshi for 1 dollar, they could still claim that they have been selling bitcoins for 100M dollars for 1 bitcoin exactly, and they will be correct, to a certain point at least. While everyone and his mom understands that this is pure bullshit, there might come a day when the trades are not very active, and we may witness some really insane volatility in the range of hundreds if not thousands of dollars.

Taki

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If bitcoin will cost 10 000$ fiat won't be worthless as I think. By my opinion in the case of such huge price bitcoin will be banned by government, cause with such big price many people will try to cash out their bitcoins to use that chance to get rich. And government won't allow it to happen.

Xenophoto

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Quote from: dukeneptun on December 13, 2016, 02:59:08 AM

Quote from: deppil on December 12, 2016, 10:33:53 PM

Quote from: dukeneptun on December 12, 2016, 07:20:38 AM

Bitcoin going to 10k today/. Get ready for the biggest pump you've ever seen.

I think it would be impossible, I can say that because of how the state of the world and fiat in particular then, if the price of bitcoin reached 10000 times that of the dollar?
That will never happen

Obviously I was not serious. But the bottom line remains the same. Im a heavy believer of bitcoin and its future so while it didn't hit 10K today it will one day soon.

It would be really obvious if the day is about to come. The price of bitcoin only increase/decrease a couple of dollars within a day but sometimes more. But it never increased for a thousand dollars in just a day. Meaning to say, if bitcoin is about to reach 10,000$, the price of bitcoin should be around 9,900$ at that same day.

It's actually funny how people took your post very seriously. Chill, guys. Sometimes there are people that knows how to joke/troll around.

john2231

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Quote from: NEWGOODOUBLE on December 13, 2016, 05:16:10 AM

Quote from: pereira4 on December 12, 2016, 09:38:12 AM

Fiat will not be worthless no matter what, as long as people accept it, it doesn't matter inflated it is, so when Bitcoin reaches 10,000 dollars in a couple of years, fiat will still be accepted by people, therefore it will still have value, we don't know what value that will be, but some.

true I agree with you, however high the price of bitcoin. while the government is still using bitcoin and everyone in the country received a fiat, the fiat will continue valuable.
and it will be difficult for bitcoin to replace fiat

I think the value of bitcoin will not touch in 10k value or even it will touch it is impossible that fiat will be worthless because bitcoin is always relaying in fiat if how much the price of bitcoin.. and if there is no fiat we can not exchange bitcoin.. do you think if internet will gone we can be still use bitcoin?
No it is obvious that fiat is not worthless..

NEWGOODOUBLE

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Quote from: pereira4 on December 12, 2016, 09:38:12 AM

Fiat will not be worthless no matter what, as long as people accept it, it doesn't matter inflated it is, so when Bitcoin reaches 10,000 dollars in a couple of years, fiat will still be accepted by people, therefore it will still have value, we don't know what value that will be, but some.

true I agree with you, however high the price of bitcoin. while the government is still using bitcoin and everyone in the country received a fiat, the fiat will continue valuable.
and it will be difficult for bitcoin to replace fiat

dukeneptun

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Quote from: deppil on December 12, 2016, 10:33:53 PM

Quote from: dukeneptun on December 12, 2016, 07:20:38 AM

Bitcoin going to 10k today/. Get ready for the biggest pump you've ever seen.

I think it would be impossible, I can say that because of how the state of the world and fiat in particular then, if the price of bitcoin reached 10000 times that of the dollar?
That will never happen

Obviously I was not serious. But the bottom line remains the same. Im a heavy believer of bitcoin and its future so while it didn't hit 10K today it will one day soon.

deppil

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Quote from: dukeneptun on December 12, 2016, 07:20:38 AM

Bitcoin going to 10k today/. Get ready for the biggest pump you've ever seen.

I think it would be impossible, I can say that because of how the state of the world and fiat in particular then, if the price of bitcoin reached 10000 times that of the dollar?
That will never happen

Positid

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Quote from: gredisgold88 on December 12, 2016, 09:21:18 PM

Quote from: dukeneptun on December 12, 2016, 08:33:04 AM

Quote from: gredisgold88 on December 12, 2016, 07:26:02 AM

Quote from: dukeneptun on December 12, 2016, 07:20:38 AM

Bitcoin going to 10k today/. Get ready for the biggest pump you've ever seen.

legendary ? u sure ? how people loan use btc ? , you so kill much many people human .

Is that supposed to be English?

joke man , you make me L O L !!!

This is a serious matter here, but only those who are not monitoring the price of bitcoin will not recognized that as a joke in the first place.lol Grin

gredisgold88

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Quote from: dukeneptun on December 12, 2016, 08:33:04 AM

Quote from: gredisgold88 on December 12, 2016, 07:26:02 AM

Quote from: dukeneptun on December 12, 2016, 07:20:38 AM

Bitcoin going to 10k today/. Get ready for the biggest pump you've ever seen.

legendary ? u sure ? how people loan use btc ? , you so kill much many people human .

Is that supposed to be English?

joke man , you make me L O L !!!

Yutikas_11920

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Quote from: pereira4 on December 12, 2016, 09:38:12 AM

Fiat will not be worthless no matter what, as long as people accept it, it doesn't matter inflated it is, so when Bitcoin reaches 10,000 dollars in a couple of years, fiat will still be accepted by people, therefore it will still have value, we don't know what value that will be, but some.

All of that is true, but it is not something easy to do. Because all people would use something new, when there is already a body or company that can guarantee all the things that will happen in the future, if it is indeed a good thing happened. I think everyone now accepts the bitcoin, however they still doubt will use it because it is indeed bitcoin does not yet have a clear legal entity and also will not be a company or a person who guarantees the bitcoin. But it all depends on the future. just wait and see the results

pereira4

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Fiat will not be worthless no matter what, as long as people accept it, it doesn't matter inflated it is, so when Bitcoin reaches 10,000 dollars in a couple of years, fiat will still be accepted by people, therefore it will still have value, we don't know what value that will be, but some.

Przemax

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There is a logical falacy in the question here. Op asks if bitcoin will have 10k value of x this x be 0. Mathematics says you cannot multiply by 0. Or maybe op didnt made a mistake there. Maybe he asks if bitcoin will be worthless if fiat will be worthless. The answer in my opinion is yes.

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