If bitcoin price is $10.000, will fiat be worthless? - page 60.

machinek20

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Quote from: ttargett on September 04, 2016, 12:27:51 PM

Quote from: michelle1845 on September 03, 2016, 09:14:15 PM

Yes, it could be worthless, but it would take time to achieve this... many people still will continue to use fiat money for many years, before that happen.

it wouldnt be worthless for sure, because then bitcoins wouldnt still replace all the money, first of all bitcoin should grow way more i think

i also think it wont be worthless, because the bitcoin price is not depend on the fiat value, so if it goes up to 10.000$ nothing will effected except the bitcoin user, we will be richer and more people will try to keep more coin, there wont be any effect on any country

Ziskinberg

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Quote from: ttargett on September 04, 2016, 12:27:51 PM

Quote from: michelle1845 on September 03, 2016, 09:14:15 PM

Yes, it could be worthless, but it would take time to achieve this... many people still will continue to use fiat money for many years, before that happen.

it wouldnt be worthless for sure, because then bitcoins wouldnt still replace all the money, first of all bitcoin should grow way more i think

That's true, bitcoin will remain a currency for people who can appreciate it and compared to the total people who uses fiat bitcoin is just a small number as of now so we need to accept that reality and do not fantasize too much.

ttargett

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Quote from: michelle1845 on September 03, 2016, 09:14:15 PM

Yes, it could be worthless, but it would take time to achieve this... many people still will continue to use fiat money for many years, before that happen.

it wouldnt be worthless for sure, because then bitcoins wouldnt still replace all the money, first of all bitcoin should grow way more i think

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Quote from: Mastsetad on August 27, 2016, 11:22:17 AM

Quote from: dunfida on August 26, 2016, 09:52:23 AM

Quote from: richardsNY on December 13, 2015, 10:59:16 AM

Fiat will stay exactly the same, no matter what the price of Bitcoin is. Nothing can change fiat beside the governments themself. The only chance for Bitcoin to make fiat less usable/interesting, is when people world wide start to use Bitcoin more than their fiat currency.

Thats not possible though because even how many people who used bitcoin but still they are exchanging it to fiat and bitcoin could not make paper currency disappear since they only rely to the value of fiat equally to their value in the market which is really impossible to happen that bitcoin could make fiat money useless.

Even if people around the world start using bitcoin more often then fiat it still wont be able to make fiat worthless, and for spending bitcoins more than fiat you would need more places for accepting bitcoin and that is not possible if government does not authorize it, and if government authorizes bitcoin to be used wherever wanted then it may get used more often and in that case fiat might be a bit lower.

Remember , that we dont have only 1 currency but there are lots of currencies to be seen and different governments do create them. You are correct adoption would be the big question because even how high the price of bitcoin but there are countries does not allowed the use of bitcoin. Thats a big problem of bitcoin when it tires to replace fiat.

José Arcadio Buendía

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Quote from: virtualx on December 13, 2015, 06:25:39 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?

It will depend of the reasons for that change and the time frame in which this happens, if BTC is worth 10k but adoption skyrocketed then that only means that there is more demand for BTC, if on the other hand governments of the world begin to print money like a mad man then it will very likely that such price will be the result of inflation.

windale

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if bitcoin price every one bitcoin $10000 bitcoin will die
because not only one people can use bitcoin
is every send fee minimum 10k satoshi, equal and same 1000 dollar
is one satoshi equal 0,1dollar if price one bitcoin 10k dollar
its crazy every send will fee 1000 dollar

pocarime32

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I think the price of bitcoin will not affect the fiat, even the price of bitcoin is $10.000, fiat still worth. Because all people around the world still use fiat, but i'm sure it will make more people use bitcoin with that huge price.

michelle1845

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Yes, it could be worthless, but it would take time to achieve this... many people still will continue to use fiat money for many years, before that happen.

Mastsetad

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Quote from: dunfida on August 26, 2016, 09:52:23 AM

Quote from: richardsNY on December 13, 2015, 10:59:16 AM

Fiat will stay exactly the same, no matter what the price of Bitcoin is. Nothing can change fiat beside the governments themself. The only chance for Bitcoin to make fiat less usable/interesting, is when people world wide start to use Bitcoin more than their fiat currency.

Thats not possible though because even how many people who used bitcoin but still they are exchanging it to fiat and bitcoin could not make paper currency disappear since they only rely to the value of fiat equally to their value in the market which is really impossible to happen that bitcoin could make fiat money useless.

Even if people around the world start using bitcoin more often then fiat it still wont be able to make fiat worthless, and for spending bitcoins more than fiat you would need more places for accepting bitcoin and that is not possible if government does not authorize it, and if government authorizes bitcoin to be used wherever wanted then it may get used more often and in that case fiat might be a bit lower.

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Quote from: STT on August 27, 2016, 12:56:58 AM

The answer is no anyway since dollar is just one fiat currency. In fact there is a bigger fiat currency and that would be SDR or IMF notes, in full form that is Special Drawing Right or International monetary fund notes of promise. This is like the UN version for money, so to OP when we presume money goes low worth & bitcoin is high then SDR is what takes over as this the major key to all central banks. [afaik they got no debt also]
If it was not IMF it would likely be a major exporter and their currency, Russia is one the largest exporters in the world so watch out. Also China again not exactly your best friend not to me anyway when they support places like North Korea

The value of the IMF special drawing rights is estimated on a basket of major currencies every few years (The Chinese Yuan has been recently trying to get into that club of world elite monies). In other words, it can be considered as just another fiat currency made up of other currencies, which is essentially six of one and half a dozen of the other. In this way, it is the same debt currency just like the US dollar...

Since the latter is such a currency and major constituent of the IMF basket of currencies at that

milewilda

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Quote from: mirakal on August 27, 2016, 03:36:42 AM

Quote from: STT on August 27, 2016, 12:56:58 AM

The question really makes no sense, if fiat is worthless then why are you saying bitcoin is worth 10,000 of that useless thing. No the answer in that case is far more likely to be, fiat will be 10x less worth.

The answer is no anyway since dollar is just one fiat currency. In fact there is a bigger fiat currency and that would be SDR or IMF notes, in full form that is Special Drawing Right or International monetary fund notes of promise. This is like the UN version for money, so to OP when we presume money goes low worth & bitcoin is high then SDR is what takes over as this the major key to all central banks. [afaik they got no debt also]
If it was not IMF it would likely be a major exporter and their currency, Russia is one the largest exporters in the world so watch out. Also China again not exactly your best friend not to me anyway when they support places like North Korea.

tl;dr
FIAT wont die that easy, some other note system will take over the lead as well as bitcoin likely being used more (some will argue bitcoin is fiat)

hahaha, I think you are right dude, I didn't notice that. How can a fiat be worthless when a bitcoin will worth $10,000. This question is very tricky and for a long number of days we are discussing the topic, only now that someone like you were able to find the the right answer.

Precisely, as ive read the previous answers and opinions in this thread the post were almost the same and the thoughts means only one thing but with his reply i might consider its the best answer that i found as of now and its clearly spoken and maybe hes a economic major for sure. hehe

Hamtard

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Quote from: jvper on August 26, 2016, 10:21:20 AM

Two possibilities:

According to James Rickards, gold is going to be worth $10,000 an ounce of gold (today USD 1.3k). If Bitcoin reaches $10,000, I'd say the catastrophe would be even bigger. Fiat almost worthless.

OR

The financial bubble we are experiencing today gets so big that bitcoin 16-folds its current price, and the same happens to every other asset (not necessarily in the same magnitude. Fiat almost worthless.

Final result: Yes, fiat would be worthless.

I do not think so. If the bitcoin is even $1m, it is just less than about 10% of the world currency usage, the rest will be fiat.

mirakal

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Quote from: STT on August 27, 2016, 12:56:58 AM

The question really makes no sense, if fiat is worthless then why are you saying bitcoin is worth 10,000 of that useless thing. No the answer in that case is far more likely to be, fiat will be 10x less worth.

The answer is no anyway since dollar is just one fiat currency. In fact there is a bigger fiat currency and that would be SDR or IMF notes, in full form that is Special Drawing Right or International monetary fund notes of promise. This is like the UN version for money, so to OP when we presume money goes low worth & bitcoin is high then SDR is what takes over as this the major key to all central banks. [afaik they got no debt also]
If it was not IMF it would likely be a major exporter and their currency, Russia is one the largest exporters in the world so watch out. Also China again not exactly your best friend not to me anyway when they support places like North Korea.

tl;dr
FIAT wont die that easy, some other note system will take over the lead as well as bitcoin likely being used more (some will argue bitcoin is fiat)

hahaha, I think you are right dude, I didn't notice that. How can a fiat be worthless when a bitcoin will worth $10,000. This question is very tricky and for a long number of days we are discussing the topic, only now that someone like you were able to find the the right answer.

STT

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The question really makes no sense, if fiat is worthless then why are you saying bitcoin is worth 10,000 of that useless thing. No the answer in that case is far more likely to be, fiat will be 10x less worth.

The answer is no anyway since dollar is just one fiat currency. In fact there is a bigger fiat currency and that would be SDR or IMF notes, in full form that is Special Drawing Right or International monetary fund notes of promise. This is like the UN version for money, so to OP when we presume money goes low worth & bitcoin is high then SDR is what takes over as this the major key to all central banks. [afaik they got no debt also]
If it was not IMF it would likely be a major exporter and their currency, Russia is one the largest exporters in the world so watch out. Also China again not exactly your best friend not to me anyway when they support places like North Korea.

tl;dr
FIAT wont die that easy, some other note system will take over the lead as well as bitcoin likely being used more (some will argue bitcoin is fiat)

Ziskinberg

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Quote from: dunfida on August 26, 2016, 09:52:23 AM

Quote from: richardsNY on December 13, 2015, 10:59:16 AM

Fiat will stay exactly the same, no matter what the price of Bitcoin is. Nothing can change fiat beside the governments themself. The only chance for Bitcoin to make fiat less usable/interesting, is when people world wide start to use Bitcoin more than their fiat currency.

Thats not possible though because even how many people who used bitcoin but still they are exchanging it to fiat and bitcoin could not make paper currency disappear since they only rely to the value of fiat equally to their value in the market which is really impossible to happen that bitcoin could make fiat money useless.

Thinking of making the fiat worthless when bitcoin achieve that price is a big dream, fiat is the most stable currency created by the government. Even country has its own government and since bitcoin is decentralized we cannot beat the centralized currencies in terms of legality.

agustina2

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Quote from: betohell on August 26, 2016, 09:18:29 AM

yeah I think time will answer all of these things? the beginning of high prices in bitcoin would seem impossible. but when bitcoin continues to grow then aka prices continue to rise.

But not to the point that bitcoin price will reached $10,000.

As you know people tend to make profit especially the big traders. And to reach that $10,000, everyone was forced to buy bitcoin at $5000, $6000, $7000, $8000, $9000 rate and I don't see traders will do such action to buy bitcoin at that price.

jvper

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Two possibilities:

According to James Rickards, gold is going to be worth $10,000 an ounce of gold (today USD 1.3k). If Bitcoin reaches $10,000, I'd say the catastrophe would be even bigger. Fiat almost worthless.

OR

The financial bubble we are experiencing today gets so big that bitcoin 16-folds its current price, and the same happens to every other asset (not necessarily in the same magnitude. Fiat almost worthless.

Final result: Yes, fiat would be worthless.

dunfida

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Quote from: richardsNY on December 13, 2015, 10:59:16 AM

Fiat will stay exactly the same, no matter what the price of Bitcoin is. Nothing can change fiat beside the governments themself. The only chance for Bitcoin to make fiat less usable/interesting, is when people world wide start to use Bitcoin more than their fiat currency.

Thats not possible though because even how many people who used bitcoin but still they are exchanging it to fiat and bitcoin could not make paper currency disappear since they only rely to the value of fiat equally to their value in the market which is really impossible to happen that bitcoin could make fiat money useless.

betohell

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Quote from: Hanacerty on August 09, 2016, 11:27:54 AM

Quote from: Tanic on August 07, 2016, 05:43:03 AM

It is something unreal to bitcoin would be 10.000$. And if it happen and many people will try to fiat in the same moment - collapse is possible. And probably not just collapse, economy crashing as well. It's gonna be new the bladder.

A few years ago, I thought it would be impossible for the bitcoin price to be over $100. Now the price is $500.

yeah I think time will answer all of these things? the beginning of high prices in bitcoin would seem impossible. but when bitcoin continues to grow then aka prices continue to rise.

PuraPuraBego

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For first hand Bitcoin will never reach that value and we have to be realistic and not dreams because this is all wasted time if we talk about that it will reach the $10,000 so stop it also, realy not hape a idea. And then no fiat will be not worthless if that is going to happen but first you must let it happens and than we all can talk futher, the price is not even rise in the halving for now.

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