Topic: If bitcoin price is $10.000, will fiat be worthless? - page 66. (Read 145078 times)

The chance is not that big that it can reach that high value and that is because it needs also to rise and that can takes a long time and not everyone has the patience for it.
But it will be perfect of course if we can reach that high value but it have to take a long time.

you didn't understand what i tried to say. when fiat is no more in the picture everything will be tied to gold. then we'll have a market pair of btc-gold instead of btc-usd.

All transactions will now be BTC1 = BTC1.

Who the hell will sold coins for $10,000 if fiat is worthless. People will not sold their coins due to the fact that fiat will now be worthless. So what is the sense of dreaming a skyrocket price of bitcoin if fiat is worthless.

Not the price of Bitcoin will make worthless FIAT.

impossible at the price of 10000 it difficult

Well I don't agree that If bitcoin price is $10000, fiat will be worthless because not all can use bitcoin and fiat will not be replaced by bitcoin because the banks won't let it happen,and the goverment will do the same as the bank. 

Great logic If fiat die then the rate bitcoin will not matter anymore? I think Fiat will survive anything. including bitcoin is worth more than $10k though. you see gold if worth $2k and it does not make any bad effects on fiat. even-minded people do not make gold as a payment method

If bitcoin was worth $10,000 and fiat was worthless then bitcoin would also be worthless no? Let's say fiat was worthless it would have nothing to do with bitcoin but everything to do with a plan of a few. My bitcoin would never be sold for worthless paper now or in the future.

What happens with paper money is it gets recycled constantly, so long its moved quick enough then that value is less important to each user.   If in future 1000 dollar notes were same value as we label 1 dollar now, its not quite the big deal we assume.   It wont bring dollar to a halt, the main fear spoken by bankers and in politics is a disorderly market.   You dont want that, its the nice way of saying collapse as the change becomes too great and the notes are refused in payment

The normal change of devaluation is normal though, how much normal people put up with before they emigrate is another matter.   Somewhere around 50% per annum might be it.  Sterling had 30% yearly devaluation in the 1970's, workers striked because their pay didnt cover bills.  USA had rates at 20% in the 1980's for similar reason to stop 'disorder'   people held dollars and it calmed down.
However the big Richter scale event waiting to happen now is that USA is broke at 10% rates, their debt is short term and the budget cannot be paid with that much interest.  Debt cannot be repaid, renewed is a default event and a very possible end to US dollar.   Thats a tsunami size change, Japan national debt cannot be repaid either however they have a good trade balance I think which in theory means demand for YEN

Exactly. The fact that bitcoin's value is based on fiat obviously means that bitcoin's value is somehow attached and relies on fiat. And I'd like to correct you on what you said on 'fiat feed very well bitcoin value' which is supposedly bitcoin value feeds on fiat.

I think we have only one possible way to do this, powerfull country should accept bitcoin as legal currency and than maybe we will get a resault, but nowdays no, fiat will no be worthless.

why fiat should be worth less if bitcoin reach 10k? bitcoin is taking money from fiat so it need fiat toi survive, fiat will not be worthless, fiat feed very well bitcoin value

Money is a unitless measure (such as a ratio of two numbers which have the same units). It shows the relative utilities of goods against each other. So it doesn't need to have a dimension of its own (while Bitcoin is assumed to be measured in, say, dollars)..

If Bitcoin has to become a real currency, it wouldn't need to be measured in anything itself

you mean if all fiat currencies in the world don't exist anymore? then surely gold will be taken to tie everything in the world against it.

For a minute let us assume that fiat has been stopped, then how we will determine what the price of bitcoins is, I mean what is the worth of 1 bitcoins for a user ? So you can see fiat cant go

That is more realistic, FIAT cannot be worthless as it is more matured than bitcoins, we need to test more the bitcoins and if it can survive, time will come it will be widely use by the masses and would really affect the fiat.

Unless you have sme balls to store your coins and dont need the money even when the price drop into $100 then go ahead otherwise dont, besides it is still best to keep some fiat. Fiat wont be worthless soon or atleast until we die, it might take another 100 years for that

Yes, I also think so my friend. If we are really interested in achieving great financial goals in the long run, storing our coins is not the best option, and perhaps it is I way to limit our real possibilities, depending exclusively on our faith and goof luck to wait for fantastic scenarios.

I think it is better to take some risks, and trading our coins or investing them to really increase our coins is really worthwhile.

The only way I think you can turn Bitcoin into paper money is that you create a note stating 1.00 BTC or 10.00 BTC with the private key on each note. It will basically be a paper wallet.

Fiat will never be worthless. The economy be it in first world countries or third world countries is depending on fiat.
Many business are depending on fiat, many consumers are depending on fiat.

Which tells us 1 important thing. Fiat is here to stay for at least a couple of decades (minimium)