Topic: Let`s say bitcoin replaces fiat. What happens? - page 5. (Read 1039 times)

You guys should be careful what you wish for. Sure, crypto is fun and interesting now.

You are right, total chaos and the governments would fall, and the next world war would begin, but not immediately.

The current fiat system, with the US dollar as the world reserve currency is what keeps the financial system stable. If Bitcoin or some other cryptocurrency should replace it, then the dollar money printing would stop and mass unemployment would be the result, mass starvation and mass protests like we have never seen before in modern times would after some time (maybe a year or two) take place. People would stop going out of their houses of fear of violent gangs roaming the streets, electricity and crucial societal functions would eventually stop. Shops will get looted and emptied, so good luck finding any food to eat.

If you think all that is really bad, the worst is yet to come.

All this chaos would lead to "strong men" ala Hitler/Stalin/Mao as the current political system disintegrates. When they clash, you can expect a nuclear exchange, with multiple ICBM's incoming.

ALL THAT MISERY BECAUSE OF SOME SHORT TERM GREED TODAY. BE CAREFUL WHAT YOU WISH FOR!!

We all have a duty to stop this from happening. You can all be a part of the solution, dont be a part of the problem, avoid the nuclear winter.

It won't ever replace FIAT.

Fiat can scale infinitely because it is centralized. There are zero bottlenecks with FIAT.

If some magic happens and Bitcoin replaces FIAT however, it would be same as FIAT without any physical bank notes...

Bitcoin supply is limited and it is cornered by a few people. It would be total chaos and the governments would fall and the next world war would begin.

Won`t the people with the most miners collect most of the network fees since they have the highest hash rate and push out all the small miners because the smaller miners will actually mine at a loss and go out of business running there machines at a electric power loss? At some point in time they will have to turn off their machines.

It is like my small family farm, I cannot compete with the bigger corporation farms, they have 1000`s of acres and can sell peaches at a much lower price than me, pushing my small family farm out of the game. My cost of operations exceeds my profit intake, especially with the min wage going up. I just can`t afford workers.

As a farmer, I no longer accept fiat cash for my fruits, veggies, time and my work. I have 300 acres of fiat free land. (I don`t accept bitcoin either but let`s say that I do)

Let`s say all of the other farmers wake up to the slavery they are in and do the same.
Let`s say the electric companies do the same, they stop accepting fiat and only accept bitcoin.
Let`s say the bitcoin mining manufacturers do the same.

Won`t the people with the most miners at that time stay on top forever?
They will be the only people to generate the supply or obtain supply from network fees when there is none left in nature.

Won`t the people with the most miners collect most of the network fees since they have the highest hash rate and push out all the small miners because the smaller miners will actually mine at a loss and go out of business running there machines at a electric power loss? At some point in time they will have to turn off their machines.

It is like my small family farm, I cannot compete with the bigger corporation farms, they have 1000`s of acres and can sell peaches at a much lower price than me, pushing my small family farm out of the game. My cost of operations exceeds my profit intake, especially with the min wage going up. I just can`t afford workers.

So, Won`t 1 miner win in the end, the biggest miner will just keep getting bigger, and everyone else will be left in the dust?
Don`t you think that miner will be a central banker, for they had the most fiat before hand to buy the most miners?
So a central banker still wins.

You buy food or ingredients with BTC or Fiat. I cook those ingredients and feed myself.

Lol. If you are talking about Gross profit or Net profit, it's possible. It depends on the context you are trying to check. If you don't know how to compute that, that's sad.

I`m up more food than I ever been, Go ahead eat your bitcoin and fiat bud.

profit cannot be negative btw, you oxymoron.

I think with that attitude, that's probably the reason why your profit is negative.

I don`t, come to my farm will trillions of fiat and try and buy a single peach or cherry from me. Bring all your bitcoin to while you are at it.
I will simply laugh at you then tell you to fuck off.

I know this isn't the main concern at all in this topic but knowing this is kind of confusing, TBH. I don't know.

On the other hand, I don't believe that he doesn't accept fiat cash at all.

Now to answer the question, what will happen if Bitcoin replaces fiat? You need to wake up into the reality that Bitcoin will never replace fiat at all. Bitcoin is just an alternative mode of payment and fiat is the most widely accepted currency worldwide. I see Bitcoin as an investment more than a currency TBH but it will never replaces fiat.

I really don't get the need for freedom of money to be honest because despite how this may sound good to some there are several consequences I doubt the op is even considering those consequences,
Take a look at the rich people, the celebrities for example and tell me if they look like slave to you,  Be careful what you wish for......

I’m curious about how you accept money now. Is it purely digital to you now? Maybe it’s time you get fiat because you are losing many customers for you to supply on. You cannot be successful in your business if you keep being negative on the operational expenses.

Won`t the people with the most miners at that time stay on top forever?
They will be the only people to generate the supply or obtain supply from network fees when there is none left in nature.