My question about bitcoins economical shift

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The replacement currency will have it's own value. People will not link a fiat currency to Bitcoin, but would rather demand payment in Bitcoin. Just like trading in the old days, where I traded 4 oranges for 1 peach or 16 shells for a coconut. Grin

This is basically how all countries linked value to currencies. The one person determine the value of his or her item and they request a specific amount of Satoshi for payment and the other person agree or disagree with that valuation. Wink

A new currency was born. Shocked

patarfweefwee

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First of all, i don't think that Fiat can be totally erased in our economy at all. If it does, then we would've already placed a value on products in relation to crypto currency because everyone will be using it and the price of bitcoin or the prevailing crypto currency will be stable like any other. No need to ask what measuring stick we will use to place a value on crypto currency.

magneto

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Quote

Many saing that when the usd will fall the btc can fall too.
But i guess it will be quick down fall for btc and then up again.

But the problem is btc is not backed up by nothing secure.

At least now btc is backed by fiat somehow...and fiat is backed by debt and people are the collateral for debt so.

Btc value comes from just because of limited coins??
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Why would bitcoin fall when USD falls? Bitcoin is not backed by some fiat. These two currencies are not interlinked in any major way, in fact bitcoin is completely independent from the US dollar as opposed to a lot of national currencies.

In fact, I would imagine that if there were indeed hyperinflation in USD alone which is unlikely looking at it right now, or somehow the USD exchange rate plummets which is again, unlikely, then BTC should go up in terms of USD due to the fact that its real value should not change as its supply has not changed, at least noticeably.

You're wrong about bitcoin's value coming from limited coins, though. I believe that similar gold, bitcoin's value derives from its ability to serve as global online currency, and people's trust in it as the first decentralised crypto. This value shouldn't be affected by fiat movement.

really01

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when the currency collapses. gold and precious materials will become common objects for valuing other things. This is similar to the primitive. However, it is almost impossible for all coins to collapse. If that happens, I think Bitcoin is not a safe solution either. By the value of bitcoin is still priced through currency.

junglist.massive

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I think USD isn’t weak now, instead the USD is pressing down other currencies with its strength. Maybe you have heard there are inflation in some world currencies this week caused or exacerbated by the current strength of the USD. The USD users also have very high expectations on the economic growth of the United States.

Dudeperfect

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Since Bitcoin and every other cryptocurrency need the basic knowledge of the user regarding technology but considering the literacy rate across the globe, it's almost impossible that cryptocurrencies replacing fiat currencies anytime in near future. On the other hand, the value is determined by the law of demand and supply irrespective of the value of the currency that we hold in fiat form. That means if the demand for Bitcoin is increasing after 5 years, we will have to pay a certain amount of money such as $50K for per Bitcoin according to the value of that particular fiat currency.

Even today we have to pay 15,45,35,438 Vietnamese dong to acquire 1 Bitcoin and the same Bitcoin can be acquired with the sum of 2,009 Kuwaiti Dinar. That's how the law of demand and supply works and the value is exchanged.

voztata

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Quote from: OpenCryptoSystem on September 26, 2018, 10:01:12 AM

Quote from: stompix on September 26, 2018, 09:56:04 AM

Quote from: OpenCryptoSystem on September 24, 2018, 04:39:51 PM

Okay, i was looking the countries wich has the higest debt.
Then i found out debt has something to do with inflation.

Japan has highest debt and suprise surprise why ?

Because they have printed too much money now the inflation is eating the money.

And japan have big bitcoin infrastructure of merchants.
Japan is allready bitcoin friendly country.

What inflation are you talking about?
https://www.reuters.com/article/us-japan-economy-inflation/japan-inflation-ticks-up-but-bojs-target-remains-elusive-idUSKCN1M03C6

Quote from: OpenCryptoSystem on September 24, 2018, 04:39:51 PM

But canada and usa will fall down soon.

Yeah, any minute... don't blink or you might miss it.

Quote from: OpenCryptoSystem on September 25, 2018, 07:34:24 AM

As we know bitcoin and whole blockchain is made by secret service and funded by secret service and goverment.
Many here in this forum working together with goverment elite and with secret service.
Many people here are former or even current goverment agents.
So id like to hear what is opinion they have about all of this !!

Triple double layered tin foil hat activated!

Quote from: 1Referee on September 25, 2018, 07:13:30 AM

Quote from: jseverson on September 25, 2018, 04:23:22 AM

A USD collapse, which is the largest reserve currency in the world, would also mean a global economic collapse, and there may be bigger problems to worry about than what to pair BTC with.

People don't realize how serious a collapse scenario will be because they just read something on the internet, think it will increase Bitcoin's value and thus it's a great opportunity for those looking to sell high, they then echo it across a wide variety of platforms, and there you have it, even more noobs thinking that the US dollar is nearing its last days. It's mind boggling how weak minded some people are. If the US dollar goes down, we all go down with it, lol.

Bitcoin's value at that point being $1,000,000 will represent a value of $10,000 today. If Bitcoin needs devaluing fiat currencies to artificially increase significantly, it's pretty pathetic if you ask me. Be careful what you wish for peeps, it will work against you.

All those that are cheering for a collapse of the USD will be the first one running in the streets banging their heads on every pole and asking God why this happened!!!

If the US collapse in a small timeframe (1 week or ) we're all rekt! China Japan Germany Somalia it doesn't matter, the last time the US economy sneezed millions lost their jobs even f they couldn't even point where the US was on a map.

What is BTC or any other crypto going to do for all those? Are they going to turn to bounty hunting on bitcointalk and doing work here? Grin

Seriously, some people are thinking and acting like children.

Your answer here shows exacly who you are !!

But what the usd will do about high debt now ?
They just keep going ?

Lets not get excited THAT much for bitcoin. Yes it has a big place and in countries like Venezuela and turkey and back in the day crypus people went to bitcoin for help from their own fiat having troubles but thinking bitcoin will be the base currency for WHOLE WORLD is just a dream that will not happen.

Are you suggesting bitcoin that has no regulations and no central place that could be controlled by governments will become base currency for the people of the world to spend? Or do you mean governments will start accepting it? Because they won't. Best case they can start their own tokens and coins so they can use it but also control it.

timerland

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Quote from: OpenCryptoSystem on September 24, 2018, 02:56:00 PM

As we know due to high inflation economical situation is very unstable !

Now im if the dollar collapsing then how the bitcoin or other coins value will be calculated??

Lets say all the fiat money will be gone and crypto currency will be used how the bitcoin price will be calculatwd??
If the dollar is falling the USDT...virtual currency will be still the base currency for crypto?

Bitcoin value simply isn't just calculated. It does not work like that.

Since it's decentralized its value completely depends on market forces to be determined. You thinking that tether is the basis of BTC valuation is definitely wrong. Tether is completely separate from bitcoin and is centralized, pegged to USD value.

If USD or other major fiat currencies were to inflate drastically, then no doubt BTC price would rise to coincide with that simply because the supply of BTC can't be manipulated and debased. We've already seen this in countries like Argetina and Iran where price of BTC has gone up in local currency terms despite falling BTC prices.

BartS

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Quote from: OpenCryptoSystem on September 24, 2018, 02:56:00 PM

As we know due to high inflation economical situation is very unstable !

Now im if the dollar collapsing then how the bitcoin or other coins value will be calculated??

Lets say all the fiat money will be gone and crypto currency will be used how the bitcoin price will be calculatwd??
If the dollar is falling the USDT...virtual currency will be still the base currency for crypto?

If the dollar disappeared and all other fiat currencies disappeared as well then people will need to do price discovery by other means and if people choose bitcoin then bitcoin will become the point of reference for which all things are priced, bitcoin will no longer have a point of reference like the dollar now it will be the point of reference and so every single product, stock, service and other currencies are going to be priced in bitcoin similar to what happens already with altcoins.

Ridwan Fauzi

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Quote from: OpenCryptoSystem on September 24, 2018, 02:56:00 PM

As we know due to high inflation economical situation is very unstable !

Now im if the dollar collapsing then how the bitcoin or other coins value will be calculated??

Lets say all the fiat money will be gone and crypto currency will be used how the bitcoin price will be calculatwd??
If the dollar is falling the USDT...virtual currency will be still the base currency for crypto?

Bitcoin prices are calculated purely based on supply and demand. And should be remembered bitcoin is a virtual currency that is not regulated by one country or one party, so as if there, let's say the United States is experiencing inflation then this incident will not have an impact on the price of bitcoin. Once again I will say only supply and demand will affect the movement of bitcoin prices, as well as the movement of altcoin prices.

However, if someone asks, can the cryptocurrency experience inflation? I will say yes just for altcoin, but for bitcoin I can answer it will not experience inflation. Many sources were said bitcoin is in a setting to experience deflation cause a limited amount will make bitcoin continue to experience demand so as it will make the price high. While many altcoins do not have a limited amount, and easy mining methods as anyone can do this, so can cause inflation.

sublime5447

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in my opinion the USD is not currently in a weak state, instead the USD is pressing another currency with its strength. maybe you have heard this week about inflation experienced by some world currencies triggered or exacerbated by the recent strength of the USD. the holders of USD also still have very high expectations on the economic growth of the United States.

senin

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I do not see any problems with the crypto currency, if the dollar will fall in price. Crypto currency is, the most volatile, its value is adjusted every minute. If the dollar falls in price, the Crypto currency will automatically increase in price. The USDT coin will always be equal to one dollar regardless of what its rate will be.

stompix

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Quote from: OpenCryptoSystem on September 26, 2018, 10:01:12 AM

Quote from: stompix on September 26, 2018, 09:56:04 AM

Your answer here shows exacly who you are !!

But what the usd will do about high debt now ?
They just keep going ?

Yup, it definitely shows since it's my answer Wink

I'm really tired of all this USA is going to collapse the dollar will be toilet paper.
It's going to happen for certain at one point in history but I'm just fed up with this.

For 10 years during my adolescence, I've been hearing only this from the communist propaganda, every day was the last of the decadent west, then in the 90's China was going to surpass the US, the yuan would replace the dollar, yet, 30 years and nothing. I've never touched or dealt with any yuan.

Then we had the crisis in the late 90's and the one in 2007, the US was done for the $ would be worthless....and here we are 2018, and the collapse is still as it was half a century ago... imminent.

Seriously, you're waiting for something that might not happen in our lifetime.

rickadone

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Quote from: Menawi12 on September 27, 2018, 07:49:14 PM

Quote from: OpenCryptoSystem on September 24, 2018, 02:56:00 PM

As we know due to high inflation economical situation is very unstable !

Now im if the dollar collapsing then how the bitcoin or other coins value will be calculated??

Lets say all the fiat money will be gone and crypto currency will be used how the bitcoin price will be calculatwd??
If the dollar is falling the USDT...virtual currency will be still the base currency for crypto?

If US Dollar drop the value, holder must be convert it to others investment or bitcoin. And if more people converting their USD to bitcoin, demand on bitcoin will increasing and the price will going up too.
I am believe it will happen soon if we saw on fundamental analysis, US government debt very high and almost on their ceiling, it will make USD collapse

We can even see the economic shift already happening globally. We all know how the US economy that has been dominant slipping down the growth ranking, with less influence daily over the global economy.

Now, in the case of bitcoin, we would peradventure see people preferring to use a currency that would actually give them ease, give them access to a better way of doing things with enough freedom and with this thing in place, we will see power shifting gradually from some currencies that has become a global power due to the level of demand for them. Nevertheless, it would be hard to see the government want to give up control anyway.

OpenCryptoSystem

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If its not collapse yet... then we gona see high taxing
High taxes can keep this economical ponzi scheme alive.

But offcourse the top leaders will have to eat people from lower levels because assets are allready taken from poor and middle class... now there is no more money supply.

It means money circlelarion must be even faster now in order to make this economical ponzi to survive little bit

Its ponzi and all ponzi is going to collapse one day.
But the rich have first rescue plan ready just for them 100%.

This is how it is.

Ranly123

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Quote from: OpenCryptoSystem on September 24, 2018, 02:56:00 PM

As we know due to high inflation economical situation is very unstable !

Now im if the dollar collapsing then how the bitcoin or other coins value will be calculated??

Lets say all the fiat money will be gone and crypto currency will be used how the bitcoin price will be calculatwd??
If the dollar is falling the USDT...virtual currency will be still the base currency for crypto?

Even with the collapsing of dollars Bitcoin will still be in a revolution where it would never be affected by the inflation of the real world currency. Bitcoin is calculated through the demand of investors and with the limited supply, there is a bigger chance that it's price would go high.

Ewinsane

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Quote from: Ucy on September 27, 2018, 09:46:00 AM

What an Interesting question.
My guess is that is Bitcoin will be used as Base Currency. The Cryptocurrency value will be measured against goods, services and other Cryptocurrencies and things will be determined by Inflation or deflation of Crypto, goods and services against the base Cryptocurrency. I think the base currency has to be somewhat stable to avoid confusion.

If for example i sell five hundred barrels of oil for 1Bitcoin today and next month I sell it 2bitcoin, we will conclude that this happened because:
* Bitcoin decreased in value?
OR
* The Oil price was pushed up by demand and supply a against stable Bitcoin?

Economical shift! That is one discussion that would still keep lingering on and on until we start seeing how things would happen in reality in the long run.

I can really relate with what you have said, but the possibilities of seeing a cryptocurrency becoming a base currency in a particular country or globally is something that would be hard to come by, unless of course it is centralized and at the end with centralization, we are still stuck with the same system anyway.

Nonetheless, it is still a good approach to things since there will be transparency and value will be based on the things you have mentioned and not just some unnecessary controls.

awik p

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Quote from: 0t3p0t on September 28, 2018, 01:13:25 AM

Quote from: OpenCryptoSystem on September 24, 2018, 02:56:00 PM

As we know due to high inflation economical situation is very unstable !

Now im if the dollar collapsing then how the bitcoin or other coins value will be calculated??

Lets say all the fiat money will be gone and crypto currency will be used how the bitcoin price will be calculatwd??
If the dollar is falling the USDT...virtual currency will be still the base currency for crypto?

For me I think if that will happen in the near future Bitcoin will be the base currency that will possibly be used for Altcoins as it is the king and it also has dominated the market. Bitcoin's value during that time will possibly sky rocket to the moon and it could possibly be known to be used mostly in transaction all over the world as you have said if fiat collapse and only virtual currency is the only choice.

i think to replace fiat is still long, even very long, but this possibility can occur, because development of the times will continue and bitcoin is the latest innovation in the world of transactions

0t3p0t

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Quote from: OpenCryptoSystem on September 24, 2018, 02:56:00 PM

As we know due to high inflation economical situation is very unstable !

Now im if the dollar collapsing then how the bitcoin or other coins value will be calculated??

Lets say all the fiat money will be gone and crypto currency will be used how the bitcoin price will be calculatwd??
If the dollar is falling the USDT...virtual currency will be still the base currency for crypto?

For me I think if that will happen in the near future Bitcoin will be the base currency that will possibly be used for Altcoins as it is the king and it also has dominated the market. Bitcoin's value during that time will possibly sky rocket to the moon and it could possibly be known to be used mostly in transaction all over the world as you have said if fiat collapse and only virtual currency is the only choice.

efxtrader

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Quote from: OpenCryptoSystem on September 24, 2018, 02:56:00 PM

As we know due to high inflation economical situation is very unstable !

Now im if the dollar collapsing then how the bitcoin or other coins value will be calculated??

Lets say all the fiat money will be gone and crypto currency will be used how the bitcoin price will be calculatwd??
If the dollar is falling the USDT...virtual currency will be still the base currency for crypto?

As far i know, USDT pegged with USD fiat. If USDT fall, i think its mean bitcoin price will increase againts USDT. USDT is stable coin and always worth 1USD, different with bitcoin, the price always fluctuating

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