My question about bitcoins economical shift - page 3.

reflector

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Quote from: OpenCryptoSystem on September 24, 2018, 03:56:00 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?

The Bitcoin is a decentralised platform so we should only consider the demand and supply but future market is mostly occupy the cryptocurrencies so fiat currencies are not performing well in the world. It is not affect the USD, USDT and TUSD because these two are depends on USD But dollar is depends on economic growth of United states so Bitcoin will never affect in any situation.

NavI_027

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If that's the case then other replies are right. It will be the same with our current monetary system. There is no need for finding equivalence if the only existing form of money is bitcoin (though seems impossible to happen), its price will now freely move without comparing to any currency.

But in my opinion, putting this into reality was still not a very good idea because we can still see loopholes on it. The supply of bitcoin is limited, it has only a 21M btc to be mined in total. If this depletes as time goes by, what do you think will happen? Of course, the price of it will soar high. The result, imbalance in our economy. Another to be considered, if btc will be the only existing currency then how will you put a price to a particular goods if we have no basis at all. For example, how can you justify that a pair of Converse sneakers is only .005 btc and not cheaper or more expensive than that.

@OP ~ Next time, express your ideas clearer.

Ycekezuv

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If such a situation suddenly happens, then everything will be the same, only on price tags instead of $ will satoshi!

jseverson

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Quote from: OpenCryptoSystem on September 25, 2018, 04:59:46 AM

Now should they use gold again to re-value btc price?
I guess this is most correct way to get real btc value

Why would it be based on gold? Just so it wouldn't be dependent on USD or any fiat value anymore? It kind of doesn't make sense to me, because gold value is also paired with fiat anyway and also has its own fluctuations in value. Bitcoin actually being backed with gold is also out of the question because of Bitcoin's decentralized nature.

Either way, you seem to believe that the USD will collapse soon, and I beg to disagree. 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. Also worth noting that people like McAfee's prediction takes into account massive USD devaluation, but they price it in USD anyway. Just my two satoshis on the matter.

yitzjoe

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I agree if the dollar will be difficult to really collapse because it is built with a system that is very old and good and many countries depend on the dollar, but if this happens then there are many other fiat that will give value to crypto like the euro, yesn - yen Japan and other currencies. because the basic value of crypto itself is fiat that is circulating today

OpenCryptoSystem

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And dont tell me that mining gives value to the bitcoin.

Mining its just some smart excuse to say to solve blocks or what ever.

All the crypto have only value coz of people faith in.

Now when the btc price is low many newbies think btc is bad now..and no more hope.
They just dont realise its okay to go down and to go up.
Once they see it will go up like over...15 k many newbies will jump and will invest.
After world war 2 property prices around the world was extremly cheap...even in places like london real estate was cheap.
But slowly couse of stabilisation and economical and social growth the prices started going higher.
Everything can fall and go up again.

As i know fiat price was backed with gold in very first, then the bad guys like rotchilds and other bankers just removed the gold as fiat backer and they start using debt instead of gold.

Now should they use gold again to re-value btc price?
I guess this is most correct way to get real btc value

OpenCryptoSystem

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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??

hugeblack

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We should not talk about that extreme scenario, but is the currency" USD, Bitcoin, gold" undervalued or overvalued?
There is a theory called purchasing power parity "PPP," which states that in two different areas, the cost of goods and services is the same. For example, the cost of buying a coffee is $ 5 and in a second country € 3 means that $ 5 is worth € 3 and so on.

Currency is a measure of its value and willingness to pay for it.
In the case of Bitcoin, the value in itself is zero either the willingness to pay is expressed by supply and demand.

figmentofmyass

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Quote from: OpenCryptoSystem on September 24, 2018, 03:56:00 PM

Lets say all the fiat money will be gone and crypto currency will be used how the bitcoin price will be calculatwd??

the prices of everything else would be calculated in bitcoin. bitcoin's value would equal its purchasing power, just like we think of USD today.

Quote from: OpenCryptoSystem on September 24, 2018, 03:56:00 PM

If the dollar is falling the USDT...virtual currency will be still the base currency for crypto?

dollar collapse doesn't mean the collapse of all fiat currencies. people would just use the new global reserve that replaces the dollar---CNY, EUR, whatever. i assume that would be the primary base currency for BTC, and BTC would continue to be the base currency for altcoins.

tanoe

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Do you already know how the fiat money we use is now calculated?

there may already be a concept for cryptocurrency (which I don't know yet), but even so, it still has to be approved by all countries.
there must be strong rules governing it.

Juggy777

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Quote from: OpenCryptoSystem on September 24, 2018, 03:56:00 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?

Hey economic situation was never really normal if you recollect the Great Depression, Bubble Crash or the Lehman brothers bankruptcy fiat never crumbled. I don't think under any scenario can dollar crash or become virtually inexistent as we literally base everything on dollars. If your hypothetical situation is examined it's very difficult to, fix a quantum way of pricing bitcoins as there's no currency to value it against.

Anies_Sandi

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Quote from: pavka on September 24, 2018, 04:46:57 PM

Perhaps by the time the dollar loses its position, bitcoin will receive such quality as purchasing power. This will determine its value. Let's say for 1 bitcoin it will be possible to buy so much gold, or oil or land, and the like.

no one can know the development of cryptocurrencies because it is one of the risks in investing with crypto currencies and the price or value of cryptocurrencies experience that movement because the investors themselves

pooya87

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why do you think the way we talk about price of bitcoin should be any different than the way we talk about price of anything else? price is not "determined" if we say it is worth X dollar or if we say it is worth Y Euro or if we say it is worth Z cups of coffee.

and to answer your question about how to do it if USD, etc collapses i ask you how would you determine price of a cup of coffee in that scenario? answer than and you can use the same method to determine price of bitcoin.

batang_bitcoin

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The dollar won't collapse easily, they will be low down due to inflation but it will survive just like the old days.

Bitcoin's price would still be depending to fiat money to determine the value of it and its likely that we just shifted from fiat to digital. As it depends to the USD value then it will be taken over and determined by another foreign currency.

Jaycee99

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Quote from: OpenCryptoSystem on September 24, 2018, 03:56:00 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?

Maybe double the half because as I can see that bitcoin is very special and unique in its own way.

An altcoin/ cryptocurrency maybe connected to fiat but as far as I can see and experienced plus observed bitcoin/cryptocurrency is different from fiat currencies

The price is the same (speaking about cryptocurrency) but it still depends on how the value speaks there are still speacific value to crypto/ altcoin that is the fact that I known and observed (to much observation, sorry I dont want to be known as a false information/ news.

OpenCryptoSystem

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China fiat currency will become world strongest currency.

Im sure about this 100% since all goods trading the world depending on the china !!

How this will affect the bitcoin im not sure but some ways it will.

OpenCryptoSystem

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Quote from: xcajun21 on September 24, 2018, 05:22:22 PM

I am not sure, but probably every market needs another entity to trade to and from.
For example, give stuff x, for stuff y.

Nothing opposes this idea i think, there were ads on different sites about buying with crypto. They just convert ur btc.

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.

The next countries are the latin america where the bitcoin is wide used.

I was checking the global countries gbt and debt statistics... so.

In my opinion. The japan currency will be first wich will devalue.

The second will be. Either usa or canada.

And surprice surprice.. you can allready use bitcoins in Usa and Canada.

Both in Canada and usa have huge debt.
Canada money have high inflation also.

So people in canada are prepared to use bitcoins too.

The bitcoin as usual payment method in Europe and Uk are not so common.... so i guess uk and eu currency will survive little bit longer.

But canada and usa will fall down soon.

So i guess people in canada and usa will start using btc then.

xcajun21

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I am not sure, but probably every market needs another entity to trade to and from.
For example, give stuff x, for stuff y.

Nothing opposes this idea i think, there were ads on different sites about buying with crypto. They just convert ur btc.

OpenCryptoSystem

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But if we look at the whole situation then its good for the bitcoin.
But then what? Bitcoin will be usd ?
Ethereum will be russian ruble ?? Cheesy

And ripple like Eur ? Cheesy

So there is no place for other altcoins so they will be vanished they will be disapered.

OpenCryptoSystem

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Quote from: bob3772 on September 24, 2018, 05:06:05 PM

fiat isn't going to collapse very quickly even if it does. The major economies and governments have too much power right now to allow that. If/when it does happen then other things will just be priced against goods. Like gold used to be priced against everything like milk, eggs etc.

Im sure gold is not as good payment method like bitcoin !!

Would you carry gold with you to go to shop to buy milk??

I dont think its logical !

I think btc will be rather then gold

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