Russia planning to push Dollar in crisis ? Chance for Bitcoin ? - page 5.

Cicero2.0

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Quote from: franky1 on June 24, 2014, 08:01:47 PM

Quote from: Bit_Happy on June 24, 2014, 05:56:10 PM

The Dollar crash has been looming for years and it will be ugly. Many people will suffer, so this is not something to look forward to, imo.
Chance for Bitcoin?
Yes, the fiat collapse will be huge for Bitcoin, but watch the price of BTC/Gold, since your fiat wealth will be an illusion.

instead of measuring bitcoin vs dollar. make it bitcoin vs household needs (consumer price index/cost of living) then as the dollar goes crazy, we can see the stable bitcoin value that moves with actual consumer use/value.

EG no point in screaming that bitcoin is worth $100k if that $100k only buys a loaf of bread or converts to only 1 EURO

so i think bitcoin right now roughly equates to 2 weeks cost of living in UK, US and EUROzone

Soon we will be be able to value it as a basket of goods and services. Aside from exhanges we can decouple bitcoin from other currency.

beatljuice

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I used to believe strongly in the US dollar someday (soon) crashing into "mega-hyper-inflation." But I'm not so sure any more.

The main thing that changed my mind was learning about Bitcoin and what gives it its "intrinsic value."

The reason bitcoin has value is because it has great utility - in the present, and especially in the future. The US dollar also has great utility. It's the most accepted currency on the planet.

Now things like the OP posted will, of course, reduce that utility. But it will take a long time, and a lot of things like the above to turn the dollar into a useless piece of paper. Don't get me wrong, the dollar is going down significantly in the near future, but I think it will be just a big hit like Mt Gox was for Bitcoin. We can blame Mt Gox for cutting the value of Bitcoin in half and the Chinese "banning" for some more droppage, but it didn't kill Bitcoin and I don't think the things coming down the pike for the dollar will destroy it either. Of course those drops in value with the US dollar will be permanent unless policies dramatically change (ha-ha), where Bitcoin will continue to recover and move up in true buying power.

franky1

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Quote from: Bit_Happy on June 24, 2014, 05:56:10 PM

The Dollar crash has been looming for years and it will be ugly. Many people will suffer, so this is not something to look forward to, imo.
Chance for Bitcoin?
Yes, the fiat collapse will be huge for Bitcoin, but watch the price of BTC/Gold, since your fiat wealth will be an illusion.

instead of measuring bitcoin vs dollar. make it bitcoin vs household needs (consumer price index/cost of living) then as the dollar goes crazy, we can see the stable bitcoin value that moves with actual consumer use/value.

EG no point in screaming that bitcoin is worth $100k if that $100k only buys a loaf of bread or converts to only 1 EURO

so i think bitcoin right now roughly equates to 2 weeks cost of living in UK, US and EUROzone

Cranky4u

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BTC : Gold and the BTC : Oil ratio is what to watch when the USD collapses. All other fiats will alos come into question when the collapse occurs.

China has already prepared with several years of stockpiling gold so watch the Yuan : Gold

Russia is primmed with oil and natural gas so for them watch the Ruble : Oil

From these ratios you can detemine the local value of BTC :fiat. e.g. local fiat : BTC :Gold / Oil

Cicero2.0

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I am no fan of the fed or our foreign policy, but wasn't it Russia that just annexed a chunk of another sovereign nation? Seems like the would be hero Putin has the propaganda machinery running on full throttle.

IIOII

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An interesting, at least plausible story.

In case of USD-collapse a lot of capital will flee into alternative investments. But Bitcoin is not the only option. Many alternative investments will see price increases. Of course also USD/Bitcoin-exchange ratio will jump skyhigh, but that won't signify much, since the USD then being worthless.

Bit_Happy

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A Great Time to Start Something!

The Dollar crash has been looming for years and it will be ugly. Many people will suffer, so this is not something to look forward to, imo.
Chance for Bitcoin?
Yes, the fiat collapse will be huge for Bitcoin, but watch the price of BTC/Gold, since your fiat wealth will be an illusion.

zimmah

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As both russia and china are pretty anti-bitcoin they will not officially approve of bitcoin,

however, the natural reaction of humans when a currency collapses or is nearing collapse is to return to safer assets, such as gold, silver, fuel, food, tobacco, coffee, chocolate, sugar, tea, etc.

Now that we also have a pretty safe (depending a bit on how the status of the intetnet is, either via cellphone or via line) digital alternative to gold and silver, which has many advantages and far less disadvantages, it's almost guaranteed that bitcoin will skyrocket during a currency collapse. Altough it depends a lot on other circumstances.

Either way the USD/Bitcoin price will be much more kind towards bitcoin, but the bitcoin/gold and bitcoin/coffee price i'm not sure.

Still it would be better to stock up on bitcoin than it is to stock up on dollars, because you can be sure dollars will be worthless in such a scenario. Which is bound to happen sooner or later anyway. Just how much longer do you think america can keep kicking the can?

RocketSingh

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Source: http://www.storyleak.com/us-dollar-under-grave-threat-russia-plans-global-retaliation/

Topic: Russia planning to push Dollar in crisis ? Chance for Bitcoin ? - page 5. (Read 4915 times)