Topic: Some guy thinks the dollar is the only currency and bitcoin doesn’t fork (Read 673 times)

I think it's almost impossible to make a dollar collapse? dollar users cover the entire world, arguably the dollar is the world currency, the demand is very high. besides that even if the dollar is a colapse, the next option is not bitcoin but other conventional currencies such as GBP or Yuan, but bitcoin might just take part just need time and but not to be the main #imo

"Some of these YouTubers". You maybe want to watch the video before completely writing it off - its Warren Buffet, the third richest man in the world, not just some random "YouTuber".

It is definitely worth listening to what he has to say. Sure, we may disagree with his views, but you have to listen to them and formulate sound and reasoned arguments to refute them. You can't just ignore everything he has to say or write it off as "FUD" as some people in this thread seem to be doing. The man didn't get to his current position by being an idiot.

the possibility of your opinion will happen we all can't find out because in my opinion crypto currency was created with the development of time and technology along with the times and the exact technology of crypto currencies will develop also does not rule out the possibility of shifting fiat currencies

If other thinks that dollar is the only currency and bitcoin does not fork, I could say that they have only their own opinion and I will disagree with it, bitcoin is also a kind of currency but only it is digital but it fan also fork as other do not agree with it, so even if this is only a digital currency but , it still working the same as fiat and dollar currency.

In my opinion, we cannot deny the fact that dollar has really influenced the world economy. Sometimes we must not be ignorant of whats happening in our present world so us not to be fooled by anyone.

You already said it all, so I’m not going to click that link, cause clicking it would be a waste of my time and listening to something that doesn’t make any sense.

Some of these YouTubers irritate me. The things they say doesn’t make any sense, they just want to record themselves and put in YouTube while they say what’s not really making any sense. I don’t even spend my internetdata on YouTube watching all this, not when there are helpful articles to read online.

Bitcoin has supply of 21million and demand could be higher if the size of block adjusted. Money has no definite supply this is the problem of the entire world especially U.S.A that they have 23 trillion debt.

maybe what you say can happen because there are no developments and technology that can ensure its development, we can only take advantage of every opportunity we will get

I’ve seen. Lot of that. I’ve never been unsuccessful at explaining it. I think my fastest has to be 30 seconds (because he’s heard the names bitcoin and dogecoin and knew their prices were a lot different). The longest it probably took was a few hours on and off...

Don’t leave people assuming there are billions of bitcoins! Especially since the supplies of dogecoin and litecoin are infinite.

For some reason, a lot of people cannot grasp the concept of a Bitcoin fork, they often believe that when a Bitcoin fork occurs, the total supply of Bitcoin is increased.

So basically, Bitcoin cash forks into a new coin that has 21 million coins, suddenly noobs believe that means Bitcoin now has 42 million coins. No matter how many times you explain to them that increasing total supply of X doesn't change total supply of Y, they think there was inflation there.

That is what happens when someone doesn't have knowledge about something but believes it does, it gives explanations about a topic that he doesn't understand but the problem is that those that are looking for knowledge cannot tell the difference between the information that is correct and the one that is false, so it is likely that he's going to convince many people that he is right.

Of course it cannot stay strong forever. The strength is primarily determined by the demand for the dollar and this will break if China and Russia completely diverted their trading medium from Dollars to their own currency.

Hahaha absolutely we are listening this for like ten years. Till the first day of bitcoin entered international market, there are propagandas working to pinch bitcoin down and they are doing their work.

Well I think that USD is very strong because it has high demand and it can only get broken if all the countries reduce demand for USD and not just China or Iran. So the fact that whether dollar will depreciate or not depends on the US policies.

Social media is just giving a lot of people the chance to display their stupidity to the world, lol. All they have to do is get a camera and a laptop and they are set to go. They will just wake up to record whatever nonsense that comes to their mind and upload to YouTube and I’m very sure that some people will like that video and also subscribe to his channel lmao.

US Dollar used for transaction in the world but the purchasing power always decrease. I am prefer choosing bitcoin because its digital cryptocurrency and we can use it as payment like money too.
I am believe US Dollar will losing the domination in the world but bitcoin will expand in near future

Sadly most of the people build their perception based on the other's opinion (especially when it is something about new innovation). Even today, there are the people who would believe such Youtubers just considering the fan following of those channels. It's implied trust which might or might not be true while explaining new innovations or concepts. As a user and well wisher of the crypto industry, I believe that we should focus more on explaining the fundamentals of crypto to those who are willing to explore it instead of wasting time on absent-minded criticism.

who thinks like that? some exchangers in my country have received exchange of bitcoin with FIAT currency in our country. not only is the dollar the only currency

I don't really think that chart gives any credit to US dollar at all. Think about inflation, do you still expect
everything to be as cheap as 1913 times? I mean I am not a finance expert but all around the world the money we use daily loses value no matter in which country you are. Some of those currencies lost value much faster than US Dollar.

I just think maybe the pace was a bit much or maybe it was alright but I definitely believe that US Dollar can't just sustain its value over years, we are talking about 100 years of history just with the same amount is not possible. I hope inflation is always low of course, I just wish inflation was as minimum as possible, but it is impossible for inflation to be non existent, even with small numbers it always happens.

Although the US dollar is now a strong coin, it does not mean that the US dollar will continue to be strong in the future. It is an unequal performance to know that the US dollar is compressing the world's economies. Humans need real free trade to develop better.

Naturally, dollar is not only the one and the best currency. Some Europeans will tell you that Euro is the best one, while British are sure that the pound is more powerful. Nevertheless, the crypto can become the alternative money.

I think that fiat has outlived itself as money. The 21st Century is a century of innovation and digital technology. The process of replacing fiat money is already underway, this process is slow and little publicity is given to it.

Maybe he is blind or mega stupid
I live in country what has his own currency
There is yuan in China and jen in Japan
Rubel in Russia and so on
By my opinion bitcoin is rather asset than currency still crypto is not so much in use
It is something what has to be changed in future

People who have no idea about bitcoin talk about bitcoin all the time. I remember fox news once talked about 4chan like it was some person's nickname, they literally aired a news about 4chan without actually looking up what 4chan is on national television in front of millions of viewers.

Many of whom did not know what 4chan was and they believed it was actually a person with a 4chan nickname, how could they not, they did not know it before and it was the first knowledge that was given to them.

Same happens to bitcoin all the time, one of my closest friends still keep saying bitcoin is a scam and a complex one but instead of someone stealing from you in this scam everyone steals from each other, well at least he understands the decentralized part, he just thinks its not a decentralized currency, its a decentralized scam which is funny and sometimes actually true but doesn't shed a single light on positives of using bitcoin.

these days youtube is also filled with a lot of spammers. you think the signature spammers on bitcointalk are bad, wait until you see some of these videos from people who have no clue what they are talking about. this one seems like the best of the to be honest
i used to tell people who wanted to know about bitcoin to watch some youtube videos but now i no longer make such suggestions. unless i can give them direct link to Andreas Antanopolis videos since that is the only person worth watching.

But even he posted this here in the forum, it is already in the television, it is a news and people would already view that interview and people or viewers will believe that it is true since he is there. Even if we know that it is false, what can we do now? It is already viewed by a lot of people and instead of saying this to us, post this somewhere that can be seen by a lot of people that is believing that news so they will know.

They are ancient people! Well, we cannot blame them if they do not have knowledge in cryptocurrency. I am also thinking the possible way on how to convey people to look at cryptocurrency because it is not the dollar or any fiat currency can circulate in our economy. Cryptocurrency is helpful also for us and it may be the future of currency.

He propagates his ideas or just wants to make a high-rise, raise reviews and earn even this. Do not pay attention to such people. Judging by the fact that you wrote about this post, you very much offended it

People's views and opinions is always backed by some preconceived hidden agenda. You will have to know why he is saying the things that he is saying and why he is backing the Dollar and not Crypto currencies. What is his wealth and investments built on and what will happen if a technology like Bitcoin, disrupts that technology.

In essence it comes down to this, "Will he lose money, if he backs the new technology?"  The Fiat system was good to these guys and most of their wealth is built on old outdated fiat technologies and financial instruments. 

Some people are indoctrinated to think in a certain way, which doesn't surprise me at all.  

In order for them to be convinced of Bitcoin's usefulness and power, we'll need to go through a crisis similar to what happened during the credit bubble, or even better, a large to semi large fiat currency needs to collapse entirely. People only know that what they support right now is wrong, is to have it pop in their face and make them lose that what they have been working for their entire life.

Average joes don't care much about the loss in purchasing power they experience year after year, they accepted that it's part of life, almost like paying tax. It's not for nothing that the gap between the rich and poor is only growing larger; smart money makes money because it understands the flaws of the system, dumb money loses money because it ignores these flaws.

I think that the greatest danger for us is without this kind of knowledge, people making market comment. Bitcoin should be told to wider audiences. We have to make the whole world know.

That’s just what I was thinking. To what I know, the US dollar will no longer dominate the world.

This is the signal of blind followers, which is the malicious message of the capitalist. Only stupid people will believe this. In the next year or two, the dollar will lose its global dominance. The world does not need such coins to promote world cooperation. Goodbye to the dollar, I wish you a break. Goodbye to the Fed.

think deeply and will know that  dollar is not the one

this looks funny, he said about bitcoin and dollars with superficial knowledge about crypto and funny again he dared to broadcast it on youtube, oh isn't this really embarrassing,

Just my thoughts here. A lot of the mainstream media seems to be intentionally confusing the terms 'bubble' and 'ponzi scheme'. Bitcoin itself is definitely not a ponzi scheme, but you could definitely argue that unnatural and unsustainable price rises like last year can be attributed to a bubble for sure.

But returning to the video in question, Warren Buffet is simply wrong about bitcoin here. I don't think that he understands the problem that bitcoin is tackling, potentially because that his involvement in the traditional fiat banking system has a significant conflict of interest with the development of bitcoin, and he simply does not understand how bitcoin works or the technological side behind it.

I simply don't understand how anyone could think that bitcoin is not a currency. It is, and potentially even more compared to fiat in a global sense. I also don't understand how some of these people think that fiat is something that is completely benign to hold in the long term but somehow, bitcoin is going to disappear and go to zero despite it being a much better store of value fundamentally than fiat due to decentralization and its capped emission curve. The dollar's purchasing power has consistently depreciated even without any major hyperinflationary crises in the US.

I'd argue that slow inflation is difficult to come accross based on the name "slow"?
Are we talking a really small amount that it is almost stagnant, the 2-3% we have at the momvent or 0.1-1% as being slow? Either can be determined to be slow.

Bitcoin's inflation rate seems to be about 4% also for annual inflation.
Taking the total number of bitcoins to be 17 million.

(365.25*24*6*12)/17000000 for annual inflation.

I'm not trying to offend by saying this so apologies if it comes off this way:
If we have our block reward continuing beyond 21 million, we're still at 3.1% inflation (this obviously won't happen but for annual inflation it seems quite large in comparison to normal currencies at the moemnt which I think are between 2 and 2.5 % for USD and GBP.

Slow inflation is required to provide stronger economic growth for the country while deflation will make the country uncompetitive on the world market. It is not painful for people because they can always invest their money with interest rates bigger than inflation. USD would never become what it is if its amount was fixed.
Comparing today's USD purchasing power with USD from 100 years ago is not showing anything.

I like the first comment under the video.'Warren Buffet doesn't know how to send an email,so his opinion is irrelevant.'Right in the target.
What is this Youtube channel?The video description is full with tags and keywords.This is NOT who you do proper Youtube SEO.

Warren Buffet has been historically very critical of bitcoin. There is absolutely nothing surprising here.

He claims that bitcoin is not an investment, and investments are only things that produce a dividend. Well, if the global accepted definition of an investment was indeed that then it would be true. But most people in my opinion do not have such rigid definitions of an investment.

He also goes onto talk about how bitcoin is not a currency because it is traded against the USD. That's just completely nonsensical to me. Bitcoin's traded against the USD and various other fiat currencies, and also other cryptos because that's what people demand and that's why there is volume in these markets. It has nothing to do with bitcoin being tied to dollars or whatnot, in fact, it is completely independent.

I don't think that he appreciates the advantages that bitcoin offers in terms of controlling supply, decentralization, etc. His statement about bitcoin not being around in 10-20 years just shows that he probably hasn't done as much research as he should have before commenting - even if adoption does not pick up like we expect it to as a form of currency, the blockchain of bitcoin will still be functional as long as someone uses it.

I wouldn't go as far as saying Warren Buffet is ignorant or making a fool of himself. He knows exactly the pros and cons of fiat, and I'm sure he knows the pros and cons of cryptocurrency as well. The fact is his companies and his wealth are entirely based on fiat. Of course he is going to talk down anything that is a risk to that.

Fiat definitely has many drawbacks, and as I showed in my previous post, is completely unstable and has lost >95% of its purchasing power in the last 100 years. Warren Buffet is well aware of that, but his entire existence is based on using fiat, so of course he isn't going to admit that. It's just the same as the years the tobacco industry spent trying to hide the research that smoking is awful for you.

This is obviously wrong. The US dollar will quickly depreciate in the next 1-2 years. Americans should not be so selfish. Now it is a peaceful era. There is no need to control the global economy. It should be fairer and more free.

You know what makes me laugh the most, it is obvious these guys want to talk, but the funniest part is that they keep making big fools out of themselves without having a single clue at all what they are even talking about and that makes it a whole lot absurd as to why someone would come to the public eye to just embarrass themselves.

At least, if you want to talk, have some decency to at least be well knowledgeable enough to have an idea what you are talking about and not come out to just display an act of ignorance. Maybe he should really know that the same fiat system has been f'd up over the years, so he really has nothing to say than trash.

@vlad, the value of the pound sterling has depreciated by 90%+ and it’s one0&the highest values now so it clearly hasn’t retained its value in that time.

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My point is he’s commenting on stuff without any of the facts, that’s clear to see. He’s clearly either wanting to make the currency fall so he can buy it up or wanting to make the currency fall so he’s not so sad he didn’t invest at the start...


Elon musk’s section and research into it did look to be quite interesting (though I only watched about the first 10 minutes of that video)...

Probably an argument in support of him owning some but, why wouldn’t you if you have a lot of money spare? Buy a bitcoin or two and just store them away. He’s suggesting it will increase by 200x so putting a small amount of his wealth into it (1%) will have a good return for him.

And uneducated opinion is a bad thing along with biased opinions. He hasn’t researched it because he doesn’t want to know and therefore shouldn’t be talking about it.

@eoleo, exactly. Soon more people will start to realise this and we’ll go back to what it used to be with people either trading in gold or in bitcoin (I know which one is easier for me ).

Uneducated opinion! I think that is just the best word for it right there. At least these guys should have some dignity to try as much as possible to keep themselves informed before coming out to talk trash. Apparently, just looking for recognition, but in this aspect, in a stupid way. We are simply in a world where people talk trash and care less about it, people do not even want to learn anymore, and they just non-intelligently and ignorantly say whatever comes to mind. No one is forcing him, as he can remain in fiat when others are wise enough to realize that fiat system is rubbish.

So his argument seems to be bitcoin can't be a currency because the amount of bitcoin per dollar is constantly changing? So are we just ignoring how unstable the dollar is? In 1990, there was around $300 billion in circulation. Today there is over $3.5 trillion. The government can and do create more currency at will. The dollar is guaranteed by a government that is $21 trillion in debt. The US dollar has lost over 95% of its purchasing power in the last 100 years.



You maybe don't want to talk trash about bitcoin being unstable when your favored currency is worse.

I don't think you should take Warren Buffett's thoughts on Bitcoin or crypto currency in general, in vain. I bet he has a lot of advisors that know more about bitcoin than we all do and no, I'm not talking about the technical aspects of it here but the financial ones.

Remember he's been a billionaire for a long time and has made a huge amount of money during the economic crisis and off of it.

I think that Buffett is saying that Bitcoin doesn't have the characteristics to be considered a currency yet and I agree.

Here are some characteristics that define a currency:
As you can see, BTC does not fit all of them yet but there still is hope and BTC has not reached maturity yet.

Going back to what he was saying in relation to the prince of things changing based on BTC's value that can be easily observed in our Services forum. Everything is compared to its value in FIAT. There are very few services that are paying/charging fixed amounts of BTC disregarding the FIAT amounts BTC is traded for.

On top of that, need I remind all of you that earlier this year there was a Bitcoin conference that you couldn't pay for in BTC?
What are we talking about here?

This if not just fake news, this is complete misinformation right here. Spreading uneducated opinion only multiplies the overall lack of knowledge.
Learn the stuff you`re going to make video about, it seems so self-evident - I wonder why people still ignore this simple rule, I guess the urge to get as much YouTube views as possible on Bitcoin hype is still strong.

In fiat money, the dollar is the alpha currency in the world at the moment.
As soon as the dollar collapses - much more people will start to believe in Bitcoin, and then we will get a rise.

And many of the viewers will believe him, just in the way many still believe in 2018 that the Earth is flat.
You'd be surprised what people believe or what they chose to believe...

https://m.youtube.com/watch?v=uP6ATdAxuZw

This amuses me, watch him between 2-6 minutes on this video.
He clearly has no idea as to what bitcoin is or what a bitcoin fork is.

He compares bitcoin to say it keeps following the dollar based on the price people set things at, however, that’s just funny because it’s like saying the Euro, yen and pound sterling don’t exist as a real currency because our price also gets translate for things like oil from the American price of the dollar and even the place it was originally mined in .