Topic: What will happen to Bitcoins if the $ collapses? - page 2. (Read 2200 times)
In the event of a $ collapse, if it occured despite all the vested interests around the globe, what trust do you think people will have in a virtual coin? Not you, but those who haven't been involved previously.
I think that bitcoin along with it's altcoin cousins would rise exponentially.
I agree. While I don't think all alt-coins will be successful a few select ones will do quite well.
However, keep in mind that the US Dollar is backed by the most powerful military regime in the World, so I don't see the dollar disappearing entirely.
That and legal tender laws, so I agree it may not disappear entirely. However with trillions of units in existence if the primary use is limited to govt debt settlement it may take a wheelbarrow full of them to buy a loaf of bread.
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The most likely answer to your question is that bitcoin would also collapse with the collapse of the dollar ($) ...
The most likely answer to your question is that bitcoin would also collapse with the collapse of the dollar ($) ...
No it's not. Why do you think the value of Bitcoin is dependent on dollars? You may be confusing the exchange rate, which is often in dollars, with the underlying value. The two are not the same.
OP: consider the people in Argentina are very familiar with currency collapse. This last time in 2001 I heard people tried in desperation to create trade alternatives, resorting to local exchange systems including home computer printed "currency". Of course this didn't last. Now imagine they had access to bitcoins in that situation. It paints quite a different picture.
This is why tangibles always trump non-tangibles. Get your "beans bullets and band-aids" (a term for it) stocked up. Then no matter what happens you know you will eat, have basic supplies of every sort on hand, as well as trade items in case stuff becomes unavailable due to economic or societal breakdown.
That, my friends, is true wealth. Any extra goes into AU, AG, BTC etc
Stay liquid, my friends.
That, my friends, is true wealth. Any extra goes into AU, AG, BTC etc
Stay liquid, my friends.
Good question, no expert here but after a bit of searching - have a look at what happened when the Dollar devalued in 1930's due to similar high levels of credit (debt) and high asset prices:
http://www.foreignaffairs.com/articles/136779/barry-eichengreen/when-currencies-collapse
'As international liquidity grew scarce, central banks and private investors searched desperately for other assets, that is, alternatives to the dollar and sterling that were liquid and promised to hold their value. They found them in the currencies of countries still on the gold standard: Belgium, France, the Netherlands, and Switzerland. '
This time there are surely more numbers of substantial economies across the World where money can fly to (to their currencies and markets). Global trade impact (deep recession) may be similar esp with huge amounts of US debt in China. But BTC could, if it's well established by then, take a huge pump.
http://www.foreignaffairs.com/articles/136779/barry-eichengreen/when-currencies-collapse
'As international liquidity grew scarce, central banks and private investors searched desperately for other assets, that is, alternatives to the dollar and sterling that were liquid and promised to hold their value. They found them in the currencies of countries still on the gold standard: Belgium, France, the Netherlands, and Switzerland. '
This time there are surely more numbers of substantial economies across the World where money can fly to (to their currencies and markets). Global trade impact (deep recession) may be similar esp with huge amounts of US debt in China. But BTC could, if it's well established by then, take a huge pump.
What will happen to $ if Bitcoin collapses? Absolutely nothing.
I think that bitcoin along with it's altcoin cousins would rise exponentially.
However, keep in mind that the US Dollar is backed by the most powerful military regime in the World, so I don't see the dollar disappearing entirely.
However, keep in mind that the US Dollar is backed by the most powerful military regime in the World, so I don't see the dollar disappearing entirely.
After watching the youtube series 'Hidden secrets of money' by Mike Maloney (I recommend everyone to watch it!), I have come to the conclusion that the $ will collapse in the near future (within 10 years or so).
My question is, after the $ collapses, what will be the outcome? Do you think we will move to a gold standard and people will then trade bitcoins with gold (as we do with the fiat currencies currently), or will bitcoin reign supreme and become the standard currency? I have been trying to figure this out before I invest everything into bitcoins. My theory (& Mike Maloney's) is that we will go back to some form of gold/silver backed currency, hopefully bitcoins will still have retained it's value and still be desired. What do you think?
My question is, after the $ collapses, what will be the outcome? Do you think we will move to a gold standard and people will then trade bitcoins with gold (as we do with the fiat currencies currently), or will bitcoin reign supreme and become the standard currency? I have been trying to figure this out before I invest everything into bitcoins. My theory (& Mike Maloney's) is that we will go back to some form of gold/silver backed currency, hopefully bitcoins will still have retained it's value and still be desired. What do you think?
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