Why Do People Believe Bitcoin Will Replace Fiat? - page 5.

Rassah

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Quote from: keithers on December 22, 2014, 06:15:36 PM

Quote from: LewiesMan on December 17, 2014, 08:45:55 AM

Cause it's better, simpler and you control your funds! No one can touch your money!

This is pretty much in a nutshell one of the primary reasons governments won't allow Bitcoin to replace fiat...even if adoption reaches a grand scale.

Isn't governments us?

Regarding bitcoin replacing fiat, this should be required reading for new bitcoiners http://nakamotoinstitute.org/mempool/speculative-attack/

cbeast

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Let's talk governance, lipstick, and pigs.

Fiat money is one of the worst inventions ever, next to the laugh track. They create mindless followers needing someone to cue their herd behavior.

botany

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Quote from: faince222 on December 24, 2014, 10:13:40 AM

I don't think that this will happen in the next year, bitcoin actually can only process around 600.000 transaction in one day, and world transaction is more high than 600.000. There are too much things that doesn't allow bitcoin to become the world currency.

Next year? Nobody is thinking so short term?
The question is will Bitcoin ever replace Fiat.

faince222

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I don't think that this will happen in the next year, bitcoin actually can only process around 600.000 transaction in one day, and world transaction is more high than 600.000. There are too much things that doesn't allow bitcoin to become the world currency.

MarketNeutral

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Bitcoin replacing fiat? Not in my life time. I instead wonder what relationship—even if it's an indirect relationship—Bitcoin will have with the various mechanisms by which governments borrow new currencies into existence by way of bond issuance and bank-lending protocols. The global bond market is enormous and is intimately linked to the forex market, which is intimately linked to the cryptocurrency market.

Elwar

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Viva Ut Vivas

People still use land lines. Mobile phones did not completely replace them. There will still be the holdouts and the niches that still use fiat.

botany

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Quote from: BIT-Sharon on December 23, 2014, 04:23:45 AM

I don't think it will happen and I think they are different in many ways.

Bitcoin will most probably coexist with fiat, even if it is widely successful.
As long as taxes are supposed to be paid in fiat, there will be demand for fiat. Grin

arieq

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Quote from: Biitcoin on December 17, 2014, 08:59:25 AM

Everyone have the right to give his opinion.
Well mine is that Bitcoin will never ever replace the real FIAT . Fiat exists from thousands and it won't just simply get abandonned . not that easy at least

Agreed, bitcoin is not a fiat currency issued and controlled by states. It is a medium of exchange based on its value as a commodity. This is the wonder of crypto-currencies, any government can get out printing money to finance its populist and totalitarian madness.

Daniel91

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Quote from: HCLivess on December 23, 2014, 06:04:54 AM

Because BtiCoin does not sponsor wars.
Bitcoin is frictionless, instant and global.
You dont get fucked in the ass by the government over and over with no hope of recovery.

Main reasons for me

Very good reasons, exactly my feelings about BTC.
Also, BTC gives you the possibility of financial freedom (specially if you are early adopter) what is really important for me.
I hope to get rid of my bank soon

HCLivess

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=== NODE IS OK! ==

Because BtiCoin does not sponsor wars.
Bitcoin is frictionless, instant and global.
You dont get fucked in the ass by the government over and over with no hope of recovery.

Main reasons for me

BIT-Sharon

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I don't think it will happen and I think they are different in many ways.

QuestionAuthority

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You lead and I'll watch you walk away.

Because people are romantic notion dreamers. Why do people think that they will become millionaires if they gamble or play the lottery?

bornil267645

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AltoCenter.com

That's because it showed so much promise in the earlier part.

jonald_fyookball

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Core dev leaves me neg feedback #abuse #political

Quote from: crazy-pilot on December 17, 2014, 11:29:11 PM

Quote from: jabo38 on September 07, 2014, 10:30:19 PM

Quote from: gonnafly on September 05, 2014, 07:40:25 AM

I had this thought that fiat could be backed by bitcoin much like the gold standard era. I don't see the Fed backing out without a fight.

I agree. Also, the US is one of the largest holders of Bitcoin. A couple more seizures and they could really wield some power and set exchange rates for quite a while.

The government has been somewhat aggressive in selling the bitcoin they have in it's possession (by selling in large blocks via auction). As a result of them selling ~2/3's of what it seized from silk road (and ross) it is no longer the largest holder

Yes, it is somewhat surprising... But I think it really speaks to the compartmentalization of
government... Every agency is out for themselves. If it is really true that "the banksters
control the government", clearly they don't have iron grip control over everything that moves,
and since very few really get to enjoy elite levels of money, status, and power, most cogs
in the machine who do recognize the power of cryptocurrency are probably investors and
proponents themselves.

keithers

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This is the land of wolves now & you're not a wolf

Quote from: LewiesMan on December 17, 2014, 08:45:55 AM

Cause it's better, simpler and you control your funds! No one can touch your money!

This is pretty much in a nutshell one of the primary reasons governments won't allow Bitcoin to replace fiat...even if adoption reaches a grand scale.

crazy-pilot

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SmartFi - EARN, LEND & TRADE

Quote from: jabo38 on September 07, 2014, 10:30:19 PM

Quote from: gonnafly on September 05, 2014, 07:40:25 AM

I had this thought that fiat could be backed by bitcoin much like the gold standard era. I don't see the Fed backing out without a fight.

I agree. Also, the US is one of the largest holders of Bitcoin. A couple more seizures and they could really wield some power and set exchange rates for quite a while.

The government has been somewhat aggressive in selling the bitcoin they have in it's possession (by selling in large blocks via auction). As a result of them selling ~2/3's of what it seized from silk road (and ross) it is no longer the largest holder

Rassah

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Quote from: jabo38 on September 07, 2014, 10:30:19 PM

the US is one of the largest holders of Bitcoin.

Not any more. BOTH of the seizures have been auctioned off now.

With regards to bitcoin replacing fiat, you all should read this http://nakamotoinstitute.org/mempool/speculative-attack/

Daanie

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Gold won't replace fiat, not sure if Bitcoin will either. Bitcoin will increase its popularity over time but too many people are buying bitcoin because they believe it'll make them rich someday and that's the difference between fiat and Bitcoin. Fiat is meant to spend it and only a small percentage of bitcoin users will spend their bitcoin (now and in future).

Biitcoin

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Zichain

Everyone have the right to give his opinion.
Well mine is that Bitcoin will never ever replace the real FIAT . Fiat exists from thousands and it won't just simply get abandonned . not that easy at least

LewiesMan

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Cause it's better, simpler and you control your funds! No one can touch your money!

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