Why is Bitcoin still a slave of Fiat?

darewaller

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Quote from: MoneroExpress on April 30, 2015, 12:00:51 PM

Why is Bitcoin tied to Fiat? Why is Bitcoin value moving like a stock? satoshi said the value will be derived by the limit of total coins. But we are seeing the opposite. Why dont we mathematically calculate the value of bitcoin according to the amount of bitcoin mined?

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Agreed Value * Bitcoins Mined = New Value

0.0010 * 1 = 0.0010
0.0010 * 2 = 0.0020

The senior will always remain the senior, no matter how hard you try. Fiat is what the world use, you can’t change it and put Bitcoin as our currency. Bitcoin is already playing its own role in development and what it does best is being used as an alternative to banks in making transactions. We can’t all be making use of the same currency, and by the way, there is no good reason as to why we should replace fiat with Bitcoin.

prtty2gal2

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Quote from: squog on September 25, 2018, 01:17:56 AM

No matter what happens to Fiat, crypto currency will not be affected by it and vice versa. Crypto currency can't be a slave to fiat because it has no correlation to it. If ever, fiat will be a slave for crypto currency because crypto currency could affect fiat's flow in a certain market.

Using the term slave is a bit exaggeration. Crypto is not a slave to any thing. Not even to fiat. The reason that crypto does not work everywhere and is also banned by some countries is that the policies of these countries are entirely different and crypto cannot merge in its policies.

The economic policies like Fiscal and monetary policy are Built for a system of fiat which is widely demanded and has left almost no space for the crypto for the government has no intentions of introducing crypto in the developing economies in order to keep the system running smoothly.

Rostadom

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Quote from: KalaiBTC on September 28, 2018, 03:08:49 AM

Quote from: maxman190 on September 27, 2018, 06:06:40 AM

The fact is that the time of bitcoin has not yet come and it is for this reason that Fiat remains more important, since it is distributed around the world and many people use Fiat.

My main question is what exactly does people want from Bitcoin? Bitcoin is already offering a lot of features and the purpose for was just to make transaction and for investment purposes. It’s so damn true that people can never be satisfied no matter how hard you try, they will always keep on complaining and seeking for more, and each time you give them an inch, they will like to take a mile. Too bad.

Sadly it appears that everyone wants the price of bitcoin to keep on getting higher everyday. They want the price to be always the new all-time-high. The majority of the people came into the market thinking that bitcoin is going to give them lots of money. Unfortunately, those who have bought during the pump has already lost 60% of their money by now and there's no sign at all that they are going to recover from that any time soon. People are putting unrealistic expectations from their bitcoin investments. They think that everything's going to go their way. Maybe it will. Maybe it will actually go their way and they will make profits from it. But at the meantime, they have to wakeup from their dream. Bitcoin is not a money-making machine and you have to be extremely lucky in order to ride a huge pump.

BaraxLo

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Quote from: PeachPam on September 21, 2018, 10:07:09 PM

In my opinion, it is because bitcoin is still not accepted worldwide while fiat is official currency

Tim Draper, who is one the best entrepreneur of the current era and has his money invested in companies like Tesla and Twitter was of the view that fiat will completely vanish from the economy and this was 2014. According to him, in five years, people will laugh at the name of fiat because cryptocurrencies will be very prevalent and would be used all over the world.

Today after 4 years and 9 months of that interview, still a big portion of the world's population uses fiat which means that the market responds differently than the way they speculate it will. This is the reason why Bitcoin is still inferior to fiat because the costumers of fiat are more than the people who invest in cryptocurrency.

KalaiBTC

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Quote from: maxman190 on September 27, 2018, 06:06:40 AM

The fact is that the time of bitcoin has not yet come and it is for this reason that Fiat remains more important, since it is distributed around the world and many people use Fiat.

My main question is what exactly does people want from Bitcoin? Bitcoin is already offering a lot of features and the purpose for was just to make transaction and for investment purposes. It’s so damn true that people can never be satisfied no matter how hard you try, they will always keep on complaining and seeking for more, and each time you give them an inch, they will like to take a mile. Too bad.

maxman190

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The fact is that the time of bitcoin has not yet come and it is for this reason that Fiat remains more important, since it is distributed around the world and many people use Fiat.

higgidave

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Quote from: concitta on September 24, 2018, 08:26:19 PM

Quote from: romantic007 on September 24, 2018, 05:46:32 PM

Because eventually the price are decided not by simple maths, but by many factors, including people demands. those factors are not so simple and predictable, and it's impossible to eliminate them.

the world price conversion center still relies on USD and the world government still considers bitcoin as an economic study that cannot yet be ratified, if bitcoin moves without connecting to fiat, it loses its value quickly, the term "slave" is not very appropriate to apply, rather call it technological innovation that is still developing.

When every one move to bitcoin, accepting payments, Government lift bans, and the risk of hacking decrease. I think bitcoin should be slave since we need fiat money in order to buy bitcoins.

gonzadz77

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Quote from: romantic007 on September 24, 2018, 05:46:32 PM

Because eventually the price are decided not by simple maths, but by many factors, including people demands. those factors are not so simple and predictable, and it's impossible to eliminate them.

I think the reason is people are not ready to accept bitcoin due to its volatile. Where fiat is fixed amount in every country, Bitcoin won't be slave of fiat.

WUUEX79

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Bitcoin will continue to be bound to fiat currency, as long as the government does not legalize its existence. Even though, crypto-currency offers more potential for investors to get involved barriers to entry are much lower, compared to investments in fiat currencies. Investments in crypto currencies too, actually offer many solutions especially for real-world problems. However the government's perspective remains cynical as if they don't want to get dizzy.

hawkins

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Quote from: squog on September 25, 2018, 01:17:56 AM

No matter what happens to Fiat, crypto currency will not be affected by it and vice versa. Crypto currency can't be a slave to fiat because it has no correlation to it. If ever, fiat will be a slave for crypto currency because crypto currency could affect fiat's flow in a certain market.

well, in my opinion, nowadays people still need fiat more than bitcoin in the real world. bitcoin is most likely made by the media to seek big profits, and is utilized to get greater profits compared to one's salary. well, even now, that hasn't changed.

squog

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No matter what happens to Fiat, crypto currency will not be affected by it and vice versa. Crypto currency can't be a slave to fiat because it has no correlation to it. If ever, fiat will be a slave for crypto currency because crypto currency could affect fiat's flow in a certain market.

gareng1468

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bitcoin will not be able to compete with fiat as long as economic regulation around the world has not fully recognized its existence. Crypto user communities really hope crypto currencies can become rulers. but the number of cripto users is still inferior to more numerous fiat users. so crypto currencies are difficult to compete in a long rally.

Doyenuklirblok6

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Quote from: MoneroExpress on April 30, 2015, 12:00:51 PM

Why is Bitcoin tied to Fiat? Why is Bitcoin value moving like a stock? satoshi said the value will be derived by the limit of total coins. But we are seeing the opposite. Why dont we mathematically calculate the value of bitcoin according to the amount of bitcoin mined?

Like

Agreed Value * Bitcoins Mined = New Value

0.0010 * 1 = 0.0010
0.0010 * 2 = 0.0020

because bitcoin is still a lot of internal problems that have not been overcome, and fiat is a popular currency. if the problem of bitcoin has been overcome and become perfect it does not rule out the possibility that in the future bitcoin will become the main currency in the future.

concitta

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Quote from: romantic007 on September 24, 2018, 05:46:32 PM

Because eventually the price are decided not by simple maths, but by many factors, including people demands. those factors are not so simple and predictable, and it's impossible to eliminate them.

the world price conversion center still relies on USD and the world government still considers bitcoin as an economic study that cannot yet be ratified, if bitcoin moves without connecting to fiat, it loses its value quickly, the term "slave" is not very appropriate to apply, rather call it technological innovation that is still developing.

romantic007

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Because eventually the price are decided not by simple maths, but by many factors, including people demands. those factors are not so simple and predictable, and it's impossible to eliminate them.

drm

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Quote from: SanSanTar on September 24, 2018, 11:23:31 AM

because bitcoin still need legalization to be accepted as a currency. Until that, it is still a slave of fiat and can not replace fiat

Even if btc was an officially accepted currency, fiat is what is being used by everyone as of now. Bitcoin wouldn't all of the sudden break free from that.

SanSanTar

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because bitcoin still need legalization to be accepted as a currency. Until that, it is still a slave of fiat and can not replace fiat

virendarnagpal

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Fiat is measure of value till date. Specially dollar is internationally acceptable measure of value. every commodity is being measured in it.

Now because we ourselves are using bitcoin as an investment not as currency so dollar is being used to measure it's value. But it does not mean that bitcoin is slave of fiat.

Bitcoinbitcoin0909

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Quote from: MoneroExpress on April 30, 2015, 12:00:51 PM

Why is Bitcoin tied to Fiat? Why is Bitcoin value moving like a stock? satoshi said the value will be derived by the limit of total coins. But we are seeing the opposite. Why dont we mathematically calculate the value of bitcoin according to the amount of bitcoin mined?

Like

Agreed Value * Bitcoins Mined = New Value

0.0010 * 1 = 0.0010
0.0010 * 2 = 0.0020

Bitcoin is still slave of fiat simply because bitcoin is not legal yet and fiat is being used all over the world. By simply having that, we can already see that bitcoin is still nothing compared to fiat yet but when the time comes that bitcoin became legal, it will surely take over and might even replace fiat in the future.

nithanjaka

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I think the inquiry here still returns to asking ourselves on what we can do. For whatever length of time that things are still evaluated in fiat, that is the place the issue comes. I perform a considerable amount of web based showcasing thing and the primary thing I'll ask the vender is whether they will acknowledge bitcoin. The majority of them will consent to that, and that is the manner by which you present bitcoin.

Topic: Why is Bitcoin still a slave of Fiat? (Read 13933 times)