Why is Bitcoin still a slave of Fiat? - page 18.

Get-Paid.com

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Quote from: D05GTO on May 10, 2015, 06:55:00 AM

LOL, I'm flabbergasted too. The world wasn't built around fiat. Just so happened that a very few people scammed everyone else into thinking it's the perfect system.

Everyone needs to watch this video to see how crazy it truly is.

https://www.youtube.com/watch?v=iFDe5kUUyT0

Very good video explaining the difference between CURRENCY and MONEY ... basically it shows how the world of banks is created out of nothing ... it's something that should be "well known" already but somehow people who are not interested in economics might not be interested to learn about it. And usually only those who have interest in this field already know what the video says. That's the sad thing here.

D05GTO

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LOL, I'm flabbergasted too. The world wasn't built around fiat. Just so happened that a very few people scammed everyone else into thinking it's the perfect system.

Everyone needs to watch this video to see how crazy it truly is.

https://www.youtube.com/watch?v=iFDe5kUUyT0

ObscureBean

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Quote from: Amph on May 10, 2015, 05:06:50 AM

Quote from: ObscureBean on May 10, 2015, 03:17:30 AM

The world has been built around fiat not Bitcoin. Fiat is part and parcel of the human ecosystem and is designed to work seamlessly with everything within it. Bitcoin is a completely new technology with different properties, extensive tweaking of the system is required for a full integration and this will not happen overnight. Fiat deserves some respect, without it Bitcoin wouldn't even exist.

actually the world was build around barter at first, then the money has come, so we should return to barter by this logic...new things will come and they should be welcomed and adopted if they are good like bitcoin

there is no need to respect something that is causing the recent crisis which has reduced in poverty many countries

and how "whitout it bitcoin wouldn't even exist" make sense? bitcoin was not build around fiat, bitcoin is everything that fiat isn't there is no correlation(or i can't see any).....

if satoshi was born in the era of pure barter and come up with bitcoin, right now we would have bitcoin instead of fiat

I'm... flabbergasted by your comment. Literally. Cheesy

No offense but you're either genuinely naive or you mustered up this retort in an effort to defend something that was never under attack in the first place. I don't even know where to begin lol. Seriously, without being mean, you should take a moment, re-read what you've just written and give it some thought. If there truly is something wrong with your logic, I'm sure you'll see it. If not, then I guess I'm the one who's wrong

Amph

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Quote from: ObscureBean on May 10, 2015, 03:17:30 AM

The world has been built around fiat not Bitcoin. Fiat is part and parcel of the human ecosystem and is designed to work seamlessly with everything within it. Bitcoin is a completely new technology with different properties, extensive tweaking of the system is required for a full integration and this will not happen overnight. Fiat deserves some respect, without it Bitcoin wouldn't even exist.

actually the world was build around barter at first, then the money has come, so we should return to barter by this logic...new things will come and they should be welcomed and adopted if they are good like bitcoin

there is no need to respect something that is causing the recent crisis which has reduced in poverty many countries

and how "whitout it bitcoin wouldn't even exist" make sense? bitcoin was not build around fiat, bitcoin is everything that fiat isn't there is no correlation(or i can't see any).....

if satoshi was born in the era of pure barter and come up with bitcoin, right now we would have bitcoin instead of fiat

Fat Ronaldo

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Bitcoin will be a slave to fiat as long as it is pegged to it. Can't see that changing anytime soon.

Quote from: pereira4 on May 09, 2015, 06:37:57 PM

Elwar (I think its the username) is making a great job at demonstrating you can already love off BTC only even if we are at still the primitive stages of cryptocurrency, guy is a legitimate pioneer with his crypto only lifestyle.

It's possible but very difficult. You could also live off begging or just bartering with people but it makes your life more difficult. I respect him for his determination and dedication to bitcoin, though.

ObscureBean

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The world has been built around fiat not Bitcoin. Fiat is part and parcel of the human ecosystem and is designed to work seamlessly with everything within it. Bitcoin is a completely new technology with different properties, extensive tweaking of the system is required for a full integration and this will not happen overnight. Fiat deserves some respect, without it Bitcoin wouldn't even exist.

pereira4

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Elwar (I think its the username) is making a great job at demonstrating you can already love off BTC only even if we are at still the primitive stages of cryptocurrency, guy is a legitimate pioneer with his crypto only lifestyle.

stromma44

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Quote from: operrajunk74 on May 08, 2015, 03:45:38 PM

Quote from: tatu on May 08, 2015, 10:11:14 AM

Quote from: MoneroExpress on April 30, 2015, 11:00:51 AM

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?

Why is everything tied to fiat? Why are cell phones and plasma tv's tied to fiat? Because that's the unit of wealth we use. Maybe one day bitcoin will break away from being pegged to fiat but it'll be a long time if ever. And for bitcoin's value to rise that just depends on supply and demand.

Fiat is acceptable everywhere whereas bitcoin is gaining its popularity and as bitcoin is not acceptable everywhere fiat is ruling the market. And it will take a long time that we hear that fiat is slave of bitcoin but it's a long way to go. Till then fiat is the market leader.

Many countries are against the use of bitcoins and many are not aware about it so Fiat is enjoying its monopoly in the market. Once the adoption will increased there are chances that bitcoin will take over on fiat but for that awareness level of people should be high.

operrajunk74

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Quote from: tatu on May 08, 2015, 10:11:14 AM

Quote from: MoneroExpress on April 30, 2015, 11:00:51 AM

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?

Why is everything tied to fiat? Why are cell phones and plasma tv's tied to fiat? Because that's the unit of wealth we use. Maybe one day bitcoin will break away from being pegged to fiat but it'll be a long time if ever. And for bitcoin's value to rise that just depends on supply and demand.

Fiat is acceptable everywhere whereas bitcoin is gaining its popularity and as bitcoin is not acceptable everywhere fiat is ruling the market. And it will take a long time that we hear that fiat is slave of bitcoin but it's a long way to go. Till then fiat is the market leader.

tatu

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Quote from: MoneroExpress on April 30, 2015, 11:00:51 AM

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?

Why is everything tied to fiat? Why are cell phones and plasma tv's tied to fiat? Because that's the unit of wealth we use. Maybe one day bitcoin will break away from being pegged to fiat but it'll be a long time if ever. And for bitcoin's value to rise that just depends on supply and demand.

Amph

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Quote from: AtheistAKASaneBrain on May 08, 2015, 08:22:31 AM

The game changer will be being able to pay bills with BTC, once we get there then that would mean we aren't a fiat slave, until then we need fiat, ofc we also need jobs being paid in BTC directly.

we can do that already there are service that allow this, dunno about the regulation, but it is possible

here some

https://www.cashila.com/
https://www.bitbill.eu/
https://bitwa.la/

maartenhaha

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i putted this on my watchlist, interresting topic i'd like to follow
because i'm thinking about letting my clients pay my services in bitcoins, make it known better exetera.

AtheistAKASaneBrain

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The game changer will be being able to pay bills with BTC, once we get there then that would mean we aren't a fiat slave, until then we need fiat, ofc we also need jobs being paid in BTC directly.

nizamcc

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Unless it gets accepted widely, and that people take it as a real currency rather than virtual money, it will always be compared with Fiat.
Though, there are still places where Bitcoins are accepted and so, due to the acceptance, value doesn't matter for them there.

torrentheaven

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There are many countries that do not accept bitcoin as a mode of payment. And Generally People who are new to bitcoin may not trust it due to online scams So they would definitely prefer to go with Fiat money. And People would rather prefer to pay in cash or by credit card as they are used to it.

differential350

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the value is not stable, and bitcoin, as per now, is made to be exchanged into fiat currencies

Benjig

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Quote from: MoneroExpress on April 30, 2015, 11:00:51 AM

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

Its a "slave" of fiat because fiat needs to have a real crisis , at that point is when bitcoin will start to surge separately in price and in every way from the fiat empire.

The daytraders or investors that sold are nothing compared to once the masses start buying it on big amounts.

Amph

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Quote from: sdmathis on May 01, 2015, 05:40:56 PM

Quote from: ashour on May 01, 2015, 01:51:41 PM

Because services that accept bitcoin actually dump the bitcoin with bitpay or coinbase. Services/shops need to accept bitcoin only with direct transactions and not dump them for $, the bitcoin economy circle has a big flaw and that are services that auto convert bitcoin to fiat.

Businesses are in it for the profit, not to support the Bitcoin economy. They lock in those profits by selling the Bitcoin that they receive.

The problem is that the Bitcoin community wants Bitcoin to be a currency and a long term investment. The two are not compatible. If it's a long term investment, we want a steady increase in the price of Bitcoin, but if we want it as a currency, we should be looking for price stability. If we want it as a long term investment, we need it to be tied to fiat ( or some commodity). If we want it as a currency, the goal is for it to stand on its own. The main reason Bitcoin is a slave to fiat is because more people want to use it as an investment rather than a currency.

you could have a price stability while having a big price, i don't see a problem here really, they could instead of dumping using those bitcoin to purchase something else

bitcoin don't need fiat, but who is using bitcoin need fit apparently...that's the problem

operrajunk74

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Bitcoin is not acceptable everywhere and Fiat is a traditional currency which can be used everywhere. But there would be a time where bitcoin would be acceptable across the globe. But still its a long way to go. Many countries doesnt know the concept of bitcoins so Fiat is still a king.

hunnaryb

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People those are not aware of bitcoins will definitely support fiat money. Generally people are afraid of scams on internet so its not easy to adopt bitcoins. And also there is lack of knowledge about the bitcoins for the people and they exactly don't know what bitcoin is all about.

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