Topic: Why is Bitcoin still a slave of Fiat? - page 19. (Read 14006 times)

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.

The unit of value is a psychological demand, people give trust to those medium that have the highest credibility and widest acceptance, which require a powerful entity's backing like fiat or long history of popularity like gold.

Bitcoin is too young, with no one backing, its value is largely decided by the speculative demand on exchanges, thus fluctuates wildly, and the security is difficult to handle. To make it worse, the sudden reward halving every 4 years will like some kind of financial emission which keeps the volatility forever high

Of course it will become an option if the fiat currency's value fluctuate wildly due to currency wars out there. But most likely it will become some kind of digital assets with high risk and high reward. Most of the people will still be the slaves of fiat money, but those a few who get hold of bitcoin can get out of the slave camp some day

You can try. But, if you are dumb enough to lose to them, you will lose to me, as well. Then, I will sue you for a false claim against me, and you will wind up paying me the amount in damages that you would have charged me, plus court costs, of course, and maybe additional damages for wasting my time. It will depend on how I feel that day.

Well, I believe we value Bitcoin by what it's worth in USD (for now, we all know it's worth much more)
How would you know how much your Bitcoins are worth if you have nothing to compare it with (fiat, gold, etc) ?

We are still on the early days and predicting the future and outcome of Bitcoin is not as simple as doing a couple math formulas and expect things to fall into place as time passes. The thing is, we don't know. What we do know is, we are on the right track, things are moving, look around beyond the damn price.

Not really. People use whatever is commonly accepted to measure value. It happens to be RMB in China, USD in US, JPY in Japan, which are fiat currencies. However, it's not because they're fiat that they're used to measure value. It's because they're commonly accepted everywhere that they're used to measure value.

If bitcoin can be used in every store in a city, then the residents there will probably switch to measuring things in bitcoin pretty soon. It's like how you can switch from USD to Euros if you move from US to France or something. There's nothing magical about "fiat".

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.

Because people unconsciously use fiat to measure value, they got this habit since they were born, there is almost no escape

Great description, many people forget that while they are happy or complain about current price.

And if your advice doesn't work, which it won't, can I sue you?

It has to do with income tax and other money laws. No matter what you want to do with Bitcoin, you have to convert it into fiat monetary value in order to act within the "law."

This means that there isn't very much incentive to use Bitcoin, because you have to keep records in fiat form anyway. In fact, using Bitcoin means that you have to keep an extra set of records. And as long as fiat is king, there is always the conversion factor so that you retain value as it would be if you had only used fiat.

So, what's the answer? The answer involves getting back into common law. Do what you are going to do businesswise. Stop paying income taxes. Stop contracting with government regarding their laws. Sell your products without income tax, and at least some reduced regulations.

What do you do when they come after you? Never does a man come after you when government comes after you. Always it is a government agency or THE UNITED STATES OF AMERICA or THE STATE OF XXXXXX that comes after you. Stand as a man in court, not represented or representing yourself. Rather, stand present in court. This means that your accuser must be a man (or woman). If your accuser is the government, they lose, because the government cannot get on the stand under oath and affirmation and say anything. And they are required to do this so that you can cross examine them.

If you need to sue a government agency, always find the human being who acted in the government capacity. Sue the human being as well as the government agency. You can do it because a government agency can never do anything wrong to you. A government agency is simply paperwork. Paperwork can't do anything. It is only when a man or woman does what some paperwork says that paperwork even looks like it can do something. But, it is always the man or woman that does it. If a man or woman wrongs you, sue them.

Watch/listen: https://www.youtube.com/watch?v=UFHUt1d_JHU.

it won't change in the near future. people have to deal with it and stop complaining. bitcoin at this point can't function on its own value in a way that 1btc = 1btc yet. not sure when it ever will.

I think the question here still goes back to asking ourselves on what we can do. As long as things are still priced in fiat, that is where the problem comes. I perform quite a lot of online marketing thing and the first thing I'll ask the seller is whether they will accept bitcoin. Most of them will agree to that, and that is how you introduce bitcoin.

No.

Bitcoin is only buy and sell.

Pure marketing.
Pure tradding.
Pure value.

the problem is that "we" isn't a single entity, is "decentralized", and we cannot control each other, to determinate the fate of bitcoin, you can't just say stuff like "if we work together, if we start buy the price will raise ecc..."; it will never happen because of our will(the will of one of us i mean)....

Just paid a bill earlier today online by credit card because they only had CC and bank account payment options. Afterwards the site asked if I wanted to take a survey, which is pretty common these days. I took that as an opportunity to use the Comments boxes in the survey, repeatedly, to sell them on the benefits of offering bitcoin as a payment option and how to get started.

For example, I pointed out that many people are sick of having CC info stolen and that with bitcoin you can't have info stolen from a transaction that would allow criminals to steal from a bitcoin users account. I also mentioned the elimination of credit card fees, chargeback disputes and the faster transaction times. I linked them to Coinbase, Bitpay and Coindesk for more information.

Just keep plugging away with opportunities like that. Don't wait for someone else to do it.

Your job doesn't pay you in bitcoin (at least mine doesn't).

All items are already priced in fiat.

Fiat hasn't collapsed yet.

Any other reasons I need to state why BTC is tied to fiat currency?

Problem is, too many people "hodl" their coins in hopes of capturing future Appreciation and hope that others will be the ones to inform the world about Bitcoin and spend it in hopes of expanding the Bitcoin economy And therefore help expand demand.

bitcoin is not an 'it'.. bitcoin is a 'we'

too many people think that bitcoin is a self managing AI that communicates to merchants and teaches/incentivizes merchants to adopt bitcoin.

when people holding bitcoin realise we are the people that need to expand bitcoins reach ourselves. then bitcoin will grow faster.
so anyone complaining that you cant use bitcoin in your neighbourhoods, DO SOMETHING ABOUT IT