Bitcoin
$9,271.98 0.69%
BTC · 3w

Scenario: Fiat Collapses/ Hyperinflation

Hey there, I wonder if we could have a discussion about the scenario if the Fiat monetary system we now live in collapses. There are a few things that I can’t wrap my head around. 1. If we face massive inflation, than prices of 100k-1m Dollar per Bitcoin would definitely be realistic, but since there is massive inflation the dollars wouldn’t have the buying power that they have today. So in my eyes there is no incentive to change back my Bitcoin into Dollars or any other fiat currency. This idea opposes all those Bitcoin investors who are trying to buy bitcoin cheap and sell it high, just to change it back into Fiat-Currency and buy all the stuff they want to buy when they made a quick buck due to the increased value of Bitcoin. 2. Assuming there is no incentive for anyone to change their Bitcoins back into Dollars or other national currencies than all the stuff humans desire should be able to be bought with bitcoin. 3. Due to the properties of bitcoin massive inflation isn’t possible. So investing into bitcoin today is more like reserving buying power in the scenario that the monetary system we live in collapses sometime in the future. 4. Following the thought of (2.) I definitely see some problems occurring with the Bitcoin Network due to scale ability and human psychology that paying for a bread with 0.000001 BTC just doesn’t feel intuitive. 5. Following the thought of (3.) If we’d change to a Bitcoin based monetary system with bitcoin as the underlying value, wouldn’t that make people who are already heavily invested in Bitcoin (I’m talking about thousands maybe millions of Bitcoin) incredibly powerful since their buying power would dwarf those of the richest people on the planet today? Isn’t it problematic if so much power is centralized on a few persons nobody even knows (Satoshi)? Don’t get me wrong. I am hoping and deeply believing that the blockchain technology is going to change the world. Hopefully to a better, more equal and more efficie...
Continue on self.Bitcoin
Recent news
BTC +0.69% · bullswaves.com · 5h

Day Trading For Beginners

If you are reading this article you may have already know about the exciting financial and personal rewards of day trading. You are curious about the fascinating tales of great monetary rewards and ex...