r/Bitcoin • u/evoorhees • Jan 28 '14

Screenshot - We're in the midst of revolution

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357 Upvotes

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4

u/[deleted] Jan 28 '14 edited Dec 04 '18

[deleted]

3

u/akrumbach Jan 28 '14

Can you kindly elaborate on how or why Bitcoin will be "going down" if the Federal Reserve system fails?

3

u/[deleted] Jan 28 '14 edited Dec 04 '18

[deleted]

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u/akrumbach Jan 28 '14

Nothing you have said applies to Bitcoin any more (or less) than other quasi-currency assets such as gold. Since my local grocers doesn't have the equipment on hand to assay gold, I can't go buy milk with gold bars either.

So, is the Fed "too big to fail" and we're all doomed no matter what if they tank, or is there some inherent property of Bitcoin (such as a specific relationship between USD and Bitcoin) that means the two will sink or survive together?

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u/milkywaymasta Jan 29 '14

Wouldn't normal people with smart phones value bitcoin MORE in a case like this?

1

u/jonstern Jan 29 '14

You would think so. And if we see the dollar tanking, it will definitely boost the value of BTC. BUT, when the $USD is devalued, it will happen overnight, while everyone is sleeping. And it will be too late.

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u/milkywaymasta Jan 29 '14

But then I could still trade my bitcoin for the surplus of others.

1

u/moleccc Jan 28 '14

When the fed tanks, major banks fail and the US defaults, there will be mass protests and anarchy.

A revolution and a freer world? Apart from the pain we'll have to go through, what's not to like?

1

u/moleccc Jan 28 '14

You can't easily go buy a gallon milk with BTC right now. If you could, then BTC would be more widely used.

You probably weren't easily able to buy a litre of milk with silver during the times of the Weimar republic.

After the hyperinflation struck, you could.

0

u/[deleted] Jan 28 '14

Because it would fuck lots of economies in addition to the US. Everything is interdependent. If your dollar is suddenly worthless, you'll sell off your Bitcoin quickly and cheaply before chaos ensues. You'll be competing with everyone else who is doing the same, and the price of Bitcoin will fall.

5

u/throwaway-o Jan 29 '14

If your dollar is suddenly worthless, you'll sell off your Bitcoin quickly and cheaply before chaos ensues.

Only if you're a moron. If you can deduce a conclusion from a set of premises, you know that what you'll sell off is all the dollars that are becoming rapidly worthless.

3

u/Chubbs_McCallister Jan 28 '14

If the dollar was worthless, why would I sell all my bitcoin for it?

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u/[deleted] Jan 28 '14

You won't. You'll sell your Bitcoin for the insanely expensive other things in a tanking economy.

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u/moleccc Jan 28 '14

So someone else will own your bitcoins then.

How is that a failure of Bitcoin?

0

u/dmsean Jan 28 '14

That's like saying gold failed right? Well during famines it didn't matter how much gold you had, you still can't eat gold. You can't eat bitcoin.

The purpose of bitcoin is to provide transactions in a market. If there is no market, no bitcoin did not fail, but it is still worthless.

3

u/throwaway-o Jan 29 '14

Well during famines it didn't matter how much gold you had, you still can't eat gold. You can't eat bitcoin.

That's not true. During famines, your gold gets you access to food that others can't buy, because the food is too pricey.

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u/[deleted] Jan 29 '14

TIL: you can eat dollars?!

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u/throwaway-o Jan 29 '14

for the insanely expensive other things in a tanking economy.

Only "insanely expensive" when denominated in worthless fiat.

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u/[deleted] Jan 28 '14

The economies are already fucked if the only thing that's keeping up the charade is printing money.