How can bitcoin take over the us dollar?

So I hear that bitcoin is going to take over the us dollar. How can something priced in dollars take over that which is its underlying currency? Am I missing something?
Is there a way for bitcoin to decouple from the dollar?
I did invest in crypto but got out as I wasn't sure what it was exactly.

a reply to: jlafleur02

It can't.

Next question.

originally posted by: Ksihkehe
a reply to: jlafleur02

It can't.

Next question.

Thanks for the info

As long as the Federal Reserve has a say, the USD isn't going anywhere.

Surprised the Reserve has allowed the cryptos to go as long and far as they have. But wouldn't be surprised to see some cryptos adopt another currency for their baseline.

Bitcoin?

That fly by night ponzi scheme? -South Park 2021

It's no mystery as to why many people and cultures left the "metal" coin alone... other people and cultures have hoarded it melted then forged their own since the very first coinage to gain and gather wealth of their own using that as a trade or barter instead of honing a skill valuable to whatever people and or culture it may happen to be.

In "paper" currency it has always been counterfeiting that is the most concern... India used to be so poor it was illegal to take or remove the Indian Rupee from the country. That may or may not still be the case as I'm not current on it.

I think the reason Bitcoin is so popular is that it is sort of like the movie "Star Wars" credit based system. Bitcoin when it was started wasn't backed by anything other than an idea people bought it and shares of it just for the hell of it like a commodity only later when they amassed a lot of wealth from it did they start treating it like a credit account.

Sort of like starting a company and selling the stock first but the company is all just "stock selling" and nothing more sort of like what is referred to as "junk bonds".

Since the US dollar is "For all Debts public and private?" the US does not see the purchase of such a thing as a debt or of any value unless it has infringed on others debts public and private when people have bought it and sold it and have played it like a market and failed miserably with it and others going by the same model.

When US dollars were paid to purchase such a thing then any debts public and private were being held and fed back into the buying and selling of basically "junk bonds" however since it is considered a valid corporation of employees it's not like they could be paid in bitcoins.

In the US civil war slave tokens both field and mining were basically the same thing which led to the civil war saying to should be sharecropping as trade or US currency for their work... when it wasn't equal share for equal work? The barter system failed and many still wanted to trade slaves as currency both the cropping and mining sort instead of dollars. To think that slaves: natives many of them also considered black or negro losing their heritage and other people just the same, white, black and also asian were seen once as currency. Fresh of the boat right into the "New worlds" hands sold directly into slavery... the New world slaves, mined, cropped, built infrastructure and railroads and sent west basically on suicide missions when seen as free with a family. Many of the people that lost family became miners where ever they were putting the skills they learned to work there, not really seeing any promise further.

Mining towns built up and of course slavery followed the trail in expansion from coast to coast until "America" was rich enough to abandon England and then enact the constitution for more than just the slave owners and drivers.

Whether Bitcoin and others like them want to be a part of that history or not is irrelevant as that's how it was... people that hate money want to barter in bodies or slaves whether they know it or not. Knowing that? They may very well be happy or more accepting of currency than reaping what you've sown as an ideal and sold off as a slave oneself. Some have never seen the slavery or slave trade end expecting some sort of product out of each individual to the point that society routinely breaks others like it was a pecking order and then does not want to take any responsibility for that breaking and then try to further subjugate those individuals to testing as if something was wrong with those individuals instead of the ideological pecking order they were guilty of employing against other people.

Ignoring it doesn't mean one is unaware of it, ignoring it doesn't mean one approves of it or not... ignoring it does not see it as hopeful or not hopeful... ignoring it just means the hose is still spraying monkeys in a myriad of ways and I have to keep moving on sprayed or not by the ignorant until they learn to leave the monkey spraying hose alone.

TLDR that's the history of coinage real or imagined and what it has meant in human history.

originally posted by: jlafleur02
So I hear that bitcoin is going to take over the us dollar.

I don't know where you heard that, but that is pure nonsense, spouted only by those who have no clue what bitcoin is about.

How can something priced in dollars take over that which is its underlying currency? Am I missing something?

No. Bitcoin is property. Pure and simple. A Store of value. A virtual, secure, inflation proof store of value, that is poised to eliminate the stranglehold the world money powers have had over the people since ... forever.

Is there a way for bitcoin to decouple from the dollar?

False premise... it isn't 'coupled' with it, so how can it be decoupled?

I did invest in crypto but got out as I wasn't sure what it was exactly.

Yeah, probably not a good idea to invest in something you don't understand.

originally posted by: gb540
But wouldn't be surprised to see some cryptos adopt another currency for their baseline.

Eh? Bitcoin hasn't 'adopted the USD as its baseline'.

It has a running conversion factor in USD, just like it has in any other currency out there.

originally posted by: Crowfoot
...
TLDR that's the history of coinage real or imagined and what it has meant in human history.

You think that what you just gave was some kind of factual 'history of coinage'?

Rotflmao!!!

Here are two videos from someone - a man who should be listened to, and his recent videos on the subject studied extremely closely, if your goal is to actually learn about bitcoin - what it is, what it isn't, and more importantly, what it is poised to become - and who actually knows something about the history of money:

originally posted by: jlafleur02
So I hear that bitcoin is going to take over the us dollar. How can something priced in dollars take over that which is its underlying currency? Am I missing something?
Is there a way for bitcoin to decouple from the dollar?
I did invest in crypto but got out as I wasn't sure what it was exactly.

You can price bitcoin in euros also, or even toilet paper for that matter.

Explain how bitcoin is coupled to the dollar?

a reply to: jlafleur02

Bitcoin is it's own currency allowing transactions with no 3rd party needed. No government, no banks needed. It doesnt have to "take over" the dollar or any other printed money. The U.S. dollar is going to inflate and become worthless all by itself.

originally posted by: tanstaafl

originally posted by: Crowfoot
...
TLDR that's the history of coinage real or imagined and what it has meant in human history.

You think that what you just gave was some kind of factual 'history of coinage'?

Rotflmao!!!

Here are two videos from someone - a man who should be listened to, and ... who actually knows something about the history of money:

You mean this guy?

While many Bitcoin maximalists see Saylor as a visionary and view MicroStrategy’s tiny Bitcoin purchases as an example of “massive institutional demand”, a more mysterious agenda becomes very clear when diving into Michael Saylor's corrupt, fraudulent, drug-addicted, and deceitful past.

Fun Fact: He’s ranked the #1 Loser of The Dotcom Bubble
The dot-com bubble was one of the largest bubbles in history and went on from 1995 to the 2000s. It was carried by extreme speculation for internet-based businesses, mainly with a “.com” domain for their internet address.
...
By using Thompson Financial and Bloomberg data, they came up with a list of who got hit the hardest during the tech bubble. Ranked at the first place was none other than Michael Saylor who lost $13.53 billion, which was the largest and fastest financial loss ever (at the time).

His investment failures came from years of negligent accounting practices, fraud, and overall terrible leadership.

Yeah, I don't think I'm listening to Saylor.

if you don't get it by now you never will.

The dollar is already dead. it died when we left the gold standard. The only reason our economy is still working right now is because the Fed keeps issuing debt to the US so it doesn't come to a standstill.

We are all living in the slow collapse of the dollar empire. Eventually the dollar will be worthless and bitcoin will be priced in gold or silver ounces.

a reply to: tanstaafl I've got bitcoin and and I could care less about it how much bitcoin do I have hell I dunno someone gave me an account full of it over 12 years ago for helping them out of a bad spot.

There's so much history written to benefit the trope the lie... sit long enough, stand long enough, lay down long enough and you'll know it all from beginning to end and it won't matter as here comes the beginning again then the end and on and on and on faster and faster until poof here' comes those animals to eat me again and the apes to tear me apart yadda yadda yadda

originally posted by: Crowfoot
a reply to: tanstaafl I've got bitcoin and and I could care less about it how much bitcoin do I have hell I dunno someone gave me an account full of it over 12 years ago for helping them out of a bad spot.

There's so much history written to benefit the trope the lie... sit long enough, stand long enough, lay down long enough and you'll know it all from beginning to end and it won't matter as here comes the beginning again then the end and on and on and on faster and faster until poof here' comes those animals to eat me again and the apes to tear me apart yadda yadda yadda

ill buy it all from you for 10,000 dollars. dead serious

a reply to: tanstaafl

It has a running conversion factor in USD, just like it has in any other currency out there.

Yes .
All dollar based .

originally posted by: Ksihkehe
a reply to: jlafleur02

It can't.

Next question.

Thread answered .

originally posted by: Ksihkehe
You mean this guy?

No, I mean this guy... you know, the guy who graduated from MIT in 1987 with a double major in aeronautics and astronautics; and science, technology, and society. That guy.

Now to address the ridiculous Trump-like hit piece you tossed out...

"While many Bitcoin maximalists see Saylor as a visionary and view MicroStrategy’s tiny Bitcoin purchases as an example of “massive institutional demand”, a more mysterious agenda becomes very clear when diving into Michael Saylor's corrupt, fraudulent, drug-addicted, and deceitful past.
...
His investment failures came from years of negligent accounting practices, fraud, and overall terrible leadership.
"

And yet...

a) he is still CEO of Microstrategy, the same exact company in question that he co-founded in 1989 (32+ years ago),

b) lots of companies engaged in questionable/creative accounting practices back then, and while I admit he likely knew some if not all of what was going on in that respect, no one can prove it, and the SEC settled,

c) the company not only survived said questionable event, it came back stronger than ever under his leadership, which means the Board of Directors and Shareholders maintained their confidence in him,

d) tiny bitcoin purchases??? As compared to the GDP of the USA, ok, yeah, but... over a billion USD, that has almost tripled in value, is not what I would call tiny

and finally

e) said company has been increasing revenue's ever since, up to the time immediately preceding his initial slide into bitcoin - again, with Saylor at the helm.

'Investment failure' is not how I would characterize his history with this company he co-founded 32+ years ago and still leads as CEO to this day.

Look, I don't know the man, and I'm certainly not saying he didn't know what was going on with respect to the questionable accounting practices - who is to say what/how much he knew about what was going on? Only he knows. I'd say this is similar to how real estate developers (I'm thinking of one certain NY developer) engage in creative accounting practices when it comes to valuing certain properties when applying for loans/credit... it is likely something that is done, not strictly illegal, and usually not even noticed and certainly not prosecuted.

The reason this event came to light is almost certainly due to the dot.com bubble popping, with brought lots of things into focus that would have otherwise stayed off the SEC's radar.

That article though, is a hit piece, nothing more, by an author representing morons pushing #coins. In fact it reads just like a hit piece on Trump... using this one event during the dot-com bubble - that he and the company not only survived but came back from stronger than ever - to justify a broad stroke claim that he is 'corrupt, fraudulent and deceitful' is just pure unadulterated FUD.

But, the article's author doesn't stop there. He also included a shameful reference to a history of drug addiction. Apparently you didn't bother to fact check that article. The court document it links to makes it appear to be about Michael J. Saylor, founder of Microstrategy, but reading the text makes it clear it cannot possibly be about him, because it was from 1/26/2021, and says he is still in jail. So, 30 seconds of googling reveals that court case is actually about one Damien Michael Saylor, not about Michael J. Saylor, CEO of Microstrategy. If I mere Michael Saylor CEO of Microstrategy, I would be suing cryptowhale for defamation and putting them out of business.

Yeah, I don't think I'm listening to Saylor.

Listen to whoever you want, but if I were you, I'd be a bit more discerning when reading random hit-pieces online.

originally posted by: Gothmog
a reply to: tanstaafl

"It has a running conversion factor in USD, just like it has in any other currency out there."

Yes .
All dollar based .

It is based in whatever other currency you want to compare it to. If you are chinese, you'll be comparing it to yuan...