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Topic: Why is bitcoin controlled by the dollar! (Read 1905 times)

NyeFe (OP)

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Why is bitcoin controlled by the dollar!

July 09, 2016, 08:44:05 PM

bitcoin is mean't to be fiat independent. Why is its price/value backed by dollar, instead of the gold-standard.
In reality, we're still under the tight grips of central banks, United States, and the dollar!

This is a large issue which needs to be fixed, internally within our community and externally ...

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xhomerx10

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Re: Why is bitcoin controlled by the dollar!

July 09, 2016, 08:54:55 PM

Bitcoin isn't backed by anything but a group of miners, a network of nodes and a faithful cultish following Wink

Wapinter

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Re: Why is bitcoin controlled by the dollar!

July 09, 2016, 08:58:06 PM

Quote from: NyeFe on July 09, 2016, 08:44:05 PM

Since dollar is the currency widely accepted,bitcoin prices are usually quoted against dollar for this reason.Bitcoin is independent of any fiat or cryptocurruncy.It exist on its own

pawel7777

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Re: Why is bitcoin controlled by the dollar!

July 09, 2016, 09:01:57 PM

It's not "backed" by the USD, anymore than gold/silver/any commodity is. Just because USD/BTC rate is most commonly used to track Bitcoin value, it doesn't mean that Bitcoin is dependent on USD. You can use any other currency exchange rate (just like CNY/BTC is probably more popular in China) if that makes you happy.

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helloeverybody

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Re: Why is bitcoin controlled by the dollar!

July 09, 2016, 09:22:43 PM

What makes you think its backed by the us dollar? its got nothing to do with the us dollar, if its backed by the us dollar then its also backed by cny,gbp and every other currency around since its used worldwide and people cash out into all kinds of currencys. I can tell you now that ive never bought or sold bitcoin for usd and never will.

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RidgyDidge

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Re: Why is bitcoin controlled by the dollar!

July 09, 2016, 09:30:30 PM

Bitcoin at one stage was backed by nothing, people literally used to trade thousands of them for just a couple of pizzas yet alone making silk road users ultra rich when a really low price came into play compared to today's average price.

Users used to sell an ounce of green for 100 Bitcoins Shocked

that's almost $100,000 at bitcoins peak.

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European Central Bank

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Re: Why is bitcoin controlled by the dollar!

July 09, 2016, 09:33:23 PM

here's a newsflash for ya - gold is priced in dollars too. anything is gonna be priced in the most commonly used currency, no matter how shitty it is. that's the only practical way to measure anything.

pawel7777

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Re: Why is bitcoin controlled by the dollar!

July 09, 2016, 09:34:14 PM

Quote from: RidgyDidge on July 09, 2016, 09:30:30 PM

Bitcoin at one stage was backed by nothing,

Bitcoin (value) is still backed by nothing. Just like the value of any major fiat currencies.

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RidgyDidge

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Re: Why is bitcoin controlled by the dollar!

July 09, 2016, 09:35:18 PM

Quote from: pawel7777 on July 09, 2016, 09:34:14 PM

Quote from: RidgyDidge on July 09, 2016, 09:30:30 PM

Bitcoin at one stage was backed by nothing,

Bitcoin (value) is still backed by nothing. Just like the value of any major fiat currencies.

That is indeed very true, Fiats just put its trust in someone saying "OK this is how much our Dollar will be worth " lol

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Kprawn

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Re: Why is bitcoin controlled by the dollar!

July 09, 2016, 09:38:05 PM

#10

You really think we should back Bitcoin with gold? Most of the so-called gold on the books, do not even exist. It's just a entry in a digital ledger. Roll Eyes

The last verifiable audit of gold has been done many years ago,

and if you ask the federal reserve to show you your gold, they would show you the door. I would much rather have Bitcoin backed by Bitcoin and no currency and commodity that can be faked and manipulated

by any government. How is that for a suggestion?

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RidgyDidge

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Re: Why is bitcoin controlled by the dollar!

July 09, 2016, 09:43:17 PM

#11

Quote from: Kprawn on July 09, 2016, 09:38:05 PM

You really think we should back Bitcoin with gold? Most of the so-called gold on the books, do not even exist. It's just a entry in a digital ledger. Roll Eyes

But you can buy gold yourself and have it in your hands, why give it to a bank ? I know that once money goes into my bank everything that is in there comes out & is stored physically to spend on various things including bitcoins so atleast I know it's there, when banks go down I don't ever have to worry Cheesy

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Btcvilla

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Re: Why is bitcoin controlled by the dollar!

July 09, 2016, 09:47:13 PM

#12

Its not backed by the dollar. Its traded using the dollar. There's no practical way of trading Bitcoin without using the dollar. Sure, you can use goods and services, but it just isn't something everyone can use. There's no "fixing it" either. Its how currecny and money works.

ImHash

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Re: Why is bitcoin controlled by the dollar!

July 09, 2016, 09:48:28 PM

#13

Can you buy gold with USD? yes, can you buy everything with USD? yes, so why not?
it is still the gold but only in printed paper, and that doesn't make bitcoin any lesser.

J0ran

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Re: Why is bitcoin controlled by the dollar!

July 09, 2016, 09:52:00 PM

#14

it's not controlled by the dollar. it's just a form of measurment Wink

BlockEye

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Re: Why is bitcoin controlled by the dollar!

July 09, 2016, 09:53:36 PM

#15

I dont think it is backed by USD, it just happened that its always compared to USD in tsrms of its value that how I look at it but if USD drops I dont think BTC will drop like it is backed by it.

SiNeReiNZzz

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Re: Why is bitcoin controlled by the dollar!

July 09, 2016, 09:58:16 PM

#16

Quote from: NyeFe on July 09, 2016, 08:44:05 PM

It seems you do not understand the Financial System... Roll Eyes

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ebookscreator

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Re: Why is bitcoin controlled by the dollar!

July 09, 2016, 10:21:15 PM

#17

Controlled by dollar? i think its not the price of bitcoin is depends in deman and supply its not controlled by usd..
Dont relay in usd just relay how much people are buying bitcoin and how much our supply in total..

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FoendyZ

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Re: Why is bitcoin controlled by the dollar!

July 09, 2016, 10:39:16 PM

#18

Quote from: NyeFe on July 09, 2016, 08:44:05 PM

bitcoin is digital curency , same but not equal paypal perfectmoney okpay and etc(is fiat curency), bitcoin can't controll dollar, can control price bitcoin pair dollar is community bitcoin is not bitcoin controll price dollar

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Re: Why is bitcoin controlled by the dollar!

July 09, 2016, 10:57:14 PM

#19

Quote from: FoendyZ on July 09, 2016, 10:39:16 PM

Quote from: NyeFe on July 09, 2016, 08:44:05 PM

bitcoin is meant to be fiat independent. Why is its price/value backed by dollar, instead of the gold-standard.
In reality, we're still under the tight grips of central banks, United States, and the dollar!

This is a large issue which needs to be fixed, internally within our community and externally ...

Just no making a shitty post, don't get out from the reality,in fact, bitcoin dollar gives a big role for bitcoin, the dollar becomes the main stand of bitcoin. the people can appreciate bitcoin because they have a value in the dollar, we know the dollar influence a lot of another fiat currency in the world. but why bitcoin taking a dollar become their stand currency and not another fiat currency?

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jackg

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Re: Why is bitcoin controlled by the dollar!

July 09, 2016, 11:01:49 PM

#20

Quote from: NyeFe on July 09, 2016, 08:44:05 PM

The dollar doesn't back Bitcoin!
You could say the same about gbp, euro and cryptocurrencies:
Dollar - preev.com/btc/usd
GBP - preev.com/btc/gbp
Euro - preev.com/btc/eur
Dogecoin - preev.com/btc/xdg

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