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RE: If dollar eventually collapses how will cryptos be valued?
How would be gold, cofee, oil, silver and everything else valued if dollar collapse? Imagine if ansfer to that question will be bitcoin (impossible nowadays but just imagine). If that happened there is no need to valued bitcoin in any other currency. All currencys will be valued in bitcoin.
The only reason fiat currency has value is “perception”... because it is backed by nothing, the same as Bitcoin. The only way bitcoin would ever work is mass adoption. The only way mass adoption could take place is if society knew exactly how it works and trusted in the functionality of the Blockchain structure but most importantly the security of that system. So far, there have been too many thefts and scams that could be pointed out that could cause a lot of doubt. If there is doubt there is little trust. It may be a hard sell to try to convince people that someone doesn’t have a secret key to tap into wallets. We have a long way to go before cryptos get mass adoption. Perhaps we are heading in that direction with @eos...
I agree. After removing gold parity fiat money is only paper with our imagination its worth something. Bitcoin is more than that. We know that there is no chance that situation like in RPA happened cous ther is limited amout of bitcoin. Its amount never go higher than 21 mil and noone is printing it.
Blockchain and bitcoin is safe technology. Problem is with people who don't know how to keep them safe. Same happening with fiat money stolen from stolen cradit cards, bank account password etc. But if fiat money are stollen you are guilty- if bitcoin is stolen blockchain is guilty.