Post
Topic
Board Economics
Re: If bitcoin price is $10.000, will fiat be worthless?
by
photon_coin
on 06/01/2016, 10:48:18 UTC
no

study the history of the talley stick in england

the king used wooden sticks for 'money' and 'required' you pay your tax with them


so ..... since you had to use this form of currency to pay tax

it always kept value


i would expect most nations to keep their currency as the required medium to pay tax

this keeps the scam of the worthless paper that has to be purchased from a private corporation and can be printed up at will alive, and also dilutes the ability to use better currencies/systems

......when there were "economic problems" during the administration of FDR in the U.S. it was illegal to use foreign currency and the govt. confiscated gold in excess of a few ounces.

These laws stayed on the books for years.

Given that the introduction of socialism to the US has diluted the perception of our economic state I wonder about the future.   For example food stamps.  During the depression people went hungry or went to soup kitchens.  At one point just over 30% of the population was getting help this way.

Today in America over 50% of the population is reliant on the government for food stamps and may starve without this.  Worse than the great depression.

I won't get into a discussion of how the unemployment statistics are manipulated now.....

They go away from the topic at hand..............

But these facts are background to prove that it will be a long long time and maybe never before btc or any similar thing fully replaces traditional money --------- whether we like that or not.