What happens to the value of bitcoin if the dollar goes to 0? Will bitcoin also loose value because the dollar is worthless? yes, there would probably be other things to mind like world war, full panic, no internett and so on. But set these things aside. How much would a sack of potatoes cost, and with what could I buy these potatous witth(gold/bitcoin/chickens/etc.)?
Any ideas? and any ideas on how bitcoin could be independant of the dollar, or other fiat?
If the dollar goes to 0 then Bitcoin will still be 1B = 1B. Bitcoin valuation in terms of fiat currency will be interpreted in another currency if the valuation of Bitcoin in dollar is somehow impossible (dollar getting 0 valuation). Bitcoin fiat valuation or equivalent can be presented in pounds, yuan, euro or any other fiat currency. After all dollar is just another currency of thousand that is existing in the global market.
Great answer, but what if all other fiat currency went to shit aswell?
We can look into that in theory, if all fiat currency goes 0 valuations, and only Bitcoin has worth, then as I stated, 1B=1B. Depending on the Bitcoin market valuation, fiat currency now has no purchasing power since all of them goes 0 in value, then Bitcoin will be the global currency and can be used to purchase goods and services. The worth of Bitcoin depends on the market valuation and how much to pay for 1 loaf of bread is dependent on that.
Bitcoin can't be interpreted in any fiat currency since the situation, in theory, is stated that all went to shit, meaning fiat currencies are equivalent to 0 valuations. We cannot give any conversion if one factor is equivalent to 0.
Perfect! So everyone that could not provide any services or sell any goods would not have the posibilites to buy bitcoin at that time. This would make the transition to the time where fiat is no more very complicated... while there are probably 1000 other things to be worried about at that time.
But lets say we would want the world's economy to be completely decentralized with no fiat, and no inflation politics. How could we create a smooth transition where there won't a complete havock?