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?
I see a lot of good ideas here.
The reason for this thread is to explore if there are some other ways to value bitcoin. Like many of you said, it would probably just hop over to the next largest currency. But do we want the bitcoin to allways be dependant on another currency and its inflatory politics? Many of you also said that the dollar will never go to 0 and there is no reason to worry about this. But every currency in the world is loosing value everyday. Therefore bitcoin is also loosing its value. it may be a stupid question, but would it not be better to have another way to value bitcoin so you could allways buy 1 sack of potatoes for 1 satoshi for exampel?
Price of the bitcoin would be least of your worries if dollar would hit zero. I am positive that internet money would have some value for some people, but just lack of liquidity and all the panic ensued because dollar dropped to zero would most likely wipe all interest and respect for experimental internet money. They were volatile before all the hell broke out so why would they survive absolutely apocalypse scenario? And this chaos wouldn't be inside us only. Imagine that a world biggest superpower just lost all the power they had. The imbalance itself would cause wars when countries would try to fill it. It would be hell on earth and probably nuclear war. So i really wouldn't bet on bitcoin then.