if SC skyrockets against btc, and btc crashes to 2000, I've just lost a ton of money. bottom line, fiat will always exist and always be the comparison for value. BTC's value is against the USD, you cant use btc's value independently for purchasing power, that value comes from the market value of BTC to USD or other fiat. Alts are compared to fiat because the bottom line for traders is profit, not profit against a speculative investment (btc).
yuri72
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@tradingnomad, I saw a great tweet today: "Trust in fiat and Bitcoin price are inversely correlates. Bitcoin price is not 'high', Confidence in fiat is crashing". I fully second that. I don't think it is an event, but in irreversible trend.. governments have overplayed their hands.. For now we measure btc's value in fiat, but maybe someday we measure it in gold or something else :)
tradingnomad
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@yuri72, wishful thinking, but what about all the other governments? countries' debts, banks, the payment gateways to the Internet, credit and loan companies, you think bitcoin loans will ever fly? As much as I support crypto, I just cant see it ever not being tied to fiat.
yuri72
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@tradingnomad, things can happen in two ways: revolution or evolution..
So either something really big has to happen (world war or some other global crisis...) or it will go very slowly and you and I will propably not live to see it ;)
And maybe it will be something other than crypto but I am convinced fiat won't last forever..
vickygautam
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it will stop once we have btc accepted at walmart!
gelpig
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i agree 100% , it took me some time to realise how to compare but that is the only way to go. People just get confused that is ok they will understand your idea when bitcoin will continue to go up usd will go down and they will win in usd but lose in btc. It takes time to get it..
ttovmasy
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realizing this the hard way, I have all my BTC in alts, and through the rise of BTC my USD est balance has remained the same.