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Title: The Bitcoin Standard Post by: BitProdigy on December 12, 2017, 04:59:58 AM I've been thinking. Maybe the solution to buying coffee, and people around the world buying groceries with crypto, could be solved in a rather old fashioned way.
In the past, paper currency was backed by gold. Maybe we need a cryptocurrency that is fast and cheap, but derives value from being backed by Bitcoin. It would need to be backed in such a way that it is permanent, like a smart contract or something, so that there is trust that it will never be pulled off of the "Bitcoin standard" etc. Could Ethereum facilitate such a currency? Perhaps a smart contract that holds an amount of BTC and automatically "sells" it's currency for BTC, and "buys" it's currency with BTC, at a set rate. If you send the contract 1 BTC it gives you 100,000,000 of these units. (which can be divided to two decimal places) minus the ether fees to perform the action. This would solve a lot of problems I think, and birth a Medium of Exchange currency that could compete with national currencies. Title: Re: The Bitcoin Standard Post by: Laokong on December 28, 2017, 03:08:07 PM I've been thinking. Maybe the solution to buying coffee, and people around the world buying groceries with crypto, could be solved in a rather old fashioned way. the decentralized alternative to central bangking saifedean ammous. Bitcoins is the newest technology for money. In the past, paper currency was backed by gold. Maybe we need a cryptocurrency that is fast and cheap, but derives value from being backed by Bitcoin. It would need to be backed in such a way that it is permanent, like a smart contract or something, so that there is trust that it will never be pulled off of the "Bitcoin standard" etc. Could Ethereum facilitate such a currency? Perhaps a smart contract that holds an amount of BTC and automatically "sells" it's currency for BTC, and "buys" it's currency with BTC, at a set rate. If you send the contract 1 BTC it gives you 100,000,000 of these units. (which can be divided to two decimal places) minus the ether fees to perform the action. This would solve a lot of problems I think, and birth a Medium of Exchange currency that could compete with national currencies. |