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Title: Are rates expressed the wrong way around? Post by: stan.distortion on July 12, 2013, 12:02:55 AM ...
Title: Re: Are rates expressed the wrong way around? Post by: AliceWonder on July 12, 2013, 12:04:44 AM BTC got cheaper. Most people are paid in the fiat currency of their country and the fiat prices of goods at the store don't fluctuate when bitcoin does.
Title: Re: Are rates expressed the wrong way around? Post by: Stephen Gornick on July 12, 2013, 12:24:43 AM Which would be better, Euro's got damned expensive last week at over 0.018 BTC each, or BTC got a lot cheaper at 55 EUR each? It all depends on what you consider as your base currency. I tried switching my mindset to using Bitcoin as my base currency and all I did was confuse people like when I asked if I could sell to them some of my dollars. Here was a comment on that: If you think of bitcoins as being your base currency, then this weekend's dip trade resulted in a gain on an investment held just over the weekend. But I'm debating on whether or not to phrase the trade using the right terms. Instead of saying I was selling coins on Thursday what I should have said was that I was buying dollars. Then today, I sold those dollars and as a result of that trade I got back about 5% more bitcoins versus the amount I had spent on Thursday. Thus using the term "5% gain on the weekend dip trade' is the correct way to phrase it. It gets confusing switching back and forth on what is referred to as the base currency though. |