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We must build a new exchange rate system based on the quantity of money in existence. For example the bitcoin/U.S. dollar exchange rate should be: 1 bitcoin = 500.000 U.S. dollars because all the U.S. dollars in the world are 10.5 trillion. (10.5 trillion/21 million = 500.000).
What do you think about this idea?
If you can convince people to buy it for that much, and equally convince others to not sell for lower than that value, sure. Knock yourself out. Bitcoin is a relatively free market, there is no way to force people to buy or sell for values as massive as that. You can't force a fixed rate. Also it shouldn't be tied to just the value of USD in existence. If the USD was backed by all the Bitcoin in the world something like this would make sense, but it isn't, so that's not applicable. Run the numbers with close to $10 quadrillion. That is approx. the global economy value, including market valuations, metals, futures, etc. The idea is perfect. This is how exhange rates will work in the future. No market. Only quantity. |
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We must build a new exchange rate system based on the quantity of money in existence. For example the bitcoin/U.S. dollar exchange rate should be: 1 bitcoin = 500.000 U.S. dollars because all the U.S. dollars in the world are 10.5 trillion. (10.5 trillion/21 million = 500.000).
What do you think about this idea?
You should learn about supply & demand rules..those are the main rules out there which drive the prices of a stock/currency/good. Also don't forget about speculation and manipulations which then are another thread to deal with. Im talking about new rules. New ideas. |
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I once made my own currency. I only created three units. By your logic, I could just divide the US money supply by 3 to derive the value of my currency, but I'd get laughed at when I took my currency to the bank and asked them to exchange it for trillions of dollars.
Quantity is not directly related to value. For example, a pound of bread has a different value than a pound of gold. Floating exchange rates set in a free market environment allow for accurate valuation. Your system does not.
Where did you find the 3 units? No mining, no premine, only buy/sell. |
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No, the idea is perfect. But no mining. Only buy/sell.
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We must build a new exchange rate system based on the quantity of money in existence. For example the bitcoin/U.S. dollar exchange rate should be: 1 bitcoin = 500.000 U.S. dollars because all the U.S. dollars in the world are 10.5 trillion. (10.5 trillion/21 million = 500.000).
What do you think about this idea?
Yes, I like your idea. You're right. I'm all willing to help you set up that new system of yours. I guess we could start with me selling you one BTC. I'll pay the bank fee to transfer the $500.000 to my account and I'll send you one BTC right away. How are you supporting this idea. You are a legendary and you should know a lot about Bitcoin. This system would completely destroy the point of the market cap. I definitely think it is a bad idea. Why we need a market cap? |
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We must build a new exchange rate system based on the quantity of money in existence. For example the bitcoin/U.S. dollar exchange rate should be: 1 bitcoin = 500.000 U.S. dollars because all the U.S. dollars in the world are 10.5 trillion. (10.5 trillion/21 million = 500.000).
What do you think about this idea?
Insane Idea, you cannot calculate the total quantity of bitcoin vs the total quantity of money for bitcoin price. You need to see it's value first, then the adoption of people. Btw you failed to includee euro, yen, rupi, peso and other nations money to compute your Bitcoin price. It is simple logic. If you know the quantity of euro, yen, rupi, peso you can include them and calculate the altcoin price. |
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We must build a new exchange rate system based on the quantity of money in existence. For example the bitcoin/U.S. dollar exchange rate should be: 1 bitcoin = 500.000 U.S. dollars because all the U.S. dollars in the world are 10.5 trillion. (10.5 trillion/21 million = 500.000).
What do you think about this idea?
That is a good idea. Would you like to exchange my 1 bitcoin with your $500,000? If you do not, your idea will not work. Some altcoins can choose this method. This is rich. So you create an alt today and expect its value to be equal to the monetary base of the US dollar? There is only one thing which determines the demand - supply and demand I mean, a group of altcoins, can choose to use an exchange platform like this. |
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We must build a new exchange rate system based on the quantity of money in existence. For example the bitcoin/U.S. dollar exchange rate should be: 1 bitcoin = 500.000 U.S. dollars because all the U.S. dollars in the world are 10.5 trillion. (10.5 trillion/21 million = 500.000).
What do you think about this idea?
That is a good idea. Would you like to exchange my 1 bitcoin with your $500,000? If you do not, your idea will not work. Some altcoins can choose this method. |
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We can build an online platform and start using a system like that.
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We must build a new exchange rate system based on the quantity of money in existence. For example the bitcoin/U.S. dollar exchange rate should be: 1 bitcoin = 500.000 U.S. dollars because all the U.S. dollars in the world are 10.5 trillion. (10.5 trillion/21 million = 500.000).
What do you think about this idea?
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