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Author Topic: Does Anyone Else Find it Ironic That We Express the Value of Bitcoins in Fiat?  (Read 1210 times)
johnniewalker
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April 03, 2013, 01:30:53 AM
 #1

It seems the standard to measure the value of a bitcoin at any given point is fiat currency. Bitcoin by nature is overwhelmingly anti-fiat. I suppose measuring it in terms of fiat is most practical but it still seems ironic. It may not be the most practical though, considering the volatility of fiat. The dollar is inflating. I made a trip to Mexico the other day, as I frequently do, and the exchange rate went from 12 pesos/$1 to 11.4 pesos/$1. I suppose its unrealistic for exchanges to represent value in terms of gold or something like that, but can anyone think of any alternative?

Edit: For example, it was a bigger deal to me when it became you could buy 2 ounces of silver with a bitcoin as opposed to when the bitcoin broke $100.
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talkingleaves
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April 03, 2013, 01:50:33 AM
 #2

but 100 is 3 ounces of silver Smiley
myrkul
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April 03, 2013, 01:51:44 AM
 #3

Edit: For example, it was a bigger deal to me when it became you could buy 2 ounces of silver with a bitcoin as opposed to when the bitcoin broke $100.
Well, right now, assuming you can find someone willing to trade at spot, 1 bitcoin will buy ~4.38 ounces.

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Mike Christ
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April 03, 2013, 01:52:03 AM
 #4

Because I live, dream, eat, and shit fiat.  When I wanna buy a bottle of coke, I don't think about how much it's going to cost me in silver.  Tongue

Since everything is priced in fiat, we think of something in terms of it.  So if I wanted to buy a car, I could easily figure out how much that car would cost in fiat, and then see how much I could get it for in bitcoin.  It's a lot harder to do that without fiat as a medium.

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April 03, 2013, 02:10:54 AM
 #5

I propose we value everything in Fiat.

For instance: This would be worth one Fiat:


and this would be worth 7.675 Fiat:

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Ares
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April 03, 2013, 02:58:44 AM
 #6

I propose we value everything in Fiat.

For instance: This would be worth one Fiat:


and this would be worth 7.675 Fiat:


lolol Grin Grin
Kao
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April 03, 2013, 03:51:48 AM
 #7

No more than the fact that we value gold in fiat, or conversely we value fiat in gold depending on your point of view.  The value of a given currency, especially an emerging currency like bitcoin is always going to be valued as compared to the dominant currency (the USD), a person's local currency (for the majority of us that's going to be the USD, EUR, GBP, or JPY), or whatever situational is the most appropriate. That last one is where gold comes in because while it may from time to time be worthwhile or useful to compare the price to gold it is often impractical both because most people won't be using gold as their primary medium of exchange and because, unlike a conversion to a person's local currency or USD, most people will instinctively convert it into currency then gold or into gold then figure out the currency value, rendering it somewhat pointless.

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Snowfire
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April 03, 2013, 04:46:14 AM
 #8

It is a better known benchmark than, say, a ton of salt (though salt may be a better benchmark than ordinary currency.) Bitcoin is a long way from being constant enough in value to serve as a benchmark on its own.

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Kao
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April 03, 2013, 05:14:25 AM
 #9

It is a better known benchmark than, say, a ton of salt (though salt may be a better benchmark than ordinary currency.) Bitcoin is a long way from being constant enough in value to serve as a benchmark on its own.

I have a book suggestion for you, Salt: A World History by Mark Kurlansky.  For many years salt was incredibly valuable and was even used to pay armies, thus the phrase worth his salt. It's an interesting read if you ever get the chance, well worth it IMO. 

My point though was that benchmarks come and go so maybe bitcoin will become the benchmark but it isn't quite there yet.

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tymm0
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April 03, 2013, 05:17:26 AM
 #10

Altchain idea: bytecoin a derivative meant for valuing purchases in bitcoin.  1 btc=100 byc.

BYC can only be received through mining or trading it for bitcoin has no other purpose than to value btc.

We would make it scrypt and have a vault where we kept the bytecoin on the network but throw away the private key.

We would of course need to pre mine the byc to catch up.

Miners can  trade 100 byc for 1 btc to the vault which is paid from the banks interest on loans it gives to people whom need them legitimately.  And through less risky investments in the bitcoin  world with peoples deposits. Deposits get a small amount of interest for keeping their coins in a safe place.

Miners are also able to trade the byc on an exchange as well. But it shouldn't affect the price much

If thats not enough to stabilize the economy 1600 byc can be traded in for 1 oz of'gold???

Disclaimer I wrote this just before bed and just after taking my nightly sleeping pill. So it might be a little out there but I think there is something in there that might do the job.

If its all BS  w/e have at you trolls!

Goodnight....

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Cyberdyne
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April 03, 2013, 05:24:59 AM
 #11

I propose we value everything in Fiat.

For instance: This would be worth one Fiat:



In that case, this would be worth 1 microFiat:


malevolent
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April 03, 2013, 05:30:04 AM
 #12

I propose we value everything in Fiat.

For instance: This would be worth one Fiat:



In that case, this would be worth 1 microFiat:




NanoFiat  Huh

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April 03, 2013, 08:53:58 AM
 #13

It makes sense to express the value in the most liquid currency. If BTC becomes more liquid than USD, we can change from $/BTC to BTC/$.

And Fiat is not a cool car  Smiley

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