We must build a new exchange rate system

[Yakamoto]

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.

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[bibi-bo]

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.

[Razick]

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.

New rules have to work though. Yours don't. Economics is a science that explains how we make rational choices, and rational choice includes how we value things. There is a way that things are valued and it's not something you can change. If, for example, I suddenly declare that bread shall cost $0.01 per loaf (and enforce it), no one will make bread anymore.

So you can't just make up a new system of valuing things. It won't work.