Topic: Bitcoin becoming the standard value of commodities (Read 123 times)

I don't think we can simply decide when to stop using fiat to value things, just as the case of people using bitcoin instead of fiat for the regular stuff, it must happen out of necessity.

So when your fiat goes full retard and becomes a big clusterfuck of hyperinflation, it is no longer viable to measure things in it, just like how it's too annoying to measure things in the venezuelan currency.

Im not saying efforts in measuring things in bitcoin shouldn't be made, im just questioning how viable it is if the person's fiat currency is still functional. We may do it because we are early adopters, but not the average joe.

and thats exactly the point!!
imagine one day your living in new york. and you have to work 60 hours to get 0.1...   because bitcoin is measured in dollars
imagine one day your living in kansas and you have to work 88 hours to get 0.1...   because bitcoin is measured in dollars

thats the problem of pegging bitcoin to the dollar
in Sierra Leone people have to work 21250 hours because they are paid just $0.03 an hour

now. imagine bitcoin did not care about fiat. and just wanted every country fair access by saying everyone around the world has to work just 85hours to get 0.1. no matter where you lived

boom. revolutionary.
and adjacent to that, it would really spark movement and changes in the fiat forex markets. and yes people will take advantage of it. but thats the point

have a currency where no matter where you are in the world you know 0.1 is 85 hours labour 0.01 is 8.5hours labour
then people can easily work out their local costs or even when they travel can see when they are being ripped off

EG someone going from Sierra Leone using fiat puts a months salary in his back pocket in fiat
$0.03*40(h)*4(w)
.. ill b nice and round it up and just call it $5

now imagine someone from sierra leone using bitcoin and puts a months salary at the CoL rate. thats 0.25btc
th fiat traveller gets off th plane and loses their month salary on first night. just getting into a taxi cab who took his $5 after just a few minutes of driving

the bitcoin traveller has enough to last him a month of living. because a month of living is a month of living no matter where you live.
.......

now back to the revolutionary part. it evens out the forex disparagy of labour. because americans suddenly convert less than $30 into Sierra Leone's currency to get 1btc. and through the magic of arbittrage it messes with forex to such an extent that eventually people in Sierra Leone get paid $7.25 for an hours labour and the forex markets of the world come to alignment's because bitcoiners get to mess with the fiat market. rather than the fiat market mess with bitcoin

but im guessing someone will rebut with tears and worry "but it will hurt the fiat economy".. well yea obviously. thats the point. fiat economy has been hurting people for decades now it is time for people to hurt the fiat economy back

There's really a lot going on in your post, if i may say. And there are valid sensibilities that were tackled, such as commodities being commodities.

It is somehow difficult really to understand what gives value to something, but in the case commodities being pegged to US dollars, it is somehow understandable. I think for fiat currency, the purchasing power of one defines the ability to lead the global fiat currency.

And with bitcoin having a bright future ahead that entails value and purchasing power (which is extremely more powerful than a dollar), i do believe that bitcoin, may someday, be the standard value of commodities.

This is actually the hardest part of all.

One reason is traditionally we are locked into USD and we always convert any valuable thing thru it.
Actually it is a mess. Why not other currency or commodity? Why USD?

Now, how to take that out of the minds of the people since it became global. I am still on a deep thinking about that. A big explosive news might be the real answer for people to change. How many of us here who believes in bitcoin and use it as a real currency?
One more problem to deal with is the division because of altcoins.

This gradual but definite process of increasing bitcoin has occurred in several large countries and seen from the daily transaction data of bitcoin users who use bitcoin for their life needs, and I hope that in the future bitcoin will become a legitimate currency

that is impossible simply because Cost of Living is not a unit of measurement and it is not global scale while USD or any other currency for that matter are unit of measurement and are global.
CoL is not only country based but it also changes on smaller scale like from city to city. for example cost of living in New York is not the same as another smaller US city.

first of all we need to stop comparing bitcoin to dollar

we need to start to discuss getting exchanges to measure bitcoin against something like CoL(cost of living)
for instance 850 minimum wage hours
so for america($7.50) = 6375

so for instance for 6 months we show prices as CoL compared to america. so that there is a transition period. for people to still trade against the dollar and to see how many CoL it equates to. and then it flips where people just trade CoL and then its converted to the minimum wages of whatever country people live in.

then we are no longer tied to the dollar. and we can actually see a real value.

this can actually cause a change to fiat.
for instance someone in arkansas vs someone in california actually work a different amount of labour hours to get bitcoin. but if we measure it in labour hours. then it actually evens out the parodox that governments create

imagine that anywhere around the world can get the same amount of bitcoin for the same amount of hours earned.

then... the big change
people can sell their fiat for african, indian currency because of the paradox of forex. and get more btc per dollar via forex. and actually cause world change of the disparity of labour by levelling things out when fiat swaps hands and messes with the forex markets with people taking advantage of this opportunity.

Globally, Bitcoin is gaining popularity and in the United States, European Union and Japan which has been a precursor to Bitcoin regulation and adoption. We see the same thing for Indonesia. In general, Bitcoin transactions on our network have increased 140% in the past year.

The standard value of any commodities is the worth of the commodity
  Ever imagine a world where every commodities,good, transactions or payment are based on a particular value. So far today most commodities are based on the value of the USD $ yes it's true that the dollar is close to stability but it is still under the United States government control which mean it is not totally transparent
  So what if the global price value of commodities are based on bitcoin
  What is bitcoin? According to the dictionary bitcoin a type of digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank.
   Let us lay emphasis on bitcoin operating independently of a central bank which is bitcoin is an independent entity which is established under a blockchain technology which means it transparent and not easily influenced by any government or institution more reason
  USA constant rift with countries. Well the USA and china trade issues is one of many issues in recent times this rift can make a country not to support the USA as the standard value of commodities while bitcoin on the other hand which is not owned by any government might to have such issues now or in the future this fact still make bitcoin more credible than the USD $
  I know this would take time before the status quo is achieve but we have a part to play InThis hopefully In the future where commodities, transaction and payment are all based on the value of bitcoin
  Pls let me know your thought