Given bitcoin's volatility, I don't think it's possible to use bitcoin to price commodities, unless bitcoin becomes a stable asset class. we invest in bitcoin expecting profit so I really don't think it will ever become stable and I don't like the stability of bitcoin myself, I like its volatility and that is bitcoin.
The US government is controlling the dollar and I don't think they will let another currency or asset take the place of the dollar , that certainly can't happen.
Topic: Pricing things in Bitcoin rather than in US dollar what this could mean for BTC? - page 2. (Read 349 times)
June 12, 2022, 04:37:31 AM
June 12, 2022, 03:52:01 AM
Well, I find it interesting that they needed to mock Bitcoin's price volatility in the first place. They are obviously threatened by Bitcoin, because they need to highlight it's differences to Fiat currencies to boost their own "Bubble". 
Why are they not showing the average price increase of Bitcoin over the time that it has been introduced and compare that to the drop in the value of Fiat currencies based on inflation over the same period. ( What would have happened if one person bought $100 worth of bitcoins in 2010 and what would happen if another person has placed $100 in a Bank at the same time)
===> If I bought $100 worth of bitcoins in 2011 ..I would have purchased +/- 333.33 bitcoins ....worth about $9 167 000 today. (today's price $27 530)
Why are they not showing the average price increase of Bitcoin over the time that it has been introduced and compare that to the drop in the value of Fiat currencies based on inflation over the same period. ( What would have happened if one person bought $100 worth of bitcoins in 2010 and what would happen if another person has placed $100 in a Bank at the same time)
===> If I bought $100 worth of bitcoins in 2011 ..I would have purchased +/- 333.33 bitcoins ....worth about $9 167 000 today. (today's price $27 530)
June 12, 2022, 03:40:50 AM
That would be difficult to apply in the current market but one can start small and who knows things could change many fold. For example, mega stores like Walmart, Aldi, Reliance fresh can start putting label in the format of bitcoin and dollar.
But there is big problem of price volatility so a fixed label would be little off track. I mean if you fix label of bitcoin and price fluctuates a lot then same mail eggs could cost different in morning and in the evening.
So they will have to implement bitcoin converter in their software itself. So that after scanning the QR code it should display the current bitcoin value and then may be it will work.
But there is big problem of price volatility so a fixed label would be little off track. I mean if you fix label of bitcoin and price fluctuates a lot then same mail eggs could cost different in morning and in the evening.
So they will have to implement bitcoin converter in their software itself. So that after scanning the QR code it should display the current bitcoin value and then may be it will work.
June 12, 2022, 03:10:27 AM
I can't imagine how goods and services price will be based on BTC because of the high volatility, perhaps when I spent my BTC to buy a coffee that's cost 0.0002 BTC or worth $5.51 currently, I will regret it if BTC price increase a lot and my 0.0002 BTC will worth $7. But I believe when it's happen, BTC is already very expensive and more stable, so the sudden change of $5K or $10K isn't making people panic anymore.
June 12, 2022, 02:10:52 AM
It was meant to mock BTC so people can see its volatility and then probably discourages them to not get into BTC. But like Pomp said, "first they laugh at you, then they fight you and then you win"
If I see goods priced in BTC locally in the grocery stores, I would really believe we're almost close to it. And might finally come true and perhaps in the the next few more years 1satoshi may actually have value for keeps.
June 12, 2022, 01:53:45 AM
FED is recently pricing goods in Bitcoin.
Though this news came out last week.
A YouTube video published by a bitcoiner and crypto enthusiast -Anthony Pompliano and article I read online regarding this news.
https://youtu.be/XyCdearSTbs
The St. Louis Federal Reserve published a post.
"Which Shows that Bitcoin is a Unit of an account" for measuring things like price volatility.
Cracking Bitcoin-Volatility Case
According to the post “Buying eggs with bitcoins – a look at currency-related price volatility,” the Eggs/BTC graph,
The FRED graph, essentially compares egg prices in USD versus bitcoins. (i.e trying to show that Bitcoin price is volatile)
But Misses the Big Picture: Which shows Bitcoin is a Unit of an account"
Further, crypto Community Reacts:
Deemester admitted that the Eggs/BTC graph was created to diss bitcoin’s volatility but also said that it did manage “to add another notch in the credibility belt of hard digital cash.”
https://cryptopotato.com/fed-prices-eggs-in-bitcoin-but-misses-the-big-picture-crypto-community-reacts/
Generally, in my own view this News could trigger a shift in the mindset of people to start thinking pricing things in value of Bitcoin rather than in dollar.
How would you feel if you have (BTC),goods and services other asset are no longer priced in US dollar (fiat) and eventually priced in BTC ?
Share your thoughts.
Though this news came out last week.
A YouTube video published by a bitcoiner and crypto enthusiast -Anthony Pompliano and article I read online regarding this news.
https://youtu.be/XyCdearSTbs
The St. Louis Federal Reserve published a post.
"Which Shows that Bitcoin is a Unit of an account" for measuring things like price volatility.
Cracking Bitcoin-Volatility Case
According to the post “Buying eggs with bitcoins – a look at currency-related price volatility,” the Eggs/BTC graph,
The FRED graph, essentially compares egg prices in USD versus bitcoins. (i.e trying to show that Bitcoin price is volatile)
But Misses the Big Picture: Which shows Bitcoin is a Unit of an account"
Further, crypto Community Reacts:
Deemester admitted that the Eggs/BTC graph was created to diss bitcoin’s volatility but also said that it did manage “to add another notch in the credibility belt of hard digital cash.”
https://cryptopotato.com/fed-prices-eggs-in-bitcoin-but-misses-the-big-picture-crypto-community-reacts/
Generally, in my own view this News could trigger a shift in the mindset of people to start thinking pricing things in value of Bitcoin rather than in dollar.
How would you feel if you have (BTC),goods and services other asset are no longer priced in US dollar (fiat) and eventually priced in BTC ?
Share your thoughts.
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