Switching from pricing Bitcoin in dollars to pricing dollars in Bitcoin.

einax_mike

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Quote from: KonstantinosM on August 15, 2018, 09:45:47 PM

I'd love it if we switched from pricing Bitcoin in dollars to pricing dollars in bitcoin.

"I'll buy a dollar at 50k Sats each. Unfortunately my landlord doesn't accept bitcoin. It's like he hasn't moved on to the 21st century".

Or maybe.

"The state of Florida doesn't accept bitcoin for taxes so I had to buy dollars at 65k sats just to pay my taxes. What a rip-off!"

It is not going to be possible since Bitcoin is a fixed supply asset. Dollars and other fiat currencies are not fixed supply and are adjusted by (sane) central banks to be balanced with the amount of goods and services in the economy. This is why we don't see much price fluctuations in stores - amount of fiat money in the economy is always changing.

galambo

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Quote from: KonstantinosM on August 15, 2018, 09:45:47 PM

I'd love it if we switched from pricing Bitcoin in dollars to pricing dollars in bitcoin.

"I'll buy a dollar at 50k Sats each. Unfortunately my landlord doesn't accept bitcoin. It's like he hasn't moved on to the 21st century".

Or maybe.

"The state of Florida doesn't accept bitcoin for taxes so I had to buy dollars at 65k sats just to pay my taxes. What a rip-off!"

Quite innovative concept. Grin

That would be great of we could start measuring dollars in terms of bitcoins and i think that this kind of day would only arrive if the governments globally declare bitcoins as legal and start accepting bitcoins as a mean of payment. This is quite difficult to enroll but for sure it can be a reality some or the other day. I would always want to pay my landlord with bitcoins to make my daily transactions much more smoother but the landlord must need to learn about bitcoins first and then he could go for them.

A majority of peoples should need to learn about cryptos if really this needs to be implied because peoples unknown to Cryptos would never accept bitcoins as a mean of payment and it would again be an obstacle for bitcoins. The globe needs to be literate in terms of cryptos for it.

I am eagerly waiting when the day would arrive to measure dollars in terms of bitcoins and the day when i can deposit my bitcoins in any nationalised bank to get it converted into fiat currency directly.

boyshx

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After reading the complete thread and it's discussion it does make sense why it would be bad idea to call in terms of bitcoin. I do have some negative approaches with this strategy of calling dollars in terms of bitcoin because that would be far chaotic. You can not call out the pirces in terms of multi millions all the time as it will be very difficult over the time. Just imagine, asking for the price of chocolate will be far difficult than asking for the price of house or property with this startgey. You will always have to call the prices in terms of Satoshi. And il sure it won't be liked by many as they will have hard time remembering the everyday changing value of the crypto currency.

magneto

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Quote from: KonstantinosM on August 15, 2018, 09:45:47 PM

I'd love it if we switched from pricing Bitcoin in dollars to pricing dollars in bitcoin.

"I'll buy a dollar at 50k Sats each. Unfortunately my landlord doesn't accept bitcoin. It's like he hasn't moved on to the 21st century".

Or maybe.

"The state of Florida doesn't accept bitcoin for taxes so I had to buy dollars at 65k sats just to pay my taxes. What a rip-off!"

I don't think that this intrinsically changes anything at all.

It's just another way of saying things, it's like saying AUD/USD instead of USD/AUD. They are both the same pair being traded, just worded differently.

Until bitcoin actually becomes somewhat accepted as a global alternative currency to fiat at the least, I don't think that this movement to price dollars in satoshis will pick up. You could do it if you want to, but most people are going to stick to the prices which they are familiar with.

It will eventually make sense if mass adoption picks up, merchants start accepting bitcoin internationally, and fiat is no longer the most popular form of payment used. But that's far from the case right now if you know what I mean.

pobeditelvezde

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As far as I know it names cross currency pairs on Forex. Let me say my thoughts about this subject. I do not think that this changing makes sense. We do not change the submission and what do we win by making such a change? In fact, nothing. I consider that the current quotes are very useful I know how much dollars I spend to buy bitcoin and vice versa. Let us imagine how will look the cross quotes there will be something like 0.0018 USD/BTC it is obviously not convenient for using.

timerland

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Quote from: KonstantinosM on August 15, 2018, 09:45:47 PM

I'd love it if we switched from pricing Bitcoin in dollars to pricing dollars in bitcoin.

"I'll buy a dollar at 50k Sats each. Unfortunately my landlord doesn't accept bitcoin. It's like he hasn't moved on to the 21st century".

Or maybe.

"The state of Florida doesn't accept bitcoin for taxes so I had to buy dollars at 65k sats just to pay my taxes. What a rip-off!"

It's not really practical until mass adoption goes underway.

Right now, people still value most of their day to day purchases in fiat, so it makes sense for them to price bitcoin in terms of fiat as well, as even bitcoin accepting merchants generally do not fix the price of their product to a particular crypto value.

And it wouldn't really make sense, for the sake of convenience, for anyone to change to that method of measuring value at the moment simply because of the low adoption. In the future, as more merchants enter the market, we could see this happen. Though, it's unlikely that such drastic social changes will be made any time soon.

SunJAB

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I think the dollar and bitcoin have the same characteristics. It's a common currency for each market. And it came out before and bitcoin back so people will know it better. But in fact, the dollar has remained virtually unchanged. And bitcoin is constantly fluctuating. In fact, bitcoin has a higher value than dollars. And this transaction you understand too...

Dimon8

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I think that the process of such a replacement already started, this is the time. Possible in the US will not be such a status (world currency) and the popularity as now. The time has come digital currency and биткoин takes predominating place.

peter_coin

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The dollar is like the defacto currency for buying and selling worldwide, and for BTC to take it's place it would have to be allot more popular and widely used than it is today. But with the way BTC and cryptocurrency is moving and gaining popularity I see this day coming in no distant time.

baundul

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Quote from: stompix on August 22, 2018, 09:39:13 AM

Imagine you have a restaurant and you must show the prices at the entrance on that small blackboard....
You probably realize that you're going to hire a guy just to erase and write and recalculate the prices all day!!!

Plus, you ask for a steak at 50k satoshi and when the bill comes its 45k or 55k, I'm sure your customers are going to love that place

He gave a very realistic example... But it's just a fantasy. There is nothing to do if the landlord does not agree, opened tax will be paid. 45satoshi offer can be 75satoshi. Bitcoin has no stability but Dollar is a stable currency. Take Bitcoin, exchange dollar.

stompix

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Blackjack.fun

Quote from: bob123 on August 22, 2018, 10:05:47 AM

Quote from: stompix on August 22, 2018, 09:39:13 AM

Imagine you have a restaurant and you must show the prices at the entrance on that small blackboard....
You probably realize that you're going to hire a guy just to erase and write and recalculate the prices all day!!!

Plus, you ask for a steak at 50k satoshi and when the bill comes its 45k or 55k, I'm sure your customers are going to love that place

This does only apply if you are calculating using dollars.
If the whole calculation is being done with satoshis, you would pay the 50k satoshi the steak does cost according to the blackboard.

Unfortunately this only works with BTC being able to be used to pay for the restaurant owner's costs. Which would first require BTC to have a lower volatility and be widely accepted.
This on the other hand wouldn't create such a big span from 45k to 55k sats though.

So actually, this is an issue until we have reached mass adoption. Afterwards these problems will disappear.

That was exactly my point!
You can't start asking for prices in satoshi when the business is not dealing entirely in BTC their cost in BTC are going up and down every hour. You make a profit on the coffee in the morning and you're at a loss by evening Tongue

So rather than trying to get the price in BTC the focus should be on trying to run a business entirely in BTC.
At which point we won't have to force anyone to use satoshi, it will come naturally.
Unfortunately...where not even a mm closer to this since last year or three years ago.

Quote from: KonstantinosM on August 22, 2018, 10:42:10 AM

If the restaurant owner considers bitcoin valuable, he might be willing to accept it even if it doesn't make business sense.

Why would he do that? He could easily accept dollars and turn them into bitcoin on an exchange.
This is like the mining at a loss rather than turning off the miner and buying coins instead of paying for electricity.

KonstantinosM

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Life is a taxable event

Quote from: bob123 on August 22, 2018, 10:05:47 AM

Quote from: stompix on August 22, 2018, 09:39:13 AM

Imagine you have a restaurant and you must show the prices at the entrance on that small blackboard....
You probably realize that you're going to hire a guy just to erase and write and recalculate the prices all day!!!

Plus, you ask for a steak at 50k satoshi and when the bill comes its 45k or 55k, I'm sure your customers are going to love that place

This does only apply if you are calculating using dollars.
If the whole calculation is being done with satoshis, you would pay the 50k satoshi the steak does cost according to the blackboard.

Unfortunately this only works with BTC being able to be used to pay for the restaurant owner's costs. Which would first require BTC to have a lower volatility and be widely accepted.
This on the other hand wouldn't create such a big span from 45k to 55k sats though.

So actually, this is an issue until we have reached mass adoption. Afterwards these problems will disappear.

If you're willing to drive all the way to pinellas county florida. I'll cook and serve you a steak, albeit for 150k sats. This will most definitely cover my costs.

If we used bitcoin for pricing this could have a stabilizing effect on the price.

For covering the restaurant owner's costs it gets more complicated. If the restaurant owner could pay for the ingredients and then pay his taxes in bitcoin, it's at least theoretically possible.

It's more than likely however that the restaurant is going to either have to pay wages and also possibly a mortgage as well as taxes.

So there is a lot of adoption needed. Or the restaurant owner will have to already be in the green and simply not care. If the restaurant owner considers bitcoin valuable, he might be willing to accept it even if it doesn't make business sense.

sitnikov

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This is almost possible. As you need dollars to buy bitcoins and not the other way around.

bob123

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Quote from: stompix on August 22, 2018, 09:39:13 AM

Imagine you have a restaurant and you must show the prices at the entrance on that small blackboard....
You probably realize that you're going to hire a guy just to erase and write and recalculate the prices all day!!!

Plus, you ask for a steak at 50k satoshi and when the bill comes its 45k or 55k, I'm sure your customers are going to love that place

This does only apply if you are calculating using dollars.
If the whole calculation is being done with satoshis, you would pay the 50k satoshi the steak does cost according to the blackboard.

Unfortunately this only works with BTC being able to be used to pay for the restaurant owner's costs. Which would first require BTC to have a lower volatility and be widely accepted.
This on the other hand wouldn't create such a big span from 45k to 55k sats though.

So actually, this is an issue until we have reached mass adoption. Afterwards these problems will disappear.

ss890

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Thats an interesting way of putting the bitcoin in real use. I mean this will also help put forth the bitcoin concept very fast while doing the mouth to mouth marketing of the same. But I see some issues within its use!

The price of the BTC is changing everyday and on someday it could be heavily pumped and thus your dollar = bitcoin ratio will also change accordingly and thus where you wanted to say 65K Satoshi there it could have the value of 85K Satoshi and so on...

Then how to use it steady way?

stompix

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Blackjack.fun

Imagine you have a restaurant and you must show the prices at the entrance on that small blackboard....
You probably realize that you're going to hire a guy just to erase and write and recalculate the prices all day!!!

Plus, you ask for a steak at 50k satoshi and when the bill comes its 45k or 55k, I'm sure your customers are going to love that place

KonstantinosM

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Life is a taxable event

I'd love it if we switched from pricing Bitcoin in dollars to pricing dollars in bitcoin.

"I'll buy a dollar at 50k Sats each. Unfortunately my landlord doesn't accept bitcoin. It's like he hasn't moved on to the 21st century".

Or maybe.

"The state of Florida doesn't accept bitcoin for taxes so I had to buy dollars at 65k sats just to pay my taxes. What a rip-off!"

Topic: Switching from pricing Bitcoin in dollars to pricing dollars in Bitcoin. (Read 161 times)