OP doesn`t know how exchange rate system works, he just wrote something that had logic in one moment, but just in his head. And what is
more interesting is `we` on the beginning, I wonder who is that `we`? How can anyone here build new system?
This changing systems can`t happen over night, I think just with masses on the street this can be done. When will bitcoin come to the point
where all world is using it, maybe we can talk about changing exchange system.
Topic: We must build a new exchange rate system - page 2. (Read 2662 times)
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?
What do you think about this idea?
Why should the total value of all BTC equal the total value of USD or some other fiat currency?
Most commodities are denominated in US dollars. The majority of global equity, fixed income, and real estate is denominated in either USD, EUR, JPY, GBP, CAD, or CNY.
Literally billions of people use dollars on a daily basis.
Compare this with a few millions that use BTC.
Despite having advantages over fiat, BTC and other cryptocurrencies have a long way to go in terms of adoption.
There are 3 main factors, which really depend on the course of bitcoin:
1.Economic – these factors include several important points. First, the rate depends on how many bitcoins are produced and mined. When the amount of bitcoin in real transactions is higher than the volume of the currency in transactions on the exchange, the rate is increasing.
2.Technical – this includes all the important points related to the technical component of the operation of cryptocurrency. The main factor is the difficulty of bitcoin mining. If the methods become more complex and services are closed, it affects the number of earners, which in turn affects the exchange rate.
3.The interest in the currency – using search queries it was proven that the interest in bitcoin also affects its course. So, seeing a significant increase in queries to Google of cryptocurrencies, it was observed that its rate increased. The more attention draws to itself the currency, the more it is used more and more, and this is the main factor influencing the exchange rate in any kind of money.
1.Economic – these factors include several important points. First, the rate depends on how many bitcoins are produced and mined. When the amount of bitcoin in real transactions is higher than the volume of the currency in transactions on the exchange, the rate is increasing.
2.Technical – this includes all the important points related to the technical component of the operation of cryptocurrency. The main factor is the difficulty of bitcoin mining. If the methods become more complex and services are closed, it affects the number of earners, which in turn affects the exchange rate.
3.The interest in the currency – using search queries it was proven that the interest in bitcoin also affects its course. So, seeing a significant increase in queries to Google of cryptocurrencies, it was observed that its rate increased. The more attention draws to itself the currency, the more it is used more and more, and this is the main factor influencing the exchange rate in any kind of money.
This is just your dream, bitcoin has nothing to do with dollar or any other currencie, i do understand you would like to see those, who wouldnt, but bitcoin its independent and wont be never addicted to any currencie, you can trade it against any currency and just.
You are absolutely right. The bitcoin is a currency, it does not rely on the US dollar or other fiat to survive.
OP idea is so rare, I really do not want to overthink so much of it as we already have our exchanges now and I am contented with the exchange rate system they are using and they have the standard one, maybe we should just follow it because that is the normal and right thing to do.
Incorrect assessment of the situation. Why then do not you take into account the currency of other countries? After bitcoints distributed worldwide. Why do we put such a relationship. bitcoints rate depends on many factors, not only on the amount of dollars
This is just your dream, bitcoin has nothing to do with dollar or any other currencie, i do understand you would like to see those, who wouldnt, but bitcoin its independent and wont be never addicted to any currencie, you can trade it against any currency and just.
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?
What do you think about this idea?
i think its not happen for now, but i am sure that in future, that price will be reasonable when bitcoin itself is ready to be another payment, not only on internet, but in real life, and there is many store offline around us that will accept bitcoin as their payment.
for now, the price of 1 bitcoin = 500.000 US dollars is really a dream for every bitcoiners and this will need some time before it can reach for that price. let we use the price at the moment and follow the journey of bitcoin itself.
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?
What do you think about this idea?
Yes, I like your idea. You're right. I'm all willing to help you set up that new system of yours. I guess we could start with me selling you one BTC. I'll pay the bank fee to transfer the $500.000 to my account and I'll send you one BTC right away.
it is an good idea to have new exchange rate system, bitcoin should gain more popularity . more the buy in demand the bitcoin price will go high , and bitcoin is now dominating on digital currency , there i huge growth for the bitcoin in future 
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.When the bitcoin is very popular and everybody uses it, there will be no exchange system. It is the only currency.
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?
What do you think about this idea?
Insane Idea, you cannot calculate the total quantity of bitcoin vs the total quantity of money for bitcoin price. You need to see it's value first, then the adoption of people. Btw you failed to includee euro, yen, rupi, peso and other nations money to compute your Bitcoin price.
It is simple logic. If you know the quantity of euro, yen, rupi, peso you can include them and calculate the altcoin price.
it is an good idea to have new exchange rate system, bitcoin should gain more popularity . more the buy in demand the bitcoin price will go high , and bitcoin is now dominating on digital currency , there i huge growth for the bitcoin in future .
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its good idea for us who trade on the market.
but the most important should we have is a great exchanger with great security and insurance.
because its not funny anymore when you enjoying trading, some hacker trying to stole your money.
but the most important should we have is a great exchanger with great security and insurance.
because its not funny anymore when you enjoying trading, some hacker trying to stole your money.
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?
What do you think about this idea?
And why bitcoin value should be linked only with USD?
It`s impossible to maintain a fixed exchange rate between btc and USD.
The market and the people determine the value and the price of currencies.
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?
What do you think about this idea?
Yes, I like your idea. You're right. I'm all willing to help you set up that new system of yours. I guess we could start with me selling you one BTC. I'll pay the bank fee to transfer the $500.000 to my account and I'll send you one BTC right away.
Off topic: What's up with yobit? They're offline and before that they said Dash withdrawals were suspended. Gotta use poloniex next time.
Off topic, i had heard something about yobit being offline, but i didnt see any thread to talk about it, if you know one about those problem let me know.
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?
What do you think about this idea?
Yes, I like your idea. You're right. I'm all willing to help you set up that new system of yours. I guess we could start with me selling you one BTC. I'll pay the bank fee to transfer the $500.000 to my account and I'll send you one BTC right away.
Off topic: What's up with yobit? They're offline and before that they said Dash withdrawals were suspended. Gotta use poloniex next time.
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?
What do you think about this idea?
Insane Idea, you cannot calculate the total quantity of bitcoin vs the total quantity of money for bitcoin price. You need to see it's value first, then the adoption of people. Btw you failed to includee euro, yen, rupi, peso and other nations money to compute your Bitcoin price.
It is simple logic. If you know the quantity of euro, yen, rupi, peso you can include them and calculate the altcoin price.
I think this is insane calculation. You can’t really decide the price of 21 million bitcoins. You can only decide the price of bitcoins in your holdings (that will be the price you are willing to take in exchange of those coins and that too if market conditions are in your favor).
If we are calling bitcoin a decentralized currency then why you want to keep control on price? Yes I want a growth in price but I am expecting it in a natural way. Let the law of ‘demand and supply’ decide it.
If we are calling bitcoin a decentralized currency then why you want to keep control on price? Yes I want a growth in price but I am expecting it in a natural way. Let the law of ‘demand and supply’ decide it.
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?
What do you think about this idea?
Insane Idea, you cannot calculate the total quantity of bitcoin vs the total quantity of money for bitcoin price. You need to see it's value first, then the adoption of people. Btw you failed to includee euro, yen, rupi, peso and other nations money to compute your Bitcoin price.
It is simple logic. If you know the quantity of euro, yen, rupi, peso you can include them and calculate the altcoin price.
These fiat currencies supply are very heavily manipulated all the time, and we should not rely on governments to determine the value of bitcoins. We work on open markets where supply and demand,
dictate the value and on nothing else. The other fiat currencies are failing, because they manipulate the supply. We know there will only be 21 000 000 bitcoins and that should be the determining
factor for it's price. Bitcoin can stand on it's own, it does not have to rely on fiat currencies to determine it's value.
The central banks can manipulate the fiat supply by doing quantitative easing, ie printing money. That is bad.
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?
What do you think about this idea?
It's an unneeded idea, because the free market will find a fair valuation for all currencies and assets. Centrally planned exchange rates tend to have a short history since reality doesn't care about centralized planning.
You've also made a serious logical error, because you assume that the USD would be solely used as an exchange medium for Bitcoin. That, of course, is utter nonsense. The USD is used to trade millions of other things apart from Bitcoin. Under your assumption you would no longer be able to buy even a single sandwich with the USD, since the whole currency would be absorbed for buying Bitcoin. However, if that was the case, the USD would serve no purpose as a separate currency - it would effectively just be a different currency unit for Bitcoin.
ya.ya.yo!
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