We must build a new exchange rate system - page 3.

gabmen

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Quote from: Kprawn on July 17, 2016, 01:09:56 PM

Quote from: bibi-bo on July 17, 2016, 01:00:20 PM

Quote from: serjent05 on July 17, 2016, 12:39:12 PM

Quote from: bibi-bo on July 14, 2016, 11:13:05 AM

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?

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. Roll Eyes

well said just leave bitcoin to work by itself no need to rely on anything it is existing without any reliance from any currency so we must not determine the price on any thing. thanks sir.

Kprawn

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Quote from: bibi-bo on July 17, 2016, 01:00:20 PM

Quote from: serjent05 on July 17, 2016, 12:39:12 PM

Quote from: bibi-bo on July 14, 2016, 11:13:05 AM

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?

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. Roll Eyes

bibi-bo

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Quote from: serjent05 on July 17, 2016, 12:39:12 PM

Quote from: bibi-bo on July 14, 2016, 11:13:05 AM

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?

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.

serjent05

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Quote from: bibi-bo on July 14, 2016, 11:13:05 AM

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?

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.

bibi-bo

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Quote from: pitham1 on July 17, 2016, 11:49:10 AM

Quote from: bibi-bo on July 17, 2016, 02:37:43 AM

Quote from: michkima on July 16, 2016, 03:12:01 PM

Quote from: bibi-bo on July 14, 2016, 11:13:05 AM

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?

That is a good idea. Would you like to exchange my 1 bitcoin with your $500,000? If you do not, your idea will not work.

Some altcoins can choose this method.

This is rich. So you create an alt today and expect its value to be equal to the monetary base of the US dollar? There is only one thing which determines the demand - supply and demand

I mean, a group of altcoins, can choose to use an exchange platform like this.

pitham1

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Quote from: bibi-bo on July 17, 2016, 02:37:43 AM

Quote from: michkima on July 16, 2016, 03:12:01 PM

Quote from: bibi-bo on July 14, 2016, 11:13:05 AM

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?

That is a good idea. Would you like to exchange my 1 bitcoin with your $500,000? If you do not, your idea will not work.

Some altcoins can choose this method.

This is rich. So you create an alt today and expect its value to be equal to the monetary base of the US dollar? There is only one thing which determines the demand - supply and demand

bibi-bo

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Quote from: michkima on July 16, 2016, 03:12:01 PM

Quote from: bibi-bo on July 14, 2016, 11:13:05 AM

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?

That is a good idea. Would you like to exchange my 1 bitcoin with your $500,000? If you do not, your idea will not work.

Some altcoins can choose this method.

michkima

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Activity: 896

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Quote from: bibi-bo on July 14, 2016, 11:13:05 AM

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?

That is a good idea. Would you like to exchange my 1 bitcoin with your $500,000? If you do not, your idea will not work.

Gilligans

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This wouldn't work at all even if it makes sense in a way. The market is the basis of the value of certain things, in line with it's supply and demand, not just from the total supply.

Besides, if we're going to be using that computation, then all the other altcoins with smaller cap would then be valued higher than bitcoins, and of course, we wouldn't want that, right?

groll

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Quote from: bibi-bo on July 14, 2016, 11:13:05 AM

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?

Well there are many things to consider before we adjust the current rate. Establishing a rate system is even hard to establish even fiat currency has a hard time placing an exact exchange since it is in constant change. Like Peso to Dollar, Yen to Dollar. The economic movement will always dictate how the currency will move with regards to price inflation and deflation.

pooya87

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the monetary base of these fiats or bitcoin is a factor in determining their value but it is not the important factor for that. the thing that will determine the price of bitcoin or anything else for that matter is mostly the supply and demand relationship.

Doamader

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I got your idea, but printed money you never know really the total ammount circulating, collectors always get some extra money frozen, doesnt matter. The point is what would be the interest to see how many bitcoins had been mined and the price of each unit? As i know we have already that conversion for a long time and it didnt need to be made a new one just to add the total coins mined.

eternalgloom

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It's all about supply and demand, there is just not enough interest in Bitcoin yet for that to happen. You can't just 'decide' that the price should be X amount of dollars per Bitcoin...
Just basic economics....

CroSany

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Lol you cant choose your own bitcoin price.Every product or thi g or value is worth per number of sells so it dependsvon popularity and how much somebody buy that thing or sell.Bitcoinprice per piece will never be bigger than 100000$.

odolvlobo

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Quote from: bibi-bo on July 14, 2016, 11:13:05 AM

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?

I think it is a bad idea.

For example, I suppose you would suggest that the BTC/EUR exchange rate should be 1 BTC = €83000 because the euro's monetary base is about €1.75 trillion. Then people would buy BTC with euros and immediately sell them for dollars, over and over.

countryfree

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Quote from: bibi-bo on July 14, 2016, 11:13:05 AM

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?

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.

bibi-bo

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We can build an online platform and start using a system like that.

virtualx

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Quote from: bibi-bo on July 14, 2016, 11:13:05 AM

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?

The idea to measure scarcity is an interesting one. Scarcity is certainly an important feature of valuable objects.
Exchange rate is determined by the market. Do you want to give me 500.00 U.S. dollars for 1 bitcoin?

RodeoX

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The revolution will be monetized!

So can I buy your bitcoins for $500? Of course not.
In a free market, like bitcoin, the price is what people will pay. Not what we think makes sense or what we hope it will be.

SmartIphone

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Quote from: bibi-bo on July 14, 2016, 11:13:05 AM

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?

Based on what is your idea? Bitcoin should be independent from the fiat and that's what bitcoiners are trying to do.
The price of bitcoin is assigned based on other factors like total supply, number of bitcoin in the market, number of dead bitcoins (those that can't be spent ever), number of buy/sell orders etc.

Topic: We must build a new exchange rate system - page 3. (Read 2662 times)