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Funny thought: Imagine taking bitcoin so seriously that you signed a union contract in 2012 to pay 1 bitcoin per hour.

by simonsarris 9y ago

AnimalMuppet 9y ago
Imagine your employer becoming bankrupt well before today, due to that contract...
sverhagen 9y ago
Would it matter if your employer did all their business in Bitcoin?
- function_seven 9y ago
  Yes, assuming they're transacting business with the outside world, where the value of a Bitcoin has risen.
eyeinthepyramid 9y ago
Along those lines, can you imagine getting a home loan in bitcoin?
- anonymous5133 9y ago
  We have already figured out how to do that with crypto. You simply use a smart contract that dynamically adjusts to variables. In essence, the home loan lender is interested in getting back the initial value they lent plus interest, another form of value. The price of bitcoin per unit doesn't matter. The only thing that matters is how much value each unit represents. Thus, you can use a smart contract to dynamically adjust the mortgage payment at the time of payment. The contract could be written such that it says "borrower is to pay $3,500 in USD equivalent value in bitcoin each month". Assuming bitcoin price is increasing, your mortgage payment each month would require less bitcoins to pay and the lender would be happy too because they are still getting their $3,500 of value per month. The lender could immediately sell their bitcoins if they want physical cash. Also this is already being done with point of sale machines that accept bitcoin. The POS machine simply goes to an exchange to see how much one bitcoin is worth then tells the buyer to pay xyz amount in bitcoin that is equivalent to the value that USD represents.
  - grey-area 9y ago
    This neatly illustrates why bitcoin is a terrible currency. Thanks.
anonymous5133 9y ago
Read up on smart contracts. You can program the contract such that it dynamically adjusts it self to variables.

Funny thought: Imagine taking bitcoin so seriously that you signed a union contract in 2012 to pay 1 bitcoin per hour.

AnimalMuppet 9y ago

Imagine your employer becoming bankrupt well before today, due to that contract...

sverhagen 9y ago

Would it matter if your employer did all their business in Bitcoin?

function_seven 9y ago
Yes, assuming they're transacting business with the outside world, where the value of a Bitcoin has risen.

eyeinthepyramid 9y ago

Along those lines, can you imagine getting a home loan in bitcoin?

anonymous5133 9y ago
We have already figured out how to do that with crypto. You simply use a smart contract that dynamically adjusts to variables. In essence, the home loan lender is interested in getting back the initial value they lent plus interest, another form of value. The price of bitcoin per unit doesn't matter. The only thing that matters is how much value each unit represents. Thus, you can use a smart contract to dynamically adjust the mortgage payment at the time of payment. The contract could be written such that it says "borrower is to pay $3,500 in USD equivalent value in bitcoin each month". Assuming bitcoin price is increasing, your mortgage payment each month would require less bitcoins to pay and the lender would be happy too because they are still getting their $3,500 of value per month. The lender could immediately sell their bitcoins if they want physical cash. Also this is already being done with point of sale machines that accept bitcoin. The POS machine simply goes to an exchange to see how much one bitcoin is worth then tells the buyer to pay xyz amount in bitcoin that is equivalent to the value that USD represents.
- grey-area 9y ago
  This neatly illustrates why bitcoin is a terrible currency. Thanks.

anonymous5133 9y ago

Read up on smart contracts. You can program the contract such that it dynamically adjusts it self to variables.