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“Crypto is way more than payments, it's an entirely new financial system outside the control of existing governments and corporations.” And yet, Bitcoin and ot

“Crypto is way more than payments, it's an entirely new financial system outside the control of existing governments and corporations.” And yet, Bitcoin and other cryptocurrencies, are valued in US Dollars or other established currencies, and traded/exchanged for “real currencies” to spend as you’ve dismissed the importance of transactions. Governments can regulate crypto, and corporations will form to control them.

alwillis 6y ago
And yet, Bitcoin and other cryptocurrencies, are valued in US Dollars or other established currencies… This is no different than a dollar being priced in gold terms or the pound sterling being priced in terms of silver when paper money was relatively new. A dollars were originally redeemable for $20.67 [1] and then later $35 per ounce of gold [2]. This ended when we got got off the gold standard in the 70's. As bitcoin becomes the dominant non-sovereign store of value, we’ll slowly start to reprice things in terms of satoshis (sats), the smallest denomination of bitcoin [3]. Sats are already the standard on Cash App and other apps and services that exchange fiat for BTC. It's just a matter of time before all fiat is priced in terms of sats. [1] http://www2.econ.iastate.edu/classes/econ355/choi/1900mar14.html http://www2.econ.iastate.edu/classes/econ355/choi/1900mar14.... [2] https://livingnewdeal.org/glossary/gold-reserve-act-1934/ https://livingnewdeal.org/glossary/gold-reserve-act-1934/ [3] https://medium.com/in-bitcoin-we-trust/talking-in-sat-rather-than-in-bitcoin-will-be-the-norm-in-the-future-3f4662adfc06 https://medium.com/in-bitcoin-we-trust/talking-in-sat-rather...
- newsclues 6y ago
  Why would people refer to prices in satoshis rather than dollars/euro/etc, if the technology and culture to price and conduct normal transactions with crypto currency. I don’t tell people my car is worth 20 gold coins....
  - alwillis 6y ago
    Pricing things in Sats will become more common once BTC is the dominant financial asset.

alwillis 6y ago

And yet, Bitcoin and other cryptocurrencies, are valued in US Dollars or other established currencies… This is no different than a dollar being priced in gold terms or the pound sterling being priced in terms of silver when paper money was relatively new. A dollars were originally redeemable for $20.67 [1] and then later $35 per ounce of gold [2]. This ended when we got got off the gold standard in the 70's. As bitcoin becomes the dominant non-sovereign store of value, we’ll slowly start to reprice things in terms of satoshis (sats), the smallest denomination of bitcoin [3]. Sats are already the standard on Cash App and other apps and services that exchange fiat for BTC. It's just a matter of time before all fiat is priced in terms of sats. [1] http://www2.econ.iastate.edu/classes/econ355/choi/1900mar14.html http://www2.econ.iastate.edu/classes/econ355/choi/1900mar14.... [2] https://livingnewdeal.org/glossary/gold-reserve-act-1934/ https://livingnewdeal.org/glossary/gold-reserve-act-1934/ [3] https://medium.com/in-bitcoin-we-trust/talking-in-sat-rather-than-in-bitcoin-will-be-the-norm-in-the-future-3f4662adfc06 https://medium.com/in-bitcoin-we-trust/talking-in-sat-rather...

newsclues 6y ago
Why would people refer to prices in satoshis rather than dollars/euro/etc, if the technology and culture to price and conduct normal transactions with crypto currency. I don’t tell people my car is worth 20 gold coins....
- alwillis 6y ago
  Pricing things in Sats will become more common once BTC is the dominant financial asset.