30 sats \ 2 replies \ @okpj 30 Nov 2023 \ on: The Util: A Stabilizing Unit of Account for the Bitcoin Economy bitcoin
This is a neat idea— anything that gets people thinking about bitcoin transactions as an exchange valued in time (our most precious asset) and not an exchange valued in fiat deserves further pursuit.
I would argue that bitcoin, in the future, will make a great unit of account though. Also the term “token” has been ruined for me by the mother asshole of all shitcoins.
Thanks. I think giving people a new way to think about value is very important for the adoption of bitcoin. A tool like this could help bridge that gap, making it easier for goods and services to be priced in a non-fiat currency. Those who prefer to think about value in terms of BTC, though, are still welcome and encouraged to do so.
I think "token" carries a lot of negative connotations, which is unfortunate. You're right that there are a lot of bad actors pumping out worthless crap and calling them "tokens" to make a quick buck. Perhaps Tighten and Ease should be called something else instead.
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Tighten and Ease are more knobs like on the Fed, giving the market a way to tighten or loosen interest rates in the economy.
Convert Ease to Tighten, and interest rates go up. Convert Tighten to Ease, and interest rates go down. The only thing that matters for the conversion to be sustained is their relative price, which anyone in the world can affect.
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