reply on: The Util: A Stabilizing Unit of Account for the Bitcoin Economy \ stacker news ~bitcoin

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29 sats \ 2 replies \ @josh OP 1 Dec 2023 \ parent \ on: The Util: A Stabilizing Unit of Account for the Bitcoin Economy bitcoin

Thanks for the feedback. Perhaps "unit of account" is too encompassing of a term. Most say that money has three functions (unit of account, store of value, and medium of exchange), but some include a fourth function: a standard of deferred payment.

https://en.wikipedia.org/wiki/Standard_of_deferred_payment

The reason that a standard of deferred payment is usually left out is that it is considered redundant. A good unit of account should be a good standard of deferred payment, the thinking goes. But I recognize that not everyone agrees.

My intention was not to use language that was alienating, and I appreciate the feedback.

18 sats \ 1 reply \ @davidw 1 Dec 2023

Thanks for responding and kudos on all the work you’ve put into it. I know many people in the world desire a stablecoin when planning for expenses. I’m just of the opinion that this is mostly only because of the ills of the fiat credit system and Bitcoin will serve us well in future regarding price stability.

What are your planned next steps? Get this operational?

And did you consider alternative implementations, like say a moving average of Bitcoin’s past pricing?

8 sats \ 0 replies \ @josh OP 2 Dec 2023

Thanks, I appreciate it.

Getting this operational is definitely the goal, but the precise manner and timing is still TBD. I have a working prototype, which I’ll share publicly when ready.