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Anonymous
Cryptocurrency/Econ Question 2016-08-07 17:06:49 Post No. 1518979
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Cryptocurrency/Econ Question 2016-08-07 17:06:49 Post No. 1518979
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Hey /his/,
I know there's a lot of econ majors hiding in the woodworks on this board, and I've got a question for you.
Consider a situation where a cryptocurrency is pegged to the price of oil and the dollar, so that its 50% of its value is based on the price of the dollar, and the other 50% on the price of a barrel of oil. Let's call it BitOil.
Would it make sense for an American oil company to adopt BitOil to pay its workers? In the event of a dip in the price of oil, wages would essentially adjust automatically.
Would it also makes sense for the American oil industry to start transacting in BitOil? Say, to pay for oil rigs and various equipment?
Would a cryptocurrency like BitOil make sense from a business standpoint?
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The point of pegging currencies to anything is to ensure constant and consistent value in the currency, and to aid in international trade. Why, you would peg your currency to a material which fluctuates rapidly based on the political feelings of a few Arab nobles, and whatever the fuck the Fed is feeling is beyond me. May as well just keep your money in dollars and oil.
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>>1518979
wouldn't it be better to ask these questions on /biz/?
they're good questions, but humanities doesn't mean economics.
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>>1520238
why does someone keep posting this shit picture?
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