Quote from: quone17 on December 18, 2013, 06:06:31 PM

I have thought about this as well. Has there been any discussion of setting an "official" conversation rate for BTC? That seems like the best policy at first glance to me. Then people can use BTC without any fear that their value with go up or down like 1 hour later, and it won't destroy the fiat system. But I bet many BTC ppl WANT to destroy the fiat system, so that probably won't work.

There has been centuries of discussions on price fixing. It won't work in the sense that your goal is to provide everyone with a simple conversion and forecasted value equation. It would require traders to act as a cartel voluntarily, and there would eventually be a shortage on one side or another, either BTC or goods sold for BTC. So it could never be tested, and if it were tested it'd fail.

I think BTC is "hyperdeflating" and is extremely sensitive to people's valuation of it over the long term. I have full confidence it will win out gradually, voluntarily, or suddenly in the bad case of fiat hyperinflation. But my valuation alone means extremely little in determining a price for BTC. BTC will beat gold/silver after the almighty dollar bc it's transparent, honest electronic record keeping is already in place. Metals banks and exchanges would have to establish and build trust slowly, and only after major legal changes (or fiat crash).