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RE: Is It Time For SBD To Grow Up And Peg Itself To Bitcoin? - A.K.A Dump The Dollar
The value of 1 unit of currency is what the market agrees upon. I would argue that the best peg currency is the least volatile one. As much as I think the good blockchain based currencies are much more a store of value compared to fiat, fiat is certainly less volatile. So I think the reasonable choice for pegging is still the USD, with all the bad associations that come along with that.
Definitely a very valid point, however I feel fiat stability is an iluusion; whilst not as volatile as crypto, the dollar (and all fractionally reserved fiat), is inflating and devaluing every single day. We just don't notice it because a dollar is always worth one of itself.
However if the dollar was put in terms with how much it was worth 20 years ago, we would see the same kind of fluctuations as bitcoin, the only difference being is the general trend will be down and not up. This accounts for at least some of the rise in the price of bitcoin and crypto in general.
That is why I think you take a snapshot at a given moment of what Bitcoin is worth in terms of fiat, precious metals, and other cryptos. That then becomes the crypto gold standard, the value of as I suggest 72,000 satoshis as of 31st Dec 2017 for example.
Then we truly are saying, we don't need you in the new paradigm fiat currency, we don't need you for anything!
Cg
There is no fiat stability, you are absolutely right. If we could all agree the crypto gold standard of 1 SBD unit is 72K sats, I would be happy to welcome it as the one defining the core unit of value. However, my opinion usually counts for very little in the world. :)