Author Topic: BitAssets Educational  (Read 1193 times)

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Offline santaclause102

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Side question: In the US is everyone FORCED to accept the USD? I know you can accept other money but do you have to accept USD?

AFAIK I have never heard of a law forcing someone to take USD.  I am not sure what you are asking?  If you have goods in a store for sale, then you must accepted USD?  I suppose that might be a law somewhere, possibly some ancient state law, but I've never heard of such a thing.

Let's take that here https://bitsharestalk.org/index.php?topic=8629.new#new
Was stupid to post two dif. issues in one topic.

Offline gamey

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Side question: In the US is everyone FORCED to accept the USD? I know you can accept other money but do you have to accept USD?

AFAIK I have never heard of a law forcing someone to take USD.  I am not sure what you are asking?  If you have goods in a store for sale, then you must accepted USD?  I suppose that might be a law somewhere, possibly some ancient state law, but I've never heard of such a thing.
I speak for myself and only myself.

Offline santaclause102

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Usually when I try to explain BitAssets I take BitUSD as an example, like we all do. I encountered the following difficulties: People are resistant to any rational argument when you tell them that BitUSD is "created" without being backed by "anything" (they then mean s.t. of material value or the force of the state (tax paying in USD is requiered)). The are equally resistant if you have the words USD and "no counterparty risk" in one sentence as USD always has a counterparty risk if you do not hold it in cash (aside from that ability of the state/fed to dilute also the cash).

So I started explaining it beginning elsewhere: I start with it being a PM which can track anything that is quantifiable, the more quantifiable the underlying is the better can it track (it might not be possible at all to track an underlying which is not quantifiable enough). A price feed is used that limits shorts to short below the feed. The other buying and selling action relies on a "focal point" (established concept in game theory). Beginning the explanation with what is most acceptable and does not contain any assets with direct real world use (like BitUSD) builds a good common ground.
Then we can apply it to tracking the USD. Here I emphasize again that no USD are created, what is created is a "crypto-asset" that tracks the value of the dollar and ppl might accept it as money if it is useful enough to them.
This is not an entirely different take on BitAssets than before but it might make the difference for some folks.
« Last Edit: September 09, 2014, 05:23:50 pm by delulo »