Hello /biz/,
I apologize, but I'm not much for finance. I tend to spend most of my time on other hobbies.
I'm curious what your thoughts are on how one could create a single unified world currency.
What could be the measurement used to give value of a single unit of this currency?
I know people have used a Starbucks coffee, and a McDonald's hamburger to judge values of currencies worldwide, but what if you had an entirely new currency you could design?
What would you base it's value off of?
Do you think in the event that a sort of utopia is created we might ever be able to base a currency's value off of the average man's time spent to earn it?
Thank you for your time.
Base it off fresh water and agriculture being ass they are useful necessities for human life.
>>1081651
>Do you think in the event that a sort of utopia is created
this is impossible and extremely dangerous for others if you set out to do so
>>1081651
Labor theory of value is a joke. The fact that you spent 10,000 hours building a statue of a penis does not make it inherently valuable.
The world currency is the dollar.
>>1081651
1 unit of currency should buy a bare sustenance meal. So somewhere between a mcchicken with pond water and a bowl of ramen should be the floor. Basically... the dollar.
I'm sorry Africans are working in diamond mines for $.22/day, but maybe they should go back to blowgun hunting green monkeys to survive if a sub-80 iq doesn't cut it for a people that have yet to reach the agrarian age in the information economy. Though i must say, the chinese are pretty much on top of the "Africa problem".
>>1081949
Explain.
If you're American you work for dollars giving them their value. You could replace that with just about anything as it's just a medium of exchange. The source of that medium of exchange or how widely it's employed isn't relevant as long as people have faith in it.
>>1081651
Base unit is 1 kilocalorie. Its tied to the energy needed for 1 cubic cm of water to rise 1 degree in heat and is also a useful measure in terms of food.
How much more did I earn than eat today?
You here shit like "in buttfuckistan average man earns less than 2 dollars american a day"
But that tells me nothong because I can go to thailand and buy a round of drinks for a whole bar full of people for that amount.
Kilocalorie is king as universal monetary peg
>>1081949
>Labor theory of value is a joke.
>>then states the most dumbass strawman possible
When the robots take your job in 15 years that smirk will be hone comrade
>>1081651
crypto currency that is linked with gold
/thread
>>1082344
There is no point in backing a cryptocurrency with gold. In fact gold backing is a hindrance to the ideal cryptocurrency because it introduces points of failure
The probable next world currency will be a cryptocurrency
Buy Ethereum
>>1082393
fuck off you ether cock stroker. "here, invest in a currency that isnt backed by anything"
No thanks cunt
>>1082411
This.
The reason dollars are worth money is because a dollar is backed by the labor and resources of 300 million americans.
Bitcoins are backed by NO LABOR becauses neets DONT WORK.
You can't pay a plumber in bitcoins to fix a pipe because NEETS DONT FIX PIPES
>>1082411
Seems like you do not know what "money" is in a scientific way
>>1082419
Millions of businesses accept bitcoins including many in the service sector.
>>1082422
PROVE. IT.
>>1082424
>This kills the thread
>>1082422
>millions of businesses
>millions
More like 8 for about 1 year, for PR only. You naive NEETs really think a technology and service which aims to make global banks worthless and change the financial world would ever be freely allowed to function and not be shut the fuck down keeping its appeal only to about 0.0000000000004% of the world's population?
God you coinfags are fucking retarded manchildren. The only thing coins are backed by is the collective delusion and piss bottles of the owners. Maybe in the year 5076 piss bottles will be a hot commodity and your shitecoin will have any significance.
>>1082419
>The reason dollars are worth money is because a dollar is backed by the labor and resources of 300 million americans
Are you serious? Just how dumb and misinformed are Americans?
>>1082453
Well millions was bullshit
>all this discussion
>not one single mention of optimal currency areas
Wew congrats on being retarded once again, /biz/.
>>1082477
The reason a dollar is worth money is because I can pay a plumber to fix a pipe, in dollars, your mom to suck my dick (in dollars), etc.
I can also buy Oil, Food, Gold, pay my rent, all in dollars.
THAT IS WHY IT IS WORTH MONEY.
>>1081651
There is a world currency though
XDR (IMF special drawing rights)
>>1081651
It's 1 satoshi
>>1082505
One can do all of the things you just mentioned with Bitcoin as well. it wouldn't be as straightforward, but possible nonetheless. People have managed to live off Bitcoin for a week and more. Apparently it's getting easier now that it's being adopted by more people/businesses.
Bottom line is that nothing is worth anything if there is no demand for it. No demand for a plumber? Plumber becomes worthless. No demand for oil? Oil becomes worthless. No demand for Gold? Gold becomes worthless.
As long as there is demand for something, it'll be worth money, including money itself. As long as there is demand for cryptocurrency, it'll be worth something. Same goes for the Dollar. The reason there is demand for the Dollar is because over time it has become widely adopter all over the world and you can purchase goods with it in most places. The more widely accepted cryptocurrencies become, the more valuable they become. Of course there are other factors at work which will account for fluctuations in value but the very simple bottom line is that as long as there is demand for it, it'll be worth something.
