Entry Submitted by Mid Mess Fair at 9:44 PM ET on August 16, 2022
The New Digital Currency Could Use The Price Of Gold, Silver, Copper, Oil, Gas
The electric devices and internet made of many different metals such as gold silver, copper, platinum, aluminum, steel, etc., so why don’t we use it as the standard for the fixed price of the new digital currency.
And if you want something have direct link to the society, then you can use the price of oil, gas, coal.
The reason to use it instead of any stable fiat money because it if “fair” for all nations.
But in order to make it work, then I highly recommended using the average price of those metals + oil, gas.
The metric could be use like gram, kilo, oz, pound, litre, etc.
1 kilo copper = 8.06 USD
1 kilo aluminium = 2.48 USD
1 gram silver = 0.647 USD
1 gram gold = 57.05 USD
So the average price of 1 kilo copper, aluminium + 10 gram of silver + 0.1 gram of gold will be:
8.06 + 2.48 + 6.47 + 5.7 = 22.71 / 4 = 5.67 USD.
So we can have 1 new digital bit currency = 5.67 USD
If want to use only oil/gas and/or mixed with metals then it is fine too.
In my opinion, in order to make it more diversity then there should be few to several new digital currency, and each of them using different formula with different price based from fiat money paper to metals, to fuels.
Now I can see there are at least total 3 major different formulas based on the price of fiat money, metals, oil gas.
No matter what option, the average price should be only be changed 1 per day because both the seller buyer must accept the same rate, and the new digital currency for using not for “investing” in general.
It will work 100% for sure.
Mid Mess Fair
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