26 Apr '13, 3pm

Should Bitcoin peg its price to US dollar?

Should Bitcoin peg its price to US dollar?

China became the second biggest economy in the world by pegging their currency to the dollar at an artificially cheap rate. This boosted exports and built up reserves to the multi-trillion yuan level - of which more than a 1 trillion is US dollars. The Chinese workers themselves cannot afford the goods they make for Apple and hundreds of other companies that manufacture their products on ‘the world’s factory floor’ but they are better off working in these sweatshops than working the land; so we are told. With Bitcoin, there is an interesting corollary with China and its currency peg. And the question is, why not peg Bitcoin to the dollar, at let’s say $100 BTC to the dollar. This might solve two problems. First, the volatility issue - with merchants and spenders of Bitcoin uncomfortable with the exchange rate of Bitcoin’s wild fluctuations - having a fixed exchange rate wo...

Full article: http://rt.com/op-edge/bitcoin-fixed-exchange-dollar-453/

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