Feathercoin Market Pin-to-Fiat Feature
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You can now pin the price of items to fiat currencies on the Feathercoin Market. This means that when you go to list your item you can set the price against Australian Dollars, Euro, British Pounds, New Zealand Dollars or US Dollars as well as Feathercoin. With the volatility in price on the trading markets, the fiat equivalent for items on the Feathercoin market has been swinging wildly. Fixing the price to fiat means that the market will work out the equivalent value in Feathercoins for you. The amount is updated until the buyer goes to pay for the item which generates an invoice with a final Feathercoin figure valid for one hour, after which the final value is dynamic again.
Individual items listed on the market are shown in the sellers listings currency. Next to all prices the equivalent amount in your currency (set in your profile) and Feathercoins are displayed.
This will hopefully bring stability to the prices on the market and give confidence to buyers and sellers who think in fiat ;)
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[quote name=“Bushstar” post=“41728” timestamp=“1386528101”]
You can now pin the price of items to fiat currencies on the Feathercoin Market. This means that when you go to list your item you can set the price against Australian Dollars, Euro, British Pounds, New Zealand Dollars or US Dollars as well as Feathercoin. With the volatility in price on the trading markets, the fiat equivalent for items on the Feathercoin market has been swinging wildly. Fixing the price to fiat means that the market will work out the equivalent value in Feathercoins for you. The amount is updated until the buyer goes to pay for the item which generates an invoice with a final Feathercoin figure valid for one hour, after which the final value is dynamic again.Individual items listed on the market are shown in the sellers listings currency. Next to all prices the equivalent amount in your currency (set in your profile) and Feathercoins are displayed.
This will hopefully bring stability to the prices on the market and give confidence to buyers and sellers who think in fiat ;)
[/quote]Great work on this! I know that it will bring more traffic/sellers to the marketplace and it’s something that lots of people have been looking forward to. I will continue posting my auctions in FTC and not using this feature though. Long term I think it’s better for the coin and community for merchants to show their faith in FTC and in turn that will allow more buyers to have a little more faith in FTC. I would really like to get to the point where I’m not thinking in fiat…the system is broken!
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Awesome sauce!
Now just multi-shipping options and we’re set!
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There are two prices here for each item:
https://market.feathercoin.com/browse.php?id=122 -
Thanks ZD, good spot. Some buy now auctions had a bid value set which got displayed. I set it so that the Buy Now values are shown when it is Buy Now Only and then I set them not to display. I had to make it correct before I made it disappear ><
This makes the display a bit tidier :)
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Great. In reality at the moment fiat is very important.
Why would you sell or buy something for less than its worth?
In the real world food, rent and fuel where I live is bought with fiat.There’s no way I would spend a relative fiat value of £100 on say a CD.
This makes the market credible and I think this is one of the most important pieces of programming on the the site.
Sterling work. :-)
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Hey there’s room for fiat. I don’t want to replace it entirely that would be stupid. It has it’s uses. I mean how do you “make it rain” with crypto? Toss smart phones at peoples faces? No, you use fiat paper currency.
Oh and excellent work Bushstar. :)
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I just gave you rep Bushstar, though I have to admit, seeing you at “69” rep was amusing. For about 2 seconds. I got over it.
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[quote name=“Davereplicant” post=“42345” timestamp=“1386647340”]
Why would you sell or buy something for less than its worth?
[/quote]They call that an investment if your buying, or a loss leader if you’re selling. Both have amazing upside potential.
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Please explain
“how do you “make it rain” with crypto? Toss smart phones at peoples faces? No, you use fiat paper currency.” Eh? What is that supposed to mean? I don’t see the connection.“Why would you sell or buy…” So all the people in the uk working for minimum wage are cannily working a loss leader so that they can reap the rewards in some future event. Pish.
Please. I wouldn’t be mining this if I didn’t think it was a loss leader. If you expect me to make it useful in the real world as a merchant tho I want to sell my stuff for the going rate, I need to.
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[quote name=“Davereplicant” post=“43233” timestamp=“1386807387”]
“Why would you sell or buy…” So all the people in the uk working for minimum wage are cannily working a loss leader so that they can reap the rewards in some future event. Pish.
[/quote]No, see, by mining, your buying. That would make you an investor.
It’s the guy who pins his coins to their current fiat value and makes a transaction with them… they’re the loss leaders. Why would you pay $10,000 for a sandwich if your currency is going to be worth that much in 2 years? Better to divest yourself of the inflationary currency while it still has some purchasing power!
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bump
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[quote name=“Kevlar” post=“43253” timestamp=“1386808885”]
[quote author=Davereplicant link=topic=5673.msg43233#msg43233 date=1386807387]
“Why would you sell or buy…” So all the people in the uk working for minimum wage are cannily working a loss leader so that they can reap the rewards in some future event. Pish.
[/quote]Why would you pay $10,000 for a sandwich if your currency is going to be worth that much in 2 years? Better to divest yourself of the inflationary currency while it still has some purchasing power!
[/quote]Less of the pizza references…
I’m not a buyer, I prefer creator :-)
I don’t get it. “Divest yourself” (get rid of?)I thought the whole point was to take this to the masses?
Adoption is for me the only way any coin is going to move forward.Whether I keep or sell my coin at this moment is neither here nor there as there is nothing I can or choose to spend it on.
Until such time as it’s usable I’m keeping mine thank you very much.
