I have written before about the need to stabilize the Monero price to promote wider usage. My idea is to create a service like i mentioned in that post where a product would be listed with a stable price for a week at a time and reserves would be kept to keep the price stable while the spot price is below the stable price. I will not hide that you may pay more for the product if spot price is higher, but you would also pay less if the spot price was lower (to a minimum reserve anyway).

Would you be interested in such a service?

As an example, at the time of writing a 12oz bag of gratuitas coffee is 147.54mXMR where this service would have it at 154.23mXMR (+4.51%) until Monday when the price would update again.

Edit: an extremely crude example can be found at feder8.me. It is not an SSL site but it has nothing private anyway.

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[–] mister_monster@monero.town 6 points 7 months ago (11 children)

That's a bad idea. Imagine the monero price goes up. You'd get a cycle where nobody would buy stuff from a service like this. Then price is lower than the listed price, you get stuff cheaper than itst worth. What this does is move the volatility to product demand instead of currency exchange rate. It doesn't stabilize anything.

[–] RealBot@lemmy.world 1 points 7 months ago (8 children)

Probably best way to have stable crypto is to have the crypto inherently provide some kind of service, something like filecoin. In that case value of crypto would be closely tied to memory/storage price.

[–] dragonsidedd@sciencemastodon.com 2 points 7 months ago (7 children)

@RealBot @mister_monster How about the “service” of being a trustless censorship-resistant privacy-respecting currency?

That seems like a usecase in itself that doesn’t require anything more.

[–] RealBot@lemmy.world 1 points 7 months ago

But that only guarantees safe one way transaction. If that is all you want thats ok.

But for safer transaction you want something like smart contracts. So you can actualy know you are gonna get what you buy for example.

Without some kind of smart contracts you are actualy relying on exchanges (so in reality it isn't really trustless).

Does monero have some kind of smart contract mechanism? In which case I am talking nonsense😂.

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