karmicads <karmic...@bitcoin2pay.com> writes:
>>> Yeah, sorry, my passion for bitcoin, knows no bounds.
>
>>Understood, but finding gems in the rough takes time that, frankly, I
>>don't have.
>
> OK, I´ll try to help sort out the gems a bit.
And in the process produce tons more rough. Try limiting yourself to
2-5 sentences per point?
>>> I suppose I´d like to see bitcoin supported as a mainstream currency,
>>> despite the lack of official ISO recognition. I imagine GnuCash not only
>
>>I don't know what our policy is on adding non-ISO currencies to the list
>>of currencies.
>
> That would be a great start. In revision of this policy, I think it may be
> poignant to consider the nature of currency, as shared information about
[snip]
We *have* added a few non-ISO entities in the past; we have entries for
Gold, Silver, and a few other precious-metal commodities as currencies.
>>> So, thatś a static exchange rate then is it? Iḿ under the impression that
>
>>No. It means that every transaction has a 'static' exchange rate. But
>>every transaction can have its own distinct exchange rate.
>
> I think that´s what I meant actually. It´s static in the sense that itś not
> updated in real time. So, every transaction will require a manually advised
> exchange rate requiring user input. That´s the crux. As I understand it, for
> the application to ´know´ what the current exchange rate is, it needs to be
> informed by manual user input.
That is true today even with ISO currencies! When you enter in a
multi-currency transaction GnuCash does NOT automatically go out and get
a quote for you. And even if it did, that wouldn't necessarily be the
exchange rate for YOUR transaction!
> So the other side of the coin so to speak, is being able to have a live feed
> to a currency with a known exchange rate that can be updated automatically,
> in ´real time´. I don´t know how difficult that is for fiat currency, but in
> the bitcoin world it appears to be a cake walk.
>
> So those are the basic principals I would like to se GnuCash strive for.
> Thanks for your time.
Ah, and HERE is where we have a disconnect. GnuCash does NOT provide
live feeds of currency exchange rates, even with ISO currencies. There
is always a delay, and most likely you *still* have to manually tell
GnuCash the exchange rate of the currency when you enter a transaction.
Making bitcoin a "currency" would *not* change this within GnuCash. So
it would not solve the problem you are trying to solve. Indeed, GnuCash
does not solve the problem you are trying to solve. GnuCash is a
financial app, not a "trading" app. It does not keep real-time trading
information, nor *can* it.
So, adding bitcoin as a fund/commodity is still a workable workaround.
It provides most everything you need. The one exception is that you
cannot set up Income or Expense accounts denoted in a stock or fund. So
you would need to translate your bitcoin sandwich price back into
e.g. USD.
> Regards Karmicads.
-derek
--
Derek Atkins, SB '93 MIT EE, SM '95 MIT Media Laboratory
Member, MIT Student Information Processing Board (SIPB)
URL: http://web.mit.edu/warlord/ PP-ASEL-IA N1NWH
warl...@mit.edu PGP key available
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