But you can’t then quotes for cross-currency values directly, because such quotes will be expressed in terms of the primary unit - BTC, for example.
— Peter West p...@pbw.id.au “But when you give to the needy, do not let your left hand know what your right hand is doing, so that your giving may be in secret.” > On 18 Jun 2022, at 4:36 pm, HSC <contact@highseas.capital> wrote: > > > Unfortunately, the idea of pretending that 1$ = 1BTC doesn't work exactly as > it should, because the Spend/Receive fields don't accept entries smaller than > 0.01, even if smallest fraction for account is set to 1e-8. > Neither does setting the decimal places to 8 in Preferences > Numbers > > Decimal places affect Spend/Receive fields. Even setting to 3 doesn't > increase them beyond 2 decimal places. > GNC just blanks and ignores a number less than 0.01 > > That's tolerable, if we pretend that 1$ = 1 sat instead of 1 BTC, and round > the the milisats of fees to nearest 10, as if they are US cents. > That should be close enough for the foreseeable. > > HSC > > ------- Original Message ------- > On Saturday, June 18th, 2022 at 04:05, HSC <contact@highseas.capital> wrote: > > >> > >> > >> > >> Thank you, Michael D Novack! >> That's a great solution until GNC development catches up to the crypto >> world: we will keep separate GNC file for each cryptoasset. >> > >> The remaining problem is that Bitcoin Lightning goes to 11 decimal places, >> and Ethereum I think goes to 16. >> Will round up to 1 sat for now, since it's still of insignificant value, but >> eventually that will also need some improvement. >> > >> Another thing is that moving from onchain Bitcoin to its Lightning layer >> channels and back is a Bitcoin transaction in itself, which involves an >> onchain fee to open the channel. (Subsequent instant txs in the LN channels >> are at most a few sats for substantial BTC amount, and small payments txs >> often cost less than 1 sat - a fraction of a US cent in value - as I >> mentioned.) >> So, I guess Lightning layer bitcoins will have to be represented by some >> other fiat of the obscure ones that start with L perhaps. >> > >> The other issue is exchanging BTC for USD stablecoins, such as USDC. Then >> would have to represent that USD with some other dollar, such as the CAD >> maybe? >> > >> Might get error-prone. Since even Bitcoin is over a decade old now, seems >> that it would be useful for GNC to allow "user-defined non-ISO" currencies, >> such as "XBT" used for Bitcoin on some exchanges. >> Seems unlikely that central banks will ever allow such currencies to become >> ISO. >> > >> > >> HSC >> > >> > >> ------- Original Message ------- >> On Saturday, June 18th, 2022 at 02:56, gnucash-user-requ...@gnucash.org >> wrote: >> > >> > >> > >>> Today's Topics: >>> > >>> 1. Re: Bitcoin Lightning payments (Michael or Penny Novack) >>> 2. Re: Online crypto value quote (David T.) >>> 3. Re: Online crypto value quote (Geoff) >>> > >>> ---------------------------------------------------------------------- >>> > >>> Message: 1 >>> Date: Fri, 17 Jun 2022 22:45:25 -0400 >>> From: Michael or Penny Novack stepbystepf...@comcast.net >>> > >>> To: gnucash-user@gnucash.org >>> Subject: Re: [GNC] Bitcoin Lightning payments >>> Message-ID: 967b4023-8d76-dc43-9fbe-f00854c99...@comcast.net >>> > >>> Content-Type: text/plain; charset=UTF-8; format=flowed >>> > >>> On 6/17/2022 9:21 PM, HSC wrote: >>> > >>>> Hello Everyone, >>>> > >>>> Haven?t used GC a couple years, and trying to recollect how it all works. >>>> > >>>> Current challenge is starting to work with payments and expenses that are >>>> exclusively in Bitcoin. >>> > >>>> Has anyone experience with some commercial accounting software that >>>> handles Bitcoin in an easier way as a currency that it is? >>> > >>> IF what you mean by "exclusively in bitcoin" is accounting JUST in >>> bitcoin, you would not have to treat it as stock/commodity evaluated in >>> some other currency. You could keep a set of books denominated in >>> bitcoin. The lack of a currency symbol is an illusion, as they are just >>> conventional symbols. Understand? In YOUR books "$" doesn't have to >>> stand for dollars, it could stand for "bitcoin". >>> > >>> Michael D Novack > _______________________________________________ > gnucash-user mailing list > gnucash-user@gnucash.org > To update your subscription preferences or to unsubscribe: > https://lists.gnucash.org/mailman/listinfo/gnucash-user > If you are using Nabble or Gmane, please see > https://wiki.gnucash.org/wiki/Mailing_Lists for more information. > ----- > Please remember to CC this list on all your replies. > You can do this by using Reply-To-List or Reply-All. _______________________________________________ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user If you are using Nabble or Gmane, please see https://wiki.gnucash.org/wiki/Mailing_Lists for more information. ----- Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
