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Swordsoffreedom

legendary

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Quote from: noob2001 on August 28, 2014, 05:58:02 AM

When will we stop pricing bitcoin in dollars, and start pricing bitcoin in real goods, ie loaves of bread or big macs?

I was a bit confused by the question since a Big Mac index is used to measure the purchasing power of a similar product relative to different countries around the world not factoring in logistics etc.
Same with bread some places are closer than others.

So Bitcoin will be measured in any convertible currency, unless I missed the point of this question lol.

wasserman99

sr. member

Activity: 476

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Quote from: botany on August 30, 2014, 08:24:59 AM

Quote from: wasserman99 on August 29, 2014, 01:23:12 PM

Quote from: noob2001 on August 28, 2014, 05:58:02 AM

When will we stop pricing bitcoin in dollars, and start pricing bitcoin in real goods, ie loaves of bread or big macs?

You will never see anything priced in terms of one specific good. As mentioned above, both of these items are priced in terms of their own local currency so if you did price bitcoin in terms of a loaf of bread, you might as well be pricing it in terms of dollars.

What could potentially happen is to have some kind of index that measures bitcoin's purchasing power (in a similar way that the CPI measures the dollars purchasing power).

Yes, but that would again be country specific. We would need something universal.....

This is not possible. Even the cost of a big mac or a loaf of bread (as the OP wants bitcoin to be priced in) varies from country to country.

BTCevo

legendary

Activity: 1834

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It does suck very much so at the moment, today I could buy 1 bitcoin and it will be able to purchase 100 loaves of bread but tomorrow that same bitcoin may only be worth 60 loaves of bread, thats why when I want to buy something with bitcoin I buy the bitcoin at most an hour or 2 before making my purchase!

itsAj

hero member

Activity: 588

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Quote from: botany on August 30, 2014, 08:24:59 AM

Quote from: wasserman99 on August 29, 2014, 01:23:12 PM

Quote from: noob2001 on August 28, 2014, 05:58:02 AM

When will we stop pricing bitcoin in dollars, and start pricing bitcoin in real goods, ie loaves of bread or big macs?

You will never see anything priced in terms of one specific good. As mentioned above, both of these items are priced in terms of their own local currency so if you did price bitcoin in terms of a loaf of bread, you might as well be pricing it in terms of dollars.

What could potentially happen is to have some kind of index that measures bitcoin's purchasing power (in a similar way that the CPI measures the dollars purchasing power).

Yes, but that would again be country specific. We would need something universal.....

Goods will always cost different prices in different countries as demand for goods are different from country to country and as a result goods are produced more/less in countries that specific goods have more/less demand. Also labor costs will be different which will have an effect on locally produced goods.

TL;DR the cost of the same good is going to cost different amounts in different places even if the same currency is used.

Hasher99

member

Activity: 66

Merit: 10

Quote from: noob2001 on August 28, 2014, 05:58:02 AM

When will we stop pricing bitcoin in dollars, and start pricing bitcoin in real goods, ie loaves of bread or big macs?

Never is it will happen.Bitcoin of course exist due to its value in fiats,otherwise it would just disappear.No matter how much you argue reality couldn't be mended.

giveBTCpls

sr. member

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Price is set via supply and demand, it's not like price is some arbitrary thing out of context. Everything is connected.

Ayers

legendary

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when big merchats will accept it, and bitcoin will hit mainstream phase

Quote from: yunkie on August 29, 2014, 06:57:50 AM

How do you put a price per BTC without fiat equivalence tho¿?

bitcoin need to outclass other currencies, fiat also, for that to happen

botany

legendary

Activity: 1582

Merit: 1064

Quote from: wasserman99 on August 29, 2014, 01:23:12 PM

Quote from: noob2001 on August 28, 2014, 05:58:02 AM

When will we stop pricing bitcoin in dollars, and start pricing bitcoin in real goods, ie loaves of bread or big macs?

You will never see anything priced in terms of one specific good. As mentioned above, both of these items are priced in terms of their own local currency so if you did price bitcoin in terms of a loaf of bread, you might as well be pricing it in terms of dollars.

What could potentially happen is to have some kind of index that measures bitcoin's purchasing power (in a similar way that the CPI measures the dollars purchasing power).

Yes, but that would again be country specific. We would need something universal.....

wasserman99

sr. member

Activity: 476

Merit: 250

Quote from: noob2001 on August 28, 2014, 05:58:02 AM

When will we stop pricing bitcoin in dollars, and start pricing bitcoin in real goods, ie loaves of bread or big macs?

You will never see anything priced in terms of one specific good. As mentioned above, both of these items are priced in terms of their own local currency so if you did price bitcoin in terms of a loaf of bread, you might as well be pricing it in terms of dollars.

What could potentially happen is to have some kind of index that measures bitcoin's purchasing power (in a similar way that the CPI measures the dollars purchasing power).

yunkie

member

Activity: 83

Merit: 10

How do you put a price per BTC without fiat equivalence tho¿?

botany

legendary

Activity: 1582

Merit: 1064

Quote from: noob2001 on August 28, 2014, 05:58:02 AM

When will we stop pricing bitcoin in dollars, and start pricing bitcoin in real goods, ie loaves of bread or big macs?

When are we going to price real goods in bitcoin? That should be the question. Grin

InwardContour

sr. member

Activity: 644

Merit: 260

There's no reason to price bitcoins in BigMacs but it sounds funny, anyway just divide $500 by 4$ and you are done

MightyBTC

member

Activity: 87

Merit: 10

Quote from: noob2001 on August 28, 2014, 05:58:02 AM

When will we stop pricing bitcoin in dollars, and start pricing bitcoin in real goods, ie loaves of bread or big macs?

This is never gonna happen,Bitcoin exists due to fiats.Bitcoin actually was never a currency nor it will be ever

oceans

sr. member

Activity: 406

Merit: 250

It's going to take some time before we can price bitcoin away from fiat, quite a few years maybe even, but once we are able to see that the price is steady and are able to move away from fiat for value of bitcoins we may then be able to price in BTC which will be a lot better.

efreeti

full member

Activity: 350

Merit: 104

Quote from: Datcracktho on August 28, 2014, 08:02:30 AM

But we will not see steady price until 2050 or so Huh

I seriously doubt bitcoin can survive that long being a speculative instrument alone.

Something need to happen to solve price stability issue or someone will come up with a coin that pegged on something else if not dollar.

Datcracktho

newbie

Activity: 42

Merit: 0

But we will not see steady price until 2050 or so Huh

cinder

full member

Activity: 153

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Quote from: noob2001 on August 28, 2014, 05:58:02 AM

When will we stop pricing bitcoin in dollars, and start pricing bitcoin in real goods, ie loaves of bread or big macs?

Bitcoin has not solve the volatility issue yet. Unless this happen, the merchant will not price goods in btc.

Datcracktho

newbie

Activity: 42

Merit: 0

Yeah it sucks that we depend on FIAT to put value to BTC :s

alwinlinzee

sr. member

Activity: 434

Merit: 250

That time i believe is nearby, when almost every goods and services will be exchanged in Bitcoin regardless of the present trend of BTC in the market.I'm very optimistic about this issue following the popularity BTC is getting worldwide.

miohtama

newbie

Activity: 26

Merit: 0

Short answer: When it makes any sense.

Long answer: When Bitcoin price is stable enough so that consumers can understand and cope with its value long term. E.g. 5-10 years time range. It doesn't work if you need to recheck value every day.

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