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Indeed. It'd be curious if someone started publishing a CPI basket priced in BTC just so we got to see the in/(de)flationary metrics alongside USD terms just t

by cykros 3y ago

Indeed. It'd be curious if someone started publishing a CPI basket priced in BTC just so we got to see the in/(de)flationary metrics alongside USD terms just to have a fair comparison. Shouldn't be hard as it's just a matter of factoring in the price of BTC on at the time the normal CPI data is calculated. Surely someone's got a few lines of python in 'em to be up to the task...

throw0101b 3y ago
> Indeed. It'd be curious if someone started publishing a CPI basket priced in BTC […] This was done in Canada accidentally: at one point Pierre Poilievre (a right-leaning politician) put forward cryptocurrencies as a hedge against inflation: > Conservative leadership candidate Pierre Poilievre said Monday a government led by him would do more to normalize cryptocurrencies like bitcoin and ethereum in Canada to "decentralize" the economy and reduce the influence of central bankers. * https://www.cbc.ca/news/politics/poilievre-bitcoin-policy-1.6399986 https://www.cbc.ca/news/politics/poilievre-bitcoin-policy-1.... > As early as September 2021, then-finance critic Poilievre touted “digital currencies … giving people an opportunity to protect themselves against inflation.” Six months later, as a Conservative Party of Canada leadership candidate, he doubled down. At a campaign event at a restaurant, Poilievre bought a shawarma with Bitcoin and extolled “the freedom to use other money, such as Bitcoin… Choice and competition can give Canadians better money and … let Canadians opt out of inflation with the ability to opt into cryptocurrencies.” * https://www.nationalobserver.com/2023/01/10/opinion/pierre-poilievre-opts-241-per-cent-inflation https://www.nationalobserver.com/2023/01/10/opinion/pierre-p... If this advice was actually followed: > The number of bitcoins needed to pay for shawarmas, groceries, gas, and housing is up 73.1 per cent compared with 5.2 per cent annual inflation measured in Canadian dollars. * https://www.hilltimes.com/story/2023/03/29/poilievres-over-inflated-bitcoin-promises/382917/ https://www.hilltimes.com/story/2023/03/29/poilievres-over-i... Poilievre seems to no longer hold any: * https://www.cbc.ca/news/politics/cryptocurrency-political-conversation-waning-1.7011672 https://www.cbc.ca/news/politics/cryptocurrency-political-co... While not having a very inflationary currency is certainly important, not having a deflationary one is even more important, and one that is somewhat predictable (at least over 'short' time frames like <3 years) is especially important. BTC, being the poster child for cryptocurrencies, hardly seems to fit the latter two criteria.

by cykros 3y ago

throw0101b 3y ago

> Indeed. It'd be curious if someone started publishing a CPI basket priced in BTC […] This was done in Canada accidentally: at one point Pierre Poilievre (a right-leaning politician) put forward cryptocurrencies as a hedge against inflation: > Conservative leadership candidate Pierre Poilievre said Monday a government led by him would do more to normalize cryptocurrencies like bitcoin and ethereum in Canada to "decentralize" the economy and reduce the influence of central bankers. * https://www.cbc.ca/news/politics/poilievre-bitcoin-policy-1.6399986 https://www.cbc.ca/news/politics/poilievre-bitcoin-policy-1.... > As early as September 2021, then-finance critic Poilievre touted “digital currencies … giving people an opportunity to protect themselves against inflation.” Six months later, as a Conservative Party of Canada leadership candidate, he doubled down. At a campaign event at a restaurant, Poilievre bought a shawarma with Bitcoin and extolled “the freedom to use other money, such as Bitcoin… Choice and competition can give Canadians better money and … let Canadians opt out of inflation with the ability to opt into cryptocurrencies.” * https://www.nationalobserver.com/2023/01/10/opinion/pierre-poilievre-opts-241-per-cent-inflation https://www.nationalobserver.com/2023/01/10/opinion/pierre-p... If this advice was actually followed: > The number of bitcoins needed to pay for shawarmas, groceries, gas, and housing is up 73.1 per cent compared with 5.2 per cent annual inflation measured in Canadian dollars. * https://www.hilltimes.com/story/2023/03/29/poilievres-over-inflated-bitcoin-promises/382917/ https://www.hilltimes.com/story/2023/03/29/poilievres-over-i... Poilievre seems to no longer hold any: * https://www.cbc.ca/news/politics/cryptocurrency-political-conversation-waning-1.7011672 https://www.cbc.ca/news/politics/cryptocurrency-political-co... While not having a very inflationary currency is certainly important, not having a deflationary one is even more important, and one that is somewhat predictable (at least over 'short' time frames like <3 years) is especially important. BTC, being the poster child for cryptocurrencies, hardly seems to fit the latter two criteria.