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People keep comparing the "value" of bitcoin against the USD. If bitcoins were a truly useful currency, then there would be no need to value them against anothe
by adestefan 14y ago
People keep comparing the "value" of bitcoin against the USD. If bitcoins were a truly useful currency, then there would be no need to value them against another base currency.
- nobodysfool 14y agoPeople keep comparing the "value" of the Euro against the USD. If Euros were a truly useful currency, then there would be no need to value them against another base currency.
- indrax 14y agoAll currencies can be valued in terms of other currencies. Bitcoin can also be valued directly against goods. (as can other currencies) The price of most goods is currently tied to some other currency, because most businesses have expenses in traditional currencies. But you get similar price fluctuations in international trade.
- adestefan 14y agoYes, but for everyday purchases people do not care about that. Until bitcoin can get to that point, then it's not a useful currency. Especially since it seems like people bitch and moan now about things costing too much in bitcoin because it's currently strong against the USD.
- eric-hu 14y agoIt sounds like a metric that would satisfy the parent post more is some sort of consumer price index in Bitcoins? Perhaps that would be useful to have side-by-side with a Bitcoin-to-USD metric.
- Helianthus 14y agoSadly there isn't enough data for a consumer price index, because Bitcoin isn't a currency (in the extent that its main use is exchange for commercial goods), it's a financial sandbox.
- adestefan 14y agoWhich means that it's susceptible to the wild fluctuations of any other financial security and is not the almighty digital currency that it's backers try to make it out to be.
- Helianthus 14y agoYep. I'm running into the realization that I'm actively enjoying watching this storm build.