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Noob question: as I understand Bitcoins are linked to values of other currencies. Is it possible to link it to a stable non-currency value/index? (I'm thinking
by ohwp 14y ago
Noob question: as I understand Bitcoins are linked to values of other currencies. Is it possible to link it to a stable non-currency value/index? (I'm thinking about the Big Mac index here: http://en.wikipedia.org/wiki/Big_Mac_Index http://en.wikipedia.org/wiki/Big_Mac_Index)
Or to put it in another way: it it possible to link a Bitcoin value (or any currency) to an index not influenced by greed? Could it be linked to the number of people alive for example?
- hazov 14y agoTo build a comparison of price indexes you have to have an exchange rate and products that are sold on two markets that use the two currencies separately, there's no Big Mac sold by BTC as far as I know, as such you have to find products that are sold in the market using the two currencies. I can think of pot, and using silk road to build the index for BTC but as I see its prices are pegged to dollar and BTC is only used to maintain some anonymity of the transactions. I'm not sure that if that's what you wanted.
- icebraining 14y agoYou can only determine the Bitcoin value in another index if there are trades being made of Bitcoins for the item being indexed. So if you want to create a BTC/Number of People Alive exchange rate, you need people trading lives for Bitcoins, which is a bit macabre.