Honestly I stopped caring about the price quite a while back. Whether it's $10 or $10 million, why should I care when ($) is fake?
I own x/21,000,000 of the whole. And that's a whole lot better than owning a constantly decreasing x/?.
Discussion
At this time, using USD (or some other fiat) is the best way to gauge the value of the Bitcoin you're holding.
Maybe in the future there might be a better way to know it's value.
When people buy Bitcoin, they need to know how much Bitcoin they will get for unit of fiat. I don't know of any exchange that doesn't have the BTC/USD price.
It's interesting when hyperinflation hits, in Weimar Germany for example, people still used the currency as a value gauge. So they'd always say "food is getting more expensive" or "the Dollar is going up". They never thought in terms of "the Mark is going down".
In the US I see the same thing all the time, but I think it's only because I know to look for it...
At some point, the dollar becomes a worse gague of value than Bitcoin itself vs anything else. The best valuation of Bitcoin is probably vs gold.
OK.
You let me know when exchanges stop listing the Bitcoin price in dollars and start listing it in ounces of gold.
When is Weimar type inflation coming to the US? Maybe 3 years, maybe 10, maybe 30.
Washington DC has become very proficient at kicking the can down the road. I remember hearing talk about how the US debt is too high back when it was under a trillion. They said "The US won't be able to function with a trillion dollar debt." And now, here we are, with almost 35 trillion in debt. And the taxpayers are projected to pay $1.2 trillion in interest on the debt this year, and they think it will be $3 trillion in 5 years. So maybe hyperinflation is coming sooner than I think.
But the doom and gloomers have been "crying wolf" for far too long. Maybe this time the wolf really is just outside the door, or maybe it's still one or two decades away.
I am old. I'm lucky if I have 2 decades left in me. Will I see Weimar type inflation in the US in my lifetime? Maybe... But I'm not holding my breath.
If you are in your 20's, 30's, 40's, or even 50's, you need to worry about it a lot more than I do.
So you're older than me and I'm sure you know more. But the point I was trying to make wasn't really about hyperinflation. It was about how people seem blind to relative values, and the problem is compounded because we use a constantly changing unit of measure.
I think eventually Bitcoin will break this cycle, and will become itself a more stable unit of measure that we can all hold in common.
Yes, it will become much more stable and eventually a unit of account in many countries around the world. How long this will take is the big question.
I seem to think it will take longer than you.
It would be great if I'm wrong.