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Author Topic: How much is a chicken in BTC in your place?  (Read 3878 times)
Peter Lambert
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January 27, 2013, 04:13:56 AM
 #21

I'm certain that I would be able to purchase two chickens with one Bitcoin, if the market accepted Bitcoin.

It has been a while since I bought chicken (my wife usually does the grocery shopping), but I think you could get three chickens here for a bitcoin. It helps that bitcoins have been jumping up in price.

hey, you reminded me of something. Is bitcoin pegged with USD? yes it is.

What? Clearly bitcoins are not pegged to anything. On the 22nd you could get two chickens per bitcoin, but on the 25th you could get three chickens per bitcoin. That is an amazing 50% gain in three days. The USD price of chickens remained unchanged over those three days.

bitcoin can be pegged to chicken too. Probably people will be talking and buying 5 chickens with 1 bitcoin next month Grin

I don't think you understand what "pegging" means. If bitcoins were pegged to chicken, then one chicken would always be 1 bitcoin (or whatever ratio, but it would remain constant).

I do understand what pegging means. When a vendor displays a price that's pegging. He has the obligation to provide the commodity specified to customers at the price fixed at least for a period no matter profit or losses. Does pegging mean a fixed exchange rate for a period, and how long is that period? It's quite clear that USD is the primary currency that people trade with bitcoin, the question is what percentage,50%, 70% or 85%? Is this link too tight to be compared to pegging?

No, what you are describing is listing a price in bitcoins, not pegging. When people talk about pegging they mean for longer time than just one sale or one day. There are several currencies which are pegged to the US Dollar, with the government of the issuing country guaranteeing that the specified ratio between the currencies is maintained. If the ratio changes from day to day, then it is not pegged.

You can get a price of GBP in USD, but that does not mean the GBP is pegged to the USD.

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1221iZanNi5igK7oAA7AWmYjpsyjsRbLLZ


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January 27, 2013, 04:19:33 AM
 #22

Back to 2 chickens for 1 BTC
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January 27, 2013, 07:31:33 PM
 #23

Dead birds of southeast asian genetics for cryptocoins?

No thanks, I don't have health insurance. 

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January 29, 2013, 02:30:39 AM
 #24


No, what you are describing is listing a price in bitcoins, not pegging. When people talk about pegging they mean for longer time than just one sale or one day. There are several currencies which are pegged to the US Dollar, with the government of the issuing country guaranteeing that the specified ratio between the currencies is maintained. If the ratio changes from day to day, then it is not pegged.

You can get a price of GBP in USD, but that does not mean the GBP is pegged to the USD.

Historically, pegging a currency to USD means an offcially specified/fixed exchange rate. In reality, people buy and sell bitcoins using USD. The purchasing power of bitcoin is primarily measured by USD, and this situation is going to exist for a considerably long period before people can buy and sell using bitcoin without assistance of USD. Supposing that bitcoin is 1000 USD now, no problem, 0.001 can be used as 1 dollar. Since all the national currencies pegged to USD float FREELY, the fixed rate is rejected by the market forever.

People peg bitcoin to USD for the purpose of carrying out a transaction successfuly. Link might be a more correct word, but not as tasty as peg Smiley

[/quote]

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[center][url=https://www.lescoin.io]LESCOIN  //  Lescoin-the first crypto-currency secured by wood stock[/url]
[url=https://drive.google.com/file/d/0B-o5okWW3V3tRlZUbWxhVGg4NjA/edit]Whitepaper[/url] ¦[url=https://www.facebook.com/DAO-Lescoin-270668693421364/] Facebook[/url] ¦ [url=https://twitter.com/DAO_Lescoin]Twitter[/url] ¦ [url=https://t.me/lescoin]Telegram[/url]
[url=https://www.lescoin.io/]-- - -- - ---- -----        DAO Lescoin  ? 18 September, 2017        ----- ---- - -- - --[/url][/center]
Peter Lambert
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January 29, 2013, 04:23:45 AM
 #25


No, what you are describing is listing a price in bitcoins, not pegging. When people talk about pegging they mean for longer time than just one sale or one day. There are several currencies which are pegged to the US Dollar, with the government of the issuing country guaranteeing that the specified ratio between the currencies is maintained. If the ratio changes from day to day, then it is not pegged.

You can get a price of GBP in USD, but that does not mean the GBP is pegged to the USD.

Historically, pegging a currency to USD means an offcially specified/fixed exchange rate. In reality, people buy and sell bitcoins using USD. The purchasing power of bitcoin is primarily measured by USD, and this situation is going to exist for a considerably long period before people can buy and sell using bitcoin without assistance of USD. Supposing that bitcoin is 1000 USD now, no problem, 0.001 can be used as 1 dollar. Since all the national currencies pegged to USD float FREELY, the fixed rate is rejected by the market forever.

People peg bitcoin to USD for the purpose of carrying out a transaction successfuly. Link might be a more correct word, but not as tasty as peg Smiley

If the currency floats against the USD, then it is not pegged. If the currency is pegged, then it does not float freely against the USD. Pegged has a very specific meaning, and you are completely missing it.

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January 29, 2013, 11:29:10 AM
 #26


No, what you are describing is listing a price in bitcoins, not pegging. When people talk about pegging they mean for longer time than just one sale or one day. There are several currencies which are pegged to the US Dollar, with the government of the issuing country guaranteeing that the specified ratio between the currencies is maintained. If the ratio changes from day to day, then it is not pegged.

You can get a price of GBP in USD, but that does not mean the GBP is pegged to the USD.

Historically, pegging a currency to USD means an offcially specified/fixed exchange rate. In reality, people buy and sell bitcoins using USD. The purchasing power of bitcoin is primarily measured by USD, and this situation is going to exist for a considerably long period before people can buy and sell using bitcoin without assistance of USD. Supposing that bitcoin is 1000 USD now, no problem, 0.001 can be used as 1 dollar. Since all the national currencies pegged to USD float FREELY, the fixed rate is rejected by the market forever.

People peg bitcoin to USD for the purpose of carrying out a transaction successfuly. Link might be a more correct word, but not as tasty as peg Smiley

If the currency floats against the USD, then it is not pegged. If the currency is pegged, then it does not float freely against the USD. Pegged has a very specific meaning, and you are completely missing it.

"A peg is a small hook or knob that is attached to a wall or door and is used for hanging things on". Like a coat on hook on the wall, bitcoin is pegged on USD.

You're right in the 20th century when pegging is built and sealed for the meaning "fixed exchange rate".

The desctructive testing on the word pegging is over. When I try to roll-back to release the original meaning of a verb, I'm always confronted. Sad Everyone runs his own scrutinization in different ways. I don't want my routine job to be quiet acceptance.

ah, this is the principle of demoncracy? 51% dictatorship. Even though 51% of the people take it as representation of fixed rate. Peg can be used in many ways effective.

[/quote]

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Code:
[center][url=https://www.lescoin.io]LESCOIN  //  Lescoin-the first crypto-currency secured by wood stock[/url]
[url=https://drive.google.com/file/d/0B-o5okWW3V3tRlZUbWxhVGg4NjA/edit]Whitepaper[/url] ¦[url=https://www.facebook.com/DAO-Lescoin-270668693421364/] Facebook[/url] ¦ [url=https://twitter.com/DAO_Lescoin]Twitter[/url] ¦ [url=https://t.me/lescoin]Telegram[/url]
[url=https://www.lescoin.io/]-- - -- - ---- -----        DAO Lescoin  ? 18 September, 2017        ----- ---- - -- - --[/url][/center]
Peter Lambert
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January 29, 2013, 04:00:01 PM
 #27


"A peg is a small hook or knob that is attached to a wall or door and is used for hanging things on". Like a coat on hook on the wall, bitcoin is pegged on USD.

You're right in the 20th century when pegging is built and sealed for the meaning "fixed exchange rate".

The desctructive testing on the word pegging is over. When I try to roll-back to release the original meaning of a verb, I'm always confronted. Sad Everyone runs his own scrutinization in different ways. I don't want my routine job to be quiet acceptance.

ah, this is the principle of demoncracy? 51% dictatorship. Even though 51% of the people take it as representation of fixed rate. Peg can be used in many ways effective.


OK, you can complain about the definition of words all you want, but you just look like an idiot if you use a word with a specific meaning in a specific context differently from everybody else talking about that topic.

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HBBZ
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January 30, 2013, 12:45:41 AM
 #28


"A peg is a small hook or knob that is attached to a wall or door and is used for hanging things on". Like a coat on hook on the wall, bitcoin is pegged on USD.

You're right in the 20th century when pegging is built and sealed for the meaning "fixed exchange rate".

The desctructive testing on the word pegging is over. When I try to roll-back to release the original meaning of a verb, I'm always confronted. Sad Everyone runs his own scrutinization in different ways. I don't want my routine job to be quiet acceptance.

ah, this is the principle of demoncracy? 51% dictatorship. Even though 51% of the people take it as representation of fixed rate. Peg can be used in many ways effective.


OK, you can complain about the definition of words all you want, but you just look like an idiot if you use a word with a specific meaning in a specific context differently from everybody else talking about that topic.

I'm an eccentric, as I know myself very well. You're the noun you use on others, as you're unaware of.

[/quote]

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Code:
[center][url=https://www.lescoin.io]LESCOIN  //  Lescoin-the first crypto-currency secured by wood stock[/url]
[url=https://drive.google.com/file/d/0B-o5okWW3V3tRlZUbWxhVGg4NjA/edit]Whitepaper[/url] ¦[url=https://www.facebook.com/DAO-Lescoin-270668693421364/] Facebook[/url] ¦ [url=https://twitter.com/DAO_Lescoin]Twitter[/url] ¦ [url=https://t.me/lescoin]Telegram[/url]
[url=https://www.lescoin.io/]-- - -- - ---- -----        DAO Lescoin  ? 18 September, 2017        ----- ---- - -- - --[/url][/center]
HowGudAmI
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February 03, 2013, 03:11:28 PM
 #29

Sounds like you got a keeper there  Grin

In the UK at my local butchers I could get 10 chicken breasts for 1BTC... If he accepted them.

Smiley
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February 03, 2013, 03:37:48 PM
 #30

localbitcoins should add an option to offer products (e.g. chicken) & services. 
HBBZ
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February 03, 2013, 06:02:25 PM
 #31

Sounds like you got a keeper there  Grin

In the UK at my local butchers I could get 10 chicken breasts for 1BTC... If he accepted them.

I simply wished to use the word peg in a liberal/jolly way to get myself pleased, but a gentleman was badly annoyed accidentally.  Grin

[/quote]

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Code:
[center][url=https://www.lescoin.io]LESCOIN  //  Lescoin-the first crypto-currency secured by wood stock[/url]
[url=https://drive.google.com/file/d/0B-o5okWW3V3tRlZUbWxhVGg4NjA/edit]Whitepaper[/url] ¦[url=https://www.facebook.com/DAO-Lescoin-270668693421364/] Facebook[/url] ¦ [url=https://twitter.com/DAO_Lescoin]Twitter[/url] ¦ [url=https://t.me/lescoin]Telegram[/url]
[url=https://www.lescoin.io/]-- - -- - ---- -----        DAO Lescoin  ? 18 September, 2017        ----- ---- - -- - --[/url][/center]
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February 12, 2013, 01:22:56 PM
 #32

I can get 3-4 dead chickens around here for a bitcoin. Live ones I have no idea about! Smiley

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February 13, 2013, 12:33:54 AM
 #33

A big mac index for BTC would be interesting. Anyone? Thanks
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February 13, 2013, 01:28:04 AM
 #34

veggie burgers, ftw!


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Peter Lambert
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February 13, 2013, 04:57:22 AM
 #35

Got 8 boneless skinless chicken breasts from the market for less than half a bitcoin yesterday.

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