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Author Topic: New Project; Need Input (What do you buy with BTC?)  (Read 1491 times)
Jumpy
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September 23, 2013, 03:18:26 PM
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I'm becoming tired of people referring to the value of bitcoins in terms of US dollars. If that's all that we see BTC as, it is really just a financial instrument layered on top of USD.

As such, I'd like to start tracking the value of BTC in terms of Purchasing Power (PP) by calculating and maintaining a specialized Consumer Price Index (CPI) that contains a basket of goods that are commonly purchased with BTC.

The first step is to determine what goods should be included in the basket.

Please list the top 5 things (aside from currency) that you buy with BTC. Bonus points for links to the places that sell them. If you have less than 5, I'd still like your input.

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Stephen Gornick
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September 23, 2013, 07:20:55 PM
 #2

The first step is to determine what goods should be included in the basket.

Isn't the price (in bitcoins) those vendors show nearly always just derived from a price in fiat then converted to bitcoins?

As such, I'd like to start tracking the value of BTC in terms of Purchasing Power (PP) by calculating and maintaining a specialized Consumer Price Index (CPI) that contains a basket of goods that are commonly purchased with BTC.

Or are you trying to show the affordability to goods in various regions, simply using Bitcoin instead of fiat?  This would be similar to the Big Mac index:
 - http://www.economist.com/content/big-mac-index

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September 23, 2013, 09:32:37 PM
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Or are you trying to show the affordability to goods in various regions, simply using Bitcoin instead of fiat?  This would be similar to the Big Mac index:
 - http://www.economist.com/content/big-mac-index


Yes, the Big Mac Index is really just a play off of traditional CPI.

Hopefully I can find some fundamental goods that aren't just a function of fiat (although fiat exchange rates certainly still affect price, just as any currency is interconnected with others).

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September 24, 2013, 03:47:12 AM
 #4

It is true that most bitcoin sales are now priced in fiat, but it is certainly worth designing such a price index immediately. It could help everyone understand the development of bitcoin over time, and more (accurate) information is almost always a good thing.
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September 24, 2013, 05:04:32 AM
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Still waiting for responses. Currently I have friends suggesting that VPS' and Domain Names be covered. Are there any other goods that you've bought with BTC?

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September 24, 2013, 05:38:18 AM
 #6

Jump, good thread but I think the issue is almost ALL products and services sold for Bitcoin, are the price of fiat adjusted to the price of Bitcoin.

The only areas I would see what you are describing, would be regional markets, like a farmers market for food.

Example:
A pound of apples for 0.05 BTC.


Unless the manufacturer or producer of the item that is being sold, has the ability to source everything themselves, it is very hard to price things based on Bitcoin itself, not tied to fiat.

Examples I can think of would be: a farmer, a craftsman, any tradesman, a fisherman.


... and even then, I do think prices will pretty much mirror fiat. :/


EDIT: Nevermind, I think I got your intention now.

I suggest start by indexing the necessities: food, shelter, etc.
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September 24, 2013, 06:55:01 AM
 #7

Jump, good thread but I think the issue is almost ALL products and services sold for Bitcoin, are the price of fiat adjusted to the price of Bitcoin.

The only areas I would see what you are describing, would be regional markets, like a farmers market for food.

Example:
A pound of apples for 0.05 BTC.


Unless the manufacturer or producer of the item that is being sold, has the ability to source everything themselves, it is very hard to price things based on Bitcoin itself, not tied to fiat.

Examples I can think of would be: a farmer, a craftsman, any tradesman, a fisherman.


... and even then, I do think prices will pretty much mirror fiat. :/


EDIT: Nevermind, I think I got your intention now.

I suggest start by indexing the necessities: food, shelter, etc.

Andrew, thanks for your input. I think that, for this to be in any way useful, we need to have the items that are actually purchased in BTC. That is the purpose of this thread.

Have you ever bought anything in BTC?

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September 24, 2013, 07:31:18 PM
 #8

No.

Since I was not an early adopter I don't have the luxury of having a small investment balloon into a very large one, as those who purchased Bitcoin years ago have experienced.


I have converted fiat into Bitcoin, in hopes it will rise. Until it rises, I do not see a specific advantage to purchase something in Bitcoin, until Bitcoin rises significantly, leaving me with more Bitcoin than I put into it.


That said, many of the merchants selling in Bitcoin cater to individuals who put a little or alot into Bitcoin early on, and saw that rise exponentially, and are now left with a very large amount of Bitcoin they are trying to "get rid of" or reap the benefits of it's rise in value. Therein lies the advantage Bitcoin would have over fiat, in regards to purchasing power, for someone who purchased low.
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September 25, 2013, 12:17:00 AM
 #9

Bump. Still waiting to hear from someone about what they have spent BTC on.

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September 25, 2013, 11:42:24 PM
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Bump. Still waiting to hear from someone about what they have spent BTC on.
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September 26, 2013, 12:38:40 AM
 #11

Bought silver, and insert advertising, both OTC. Silver market then promptly crashed, and I haven't sold anything that was on the insert ad.

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September 26, 2013, 12:41:17 AM
 #12

Leaving out things where the price is linked to USD...

btccharts subscription
oddjobs over the internet such as translation work <- this is in my opinion the killer app of bitcoin
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September 26, 2013, 02:56:08 AM
 #13

I'm going to leave forms of currency out since the wider forex and commodity markets will dictate their prices in terms of fiat.

I agree that buying services like translation and editing is great, but I'm not sure if we could quantify a value that could be tracked over time through data.

Thank you for the input. Keep 'em coming.

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September 26, 2013, 03:19:55 AM
 #14

I bought some e-cigarettes from bitcoin-cigarettes.com

and i'm now waiting for my second shipment, i'm planning on buying this stuff on a regular basis, until i can stop smoking completely...

I also bought some hmmmm...

physical bitcoins.

a video card.

1 gram of weed

web hosting


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September 26, 2013, 03:21:45 AM
 #15

I'm going to leave forms of currency out since the wider forex and commodity markets will dictate their prices in terms of fiat.

I agree that buying services like translation and editing is great, but I'm not sure if we could quantify a value that could be tracked over time through data.

Thank you for the input. Keep 'em coming.

Raybans, web stuff, some silver that was promptly flipped...

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September 26, 2013, 03:50:10 AM
 #16

I'm becoming tired of people referring to the value of bitcoins in terms of US dollars. If that's all that we see BTC as, it is really just a financial instrument layered on top of USD.

As such, I'd like to start tracking the value of BTC in terms of Purchasing Power (PP) by calculating and maintaining a specialized Consumer Price Index (CPI) that contains a basket of goods that are commonly purchased with BTC.

The first step is to determine what goods should be included in the basket.

Please list the top 5 things (aside from currency) that you buy with BTC. Bonus points for links to the places that sell them. If you have less than 5, I'd still like your input.

If you have found a way for BTC, you will try to find more BTC at this moment.
Jumpy
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September 26, 2013, 04:12:58 AM
 #17

I bought some e-cigarettes from bitcoin-cigarettes.com

and i'm now waiting for my second shipment, i'm planning on buying this stuff on a regular basis, until i can stop smoking completely...

I also bought some hmmmm...

physical bitcoins.

a video card.

1 gram of weed

web hosting



This is a good list, can I get some links to the sources of these items? I'm hoping to get a preliminary list ready by the beginning of next week.

dserrano5
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September 26, 2013, 06:27:39 AM
 #18

I bought the obligatory alpaca socks, a hard drive, earphones, a VPS, a couple of t-shirts and a mug.

Jumpy
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September 26, 2013, 07:17:54 AM
 #19

I bought the obligatory alpaca socks, a hard drive, earphones, a VPS, a couple of t-shirts and a mug.

Can I get links to any of these goods? Alpaca socks sound like an interesting inclusion as a representative of clothing.

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September 26, 2013, 10:45:32 AM
 #20

I bought the obligatory alpaca socks, a hard drive, earphones, a VPS, a couple of t-shirts and a mug.

Can I get links to any of these goods? Alpaca socks sound like an interesting inclusion as a representative of clothing.

Socks: grasshillalpacas.com
Hard drive: bitcoinstore.com
Earphones: can't remember, bitmit I think
VPS: bitvps.com
t-shirts/mug: cafepress.com/bitcoinmegastore

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