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      "author": "steemitboard",
      "permlink": "steemitboard-notify-adis992-20190822t183232000z",
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      "body": "Congratulations @adis992! You received a personal award!\n\n<table><tr><td>https://steemitimages.com/70x70/http://steemitboard.com/@adis992/birthday3.png</td><td>Happy Birthday! - You are on the Steem blockchain for 3 years!</td></tr></table>\n\n<sub>_You can view [your badges on your Steem Board](https://steemitboard.com/@adis992) and compare to others on the [Steem Ranking](https://steemitboard.com/ranking/index.php?name=adis992)_</sub>\n\n\n###### [Vote for @Steemitboard as a witness](https://v2.steemconnect.com/sign/account-witness-vote?witness=steemitboard&approve=1) to get one more award and increased upvotes!",
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      "permlink": "steemitboard-notify-adis992-20180822t183950000z",
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      "body": "Congratulations @adis992! You have received a personal award!\n\n[![](https://steemitimages.com/70x70/http://steemitboard.com/@adis992/birthday2.png)](http://steemitboard.com/@adis992)  2 Years on Steemit\n<sub>_Click on the badge to view your Board of Honor._</sub>\n\n\n**Do not miss the last post from @steemitboard:**\n[SteemitBoard and the Veterans on Steemit - The First Community Badge.](https://steemit.com/veterans/@steemitboard/steemitboard-and-the-veterans-on-steemit-the-first-community-badge)\n\n> Do you like [SteemitBoard's project](https://steemit.com/@steemitboard)? Then **[Vote for its witness](https://v2.steemconnect.com/sign/account-witness-vote?witness=steemitboard&approve=1)** and **get one more award**!",
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      "body": "This is a great read - thanks! I was just reading about this (article below) and think it's fascinating. What do you think the ultimate purchasing power of BTC will be as fiat currencies collapse? Will be interesting to see how this plays out. \n\nHere's the article I was reading about this: \nhttp://bitcoinppi.com/\n\nAlso, here's something I recently posted about this. \nhttps://bitcointalk.org/index.php?topic=2192401.0",
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      "title": "Purchasing Power Parity of Bitcoin compared to the Dollar - Part 2",
      "body": "Following from the last post about Bitcoin and fiat currencies in relation to strength and inflation, I would like to expand on the concept of using gold as a measurement tool for purchasing power. As stated at the start of the previous piece, the sentiment at the end of 2015 was that Bitcoin was bearish while the US Dollar was bullish.\n\nHowever, this might not be the correct conclusion. If we examine our evidence in comparison to gold purchasing power, than the Dollar is currently more bearish than Bitcoin. The illusion only exists because we exchange Bitcoin to USD in order to measure its strength. \n\nHowever this is just relative strength based on the fiat market. Although the USD might be gaining in strength relative to other fiat currencies, it is still a sinking ship. Just the slowest sinking of the fiats (By sinking we mean inevitable hyperinflation due to endless printing). If one wants to know the real relative strength of the USD the best tool is measuring how many ounces of gold you can purchase with one Dollar. When the Dollar was tied to gold in 1944 (Bretton Woods system)  you could purchase 0.029 ounces with one Dollar ($35 per ounce), this however changed in 1971 when Nixon took the USD off the gold standard.\n\nHere is a graph of how much Gold you can purchase today with a Dollar (In ounces).\nhttp://files.abovetopsecret.com/files/img/ax57bf3d39.png\n\nAs this graph reveals then the USD is stagnant and has reached a roof in terms of strenght, Notice however the big drop at the end, this is more or less at the exact same time as the Bitcoin as illustrated in below (Blue line is Bitcoin and White line is USD).\nhttp://files.abovetopsecret.com/files/img/xr57bf3d58.jpg\nWhite line= USD and Blue line = Bitcoin.  Scale is for Bitcoin\n\nWhat this comparison also reveals is that Bitcoin is not acting on its own, it is reacting the same as other currencies traded on Forex. Bitcoin imitating Fiat Currencies in its movements is a healthy sign as it indicates that there are big players (traders) speculating on Bitcoin, this is better than Bitcoin acting like a penny stock and doing two hundred percent in one day like at the end of 2013, as it indicates maturity. This graph even indicates that you would have lost less in terms of gold purchasing power if you had keep Bitcoins as opposed to USD, now this is a stark contrast to what the Bitcoin media has been saying, as they are busy looking for a scapegoat to blame when there is none.\n\nAll in all we are still confident in Bitcoin and would rate it more Bullish than the USD. One has to remember that the USD has a government and ninety nine percent of its population backing it, and the Dollar can barely out compete Bitcoin in terms of overall strength.\n\nWe will leave you with a graph which shows Bitcoin over the past 2 years and how in relative strength it has surpassed USD growth multiple times (with USD having QE3 backing it)\nhttp://files.abovetopsecret.com/files/img/wi57bf3d58.jpg\nWhite line= USD and Blue line = Bitcoin. Scale is for Bitcoin\n\nLink to part one : http://tinyurl.com/gnyeeat",
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      "title": "Purchasing Power Parity of Bitcoin compared to the Dollar - Part one",
      "body": "In the last months of 2015 the price of Bitcoin has dropped from $330 to $150 and at the time of this explanation was hovering around $230. At the same time the Dollar was gaining strength among fiat currencies. These two stories together made a lot of people doubt the viability of Bitcoin as a safe investment as it seems that Bitcoin was bearish when both the Dollar and Gold are bullish.\n\nHowever this conclusion is an illusion caused by the fact that we have loosely “pegged” Bitcoin to the US Dollar in that we measure its strength in terms of dollar purchasing power. Now here starts the catch 22, how do we measure the dollar's strength? We compare it to the purchasing power of other fiat currencies, while none of them are pegged in real life.\n\nThis scenario causes skewed interpretations as Bitcoin will appear bullish in one nation as opposed to bearish in another, depending on how the local fiat currency is doing. This can be illustrated in the below graph which shows Bitcoin prices as in USD and Russian Ruble.\n\nhttp://files.abovetopsecret.com/files/img/he57bb4cf7.png\n\n\nAnother thing to recognize is that our current economy relies on steady and constant inflation. This effectively means that your dollar can purchase less over time as there is an influx of new banknotes, due to supply and demand. This scenario also causes a steady but false increase in Bitcoins value, while its real life purchasing power remains the same. \n\nFor simple proof of the concept above, ask any American how far they could get with 5,000 dollars before 1971 or study the following graph illustrating the purchasing power of the dollar since 1967 (I will go into this data in more detail in my next post).\n\nhttp://files.abovetopsecret.com/files/img/lk57bb4d24.png\n\n\nAs illustrated in the above scenarios, then our current measurement system for Bitcoins value is broken as it relies on fiat currencies to determine its relative purchasing power. I suggest that we start “pegging” the measurement tool of Bitcoin value to purchasing power of gold.\n\nMy reasoning for this, is that gold prices auto correct for fiat volatility almost instantly, as gold has a universal value. \n\nGold prices constantly vary, however, I argue that this is due to the above phenomenon of inflation, causing the purchasing power of the dollar to decrease. This artificially drives up the price of gold while the purchasing power of gold has remained more or less constant. This is of course difficult to prove as not a lot of merchants accept gold as a payment and there are no official reports of the purchasing power of gold.\n\nThere is also the fact that only a few gold merchants at present accept Bitcoin, and thus to find the true gold purchasing power of Bitcoin, we usually have to convert the bitcoin back into your fiat currency of choice.\n\nHowever, if we did use gold purchasing power as the standard for measuring the strength of Bitcoin. Then we would also have a universal indicator, which needs no conversion between borders, and shows the true strength of Bitcoin.\n \nI will delve more into this in our next piece.",
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