And the number of loaves of bread a bitcoin will get you is exactly as many as the USD you can trade that bitcoin for will get you. I love the idea of bitcoin, but I still don't see how they're more than bonds at this point, and any counterargument seems to involve the economics equivalent of "a wizard did it" followed by fantasy scenarios they view as inevitable (such as major retailers adopting bitcoin).
Here's a hypothetical: a baker accepts USD or BTC. However, given that transactions are more secure, and there are no bank fees, he is willing to offer 3% off the equivalent USD price for paying in BTC. What happens then? Bitcoins will buy you more loaves than the USD do. Is it still a bond?
Let's say there was a global payment system based on the internet that charged 3%. Would it not be worthwhile for a merchant to offer 2.5% off for paying in BTC?
Equivalent prices are not going to last long once merchants realise they can compete on price using bitcoins.