Quote from: R21 on August 18, 2018, 09:17:33 AM

Quote from: talkbitcoin on August 18, 2018, 08:34:20 AM

Quote from: virendarnagpal on August 18, 2018, 08:22:05 AM

we are measuring it's value in dollars.

and what would you suggest we use to measure its value? it is the 21st century, we measure value of literary everything in fiat, those in US measure it in USD, those in Europe measure it in EUR, those in China measure it in CNY and ....

that doesn't mean it relies on fiat. would you like us to go back a thousand years and measure value of things like bitcoin in goods? like saying 50000 satoshi is equal to 1 chicken?

Yes good answer I think! every nations have their own fiat currency and always products considering by fiat currency.

Actually I've made that argument before. I'd buy that chicken for 50k sats! As long as it's cooked rotisserie chicken. It's a really good deal. I'd personally sell chicken for 125k sats.

Bitcoin doesn't depend on the dollar. I think the relationship is inverse. Just like any currency exchange. When you buy bitcoin the dollar's value against bitcoin falls and bitcoin's value against the dollar rises.