{"type":"rich","version":"1.0","author_name":"Juraj (npub1m2…lr8p9)","author_url":"https://nostr.ae/npub1m2mvvpjugwdehtaskrcl7ksvdqnnhnjur9v6g9v266nss504q7mqvlr8p9","provider_name":"njump","provider_url":"https://nostr.ae","html":"Illusion of unit of account.\n\nJuraj Karpis said in his talk at HCPP that we have this almost a language notion of unit of account. We all know what our currency (1$, 1€) means. We don't have to think about it. BTC has not achieved this yet. See the talk, it's amazing: https://www.youtube.com/watch?v=pD3Uawu2JMQ\n\nBut this has a flipside.  \n\nLevel 1: \"EUR in 2010\" and \"EUR in 2025\" are very different currencies. Looks the same, same pictures, same unicode character (€), very different purchasing power.\n\nLevel 2: No, you can't multiply the 2010 prices with CPI over the years. 1000€ in 2010 would be 1368€ today according to these statistics. But that's completely wrong and we know that. They CPI is not calculated very well.\n\nLevel 3: Even if we got the \"purchasing power level\" right, the relative prices have changed. In 2010 I could not even get some things (like click in an app and someone would deliver me youghurt to my doorstep 30 mins later). A laptop that cost 1000€ in 2010 is basically a free gift today, or less than 100€. The relative prices are changing as well."}