AlejandroHODL on Nostr: 1 Kilo loaf of bread for under 1 Sat or we haven't arrived yet. In 600 B.C. using 1 ...
1 Kilo loaf of bread for under 1 Sat or we haven't arrived yet.
In 600 B.C. using 1 oz of gold you could buy 350 loaves of bread weighing 1 kilo each. This is the benchmark.
Why do we use bread as the benchmark? Because it's a simple manufactured product that requires a few inputs and some Human labor, and we know the price for 1 kilo of the finished product going back millennia.
Reference: https://web.archive.org/web/20240711023842/https://www.coins-auctioned.com/learn/news/history-of-gold-ounce-price-comparison-to-a-loaf-of-bread
In 600 B.C. using 1 oz of gold you could buy 350 loaves of bread weighing 1 kilo each. This is the benchmark.
Why do we use bread as the benchmark? Because it's a simple manufactured product that requires a few inputs and some Human labor, and we know the price for 1 kilo of the finished product going back millennia.
Reference: https://web.archive.org/web/20240711023842/https://www.coins-auctioned.com/learn/news/history-of-gold-ounce-price-comparison-to-a-loaf-of-bread