Define the word "value". What does in mean to us? If you have 320 in fiat and 1 btc which converts to the equivalent amount, ask yourself which one do you think is worth more in term of purchasing power and in terms of actual value measured as hedge against inflation? Market cap is just a representation when you compared it back against fiat. So why bother to use that?
I agree with this. Once bitcoin reaches a certain point it will be almost irrelevant to assign it a fiat spot price.
Do we measure emails in terms of how many paper envelopes they can displace?
we need to measure bitcoin based on a cost of living index.
something that can be measured universally and something that all people can easily imagine and calculate and understand how valuable/cheap/expensive it is.
for instance if we say bitcoin is 1 weeks cost of living.
EG 150 loaves of bread or 40 hours of minimum wage labour in whatever native fiat they please.
that way if the russian ruble collapses and next year it costs 10x as much for a loaf of bread. bitcoin is not measured at the ruble price.. but at a weeks cost of living. to ensure people always get paid enough to live on no matter how their native currency fluctuates.
