The Billion Prces project measures on line prices. New Yorker has a write up.
A new venture called the Billion Prices Project may help change that. The B.P.P., which was designed by the M.I.T. economists Alberto Cavallo and Roberto Rigobon, gathers price data not via survey but, rather, by continuously scouring the Web for prices of online goods around the world.
What other web project works with on line prices? Bitcoins. These two projects will talk to each other, and soon on line prices in Bitcoins will be he gold standard for the on line economy. That makes yield curves, denominated in bicoins, valuable as a monetary standard.
What else uses digital money? Smartphones and smart retailers.
Web bots, search engines, facebooks, all these things work much better when they share protocols. Bitcoins will drive much of this bot to bot communication.
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