How Much is a "Bit" Worth?

[Rainbow Dash Loyalty 1,274]

I'm guessing bits aren't worth too much (roughly 50 to 80 cents per bit), currency may change every once in a while or something if it's that kind of deal. But it seems that gems and jewels are whats really valuable in currency if the CMC bought a massive, industrial blow-dryer with such a small ruby.

[Fhaolan 4,468]

Bit used to be a common US term for 1/8 of a dollar. Long, long ago before the US had their own currency the most common hard currency used was Spanish/Mexican dollar coins that were made to break into eigths, or 'bits'. It's amazing how long this term stayed alive in common parlance long after the US decimalized it's money. Dimes were known as 'short bits', and 2 bits meaning 25 cents was still being used in the 1930's. Heck the NY stock exchange still used bits in 1990.

[Yourmomsponies 444]

considering an apple costs around .30$ usd

 Using simple math a bit is worth around .06$ usd.

Which would make equestria poorer than estonia.

I never though that equestria would be that broke IRL. 

Edited April 27, 2013 by Yourmomsponies

[Ashley 2,427]

I guess 1 bit is 1 dollar?

Maybe Equestria hasn't been inflated yet.

 

My head cannon is too simple, I'll have to go and make a complicated one now.

 

[Fhaolan 4,468]

Following up on my post, if an Equestrian bit is 1/8 of a dollar, which would of course be a 'buck'; whenever a pony says, "I don't give a buck!" what they're actually saying is that they don't think it's worth 8 bits.

[GrimCW 658]

TBH i figured it was on an old fashioned barter style system where the individual sets their own prices based on the old theme of supply and demand.

Depending on the supply, and demand for said supply, the prices may shift.

And given they don't have refrigerators and the like (that i've seen anyways) they may need to import some items such as the mentioned peach and cherry thing.

Ponyville is known for its apples, so apples would be fairly cheap. but bringing in a perishable product from elsewhere.. well, it might cost more since in order to keep quality they also need to hurry orders, and triple sort good and bad. as well as lower prices at times to get rid of stock before it does go bad.

 

 

I don't think that just because they have old time technology means their time base is in the past. They are only ponies, you know. They might not be as technologically advanced as us.

 

TBH I think its more along the lines of they don't need the technology. They have magic and such to work with, and thus need less of the machinery we do.

[Pokota 28]

Like all fictional currencies, the value of a bit really depends on what the writers need a bit to be worth. We know that bits are worth something, and it's very likely that from an in-universe standpoint the bit was created as a standard so that we don't frequently have the situation that occurred during Just For Sidekicks, where gems of varying values are used equally as payment - and the ubiquity and reliability of one bit being equal to... let's say one half of an apple fritter led to it being formally adopted as official currency. 

Edited April 27, 2013 by Pokota

[Stormwind 53]

I dont think you can put a numerical value behind a bit. Bargaining seems to be an integral part of the economy and the value of the bit seems to be very variable. So putting a number value behind the bit seems pointless because it seems to be more dependent on the social structure of equestria rather than the economy,

[Scootalove 10,684]

I think a bit is worth, well it depends on how many bits that you have and the set prices on things that you want to buy. So 1 bit is about $1 , and anything more then 1 bit is about worth more. So the more bits you have, the more something is worth. A bit is worth a lot in Equestria.

[~Master~ Button Mash 2,307]

I'd say the Equestrian bit is worth somewhere between 1/10 of a dollar and 1/4 of a dollar (because the US quarter is sometimes called a "bit" as well).

[Guest]

In US Currency it's worth about $1 if you think about it because two bits = 1 tomato = $2 (overpriced) 1 bit = $1 for 1 tomato (more reasonable).

Edited April 30, 2013 by Guest

[Sunny Fox 5,935]

In US Currency it's worth about $1 if you think about it because two bits = 1 tomato = $2 (overpriced) 1 bit = $1 for 1 tomato (more reasonable).

Well, it was actually 2 bits for 3 tomatoes:

So you will have to recalculate based on 3 tomatoes for 2 bits as being overpriced. (Sorry to nitpick)

Edited April 30, 2013 by Full Spectrum

[Guest]

Oh right! Well if it's 2 for 3, I'd say then 1 bit is worth about $1.50 because 3 tomatoes for $3 sounds like a reasonable price. So that amounts to $1 per tomato which is average.

[Thunderlight 41]

Oh right! Well if it's 2 for 3, I'd say then 1 bit is worth about $1.50 because 3 tomatoes for $3 sounds like a reasonable price. So that amounts to $1 per tomato which is average.

Oh? Well: in that case then its easy to turn also to € :3 well: you said 1 bit value is $1.50 so in euros, it is 1.15€ :3 cause one dollar value at euros, is 0.7626€

[VelvetDivan 96]

As for the price of cherries people keep harping about, I postulate that Ponyville doesn't have much in the way of a cherry supply.  Wouldn't cherries be sold in bags or little cartons otherwise, rather than individually?  You can buy apples locally all day long, but there may only be a handful of cherry trees, inflating the price of cherries.

 

I wonder if that's another reason Sweet Apple Acres seems to barely scrape by sometimes: they're such a big orchard serving such a small village.  They can't keep up with the demand on their cider true, but you've seen how many apples AJ bucks.  How many bushels do you suppose she sells?  Even assuming some pass behind the scenes to shop owners like the Cakes for use in their treats, it seems inevitable the price of apples would always be depressed because of the surplus.

[Homura Akemi 974]

When I went to Equestria LA in November we called dollars bits just for fun, so they may be $1 after all, but I'm pretty sure it's undecided.

[Paianis 488]

What shocks me more is that so many products sold in Equestria don't have a set value. I mean, look at the cherry scene in Putting Your Hoof Down.

[Fhaolan 4,468]

What shocks me more is that so many products sold in Equestria don't have a set value. I mean, look at the cherry scene in Putting Your Hoof Down.

Things having set values is a relatively recent invention. Specifically, it was invented in 1869, in Toronto, Canada. That's when Timothy Eaton opened up the first dry goods store with the rules of no haggling, no credit, and products guaranteed. That was the first time it was ever done.

 

Travel around, and you'll find that haggling and barter is still in full force around the world.

[Paianis 488]

Yeah, but its not like things have pricetags that ponies will keep to, whether they haggle or not. Remember when the price rose for the cherry for Fluttershy? It seemed like it was done to take advantage of her timidness. When the next consumer came along, everything seemed to be back to normal, even the price, without any haggling at all. Anyway, I wouldn't argue if it meant holding everyone back who was waiting for the till.

[Fhaolan 4,468]

Yeah, but its not like things have pricetags that ponies will keep to, whether they haggle or not. Remember when the price rose for the cherry for Fluttershy? It seemed like it was done to take advantage of her timidness. When the next consumer came along, everything seemed to be back to normal, even the price, without any haggling at all. Anyway, I wouldn't argue if it meant holding everyone back who was waiting for the till.

 

That's how haggling works, at least it does whenever I go to southern Mexico or the like. The price at least triples for the gringo, just to see if I'm stupid enough to not haggle. Quadruples if my wife approaches first, which is a mistake because she gets a kick out of haggling. The seller's starting price is whatever s/he thinks they can get away with. I was in Cancun recently, and my wife wanted a small tapestry to get as a gift for a friend, and the seller started at $200 US. We got it for $20. A friend of mine from the area said that for locals they would have started at $50 equivalent, and probably ended at about $20 or so, so my wife did as well as a local in her opinion.

[Paianis 488]

I guess its not so common in my part of the world, I've only witnessed it for more expensive investments such as a car, house etc.

[qwertyquail 1]

I am now going to say something that is really stupid and has probably been said before:

 

1 bit = 1 bit.

 

But seriously, I have calculated from my very short amount of time done researching that 1 bit = about 25 to 50 pence or 0.25-0.5 Pound Sterling (I'm British).

[Orablanco Account 3,706]

And you guys said that the kid with the physics presentation was overanalyzing things...

 

Anyway, I think it's way too inconsistent to determine. Two bits for three tomatoes is overpriced, but one bit for one cup of cider is okay? And then Magic Duel had that scene where a sack if bits was treated like a sack of gold.

 

And what about gemstones? One moment, children are using it to make arts and crafts and putting them on costumes, then a tiny shard is enough to buy an industrial strength hair dryer and more. I guess from Canterlot Wedding on, gems have monetary value.

 

Bit worth just serves whatever purpose it needs to.

Edited May 6, 2013 by CITRUS KING46

[TheMangoPony 145]

My thought is this...

 

Shave and a haircut, 2 bits

2 bits is referring to a quarter is it not?

 

Therefore 8 bits to make a dollar.

A bit is approximately 12.5 cents.

 

...then again 25 cents for 3 tomatoes sounds like a whale of a deal. 

 

Yeah in conclusion, I have no idea

[Fhaolan 4,468]

My thought is this...

 

Shave and a haircut, 2 bits

2 bits is referring to a quarter is it not?

 

Therefore 8 bits to make a dollar.

A bit is approximately 12.5 cents.

 

...then again 25 cents for 3 tomatoes sounds like a whale of a deal. 

 

Yeah in conclusion, I have no idea

 

Yep, 2 bits = a quarter. Because dollars used to be divisible into eighths. Pieces of eight, to be precise. Two eighths make a quarter, you see, and a single eighth was called a 'bit'.

 

So eight bits make a buck.

 

Bits went out of fashion in America in 1780-1800 or so, when the disme (dime), cent (penny), and mill (a coin no longer used) were introduced. Mill is still around technically, but more as a theoretical thing. Gas pumps, electric meters, etc. technically go down to fractions of a cent.