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80 sats \ 3 replies \ @79c9095526 OP 21h \ parent \ on: Saying 1 btc = 1 btc when fiat price goes down is stupidity/cope bitcoin
Perhaps some of this has to do with where someone is in their life. You may be in the phase of your life where you earn fiat and therefore can view a price drop from 69k to 20k as "sats on sale".
Someone else may be in the phase of life (like myself) where they are retired and have the vast majority of their networth in bitcoin. I haven't earned a single fiat dollars in years. So when bitcoin drops 50%, that means I can afford (for that moment in time which may last days, weeks, months or years) 50% less cars or groceries or whatever.
You're right that no one knows the potential value of bitcoin. But we do know the current value that the market has decided on. That is roughly $110,000 USD today. We denominate it in USD (or another fiat) because that is translatable to a real world good that we as humans need/want.
Perhaps some of this has to do with where someone is in their life. You may be in the phase of your life where you earn fiat and therefore can view a price drop from 69k to 20k as "sats on sale".
Indeed this is true. It sounds like you are my senior and with that in mind I thought I would share something that you may already be aware of. There are MANY bitcoiners online that talk big games. They seem really immature and they are full of a lot of bravado. They often have massive logical holes in their "arguments". Some of this is age, some of this is the mediums promoting this type of personality. Personally I don't really consider them representative of a significant number of actual people. Few people are authentic online. Many are trolls for the fun of it. They repeat bromides that while are true have become distorted. They repeat things they do not understand.
In the end... they don't matter. What matters is your vision for your life. How does bitcoin figure into that. How can it help you achieve that. We are in the price discovery phase of bitcoin. I doubt it will become the medium of exchange in your lifetime. It might in mine. I'm not counting on it though. So, this is what directs many of my decisions. I'm not expecting to get rich. But, I am expecting my sons to do so if I have taught them well.
Do with that what you will.
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I agree with you completely here. Very few people are authentic online.
I also agree we are still in bitcoin price discovery mode. As someone who converted 95%+ of their networth into bitcoin years ago and no longer earns a fiat income, I feel more sensitive to price movements (in either direction) than perhaps I would have were I 35 with a relatively small networth.
My purchasing power, my retirement plan, etc.. hinges on the purchasing power of bitcoin and that purchasing power (for today) is measured by the bitcoin to fiat exchange rate set by the market because all the goods/services I purchase are denominated in fiat.
That was my original point. Purchasing power matters with a money. A lot.
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Yeah, that makes sense. Many popular phases in bitcoin are lost in translation. Time preference is just that. A preference and that can and should be dependent on your phase in life and the life you want to live. I think the phrase 1 btc = 1 btc is a reaction to the trader bros that only think about going to the moon.
I don't think we disagree on the merit of market price. I will say most of the people I know that are obsessed with the price today are no where near your stage of life and also younger than myself. The also don't self custody and can't explain much about bitcoin beyond price. So... for me Jeff's statement rings true. Not sure if you've ever listened to him expound on this stuff. He's a sharp guy.
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