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50 sats \ 5 replies \ @fourrules 22 Nov
I think this is the last phase because it's a collective action problem. Bitcoin itself didn't have that problem because it advantaged early adopters.
How do we advantage early adoption of bitcoin as unit of account? It's not going to be "why don't we buy more stuff from businesses that use bitcoin as unit of account", because that just moves the collective action problem, it doesn't solve it.
It especially cannot happen if so much is short term demand comes from leverage, or if the bitcoin mining industry is leveraging up to convert to AI data centers, which creates volatility.
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10 sats \ 4 replies \ @bitcoinawareness OP 24 Nov
Thanks for your comment. I will address points like these in my next article about the idea.
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0 sats \ 3 replies \ @fourrules 24 Nov
What you could do is create a Chrome extension that converts all prices into bitcoin.
But that will only impact the tiny percentage of Bitcoiners who hear about it, care to install it, and then overcome the inconvenience to continue using it. And then what? It's not the sellers.
Convincing non-Bitcoiners to price their goods and services in a currency they don't accept? This seems like a waste of time. What am I missing?
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0 sats \ 2 replies \ @bitcoinawareness OP 24 Nov
Thanks for your comment. What you are missing is that the idea is more radical. It describes the possibility of Bitcoiners creating a community where things are priced in sats while respecting the true value of Bitcoin, which is total world wealth divided by twenty one million. Yes, starting exactly like that.
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0 sats \ 1 reply \ @fourrules 25 Nov
So you're basically describing a circular economy. That's not radical, it's just very difficult and still a collective action problem.
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0 sats \ 0 replies \ @bitcoinawareness OP 25 Nov
A circular economy in which a good that outside NOW costs 200 USD is sold by rougly 460 sats.
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21 sats \ 1 reply \ @siggy47 22 Nov
I have thought of this too. I considered pricing items in my online store (satwize.com) using this method. Still, I think it would only work now in smaller circular economies that aren't filled with people who's net worth hasn't been finacialized by the fiat system.
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36 sats \ 0 replies \ @bitcoinawareness OP 24 Nov
Fiat attacks would happen. I will address this in my next article about the subject.
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0 sats \ 1 reply \ @OT 22 Nov
Sats are here to stay. It just might take a while for everyone to catch on.
"Suddenly" seems unlikely at the moment too.
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0 sats \ 0 replies \ @bitcoinawareness OP 24 Nov
It will happen if we put unit of account first.
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