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69 sats \ 4 replies \ @faithandcredit 19 May 2022 \ on: Daily discussion thread
Do you think sats will lose their magic if they reach dollar parity?
Yes, part of the magic is the uniquely small value they have yet are still able to be transferred. We can start dealing in millisats on the lightning network but that's even more of a trust-required situation than sending 1 sat on the lightning network.
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It would be interesting to see Bitcoin adoption in countries where 1 sat is equivalent to that countries "dollar" denomination (and whether or not this causes transaction issues in daily life).
I am not quite sure this economy exists (perhaps Venezuela might qualify).
Interesting question posed by @monrch
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We might be thinking about this wrong. 1 sat = 1 dollar could mean sats become more valuable or the dollar becomes less valuable. If 1 sat increases in value, then sats lose some of their magic. If dollars lose value, nothing changes.
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Good insight - I suppose, it's more about what $1 can purchase when 1 sat = 1 dollar.
If the dollar inflates to the point in which anything less than a dollar (by today's standards - pennies, nickels, etc) has zero utility then the dollar becomes the base denomination and a 1:1 ratio would have no material impact on transaction capabilities
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