Breaking out of the fiat mindset \ stacker news ~bitcoin

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860 sats \ 13 comments \ @r3drun3 25 Mar bitcoin

I've realized that I give too much importance to the price (in dollars) of Bitcoin. Lately, I check it dozens of times a day, and for what? In my mind, it's clear that 1 BTC = 1 BTC, yet I persist in living in this fiat mindset. If we truly want Bitcoin to succeed, we need to start pricing things in sats: the hardest form of money should be the denominator. Start doing this mental exercise and think about how much things are worth in sats.

"How much did you pay for this dress?" "45,000 sats" "How much for this coffee?" "3000 sats"

Let's stop playing the finance dinosaurs' game; the old world is ending, and we make the rules of the new one.

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64 sats \ 4 replies \ @freetx 25 Mar

Any "savings" is ultimately meant to be exchanged for goods and services. I fully understand the "1 sat = 1 sat" talking point, but its sort of a meaningless statement. Currencies are exchangeable to each other + goods + services.

Maybe "3000 sat" is a cup of coffee, but it can also be exchanged for "$2.10 USD"

I think the "breaking out of fiat mindset" is really more concerned with "stop thinking that you are going to cash out". You should never "cash out" (thats like saying you want to have 0 savings). Instead you should just "buy things" with your BTC as you need them....exactly as you do with any savings.

137 sats \ 3 replies \ @Undisciplined 25 Mar

I think the point is that purchasing power is better measured through the price of stuff in sats than the exchange rate between USD and Bitcoin.

31 sats \ 1 reply \ @freetx 25 Mar

What about things that aren't priced in sats? (ie. most things).

25 sats \ 0 replies \ @Undisciplined 25 Mar

I think your point is that there's an extra step here of converting through some fiat price, which makes this a little bit cumbersome.

I still think the point is to understand how many sats things cost. Some people use the fiat exchange rate to do that.

0 sats \ 0 replies \ @r3drun3 OP 25 Mar

This.

42 sats \ 0 replies \ @TheWildHustle 25 Mar

Proud of you freak

It really hit me when I started trying to create small sat streams from SN Odd Jobs and Space heaters. Imagine telling your grandkids that you earned 500k sats a year shitposting, heating your home, and providing value to freaks.

Imagine timelocking the sats for 5 years........you could have it staggered to where, when you retire, you'd receive yearly timelocked sats from the past that are 100x the value you put in.....

142 sats \ 0 replies \ @DarthCoin 25 Mar

https://i.postimg.cc/W1RhLbvg/darth-truth.gif

10 sats \ 0 replies \ @NoIdols 25 Mar

Good luck with denominating when the bull hits, or the next bear :) maybe in two or three cycles...

0 sats \ 0 replies \ @expatriotic 26 Mar

LOVE IT, ONWARD SIR.

0 sats \ 0 replies \ @DesertDave 25 Mar

What helps me with this is using it in peer to peer ways, more and more often. I mine Bitcoin on solar, and use it here and on nostr. As a result I feel like I can start to feel.its value outside of dollar value. Like a zap of 300 sats feels like it is worth a lot more than it's USD value.

0 sats \ 0 replies \ @UCantDoThatDotNet 25 Mar

https://www.pricedinbitcoin21.com/landing

https://m.stacker.news/23028

0 sats \ 0 replies \ @TwoLargePizzas 25 Mar

The currency we "think" through is usually the one we are born into.

A person from the US thinks with dollars. A person from Japan thinks with yen.

When you realise how arbitrary this is it's much easier to break out of this mindset. There's nothing inherently special about your unit of account.

It's incredibly freeing to start seeing this truth. You'll start seeing inflation for what it really is.

For example, try measuring the price of your house in eggs. What you'll most likely find is that eggs have held thier purchasing power far better than dollars. It's a shame they don't last very long.

0 sats \ 0 replies \ @alexpeterson 25 Mar freebie

How many sats for posting a reply? 1. Only 2999 more for a coffee!