Nostr Web Client

Dear Nostr, I need help getting my head around pricing in sats vs denominating in sats 😵‍💫 If in fact is not even the same thing?

I have a seasonal product that I make once per year (yes it's marmalade!), the cost for making it will not change until next year as I bought all the ingredients and materials already. If I wanted to 'price in sats' does this mean not changing the sat price regardless of any value increases/decreases over the coming year? Say bitcoin doubles, my customers would effectively be paying twice as much if I do not track the fiat price, when they should be experiencing a discount instead.

So far I believe I have been pricing in fiat and denominating in sats, therefore anyone paying with bitcoin gets their goods cheaper over time.

What is this idea for pricing in sats, perhaps I just don't understand the terminology?

nostr: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 nostr: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 nostr:nprofile1qyfhwumn8ghj7ur4wfcxcetsv9njuetn9uq3wamnwvaz7tmjv4kxz7fwwpexjmtpdshxuet59uq3wamnwvaz7tmwdaehgu3w8p4j6mrpvghxxmmd9uq35amnwvaz7tmsv95kgtnwdaehgunfve5k2epwdaexwtcpz4mhxue69uhhyetvv9ujuerpd46hxtnfduhszrnhwden5te0dehhxtnvdakz7qgawaehxw309ahx7um5wgcrytnndpshy6mndpskkefwdejhgtcqyzwmd0k4hwrhcxf2nmfgqmhgsqeswu20m3paq23yvy4rcxxfkrzw7rlghng nostr:nprofile1qqsvgj4kam4n5rjatjxc46p2ltgw89aal0yjqrta3lp7u99xn60hgrq5w3sr2 what are your thoughts on this

#asknostr #grownostr #priceinsats #bitcoin

SoapMiner 1y ago

I have actually thought about this for in the future. This will be a very tricky metric. And I honestly don't know what the answer will be. Going to need someone far more intelligent than I to answer that question.

Once Sats are the medium of exchange for everyone in the world, those Sats will gain value on a daily basis depending on how much value the world created. Bitcoin will have to encompass that value. Like I said, a very tricky metric. I am not sure how we would measure that.

However, we are still in the very early stages of adoption. We are no where close to having to wrangle with that issue as of yet.

Right now, we are still measuring Bitcoin's monetary value in Dollars, or whatever national currency you use. Unless you as a business want to go in and change your prices on a daily, or even hourly basis (God candles) then I would suggest charging a firm fiat price that is denominated in Sats, and only accept Sats.

Perhaps someone has a better idea, but that's just my 2 Sats.

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Discussion

SoapMiner 1y ago

I'm going to tag nostr:nprofile1qqsg86qcm7lve6jkkr64z4mt8lfe57jsu8vpty6r2qpk37sgtnxevjcpzpmhxue69uhkummnw3ezuamfdejsz9rhwden5te0wfjkccte9ejxzmt4wvhxjmcprfmhxue69uhkummnw3ezummjv9hxwetsd9kxctnyv4mqgevlfj on this. He has explained how it's meant to deflationary forever, so I am sure he has thought of this. 🙏

BTheCoin 1y ago

Great thoughts! You're totally right—it's definitely a tricky topic. But it’s awesome to see so many ideas floating around. Excited for where this all heads. Let's keep the convo going! 🚀😄

SoapMiner 1y ago

We'll get there. That's a definite. 🫡🫂💪

Yojimble 1y ago

It is also a lot easier from a technical aspect to price in fiat and let software display a sats price for me, all of the PoS apps, customer wallets and even Nostr can do this automagically.

Will be really interesting how prices will adjust themselves after hyperbitcoinisation, for example I can work out how much something cost me to produce in sats, how much I spent on the materials and energy, even my own time will have a sat value on that day... not sure what signals will be used to then reduce a price of something that has already been produced but the money to buy it is more valuable (without fiat to compare to). Would it be simply determined from the rate on new coins getting mined?

SoapMiner 1y ago

Yeah, a very tricky metric. However, I do believe nostr:nprofile1qqsg86qcm7lve6jkkr64z4mt8lfe57jsu8vpty6r2qpk37sgtnxevjcpzpmhxue69uhkummnw3ezuamfdejsz9rhwden5te0wfjkccte9ejxzmt4wvhxjmcprfmhxue69uhkummnw3ezummjv9hxwetsd9kxctnyv4mqgevlfj on this. It will trend down towards the price of production. And honestly, by that time, we will be using robots for the production of just about everything, if not absolutely everything. So your labor probably won't be a factor in the equation.