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Another reason accounting in bits might be a good mental model:

Assuming 4-5 million bitcoin lost against the current supply: this gives about 14 million spendable btc. Market cap of gold is 13 trillion. 13 trillion / 14 million is about 930k (lets say approximately 1 million).

Therefore if bitcoin is as valuable as gold (reasonable exchange pricing method?) then 1 bit is a good mental substitute for $1, 1 sat is a cent.

Who knows, maybe bitcoin will never be as valuable as gold, but it’s hard to see how that would be the case. It should be worth more given the fact its *unconfiscatable, teleportable, mathematically scarce programmable money in cyberspace enforced by the laws of physics* but what do i know.

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Discussion

paulo 2y ago

Sorry Will, it’s sats. It won.

jb55 2y ago

I’m fine with that for pricing things but i personally do accounting and lightning stuff in bits

Paul 2y ago

1 ₿itcoin = $1,000,000,000.00

Dawn 2y ago

The fact that every form of measurement has more than 2 denominations should be argument enough

Nickler 2y ago

So I’m just learning about how bitcoin works now. However, if this is the legitimate belief, are all bitcoiners simply putting all their money in bitcoin and trying to live as cheap as possible? Is the goal to then be the rich when the value of a bitcoin is realized? Just curious because I recently bought some and I’m curious what the mindset is.

jb55 2y ago

considering you cannot predict the future or predict when bitcoin will hit a gold equivalent price (could take longer than a lifetime), best thing you can do is treat it like a savings account, be frugal, and get as much of it as possible earlier than later.

I will probably sell my house soon and convert it to bitcoin.

Marks 2y ago

Rather than looking at it as “trying to get rich” I look at it more as where can I put the rewards of my work that will not lose value? USD, treasuries, real estate, stocks, gold, bitcoin.

Bitcoin is the hardest asset of all those. You can’t make more of it. Everything else can be inflated by someone else.

David King 2y ago

“sell my house soon” is a big move! 💪 did you recently reframe your needs? get even more conviction about bitcoin? just curious how you think about it and “why now”

jb55 2y ago

We just want to travel more and the mortgage + special levy costs in our building is getting insane (7k+ per month)

Vanessa 2y ago

I approve this message 💜

0xtr 2y ago

Based! Where do you want to travel?

Nickler 2y ago

Travelling more is always a good idea.

Nickler 2y ago

Very interesting and that’s a good explanation. In my learning I’m not yet to the point of understanding how something digital can’t simply have more created, like fiat. I understand that it is a key aspect of bitcoin and I’m sure there is an answer. I’m looking forward to learning the answer.

nobody 2y ago

Closer to $6T in gold used for investment.

siim 2y ago

Good reasoning but bearish in the long run imo

yknip 2y ago

Then we switch to sats

Capt Stab 2y ago

The sooner we move to a Sat default for Bitcoin the better. Humans like small numbers 2-3 either side of the decimal point.

Noerms 2y ago

What is a bit again? 0.01 btc? 🤔

21 Stackage 🦡 2y ago

1 bit = 100 sats

Christoph Ono 2y ago

A very US Dollar centric perspective. The math will not pan out for the rest of the world using other currencies. Even in that model, why should it stabilize exactly at that 1 sat = 1 cent model and not keep tilting further? That model might only work for a short moment in time.

Max 2y ago

The rest of the world is -indirectly- also USD centric

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yknip 2y ago

Implement it into damus

jb55 2y ago

thought about it

yknip 2y ago

And what did you decide?