#nostr community: why #btc is measured in fiat currency? If we exchange #btc in fiat, we fool ourselves in my view because once in fiat they can lock our bank accounts ( like in uk ) and we become vulnerable because goverments control our life blackmailing us controlling our money. So i see 1 #bitcoin as 1 #bitcoin
Like 1 ounce of gold remain 1 ounce of gold.
We dont need fiat. We need more people to accept bitcoins. Thoughts anyone?
1. #Bitcoin plural is “bitcoin” not “bitcoins”
2. All price is relative. Saying 1BTC=1BTC is a funny meme but it tells us nothing in terms of relative price.
3. As the world has yet to be repriced in BTC, the status quo Unit of Account (fiat) must be used as a bridge if ever we are to advance bitcoin as a Medium of Exchange. Bitcoin will monetize as Store of Value first, then Medium of Exchange, then finally, after much dust settles, Unit of Account.
4. A bitcoin standard will involve a completely different understanding of price-value (as well as things like GDP). Price will resolve to the amount of energy required to produce and transmit something to the consumer + some premium for convenience. You could say this is true today already, but a fiat system distorts the relative price-value of energy (as well as of all other goods and services). As bitcoin IS energy, this distortion is removed but then we need to start thinking of price in terms of watts and joules not just sats. This is probably a ways off…
5. On top of this, the scaling of bitcoin mining globally suggests (demands?) humanity harnessing orders of magnitude more energy than we do today, which would naturally deliver dramatically collapsed marginal cost of energy, and therefore a similarly dramatic collapse in the marginal cost of essentially everything - as energy is core base layer input to all activities. This is nostr:npub1s05p3ha7en49dv8429tkk07nnfa9pcwczkf5x5qrdraqshxdje9sq6eyhe “Price of Tomorrow” thesis and we (humanity) simply are not ready for what this means for price - we will only be able to contextualize it and rationalize it after the fact.
6. Paying for ANYTHING in bitcoin is always to be “overpaying” by orders of magnitude (in BTC terms) over a 10-20+ year time horizon. But if you’re paying in alignment with the present energy cost + an acceptable premium (this is where divergent consumer preference comes into play), then it’s a fair price and you’re not actually overpaying at all. Bitcoin gets us to truly fair market pricing.
1. #Bitcoin plural is “bitcoin” not “bitcoins”
2. All price is relative. Saying 1BTC=1BTC is a funny meme but it tells us nothing in terms of relative price.
3. As the world has yet to be repriced in BTC, the status quo Unit of Account (fiat) must be used as a bridge if ever we are to advance bitcoin as a Medium of Exchange. Bitcoin will monetize as Store of Value first, then Medium of Exchange, then finally, after much dust settles, Unit of Account.
4. A bitcoin standard will involve a completely different understanding of price-value (as well as things like GDP). Price will resolve to the amount of energy required to produce and transmit something to the consumer + some premium for convenience. You could say this is true today already, but a fiat system distorts the relative price-value of energy (as well as of all other goods and services). As bitcoin IS energy, this distortion is removed but then we need to start thinking of price in terms of watts and joules not just sats. This is probably a ways off…
5. On top of this, the scaling of bitcoin mining globally suggests (demands?) humanity harnessing orders of magnitude more energy than we do today, which would naturally deliver dramatically collapsed marginal cost of energy, and therefore a similarly dramatic collapse in the marginal cost of essentially everything - as energy is core base layer input to all activities. This is nostr:npub1s05p3ha7en49dv8429tkk07nnfa9pcwczkf5x5qrdraqshxdje9sq6eyhe “Price of Tomorrow” thesis and we (humanity) simply are not ready for what this means for price - we will only be able to contextualize it and rationalize it after the fact.
6. Paying for ANYTHING in bitcoin is always to be “overpaying” by orders of magnitude (in BTC terms) over a 10-20+ year time horizon. But if you’re paying in alignment with the present energy cost + an acceptable premium (this is where divergent consumer preference comes into play), then it’s a fair price and you’re not actually overpaying at all. Bitcoin gets us to truly fair market pricing.
Interesting
