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I see constant talk about how Bitcoin is the way of the future, how it's the answer, the solution to the corrupt and mismanaged fiat system, a revolution, a way to put the power back in the hands of the people, digital capital, how it has so much utility, how it is the perfect money...

But I never

ever

see anyone talking about how we'll actually value it in a future where it has achieved the goal that everyone idolizes. Why? Why does it feel like there's no true long-term plan?

Lots of people say "don't value your Bitcoin in fiat", but they just stop there. They don't even bother with trying to extend that thought. I feel like this is a mistake to not take it further.

Imagine a future where Bitcoin has become our new primary store of value and we no longer value Bitcoin in fiat. How will we value it at that point? What will one BTC be representative of?

How will we determine this new system of value? How will we arrive at a consensus for it? Will this somehow naturally and organically grow out of the decentralized nature as the system becomes more and more widespread and adopted and used, similar to the dynamics involved in the emergence of the first currencies? Or will there need to be some form of committee formed to make a decision about how we value BTC? Will governments play a role in this?

All the talk of "0.1 BTC is all you need" and "whole coiners" is all purely based on fiat, and doesn't address anything about the long term future of Bitcoin.

I was wondering if people can tell me if any thought is actually being put towards this. I'd like to read about any progress towards this, or about thought experiments for it, or see videos or listen to podcasts that discuss it. So any kind of recommendation of reading materials or other information would be greatly welcome.

Memes and pithy hype quotes aren't going to do shit for us. If this truly is a revolution, we need plans, and we need to ask the hard questions and deal with the tough discussions and start to think about the goal we all dream of actually being realized. Memes and parroting "stack sats" are the lowest of the low hanging fruit.

#Bitcoin

Ben ⚡ 1y ago

It seems to me your asking how price discovery works?

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Discussion

Zaelus 1y ago

I'm not sure. I'm just a random guy who tries to understand the economy and Bitcoin and think about the future. So maybe I am. Mainly the part that confuses me is all the people who say "don't value your BTC in fiat" and "1BTC=1BTC". How do these sentiments fit with price discovery? I think this is the core of what bothers me, people in the community just seem to accept this and shower it in praise and likes. But I don't agree with that, I want more details.

Ben ⚡ 1y ago

I agree. Many Bitcoiners (and Nostr-peeps) seem to have broken out of the fiat order, only to converge on a new order where questions disrupt their newfound beliefs. Growing is a continuous process that requires work.

You're question seems perfectly legit to me

Zaelus 1y ago

I appreciate your perspective. My question is a product of naivete and ignorance, but also a strong desire to question new things I learn.

The analogy I have in my head is like when you give a new piece of software to a complete newbie who has no idea how things are supposed to work, and you just see what they naturally trend towards attempting to do and watch what they break. That's basically me right now with this new paradigm.

Brett Phillips 1y ago

In your said future, bitcoin is used to buy goods and services. You intrinsically understand the value of an hour of labor or a loaf of bread. With those being priced in bitcoin, you will quickly make the connection of the value of a satoshi at that point in time.