One major problem I see with value 4 value model is unit bias. With fiat 1 USD sounds like a 1 - a small number to fork over. That’s like 5000 sats which to our brains seems like a lot.
Not sure what the fix is, but v4v may not offer good creator compensation.
It’s possible that over time our brains normalize those numbers.
Its also possible that over time 1 sat will have much more value 😅
Of course but we have to get there first
Andreas Antonopoulos said most people are comfortable with a currency, where a sandwich costs between 10 and 100 units.
How about 10,000?
Zapd, seems excessive for a sandwich tho :)
Satoshi wrote, let’s move the decimal point so we all have 1000x more bitcoin
Exactly
I think adoption would boom when buyers can more easily afford multiple full bitcoins.
💯 Satoshi was right once again
It’s all relative in the end. But you have to get used to the amount. Moscow time is great for that
Agreed. Personally, it took me awhile to price things in sats in my head. But once I got it, it was pretty easy. Much better than pricing something as 0.0000xxx BTC.
If you move the decimal point then you can still call it bitcoin - you’d just have more of them
No, you have not “more” Bitcoin 😎
Then it’s simply more valuable and there are more units of account, ie think of mSat like cents…
Time ll come, where 1Sat = 100$
Wow, massive dejavu while reading this 😳 glitch in the matrix? 😅
Now you're just making me hungry.
How can I zap you a sandwich? You need to add lightning to your profile!
Hence the dollar menu.
Isn't it just matter of feeling?
If you look back in history, you see that due to inflation, 1 could be really nothing.
Even now e.g. 1usd = 100+ peso.
I don't think its a major issue, millions of people do every year when they travel to countries with lower valued currencies
The user doesn't "have" to convert either. Apps can just tip 1 USD and behind the scenes it sends 5,000 sats
Don't need to do anything. sat represents bitcoin, fiat is just shitcoin , over time sat rate rise will happen.
Could be a long time
The market will automatically adjust the v4v model, so that they gradually tend to be reasonable and balanced?
note14em5cqd0t0d2qwkfseu7ca34gc9f8e68afysjfrs8lpu7yxlzk0qu56wce
I wrote a post earlier discussing why people like SAT even though it's not worth much when converted to fiat. The psychological value of people getting sat is also a compensation I guess
No problem when 1sat = $1
I hope that day comes quickly and I'm a billionaire, hahaha. Joking aside, the volatility of fiat currency relative to bitcoin has become insensitive.🤣
lnbc11p377vgkpp590ugdfwk284kp8dm970yvvu8un9vaeyyn2mr42yepztydkac90xsdqu2askcmr9wssx7e3q2dshgmmndp5scqzpgxqyz5vqsp5saqshrsakrrwean8385gv03nxa20ku3t3ylgghkq2j6c29ms0l2q9qyyssqqe09mr7fn25kdmtvle326fvdz2evyx5huc0qqwn6stl64dknwj0sq6ce09qkp5gjakw2zxcuqlkpl32m8hgqxp9g66u786v26mtxshsqffl6xx
The creator's feelings may be the same
I think it’s mostly cultural, even different countries have different valued denominations and they work fine. Also 1$ a 100 years ago was much more valuable than 1$ today.
I think we’ll get over it as the platform matures.
Depends. There might be a lot of people willing to pay 100 sats vs. the number of people willing to pay $1.
That is good for adoption as people wants to get a lot of units for their fiat.
It’s one reason people are attracted to shitcoins.
Good thought 💭
True
I think it’s also not bad for the v4v idea because ppl feel more generous when they zap you 5000 instead of one. And then other ppl see you zap 5000 and don’t want to seem stingy and also zap in that range. Like twitch has also this little amounts what are they called? Bits?
Well I don't know actually. Since we've been able to ZAP I've started the SATs value is somewhat building in my head. Before that I had no idea what 1000 SATs or 5000 SATs represented. Not that it matters that much.
But now, and it's growing every day, I kind of feel the value. Not necessarily the USD value, more of an intrinsic value.
Very American point of view... Lol no but fr it's like when you go to a diff country. I get used to paying 30 pesos in DR for a jumbo presidente beer (converts to less than a dollar for a ~40oz of some pretty good, local, Dominican beer)
I live in Japan. Even 10,000 yen is under $100. 10,000 sats is nowhere near that
So how much yen is a sandwich in jp?
Depends where but 400-1000 could be the range
Or more if you do restaurant meal
So ppl must be comfortable with that amounts too. But i heard tipping isn’t really a thing in Japan or is it?
No tips
Is it priced in already or are you just all so nice ppl? 😅
Priced in and cultural. If you leave a tip, people will chase you down the street to return your forgotten money. I’m not Japanese.
Oh wow. I am really interested in Japanese culture. Want to visit soon
I’ve been to Japan a few times (business trips). The last time I was there was in 2016. What was interesting is how few shops accepted cards, unlike the country where I’m based now. I always had to go to an ATM before buying anything. Is it still like that?
1000 sats should he called a stak (like we do in the hood lol, $1000 USD = 1 stack)... 1,000 sats = 1 stak? 😂
No but seriously seems like mostly perception and marketing/training people. Tech I think 1000 sats is called a bit, and there is other "tech" terms and sure we will also come up with more to just shorten the #.
lnbc2u1p377snvpp5npthkeyvak46egnuqa6869fh6at8nvzcaks3ulx9wrrnt4x90yssdpj2djkuepqd4jjqv3qvf5hgueqvfex7g8zn2s7lwy0u2d2rmac3ucqzpgxqyz5vqsp5l2pcl5qpjnwfamp0577kw5lcpgam9wdnucnqkr97gn6ndl2793ls9qyyssqg5lmqv6msmp5lnsnqswf3famws775a7l5782e6phlhlzsl3w8q99wudl99pm7kxquuaprr90y7l9ds4lyn2vphnm0atw27f8l24qflgpphdqua
Your post is getting a lot of engagement.
Added to the https://member.cash/hot feed
I just zap’d you 1000 sats to prove you wrong.
Right now it’s going to 4k 😝
the fix will come when the exchange rate get to USD1 = 1 bit :)
It’s just thinking in a new currency. Like when travel ing or moving abroad.
I wouldn’t be again (probably many would) a feature where you set your default zap amount in local currency and have that amount dynamically change. Probably simpler to just offer a conversion to local currency at the time of setting your default.
