Nostr Web Client

Honey prices continue to free-fall as Bitcoin CEO continues to raise price of sats almost daily!

Today marks one month since we launched SweetSats and in that time we have had to regularly adjust our prices (in sats) to reflect the rapidly rising exchange rate of Bitcoin.

Honey is now more than 30% CHEAPER in sats than only THIRTY DAYS AGO! One of the difficulties of trying to run a small business based on a Bitcoin Standard– We try to keep our prices fair, but until Sats are the Standard we still have to account for exchange rates and keep things as balanced as best as possible.

Any thoughts? What’s the best way to deal with NgU when pricing products in Sats?

I)ruid 1y ago

Price in dollars behind the scenes and represent the prices in sats automatically based on exchange rate on the site. You can update prices as frequently as you'd like, even in real-time.

As you mentioned, until *everyone* is on a Bitcoin Standard, prices are still anchored to dollars, unfortunately.

Reply to this note

Please Login to reply.

Discussion

no₿ody™ 🧱 1y ago

I concur ☝️

Penta Sophia 1y ago

What are your thoughts on a situation where the national currency is also highly inflationary? 40% annual inflation would still require numerous price adjustments and would be challenging to automate in this way.

I)ruid 1y ago

Not challenging at all. Poll your price Oracle as often as you want, even every 30 seconds. Update prices automatically in response.

Penta Sophia 1y ago

Of course, but if your $5 peg is getting inflated away, the peg is what needs increased frequency of updating.

SweetSats 1y ago

Thanks for offering your thoughts! I have added some more musings around this topic:

nostr:note12gsj3q3nv5v0wkn23995julpdgy25p75x0y3deqndc8n49f3wd2q62nvkp

The way I see it, pricing in fiat and selling for bitcoin is quite different than pricing in sats. But it's not easy, and in some sense every transaction is based on a calculated exchange between two currencies, or two commodities, etc.

GFY 1y ago

THIS. FIAT IS FAILING... BUT IT'S FAILING AT A PRETTY CONSISTENT RATE, AND BITCOIN IS MORE VOLATILE. DYNAMIC PRICING BASED ON $ SEEMS LIKE THE WAY