Beautiful set up! What is 'Honey soap" if I may ask? Sounds wonderful!

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.

🧡 🧡 🧡

Running a small business on a Bitcoin Standard 💎

My solution (so far) has been to continually adjust prices in sats (down) to reflect approximate fiat value that we sell the same product for locally (with a discount included for Bitcoin purchases). I have decided that as Bitcoin price rises, I will have to continue to drop prices in Sats– because let’s face it, most customers will compare the amount of sats they are spending to an approximate amount of their local currency. If I simply set a price in Sats today and did not adjust, as some point there’s no one left willing to buy at that price!

However, what about when Bitcoin price falls?? I have decided NOT to (re)adjust prices and will instead pass the discount on to customers. I’ll earn the same amount of sats as when the Bitcoin exchange rate was higher, but the corresponding fiat value will be lower. Bitcoin drops by 30%? Honey is now 30% cheaper for customers in fiat terms! That means hopefully more people would trade honey for sats and I can stack a few more sats than I would have.

As long as I can cover costs and keep things running, the fiat value of each sale should not matter over time. Sats stacked with honey sales are never traded back to fiat, so to me the fiat value is not particularly relevant. It only matters that the customers do not over pay.

But this brings us to yet another problem: Bitcoin is by nature SAVINGS technology. NgU tech means that there is a strong incentive to HOLD sats– since they will inherently be more valuable over time. Conversely, fiat dollars are best spent as soon as they are earned, for their value rapidly decreases over time. Fiat in a bank account is quickly shrinking in value and the price of products are rising just as fast. So it’s best to spend fiat NOW and acquire TODAY what you may need tomorrow. On a Bitcoin Standard however, it’s best to defer purchases, because on a long enough time horizon the products you need will trend lower when priced in sats.

So how can I convince people to part with their precious Bitcoin and trade it for a humble jar of Honey?? If they wait a week, or a month, it’s quite possible that their patience will be rewarded and the jar of honey will cost a few sats less than if they would have purchased it before.

To me, this is significantly different than simply pricing items in fiat and accepting Bitcoin as payment. Pricing items in sats on a Bitcoin Standard comes with a lot of added complexity, at least until Bitcoin becomes the standard unit of account and everyone understands that 1 sat = 1 sat.

I’d love to hear more thoughts about best practices when running a business on a #Bitcoin Standard. 🧡

nostr:note1nt9ec7tu8rnwjg2f2rdedad8648p6m83l8yfk2u7ew3kwt0vxutqe2ecll

I don’t think you can do the split currently, but I do think there is a setting somewhere in Strike that allows you to choose either USD or BTC.

Oops, meant to link to my note, not sure how to do it properly @note1nt9ec7tu8rnwjg2f2rdedad8648p6m83l8yfk2u7ew3kwt0vxutqe2ecll

Struggling with these kinds of ideas too, how to price things properly in sats is really difficult

https://primal.net/e/note1nt9ec7tu8rnwjg2f2rdedad8648p6m83l8yfk2u7ew3kwt0vxutqe2ecll

Spend, don’t sell is really important and sometimes seems to be the hardest for many people to grasp.

I can can 😆

I have been thinking about this problem myself a lot lately, it’s actually very difficult to price *anything* in Sats, even Bitcoin native products or services– as the fiat value of bitcoin rises, people are naturally less willing to part with an equal amount of sats for the same product or service than they were before.

@note1nt9ec7tu8rnwjg2f2rdedad8648p6m83l8yfk2u7ew3kwt0vxutqe2ecll

Dropped below 1600 for a bit, we going back to Middle Ages soon 😬

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?

Still waiting for my millions 😭

These are great! Are there others I can check out somewhere, or do you just post them as they come available?

Crocus

Excellent advice! Mirrors our experience, and after three years going all in we’re now taking a step back to keep things in perspective and “slow down”. 👏

Siddhartha has always been one of my favorite books for illustrating this idea so clearly. ✨

But the price of sats keeps going up in g up 🙄

I’d pay sats for someone to do this at my place