Mmmmm wait a minute 🥲

Sources Say: ITS HAPPENING™

the only thing necessary for the triumph of evil is for good men to prioritize social media engagement

What’s the best thing you purchased with Bitcoin this week?

It feels like Bitcoin has finally crossed the Rubicon into the mainstream both a triumph and a tragedy.

Walking around the conference this year, you could easily mistake it for a fintech summit or SaaS expo in Vegas. Same blazers, same VC pitch decks, same awkward networking energy. The suitcoiners outnumber the cypherpunks by 100:1.

On one hand, this is what we fought for: global legitimacy, serious capital, institutional attention.

On the other, something’s been lost in translation. The raw edge, the revolutionary energy, the sense that we were building something against the system not polishing it up to sell it back to the system.

Bitcoin doesn’t feel quite as dangerous anymore.

It feels… professional. Predictable. “Respectable,” even.

Maybe that’s just the mask Bitcoin wears while it continues hollowing out the old world from within.

Either way, the vibe has shifted.

One of the reasons we do accounting is we want to know if we generate profit or if we are losing money. The benchmark for this is just holding money, which is defined in the accounting as having zero risk.

The choice of this unit of account is based on our goals, preferences and often the type of money we use in life. Why? Because in the situation of profit, we want to have higher purchasing power. That's why I've been doing all my personal financial planning and accounting in gold, even before Bitcoin came to be. That was a better reflection of purchasing power.

But here comes opportunity cost. Do I want to make 10% p.a. on fiat tokens when I could have bought Bitcoin? Or do I want to make 3% p.a. in bitcoin terms? Using fiat coins for accounting is just useless, it does not tell you anything about your purchasing power (discounting with CPI does not work). And it completely hides away opportunity cost of holding BTC (risk free - in your own cold storage.. Here I'm not talking about price risk, price does not matter if you want more BTC).

For many people and even companies, Bitcoin is already de facto unit of account.

It's not all unicorns and roses though. It is extremely hard to get Bitcoin denominated yield from entrepreneurial work. The benchmark is hardcore. For many it just means saving resources of the society (also known as hodling - deciding not to use scarce resources you can use and hold only money), and having more free time. But you can also do things where you get return on your time but not money. You save money and turn time into more money. Or you can borrow (short) fiat and invest that.

One thing is certain - any entrepreneur not thinking in Bitcoin terms does not see the full picture. That does not mean they have to switch their unit of account, they at least need to be aware of the trade-offs though.