Oddbean new post about login | logout I understand the 1 btc = 1 btc meme but isn't it a bit hypocritical? Isn't it conveying the idea that the price does not matter? I find it hard to believe a significant increase in purchasing power for someone's goods and services makes no difference
yes. That's why it's a bad meme and people should stop saying it. Price matters. https://bitcoinmagazine.com/culture/bitcoin-price-action-does-matter @realBitcoinDog has finally gotten around to it
meaning is you won't think on fiat in the future we are heading everything will be valued on Bitcoin, then converted to old fiat it's not about purchasing power, it's about the revolution
Purchasing power matters, but this isn’t the same thing as price in dollars. Correlated for now, sure… but even on a Bitcoin standard we would expect deflation / increase in purchasing power as innovations stack up and is more fairly distributed
It means that the purvhasing power of 1 bitcoin will always be 1 bitcoin.