Oddbean new post about login | logout Same! I thought they were some kind of rare Internet collectible for rich people
Yeah, I still don't see the ability to purchase small amounts being mentioned widely. Everyone just talks about the price of an entire Bitcoin, even on here. "One Bitcoin will now cost you over €50k and the number is only going to go up from there!" sounds like a reason to buy some... if you're already rich. Like hearing that houses in Malibu and Ferraris rose in price. Like, why should I care? 😂
Marketing #Bitcoin to the masses has become an ETF strategy and price is a part of that. You probably can't afford a whole Bitcoin, but now you can buy part of a Bitcoin ETF, and you can DCA Bitcoin, that way. People are used to that strategy, as they use it for stocks. Most people don't realize that every person can buy parts of a Bitcoin, that's why it's assumed that Bitcoiners all drive Lambos to their mansions. I don't know why we only quote whole coins. I'm not going to spend a whole coin at the grocery store. Useless denomination. nostr:nevent1qvzqqqqqqypzphtxf40yq9jr82xdd8cqtts5szqyx5tcndvaukhsvfmduetr85ceqydhwumn8ghj7argv4nx7un9wd6zumn0wd68yvfwvdhk6tcpr3mhxue69uhhg6r9vd5hgctyv4kzumn0wd68yvfwvdhk6tcqyzlvfehx35eqtkpvnx4nqsqlnnu767hymmp8yu9kucp94x2s7twwwhds2ka
That's why I try to talk about things in terms of sats, and help understand the units. Unit bias is a stumbling block for many.
Moscow time works best for me.
Moscow time is the best to see USD fiat crashing to hell. And in the future we will get used to price in sats, and only to pay taxes or shit we will check the moscow time (or equivalent in your local fiat) to check how much sats it will cost you per fiat unit. #moscowtime
Bitcoin is the protocol. SATs we stack (and spend). Just start referencing the Bitcoin protocol instead of the catch all 'Bitcoin'. Then if anyone asks questions you can explain how we move SATs on the network.
The problem is with quoting the price of an entire Bitcoin on the market. It's actually used as anti-Bitcoin propaganda, by altcoins. I like satoshis much better, as they are actually sized closer to what everyday items cost. 1 Euro is circa 2000 satoshis, so 1 euro cent is about 20 satoshis.
The sat is the only unit that means anything to me. I actually get quite annoyed at UIs that only show me decimal values. It's so fucking useless and annoying, especially when it's like 5000k sats. I'm okay with seeing 100,000,000 if I had to move a "whole coin." I'm sure most people are.
I doubt anyone I personally know will ever need to move an entire coin, unless they sell a house of something.
Yeah, I only think in sats. It's just the euro price doubled and with 3 zeros added on. I can do that really fast, in my head. Like, if a cup of coffee costs €4, then that's 8000 satoshis. Easy.
Another one I did is figuring out that €25 is 50k sats. (25*2*1000). That's my "should probably pull it into LN self-custody" level. And 100k sats is then €50 and that's my "should probably pull it into hard wallet" level.
Check Liana wallet UI, they display the amount in sats with the 0,00... grayed-out in front of it, so you have both bitcoin and sats in one view. 0,1 BTC = 0,10'000'000 ₿. It's a very good UI trick to solve this problem.
Yes, that's useful. I always forget that it's 100k sats to a coin, and not a million.
its 100 Million sats to a coin
Oh, right. 😂 I really can't comprehend large numbers. Generally suck at numbers. I'll stick to variables. Safer.
nevermind :)
Then they are lasy mental losers. It takes 1 min to learn how Btc divides to sats.
That it divides, yes. That you can purchase it in divisions, no. Took me nearly 10 years, to find that out.
No way 🤣. You are too smart for that.
Has nothing to do with intelligence. It was simply chance that the materials I was looking at were older, from before the price jumped, from the era where it was cheap enough that a normal wagie could buy gobs of them. Or they were timely articles in an economics magazine I subscribed to that catered to the wealthy; full of Cartier ads and such. The need to buy parts of a Bitcoin arose later.
Probably also the problem that I was looking at German-language materials, but somehow missed the #einundzwanzig guys. I didn't find out about them, until after I'd bought some.
I can relate. I based my opinion on some bits and pieces that hit me back at a time...they were in Polish..it was a big mistake.
yes, I wrote it off as a Giffen good. even buying it initially on an exchange was still not enough to understand what Satoshis were. when i finally tried cold storage (actually it took a few months more because I first got a Ledger, and their software doesn't make it clear that there are separate UTXOs so i ended up with Blockstream Jade ) and understood what Satoshis were, someone on here said: "Satoshis don't exist, they just measure UTXOs" So that further accelerated the fall into the rabbit hole I'm sorry I like to take out all my aggression on Ledger. but why did they leave me in the dark for so long about UTXOs? I'm sure I clicked around in their software enough to have discovered where they showed individual UTXOs, but thankfully I was adventurous to try another product (Jade) and that clearly showed different "coins" and the cost to combine them. I'm having the same issue now with BitKey. I don't know what it does with individual small UTXOs on the wallet. Does it just automatically consolidate them for me when I send transactions? will i be left with unspendable chunks in the future?
I don't completely get the UTXO thing, to be honest. I just got an inkling of it, when researching paper wallets. You end up needing lots of paper wallets because you can't spend a part of one. I somewhere picked up the 100k sats withdrawal rule, so I've been sticking to that. Don't know if it's a good rule.
It's a hurdle. I have some Bitkeys ready to give to some friends from Mexico who totally understand the money problem because they still remember when Mexico switched from the old peso to the new peso and overnight their grandmother's savings in pesos stuffed in the walls became worthless. So they are primed for Bitcoin, but now I have to explain why to only transfer large amounts to Bitkey and worry if Bitkey won't combine the utxos if they send too small quantities.
We are extrapolating past learning challenges into the future. What was hard to understand in the past will become easier. Just as the average Joe is now forced to understand inflation, he may also be forced to understand possible exit routes. There was a time you could live normally without the internet; now we live in a time where it’s hard to get both young and people off their digital gadgets ( said the dude typing on his phone ). Things change, hopefully for the better.
Well said, good reminder. We have the answers, and it takes some individual work to get there. I'm fortunate to have this fun challenge to tackle.
Yes. People with little time and little disposable income are unlikely to get early-bird seats at the bitcoin circus/carnival. C’est la vie.
you might check out sparrow wallet. it’s very good at giving you full visibility and control.
