Oddbean new post about login | logout Bitcoin inflation will be negligible within 15 years. Fiat price serves to show that Bitcoin keeps up with inflation better than gold does. Monero does not keep up with inflation at all because it is not good money. That definitely does not make me a fiat maxi. To be a fiat maxi, I would have to believe that fiat Monopoly money is a legitimate and has actual value. The fact that I cannot buy a house with cash in 2 years on an average income shows that fiat Monopoly money is not real money.
"I'm not obsessed with fiat" the entire post is about fiat inflation and how Bitcoin does relative to fiat 🙄
My point is that Monero loses value as quickly as the dollar, actually it loses value more quickly than the dollar. Cope.
imagine believing that fiat USD denomination is "value" that's what makes you a fiat maxi, although you don't even know you are.
You are fucking retarded lmao. $1 in 2024 is not worth $1 in 2012. The dollar loses buying power over time. An ounce of gold does not lose a significant amount of buying power over time, but since the dollar does, the amount of dollars you can buy with an ounce of gold goes up over time. The amount of dollars you can buy with 1 bitcoin goes up over time. The amount of dollars you can buy with 1 XMR does not go up over time. This means that as the dollar loses buying power, Monero clearly does too. Stop being a retard.
All of that is only true when prices are denominated in U.S dollars. Under a Fiat UOA, prices are not Equal to "value" Because the underlying measurement unit is garbage All you're really saying is that the money that's being printed is flowing into Bitcoin At a higher proportion than it's flowing into Monero Why should I give a fuck about a rigged unit of account system? The retarded thing is to play their game as if it matters And that's you bro
Monero is not losing buying power because of a rigged unit of account. The prices of common goods in gold have not changed for thousands of years. The price of the dollar in gold changes because the dollar loses value. The price of the dollar in gold does not change because the value of the dollar is magically flowing into gold. The value of gold is constant.
really weird how you go on and on about inflation and arbitrary money printing but then act as if USD prices are actually a measurement of value and the price of exactly nothing is denominated in gold so you have no idea if the value of gold is constant or not thats a statement of faith, not fact. all prices are denominated in USD these days The prices of commodities are indicators of how many dollars are chasing those commodities iow speculative interest
You have to wonder if people are denominating prices in Bitcoin and saying that this loaf of bread is 1,000 satoshis, etc. I have not seen that occurring, but that doesn't mean it's not. With that said, I do know for a fact that physical goods and services are being denominated in Monero because I'm actually one of the people doing so.
Yeah I;m sure lots of Bitcoiners do this. But my point is that, if you divide a fiat price by the fiat price of bitcoin (or monero) you DONT arrive at hard money or a different UoA you're just comparing the fiat prices of two different things.
I am pricing my items in Monero and using it as a unit of account. And I think other Monero people are doing the same thing. We don't really care about the fiat price of the item. We care about the price in Monero. By taking the moving average, especially, you find that Monero prices of items are actually very slowly deflating over time. As an example, it is looking very much like I will have to lower all the prices in my store by 1% from when I calculated it in August. When I reset it on December 1st,
that isn't what unit of account means. changing a fiat price into Monero isnt changing that. UoA is *what prices are denominated in* that doesnt change until people are pricing things in Monero without regard for equiv USD ”value"
everything has to be compared. i could sell a car for 1XMR but it would not be a good deal. if i were the only car seller i would be forced to use usd to set the price. The second person may be able to find their car sales price compared to mine if they are close but otherwise they would need to use usd to figure it out too. The 3rd car seller may have better luck not using usd because they have multiple cars with which to compare.
which is why say that USD is the unit of account we can personally convert it to whatever if we want it just doesn't change the UoA
Once there becomes enough sellers, selling a particular item though, for Monero directly, they wouldn't need to use USD as the unit of account because they could just compare their item with similar items being offered by other people to know what they should price their item at. In that case, they would have nothing to do with the USD price. Once you get enough of those items being priced in Monero, people will stop looking at the USD price because they will be able to see that an expensive car costs this many Monero while a cheap car costs this much less Monero, etc. And the USD price won't be a factor.
Yes totally I think that's how it happens once small communities become more self-reliant and they don't have to interface with the Fiat world
You're naturally going to get that to occur faster with small items such as paper towels, toilet paper, just everyday tiny items like that before you get cars and homes that manage to achieve that level.
If UoA change happens it's not gradual over a time span of 15 years like with Bitcoin. It will be abrupt.
Why would UoA become Monero? Bitcoin is in the best position to replace the dollar.
Lack of privacy and high fees, unless you want to go with custodians, in which case, that's not the point of Bitcoin.
Bitcoin has low fees
Because most people hold their coins on Coinbase, etc. But if they actually owned their own coins, fees on the main chain would be stupid high.
They would still be significantly lower than fiat. Why would self custody make fees higher?
Not enough block space for everybody to transact on the main chain. And so fees would go through the stratosphere. And no, lightning is not a solution to this, as most people would just be using custodial lightning. And that's bullshit.
Lightning literally is the solution. Most Coinbase txs happen on chain anyway.
Lightning is a *workaround*, not a solution.
when blocks remain small, lightning can't scale without custodians. even if every single transaction on L1 was dedicated to maintaining lightning channels, it would still top out at a certain number of sovereign users, and to get more converts to the bitcoin religion you would need them to use custodians. why are you okay with that? do you really think it's cool that someone else can just steal your money or rug you? are you really cool with only a small percentage of the wealthiest bitcoiners being able to own their own money, while everyone else has no protection from getting robbed?
Nobody is going to spend from a cold storage wallet in regular transactions. It is reasonable to expect people to transfer from cold storage to a more capable hot wallet. Block size does not matter. LN can support millions of transactions a second.