Oddbean

What I find strange is that many people still don’t want to study Bitcoin even though it’s now in the trillion dollar club. Maybe they think it’s too late. Or may be their ‘social circle’ is not interested so they have no peer pressure to take a look.https://media.tenor.com/iC7wy8xqkZUAAAAC/fans-audience.gif

I got the nerve up to buy and was reading up about it, but it was too expensive. I complained about that online, to someone, and he told me that you can buy parts of one. I'd been following and reading about it for years, without knowing that. I guess everyone assumed only rich people would buy it. Which was mostly true. Everyone was buying quantities of Bitcoin. People are completely incredulous, when I tell them that they can buy parts of a Bitcoin. That's still uncommon knowledge.

It's called "Bitcoin", which sounds like one item, like a penny. And the other coins are all much smaller and affordable, as single items. Most people have heard of Bitcoin, now, but nobody knows what a Satoshi is.

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

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.

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.

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.

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.