Bitcoin Maxi's Are Losing The Plot With The Sats Debate

in LeoFinance2 years ago

Hey Jessatoshis

Every four years, Bitcoin makes its majestic move up into the next phase of adoption, and every four years, scammers create news coins to piggyback off of the idea that it's "too late" to own a "whole Bitcoin" and play off peoples unit biases. That's all shitcoins really are; they're a Bitcoin test for people who are bad at math; it's so laughable.

I am often amazed at how people defend shit like chain dicks or whatever the cheap hot new altcoin of the season happens, yet none of them does anything. In the case of chain link and band in the oracle play, lol, you can get discrete log contracts to do that shit on Bitcoin, so where's the value in their business model?

Hand me a shitcoin, and I'll blow holes in it for you. But you don't want to hear that; you want to hear to the moon; I want to be a millionaire in 3 days after buying something Mr YouTube Hype man or crypto-chick was shilling.

sats-debate.png

The sats debate

Since retail is clearly falling for the unit bias, I've seen these debates about getting exchanges to set Bitcoin in sats. The theory is if people see how cheap sats are, their unit bias will fomo them into satoshis instead of dicks and doge.

I'm afraid I have to disagree with that; what happened to the hardcore libertarian Bitcoiner? It's a free market, don't try to force things on people; let them decide for themselves.

It all seems like some Bitcoin maxis are losing conviction and wanting to turn into Bernie and Eli Warrens of Bitcoin. If you're butt hurt no one wants to buy Bitcoin, lol, then maybe you don't believe in Bitcoin, and YOU should buy shitcoins.

If you don't understand it, I don't have the time to explain it to you - Satoshi Nakamoto

Punish you for not being prudent

To me, I see Bitcoin as an idiot test; if you can't understand math, scarcity, first principles, laws of thermodynamics, economics and cryptography, you won't get why Bitcoin is superior. I get that; who the fuck is going to be able to grasp all these things?

It's a big ask.

The whole point of Bitcoin is to reward those who are patient, prudent, and are willing to do the research. Once they reach the end of the rabbit hole, they come out renewed and will be stacking Bitcoin like the rest of us.

Everyone's journey is different, and we shouldn't try to rob people of that. If they want to shitcoin, let them shitcoin; if they want to come over to Bitcoin, it should be of their own volition.

Have your say

What do you good people of HIVE think?

So have at it, my Jessies! If you don't have something to comment, "I am a Jessie."

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There's a phrase out there that describes the Bitcoin process perfectly: people buy Bitcoin at the price they deserve to buy Bitcoin at. Everyone is going to buy it at some point. The people who take the time to understand why end up buying it sooner than others. The people who are basically price motivated will end up finally understanding it somewhere on it's journey to a million. But if they just buy it from FOMO, they will end up being the ones who get rekt. Once you understand how it works and why it's important, you will gain the confidence to be a HODLer and not get scared out by it's extreme volatility. They become opportunities rather than panic events.

If you do the research, you'll realize today, tomorrow, next week, next month, and next year will all be good times to buy bitcoin and you'll be on your way to creating a bag.

Stack those sats.

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I couldn’t have said it better myself I think it’s also the fact that the trade is so simple it freaks people out! They want to actively trade and over trade to make them feel like they actually working

It’s why they waste so much time following all these shitcoins it’s facinating to watch people work their way through this new world of money

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It all comes down to financial education. Many people who get turned on by meme coins have no ideas about the long term evolution of the market. They invest in whatever a popular person tweets. They rely on the hype, not on market research. This is why a lot of people ended up buying the wrong ether, the wrong bitcoin lol. This shows how necessary financial education is and how limited schools are in providing it from an early age. The adults who bought shiba, doge etc might have learned equations in school, but did not become financially savvy enough to make the right choices long term. People are willing to change their ways, but many do not know how.

I never want to see people lose money but I think no one listens until they get burned we are incentive based creatures and we are constantly trying to error correct

Trying to teach is great and we should continue but not everyone will accept the lessons

I’m just happy to put my thoughts on chain lol hopefully they won’t age too badly

Your thoughts are getting better and better and many would benefit from reading them

I like the confidence exuding from Satoshi's statement.

I really need to understand this as fast as i can.

Can you recommend a place i can get in depth knowledge of bitcoin

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Totally, and I think that's all part of the ethos of Bitcoin, to come into it with an open mind. I honestly think people who are buying it think its either a stock or some kind of coin, when it's something completely different,

Check out podcasts like

  • what Bitcoin did
  • The investors podcast - Bitcoin fundamentals
  • Lightning Junkies Podcast
  • Steven Livera podcast
  • Robert breedloves - what is money show

Check out guys like Nic Carter, Preston Pysh they all creating really good Bitcoin content

It’s a game of wait and watch. You may be a millionaire overnight because of crypto but what do you want with this crypto wealth ? You want to sell it out and be a Fiat rich or you want to keep it and stay crypto rich and wait till you can use it in day to day life so that you don't have to convert and think in Fiat mindset.
We sometime need to do a little talk to educate people about the different between BTC and alt coins. Because if they don’t understand, it hurst the market as they won’t believe in the ecosystem after they have been robbed by these alt coins.

Indeed if you know what you're doing with alt coins and just want to get more fiat by all means knock yourself out but this shilling and pumping bags abs getting people to believe this or that coin is just getting in on Bitcoin early and cheaper is just going to hurt so many people

I think it's sad but there's not much I can do other than put out my opinion online and hope it reaches some people

I don't really see any point in just listing them as Satoshis but I think it would confuse more people than help. You don't need to buy a full BTC if you can't afford it. Just buy a part but leaving it as BTC is better in my opinion.

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Exactly as if the various Bitcoin forks isn’t enough confusion! It’s just going to confuse people and they’ll opt for even more shitcoins

I say leave it as it is, people will get it when they are ready, be patient if you believe in Bitcoin none of this stuff matters

what happened to the hardcore libertarian Bitcoiner?

Blockstream put the kibosh on that, didn't they?
Now it's bankster establishment all the way.
It's why we have bch.
I haven't used btc since the btm's started giving ltc and bch.

IF btc is the way, then I guess I need to go my own.
Theta, take me away!!

How has blockstream "captured" Bitcoin?

BCH only has 1026 nodes running while LTC has 1394 nodes, how is that better than Bitcoin with 100,000?

Who holds the keys to the github?

Btc is ded to me over the fees and time lag.
I can't afford 8 to 80 usd for a transaction.
I don't like waiting hours to days for it to confirm.

Bch is one day away from the btc miners wrecking it, if they so chose.
Ltc seems to be the right coin, as a means of exchange.

Theta is my forward looker.
Decentralized broadband incentivized onchain.

You are going to laugh, but I have never really understood sats. I mean I get what they are, but I can't do the conversion in my head. So when someone talks about a token in terms of Sats, I get totally lost. I need to know the value in USD. I am just lazy like that!

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Here's an easy way to think of sats. When Bitcoin is $1 Million, one satoshi will equal one US penny. So at $100k, one satoshi equals one tenth of one US penny.

Personally, I think they should at some point trade Bitcoin in a different denomination. Not necessarily all the way down to sats, but maybe move the decimal point over three or four places and call it a Nakamoto or something. A "Nak". You could have Bitcoin equal 1000 Naks and a Nak equal 100,000 Sats. (I think I did that math right). Anyway, I think it would actually help the general public understand how much they're actually buying. Just my opinion. Not sure how much coding would have to go into it or even if it's really possible but...

I will say that when I started looking at how many sats I was buying rather than what fraction of one Bitcoin I was buying, it made me feel a lot better about my small purchases. I mean if you spend say....$40 when Bitcoin is at $40k, you get one thousandth of one bitcoin. Not much. But that same $40 buys you 100,000 sats. Now you've actually got something. Do that 10 times over a period of weeks and you may get 1,000,000 sats. Then, if you do the math and realize at BTC $1M, each sat is a penny, 1 million sats becomes $10,000. That's real money.

Nothing changes obviously. But the perception of what I own seems better from that perspective. And, like I said, it makes me feel good about my small autobuys. They're going to pay off huge down the road....

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We already have milli-satoshis on the lightning network they are charging that as the fees and to get it on the main-chain it would only require a soft fork to add further divisibility

I don't think we need milli satoshis on the base layer, they can be use on lightning and liquid and when you're ready to settle a big amount you can go mainchain

This will make small buys, auto-buys, streaming payments and more so easy and cheap and I think in the future many people won't even touch the base layer

That's a great way of looking at it. Thanks for that.

I think it was easier for me because I live in Rands which is a shit currency and I’m used to pricing things in US dollars to get a feel for how much we overpay for stuff here

So switching to Sats instead of USd measurement made sense as I measure in the hardest currency I can access

If you want to give it a try check out coingecko and change from USD to Sats it will help you get a better feel for pricing

Okay, I look at CG daily, so maybe if I could get in the habit of reading it that way it wouldn't be so bad. Thanks for the tip!

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