Howdy there, partner! Welcome on into the Stacker Saloon.
Saddle on up to a stool and spill the beans about your day, fire away with them questions, or let loose and give us the lowdown on your wild and woolly life. We're all ears, so don't hold back!
We're open round the clock, so mosey on in whenever you please!
somedays i feel empty in a good kind of way.
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Talking about music, art, Bitcoin & Stoicism in the latest Bitcoin Art Magazine pod with @asanoha 👀
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I'm wasting my time trying to corral a Lobster to do what I want.
try coraling it instead
anyone here is the owner of a bitcoin only goods or service company? Im interested to know how you make the accountability for your control. Is it more changelling make it using sats than fiat? considering that you have suppliers, partners, clients and employers handling fiat.
Liabilities being denominated differently than assets can be a bit of a headache, but nothing you cannot plan for; this is a situation you will often have in international trade too. There are best practices, but these mostly focus on a scenario where you planned on being one of the NPCs in Darth's fav meme.
Generally though, choose a base accounting currency. If you're operating a registered entity, the choice is already made for you and you have to comply with what is coming from your state/country. If you're a law abiding citizen, much the same: accounting rules are a thing. If you're a sovereign/disobedient small business or solopreneur you can make your own choices. I've personally been running sats denominated for a couple of years now. Just a (way too complicated) spreadsheet where I track P&L in base sats and book FX gains/losses every time something gets paid / I pay something. It works for me because I've been working internationally, so I'd had those FX risks regardless.
But be careful, the volatility makes it hard to denominate longer term contracts in sats. Maybe for you it isn't a problem but your counterparty may feel different about that; this is something to be aware of. Personally I favor shorter term sat denominated contracts to derisk, after getting confronted with too heavy AR backfill from clients that were willing to make me wait for the fiat exchange rate to come down a bit for them.
The main scenario
You went into a lot of detail and I appreciate you being so open, so I have a few more questions to dig deeper. Do you keep fiat for necessary operations and record them at fair value in sats in that complicated spreadsheet of yours, or do you convert all fiat into sats to avoid having to deal with that accounting and keep your flow "pure"?
Dealing with clients who I assume aren't bitcoiners makes the contract itself feel like an investment to them; it's very complicated, and I'll keep that tip in mind in case I have to deal with it.
The general vibe of this morning.
"It doesn't matter at all whether you're right or wrong. What does matter is how much you gain when you're right and how much you lose when you're wrong."
clear ur pipes and keep up the pressure, toilet humor gang! 👷 🚬💩
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pro tip: the higher u hang the enema bag, the more intense the pressure!
Hey @OneOneSeven, could you add the SN cap to my avatar and a background? The background can be from a saloon.
There's a watermark still and that card on the table is a little wonky but how bout that!
Thanks!
LOL both nitpicks I had are sliced off from the cropping, perfect!
A quick update and reminder
And if you do not like what you see, IT IS YOUR PROBLEM not mine.
Do not come up with more excuses. This is the truth.
@DarthCoin NEVER uses sat here on Stacker News.
It only uses CCs because it says 'CCs always work'
It claims it lives in the bitcoin standard- what a load of old tripe.
@DarthCoin is a hypocrite.
The lack of knowledge and insanity of this guy is disturbing...
braaain paaaraaasites!
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cleaaar uuur braaains!
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102nd Cowboy Plunda Drop in the @saloon
Howdy cowboy! Come on in!
Use that fancy LN wallet you got and login into plunda.co and git you some loot! Get a shot at some coins🪙 Box of loot🎁 or an arcade token!
Use the below voucher code to collect!
B2GBJTPJ81OUTo redeem Click here
Got questions? Reach out to the sheriff @plunda
Coin of the day:
Ma journée elle à été et la vôtre ?