Help me understand why we're still displaying prices in USD so frequently.
I just downloaded the Orange Pill App, and was so excited to get a membership.... until I saw the membership prices displayed in USD on the app... a huge let down. This app, above all, should be able to set prices in Satoshis and not care about fiat volatility.
I understand not everyone can weather the volatility because too much of their own supply chain is still using fiat, so they are forced to at least worry about it. But I see far too many merchants pricing in fiat when they really don't have to. It feels like they aren't even trying to get off fiat. It feels disingenuous.
I would be willing to pay more for a company showing me they're doing what they can to change the fiat mindset, instead of larping their love for Bitcoin.
Am I the only one who feels legit sad every time they see a Bitcoin event or orange-pilled merchants using fiat as a measuring stick?
I agree. Bitcoin has been around long enough that established bitcoin centric businesses should be able to handle the volatility. If necessary, hedging is an established business practice. Farmers and commodity providers have been doing this for centuries.
Exactly. I understand a slow move away from fiat, if I saw more attempt to do it. But it feels like these larpers aren't even trying to budge at all.
For example, why not start by adding the Satoshi price in smaller font next to the USD price? They could pull up the exchange rate for the entire webpage as a global variable, and do the conversion for each item on the page. It would be simple and take almost zero effort.
But they aren't even doing that. Enough is enough. I already boycott any company who supports any "crypto" other than Bitcoin. Now I'm thinking I'm going to start boycotting anything who doesn't at least attempt to display the Sat price.
I would flip it. Show sats first with USD price in smaller font next to the sats price.
hedging usually never works out. the masters of the universe will use hedges against you. just eat the volatility. this is a marathon not a sprint. just my 50 cents.
Fiat mentality is really deep into the minds of US people. On the other side, the orange pill app is meant to be used more by nocoiners and pre-coiners, maybe some of them not even have some sats. Not talking that their mind is not ready to understand what a price of let's say 10250 sats means.
Lol bitcoin magazine for the longest time only took fiat payments 😂
Its a practical thing in my opinion. Can you tell me what you can buy with 100,000 sats of value off the top of your head? I can't and I've delved deep into the rabbit hole for over 3 years now. I can tell you what you can buy with $26 of value, even with inflation factored in.
Over the past few years, I have training myself to quickly convert any fiat price I see into a Sat price as a rough estimate. This is how we change a society, by slowly forcing them to see value in Satoshis. This is why it's so important to at least display the Sat price, even if it's in smaller font alongside.
Fiat is volatile. They expand and contract the supply all the time. So how can we really know what $26 gets us at any moment? If we could get people thinking in Sats instead, there would be even greater price stability than what the dollar gives us.
Its about 10k sats for a coffee
I quote clients in btc. It has several advantages:
I stomach the volatility.
Its only doable in sideways or bull market. In bear I quote in fiat.
I wholeheartedly agree with you. Each of us should be striving to move towards a true bitcoin standard, which includes using bitcoin as a unit of account. But I understand that it will take time.
Products and services with low or no variable costs should be the easiest ones to price in satoshis. However, for products that have high variable costs priced in fiat it will be more difficult to move away from fixing sale prices in fiat. In time maybe those can also be priced in sats and use some hedging mechanism as protection from volatility.
when a user is spending, showing the amount in dollars makes the cost feel smaller.
when a user is earning, showing the amount in sats makes the income feel larger.
this unit bias hasn’t really been exploited by lightning companies yet, but i suspect it will be soon.
honestly it is difficult to get out of the fiat mentality, because we have it since we were born, so it is difficult to totally get out of it, some say that it is very ingrained in the minds of Americans, but I think that It's like that almost everywhere in the world.
I share your concerns here, but there are a few things to consider.
The Orange Pill platform in particular is mostly reaching for an audience that has little, if any, understanding of bitcoin. It would, consequently, probably be expecting too much for people to intuitively understand a price denominated solely in sats when all they have experienced prior is a world swamped in USD fiat. I would hope that this convention would go away in the future though and is only being used as a learning curve.
For Bitcoin events that are geared more to people that are more experienced and versed with technical details, I completely agree with you that the convention of pricing in fiat (especially with the annoying real-time conversion to btc to virtue-signal) is disingenuous and should be stopped.
Yep I agree I have yet to see any apps that display prices in BTC only.
Human nature, best thing to do here is complain to the app. I've been feeling more that fiat price is manipulated so have my own value around 20k bigmacs. Less than that I wouldn't sell.