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10 sats \ 7 replies \ @BBitcoinUSA 15 Aug 2023 \ parent \ on: Stuff that's cringe in Bitcoin: bitcoin
@nullcount continuing to tie sats earned to their $USD value. I think I speak for almost everyone here when I say I’m approximately 10x more stingy with 300 sats from my hot wallet than I am with $3 from my leather wallet, explain that to me
If you value your sats today higher than the exchange rate, you are irrational unless trading at the exchange rate would realize a loss for you.
Its also possible that selling BTC "in a KYC way" could pose extra risks to privacy that effectively create a marginal loss depending how you value that risk.
Likewise, selling in a no-KYC way adds inconvenience which has costs as well.
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I definitely don’t consider myself completely rational, if I were then I’d only invest in US Treasuries (ie “risk free” assets)
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Clearly you would, as demonstrated by your Strawman.
Having an investment thesis in BTC is not irrational. But it is delusional to value present day sats "10x higher" than present value.
People who say this aren't serious unless they've sold all their possessions at 90% discount to acquire sats.
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You forgot to account for the time and complication in getting the sats back vs getting the $3 back. $3 ends up in your pocket by itself annoyingly, where you have to do a thing to get the sats in the wallet. In USA doing "a thing" costs more than $3 in fiat. In bitcoin the value of the time is higher. Also the risk in fiat is high, so I think It's rational and to value bitcoin above market offers for small amounts.
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Good points
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Are you saying that small amounts of BTC should be valued above the exchange rate because transaction fees are a "thing"?
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lol, na, that sounds silly, I'm ignoring btc transaction fees, just reffering to human ones.
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