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412 sats \ 2 replies \ @scottathan 11 Oct 2023 \ parent \ on: Wo Bitcoin - Are yo ready to put lower your wage? bitcoin
You're right that it isn't about the Bitcoin price in fiat. What the OP is getting at is that the actual number of sats people get will go down over time, even though the value of their wage is going up. That is what will be hard for people to grasp. This hurdle is going to exist regardless of whether fiat still exists.
[...] the actual number of sats people get will go down over time, even though the value of their wage is going up. That is what will be hard for people to grasp. [...]
Well, I have the feeling that this is exactly as hard as the current fiat situation: the actual number of dollars people get will go up over time, even though the value of their wage is going down.
I think people like Argentinians have already understood this pretty clearly. I don't see how they would have a hard time with the same concept, just the other way around.
Or is there something I'm missing?
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I don't think this will ultimately be a big deal: "Sticky Wages" were a known problem on the gold standard, but it didn't cause major issues. People generally just didn't expect to get nominal raises.
If there were economic issues arising from sticky wages on a Bitcoin standard, companies could move to revenue or profit sharing with a smaller defined wage. That way employers wouldn't have to reduce wages, it would just be that the employee's fixed share of the profits would be shrinking.
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