Best Bitcoin Mindset Hack \ stacker news ~bitcoin

3723 sats \ 16 comments \ @antic 12 Nov 2023 bitcoin

What's your best bitcoin mindset hack?

Here's one that's had amazing results for me and my wife: Bitcoin reaching $USD 1M by 2030 is on everyone's prediction bingo cards. Given that, I've started thinking of bitcoin as being worth $1M USD per coin already (it's just a matter of time). This helps in conversations with my wife about big purchases. Recently, we evaluated condos in Austin but came away with this: A $370K condo today is equivalent to 10 BTC. That's $10M in ~6 years. The condo won't be worth $10M in 6 years (condos in this price range have a super hard time selling and do not go up like other real estate) so it's a terrible investment (not even considering dues and taxes). This switch from dollar value to BTC to future BTC dollar value has a positive impact on reducing excess spending and junk speculation.

Want to buy an $8 Starbucks latte? That's 0.00021519 BTC or $215.19 in 2030 terms. Want to buy bulk items to combat inflation? Maybe we should just stack more sats...

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1854 sats \ 0 replies \ @Athena_Alpha 13 Nov 2023

An interesting hack. Now apply the same thinking, but about securing that level of wealth. For example, if you have 1 BTC, think about how to secure it as if it's worth $1,000,000 now

990 sats \ 3 replies \ @elvismercury 12 Nov 2023

Directionally, this seems like a good thing to do. Practically, there are limits.

It's easy to get into a mindset where all you think about is the spending power of your future self, and instead of freeing you, it's a stronger chain than what you had before. Gollum squatting in the corner staring at his Precious comes to mind.

I try to be mindful of how my decisions and potential experiences can actually improve my life, and the lives of others in my orbit, across various timescales. Deferring all pleasure to some awesome future where I am rich is not helpful. Not saying you're endorsing that, but some do. Or at last, they larp about it.

1048 sats \ 2 replies \ @antic OP 12 Nov 2023

Absolutely. Economics is all about trade-offs given time and resource constraints. I try to be mindful of the value duration for decisions. Purchasing a condo is a long term decision, so it needs to be measured on a long term scale. A latte, not as much, but it does drive one to think about minimalism and what actually matters.

959 sats \ 1 reply \ @antic OP 12 Nov 2023

I don’t have a source for this but I have this printed on my kid’s wall.

25 sats \ 0 replies \ @elvismercury 12 Nov 2023

Brilliant. I want one on my wall. Or tattooed on my face, maybe.

(Although that might count as one of the 'errors in judgment')

10 sats \ 9 replies \ @DarthCoin 12 Nov 2023

Bitcoin reaching $USD 1M by 2030

OK fiat maxi...

1726 sats \ 2 replies \ @tobinator44 12 Nov 2023

I lmao when I can visually see your reply before it is in existence

10 sats \ 1 reply \ @DarthCoin 12 Nov 2023

21 sats \ 0 replies \ @tobinator44 12 Nov 2023

Yes, I no longer care for the greenback, only the orange coin

1146 sats \ 5 replies \ @antic OP 12 Nov 2023

A fiat maxi would sell all of their BTC for USD when it reaches $1M. I’m not that crazy. After $1M, it will be $10M, then $100M.

Until everything around us is priced in BTC, we are forced to think about the exchange rate—unless you decide to be an off-grid hermit who lives completely outside of trading with the rest of the world—but that’s not for me.

25 sats \ 0 replies \ @elvismercury 12 Nov 2023

You don't need to apologize for living in the actual world, with actual other humans in it.

0 sats \ 0 replies \ @DarthCoin 12 Nov 2023

You will be the first ones in taking the CBDCs from your lovely gov and get rekt. Meanwhile those hermits, still trading freely with their sats. because they can. You don't.

0 sats \ 0 replies \ @DarthCoin 12 Nov 2023

0 sats \ 1 reply \ @antic OP 12 Nov 2023

Then again, the fiat maxis will probably exit BTC when it gets to $100K because they are even more myopic.

0 sats \ 0 replies \ @DarthCoin 12 Nov 2023

10 sats \ 0 replies \ @Bitcoiner1 12 Nov 2023

There have to be a good time to enjoy your savings/life.

If you keep thinking like that, you will be only waiting for the numbers to go up...but never enjoy the power that your assets have.