100 sats \ 1 reply \ @supertestnet 17 Apr \ parent \ on: LRC-20 - a new approach to tokenization on Lightning lightning
That's what my imaginary merchant wants to do. He isn't trying to think about it in fiat terms at all. He doesn't look at his expenses and say "The materials will cost me $90," he looks at his expenses and says "The materials will cost me 120,000 sats." <-- which was true when he earned the bitcoin. But when he actually goes to make the purchase, the intermediary service shows him a different price: the shirts now cost 150,000 sats.
Which he doesn't have, he can't afford it, not due to any fault of his own, but because bitcoin fell in price. What should this imaginary merchant have done? Was he thinking too much in fiat terms, even though he never thought of fiat? How would you have acted differently, with the right mentality? His competitor Jimmy converted to stablecoins and can still afford to stay in business. What did the imaginary merchant do wrong? And is he wrong or a victim of slave mentality if he thinks, "Next time I'll convert to stablecoins too"?
What did our imaginary merchant do wrong?
The only wrong thing he's doing is that is thinking in short terms.
I did that too in the early days of my "earning in sats". I always tried to make the conversion for short term.
Until I said... wait a minute... the value inn sats of an item is always going down, so I will always pay less sats for the same product. I just have to be patient.
this is a meme, but based on a real post on reddit, those are facts
So I start doing the following:
- put in an excel all sats I earned during x period, each date etc
- put the value in fiat of each earned sat
- put the expenses I've done, in sats too, with the conversion in fiat
Then I start, spending only the amount of sats I earned in the past with a lower fiat price. You understand what I mean? It means I was literally spending less sats than I earned.
When the price was going down a bit, I stopped or delayed the spending as much as I could.
When I was about to charge a bill to my clients, I was trying to delay sending those invoices until the price get a nice dip, so I could take more sats.
In this way I achieved a way to spend less sats than I earned.
Until one day when I gave up and delete that excel file and I said, fuck it, I will only try to spend less sats than I earned in x period. Done. My only worry was to spend less than previous period and maximize my earnings in sats.
Now, your merchant should have a focus on:
- save little by little the sats he receives
- pay the bills he have to pay using intermediaries that could take his sats and pay his bills. That means, he will never have to open a bank account or touch shitcoins. These intermediaries could be even YOU, your friend, take his sats and pay his bills with your dirty fiat.
Here is a list with more intermediaries, from which I suggest shopinbit.com
I am still trying to spend the sats I earned in 2016... just saying. So imagine how so called inflation is "killing" me :)
reply