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10 sats \ 7 replies \ @TheBTCManual 4 Aug 2022 \ on: Earners need stablestuff, hodlers don't bitcoin
As someone in the developing world, (South Africa) I would have to disagree on the point of volatility, the South African Rand might not be as bad as the peso, but it's pretty shocking when compared to any G7 nation and obviously trending towards the same thing as Argentina. I've also been to Zimbabwe, so I know what hyperinflation is like, and I work with a lot of these guys
Personally, I don't see the issue with having sats as your denomination especially when sats are close and hovering around cent parity in your local currency, it still makes for a superior unit of account. I think pitching people the "second best" solution does them a disservice and delays the process. We already live in massive vol, its just showing up in consumer prices rather than the unit of account, switching that around and having potential upside is still better IMO.
I am not here to knock anyone's efforts, Galoy wants to be an uncle Jim central bank and offer USD settlement short term thats cool, the market will decide if that's valuable and if their model is feasible for their use case, personally don't think it's scalable but I don't think that's what they're really interested in, hence my reference as an uncle jim solution
"I don't see the issue with having sats as your denomination "
Thinking in sats is great, but doesn't address the issue for earners who have to pay bills. If you earn in sats and the price relative to fiat goes down, you may not be able to pay your bills.
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Agreed I can't speak for everyone and if bitcoin is your only source of income this is an issue, but I mean is that really a major use case, if you're focusing your time and energy to acquire bitcoin just to sell it it's kind of pointless in a sense, you're not reaping much of the benefit.
Like you mentioned people on stakwork for example, theres a cap on how much they can earn and therefore the volatility is capped too. If you're focusing your energy on tasks that give you bad returns, see that as a signal to look at doing tasks that provide a better return even if that's in fiat.
For example, it's more profitable for me to go pick up a bunch of glass bottles here and recycle them then it is to do stakwork tasks.
Even if stakwork is paid in USD, I don't see how it "fixes" the issue of your cash flow.
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Once past the qualification jobs, stak taskers get $3-4/hr at 2 hours a day = $180 a month.
We've hired around 45 people on stacker news to timestamp podcasts at $10/hr.
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Sam just gave me the code for Sphinx recently, then Almira contacted me for the required materials for stamping the podcasts. Is that what the flow looks like ? Verify, dont trust 😁
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The code from sam is legit and almira is helping out sam. All good.
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That's a pretty decent return, here a lot of people use USDT on tron because it's the cheapest, what are these guys using to swap out to once they get their sats?
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The most popular regions are AR, PH and El Salv where there are lots of options to go from sats to local currency.
For example, in PH you can go from btc to pesos on coins.ph (owned by a major bank) right on your phone for I think around 2%. Pouch.ph is also available for lower fees.
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