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1134 sats \ 6 replies \ @freetx 9 Aug \ on: Best Bitcoin Price Chart Ever bitcoin_beginners
I'm not a fan of 1 BTC = 1 BTC talking point. I'm bit confused at how this meme became so popular, as its the most un-economical possible perspective for something you are hoping becomes a global currency.
This isn't about being a fiat-fanboy, simply that every currency -- by definition -- maintains an ongoing exchange rate with other goods and services. Thats the whole point....
I miss the times when people used to read things instead of not reading them (not sure it was ever a thing though and I am romanticizing it).
Anyway, if you read the description you would notice this part:
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What do you mean by 1 BTC = 1 BTC. Is this a cheap prank?
It is kind of a prank
Knowing how much Bitcoin is in USD is important, as the dollar is still the world reserve and most used currency.
I agree completely, and that's why I created https://btc2fiat.me – B2F for short – an extremely minimalistic BTC to USD calculator.
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And as I mentioned somewhere else:
Exact price of bitcoin from 2012 to 2032. An ode to my addiction to checking the spot price of bitcoin.
When I got into bitcoin I was so obsessed with the BTC to USD conversion that I would check it a literally every 5 minutes. Hence I decided to redirect my obsession to this silly project.
Now, to be honest I don't disagree with you and appreciate your perspective. Zapped you for your input
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I miss the times when people used to read things instead of not reading them (not sure it was ever a thing though and I am romanticizing it).
Lol
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Its not "un-economical". But it also isn't an argument. It is simply flipping the script on unit of account. Most people's unit of account is their national currency like the dollar. 1sat = 1sat is pushing back on measuring bitcoin against a moving currency like the dollar. Purchasing power is a better gauge. The dollar isn't a great thing to measure bitcoin against and due to the fact it is losing purchasing power over time its not really the best metric.
I feel ya though. Bitcoin's fixed inflation rate and the fact it has a cap is also part of the reason 1 BTC = 1 BTC isn't un-economical. Measuring your bitcoin in bitcoin terms is an important thing to consider. Not the short term fiat exchange rate. The exchange rate isn't useless. Its very useful but so many only think in fiat terms. Its like they only view BTC as a way to make fiat gains.
1 BTC = 1 BTC is just a shortcut. But, I suspect many don't get it and are just parroting a talking point.
My 2 sats.
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I never thought of this meme as contrasting bitcoin's price with itself versus actual commodities. We’d agree there. I think it’s about contrasting bitcoin’s utility value as you mentioned with valuing it in dollars.
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