Post
Topic
Board Speculation
Merits 1 from 1 user
Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
by
JayJuanGee
on 18/11/2021, 06:30:17 UTC
⭐ Merited by AlcoHoDL (1)
[edited out]

Can't disagree with any of the above. Regarding Bitcoin units, I've also thought about the vast gap between BTC and sats (that's an 8-orders-of-magnitude gap -- it's massive). It's not so convenient to use 0.021 BTC, but neither is 2,100,000 sats. Perhaps we could say that we are currently in a no-man's-land kind of level in between the units... Some have tried to use mBTC, μBTC, and so on (proudhon would probably like that -- math, science and all). In those units, 0.021 BTC = 21 mBTC, which is quite nice. For some reason, though, those units never took off...

Newbies... From my experience, it's currently VERY difficult for the average newbie to get started in Bitcoin, due to its apparent "expensive" status. They all tell me that it's too expensive to buy. And the problem is not only in terms of understanding that one BTC is divisible by 100,000,000 units. Even when I explain this to them, they still don't like the idea of owning "only" 0.021 BTC. It seems far too teeny weeny tiny an amount to them. They'd rather invest in cheap shitcoins instead -- they can be whole-coiners that way, except they conveniently omit the "shit" part in between...

Maybe this is really a feature, a way to filter out the weak hands... What do I know? At my time, common corn amounts were whole anyway, LOL!

Of course your overall point about life being unfair applies in bitcoinlandia too.  

Many of us have the potential to get considerably distracted by unit bias, and there are surely some needs to get above and beyond superficial considerations in order to NOT screw our lil selfies out of taking reasonable and prudent measures - yes stacking sats or yes stacking fractions of a BTC.

Both HODLers of BTC and those who are able to quickly get past their unit bias inclinations are going to be way better off by a lot of normies (not excluding myself from this) being real superficial dumbasses.. Many of us have likely seen a lot of real smart people spending a lot of time arguing how normies are disadvantaged by unit biasness.. and yeah, maybe there is some need to feel sorry for those dumbasses, but another reason just to assert that they better grow the fuck up and look into matters beyond superficialities for their own good..  Accordingly early adoption of any asset or technology or invention or discovery is going to be filled with asymmetric information, and sucks to be uie pooie if you have allowed yourself to get distracted into nonsense and missed years and years of abilities to get involved in BTC accumulation and instead you have to suffer with less upside potential from having to wait longer to get as much upside appreciation as the earlier adopters who were either lucky, insightful, or some combination of those.  

By the way.. .maybe the lack of any kind of ability to achieve consensus regarding some kind of unit between satoshis and bitcoin remains such a matter of just the fact that new things take time... especially when there is ongoing movement in the new things... and surely at some point there is going to be some necessity to establish some kind of middle unit.. just for practicality sake... and maybe at some point some various BIGGER players will consistently begin to gravitate on some kind of in between unit that just starts to become apparent and obvious.. but at this time.. satoshis and bitcoin seem to be the unambiguous consensus-reached units of 8 magnitude differentiations as you pointed out.