Make Sats The Standard
I took this picture at about block 416,220(June 13, 2016). The price of eggs on that day was $1.99, 16.5¢ per egg if you still measure stuff with the broken ruler we call fiat. What if we measured the price in sats instead? I found the price on that date from the bitbo calender. According to this website, $1.99 was worth 260,000 sats back then. Each egg cost 21,667 sats! Oh My Zeus!😱
I used this mempool calculator to see how much that is today. Turns out that it's $272.88 as of block 879,943. Since the fiat ruler is broken, the price of a dozen eggs also has NGU. I took this picture the last time I went to the grocery store. Eggs cost enough to shock fiat maxis. $8.99 OMZ!😱
What does a dozen eggs cost if you ignore the broken ruler? 8,572 sats today, just 714 sats per egg. Holy Wiemar Republic Batman! That's 30X cheaper! 😁
For some strange reason I can't pretend to understand, the Federal reserve tracks the price of eggs denominated in bitcoin. I guess they want to stay humble and stack money printer go brrrrrr. You can see the price of eggs drop off a cliff like Wile E Coyote on their website.
In The Price of Tommorrow and too many podcasts to mention, Jeff Booth argues the free market makes things cheaper over time, but the fiat syatem is syatematic theft. This theft occurs via inflation, which is really wage deflation. In other words, eggs are getting cheaper over time because egg producers become more efficient. We see tye fruits of this efficiency in Big screen TV's because the fiat price gets cut in half every ten years or so, but this is also a product of a broken ruler. The TV is probably 60X cheaper in bitcoin terms. It makes sense, TV's don't get bird flu, but when you begin using bitcoin as your unit of account, the measurement of value makes more sense than fiat clown world on the broken ruler standard. I remember when coffee was 100,000 sats. Now it's 16,699 sats. Living on the sat standards allows you to see Jeff Booth's thesis play out in real time
Life Gets More Expensive On The Broken Ruler Standard
I see so many young people on the broken ruler standard bemoan about food and housing prices. There are people with master's degrees who have already lost hope of buying a single family home and achieving the "American dream." To be honest, I would be pretty bummed about it too if I was on the broken ruler standard. A few months ago I spoke with a woman who made at least twice as much fiat as I do say, "I hope this housing market crashes so I can buy a house!"
That's sad. I have a lot of empathy for that feeling. Since the great financial crisis, I've only been able to get part time work, but my family wqs able to get a mortgage worth 12.5 bitcoin at the so-called "height of the market." We put as little money down as possible, 3% and I sold my old 401k for that "money." I also used some of it for repairs and taxes, but went all-in on bitcoin with everything else. Now our house is worth about 5 bitcoin. The way I see it, real estate is always crashing.
People on the broken ruler standard cry, "Wah, Wah. I hope there's a housing crash! Wah! Wah! Muh egg prices!" Buy a brand spanking new car for $50,00 car with a 7% interest rate and they will say, "Congratulations!" The trouble is, the price of the car falls like eggs compared to bitcoin on the broken ruler standard. This is because prices are distorted when measured in a broken ruler standard.
Get Off The Broken Ruler Standard
Before I met my wife, I played poker to supplement my income. I don't play much anymore, but poker taught me about risk management, probability, game theory, and many other things applicable to bitcoin. Poker gave me the background knowledge I needed to study bitcoin. In a sly, round-about way , poker taught me how to spend less bitcoin than I make. In traditional technical finance terminology, this is called "fucking saving." If you were not taught how to save and spend more than you earn, no matter how many broken ruler bucks you may earn, bitcoin will not work for you.
My wife makes a lot of broken ruler bucks. Unfortunately, we were broke in 2016 because we both were in school. Nevertheless, I'm proud of my stack amd I'm now at a point in life where I can get paid in bitcoin with very little risk because of my sugar mama, I mean wife, gets paid very well.
I spend like almost every other American consumer, plastic broken ruler debt cards. I put my little Strike ACH number on the Discover app. I keep a couple million sats on Strike and pay my credit card every month. In other words, I use Strike like a four-letter word: bank.
Sometimes I'll get a craving for tacos., I've never found a food truck that takes bitcoin, but they often use the Cash App. People on the broken ruler standard can't instantaneously send broken ruler bucks from PayPal to Zelle and vice-versa. They must first send broken ruler bucks from PayPal to the bank and then send the broken ruler bucks through Zelle. I can send sats directly from Strike to thr Cash App within seconds.
Sats As A Unit Of Account
The price of bitcoin fluctuates which makes it difficult to use as a unit of account. Who wants to divide the price of bitcoin by 100 million. Ain't nobody got time for that. If a whole coin costs 100k, then 1,000 sats = $1.00. This means each 100 sats is worth 10¢. 10 sats = 1¢. If the price drops 50%, 1000 sats is 50¢. If it does a 10X, $1,000 sats is $10.00. Living on a sat standard requires a little math, but it's easy to estimate. For more precise calculations I use mem pools calculator.
Money is a store of value, medium of exchange, and unit of account. If you use bitcoin on all three ways, you are using bitcoin as money. Saving becomes spending less bitcoin, not "buying more bitcoin." If you stack sats, your goal should be to leave the broken ruler standard and adopt sats as the standard. The world will still price your sats with a broken ruler. Sometimes this broken ruler makes you look like a fool. Other times, the broken ruler makes you look like a genius. Therefore, you must stay humble and stack sats.
You'll need some savings before you can deal with the broken ruler fallacy, but once you consistently stack sats and NGU continues to U, you'll eventually see life gets easier when you make sats the standard.
I will sell some sats to pay for my food and I send a tip to the food trucker in bitcoin using the Cash App gift button. It is actually very easy for them to accept bitcoin. They just don't know it yet. I don't proselytize the gospel of our lord and savior Satoshi Nakamoto. I just send them a few thousand sats. Good orange pilling is like good writing: Show, don't tell.
Does it require KYC?
Yeah, but so does Bank of Broken Rulers.
Haven't you heard the phrase, not your keys, not your bitcoin?
Yes. It's true. The 2 million sats or so is "not my bitcoin." From my perspective, however, it is the least risky way of paying my bills. I believe it is less risky than keeping broken ruler bucks in a bank. FDIC insurance sounds nice as canceled Insurance policies in the Pacific Palisades.
I could keep my 2 million sats in self-custody in my own lightning wallet. I could use Zap Planner to schedule my payments to hit Strike moments before I pay my bill, but I know me. I've lost sats on the lightning network before. I am more likely to lose the sats on my self-custodial lightning wallet than lose them because Strike could possibly rug-pull me. So for now, I just keep 2 million sats on the app. If bitcoin does a 10X, I'll keep 200,000 sats on Strike. If it drops 50%, I will keep 4 million sats on there.
I typically spend between $600- $1,000 in broken ruler bucks a month. This doesn't include my mortgage or food. My wife pretty much covers that stuff. Life happens though. Sometimes I need to pay a plumber, or a roofer or something, but most months, I have a sat surplus, a phenomena I like to call sats savings. My fiat check converts to bitcoin right on payday. I pay my credit cards off that day. If the sats are worth a little more, I pay taxes on that little bit. To make the math easy, say I get paid $1,000 on Friday. When I pay my bills, The broken ruler measurement now says I have $1,100. I pay my credit card. I owe capital gains on that $100 worth of sats. If my paycheck happens to be worth $900,I don’t pay any taxes because I have a loss. I won’t lie. I still get a bit perturbed when the price goes down 10% on payday, but it’s not the end of the world. If it doesn’t go back up by next payday, good. I earn more sats. If it goes up by next payday, good. All the sats I stacked before can buy more groceries.
Get On The Sats Standard
!;make sats the standard]()
Making sats the standard does this for the individual on the microeconomic level. Each Bitcoiner gradually accumulates sats. Stack long enough, study long enough, and experience enough 80% dips and you too will develop an unwavering conviction. You get paid in sats. You spend sats. You save sats. You no longer give a damn about your local fiat currency. A dozen eggs cost less than half of a single egg cost 8 years ago. If you lose 50% of your spending power overnight, you can buy less eggs, but a dozen eggs still costs less than 1 egg 8 years ago. Bitcoin is just better money.
If my fiat bank account takes more money out than I have in it, I can do an instant withdrawl on Strike. The fiat appears in my fiat bank account instantly. No more waiting 3-5 days for the money to get there. The bank does not get to keep charging you overdraft fee after overdraft fee for every little transaction. Bitcoin just works better. You can send it all over the world within seconds. You can buy stuff online with it or pay your credit cards. There is literally no reason to hold dollars anymore if you don’t want to. When you’re ready, make sats the standard. If you are not ready, keep stacking.
Onward.