Another reason accounting in bits might be a good mental model:
Assuming 4-5 million bitcoin lost against the current supply: this gives about 14 million spendable btc. Market cap of gold is 13 trillion. 13 trillion / 14 million is about 930k (lets say approximately 1 million).
Therefore if bitcoin is as valuable as gold (reasonable exchange pricing method?) then 1 bit is a good mental substitute for $1, 1 sat is a cent.
Who knows, maybe bitcoin will never be as valuable as gold, but it’s hard to see how that would be the case. It should be worth more given the fact its *unconfiscatable, teleportable, mathematically scarce programmable money in cyberspace enforced by the laws of physics* but what do i know.
jb55 / Will
npub1xt…vkk5s
2023-06-01 03:03:27
Author Public Key
npub1xtscya34g58tk0z605fvr788k263gsu6cy9x0mhnm87echrgufzsevkk5sPublished at
2023-06-01 03:03:27Event JSON
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"pubkey": "32e1827635450ebb3c5a7d12c1f8e7b2b514439ac10a67eef3d9fd9c5c68e245",
"created_at": 1685588607,
"kind": 1,
"tags": [],
"content": "Another reason accounting in bits might be a good mental model:\n\nAssuming 4-5 million bitcoin lost against the current supply: this gives about 14 million spendable btc. Market cap of gold is 13 trillion. 13 trillion / 14 million is about 930k (lets say approximately 1 million).\n\nTherefore if bitcoin is as valuable as gold (reasonable exchange pricing method?) then 1 bit is a good mental substitute for $1, 1 sat is a cent.\n\nWho knows, maybe bitcoin will never be as valuable as gold, but it’s hard to see how that would be the case. It should be worth more given the fact its *unconfiscatable, teleportable, mathematically scarce programmable money in cyberspace enforced by the laws of physics* but what do i know.",
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}