Bitcoin Is Dirt Cheap - The Trouble With Unit Bias

in LeoFinance5 months ago

Hey Jesscoiners

As Bitcoin begins to surge in price crushing its previous all-time highs old coiners are celebrating as they should, you held on and believed in it for so long, and you should be rewarded for that belief. I would understand if some would like to take profits, I mean anyone who bought at any price previously would be in profit.

Those who chose to ignore Bitcoin may continue to ignore it while others are starting to take an interest in this fledgeling new asset class that refuses to go away. There are so many ways to dismiss Bitcoin; I've heard them all before, I understand where you're coming from, and you have every right not to believe in it.

I encourage everyone to only invest in things they have conviction in and not to do anything they are not comfortable with if you can't sleep at night because of a certain position, it's not worth the stress, sell it down to where you are comfortable and hold things you like, be it gold, cash, stocks, bonds, ETF's I don't really care what other people do with their money.

But Bitcoin is too expensive

As I said everyone's got a reason as to why they don't want to get into Bitcoin, and one of the popular ones is they don't have 20k USD to spend on a Bitcoin. The idea of having an entire Bitcoin is attractive, I get it, I'd love to be a whole coiner myself, but as it runs up in price, the number of people with the capital to do that grows smaller and smaller.

Eventually, no one will be able to become a whole-coiner, and we all have to deal with living off Satoshis. Measuring units in Bitcoin to me is antiquated; it serves no purpose and will continue to become even less relevant as we move into the sage of the Satoshi.

Bitcoin is NOT expensive; you can pick up 1000s of Satoshis for 1 dollar, to me it's ab absolute steal. If I can pick up 1000s of Satoshis that will eventually have the purchasing power of $0.01 at a ridiculous premium, then I am going to do it.

The Satoshi is seen to some as a shit coin, but it is Bitcoin none the less, A Satoshi, is a Bitcoin.


Unit bias will see you lose out

I haven't used high school math in years, but now suddenly everyone wants to talk fractions and have the psychological basis to 1 or whole being good and anything else being less than if you feel that way hand me all your satoshis I'd gladly take it off your hands.

If you're holding off waiting for a dip so you can own a full Bitcoin, I have bad news for most of you, that isn't going to happen, so you best get used to throwing that unit bias out the window or have a bias towards satoshis like I do.

$0.01 gets you 44 Sats today; that's 43 more than you should be getting for that price, as things continue on the way it's going. If that's not a bargain, I don't know what is, how much cheaper do you need it to be before you buy in?

You can wait, and debate but all you're doing is giving others more time to take those Satoshis off the market.

Have your say

What do you good people of HIVE think?

So have at it my Jessies! If you don't have something to comment, comment "I am a Jessie."

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So glad to just be DCA and getting about 50k sats each day to add to the 4% savings account! I can't keep telling people they don't need to buy 1 whole BTC and them not doing anything about it, I would feel bad taking their sats too but you can lead a horse to water, you can't make them drink it, and I'm one thirsty animal 💦

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Do we have a duty to share Bitcoin with others? Yes I think so, if some take us up on the offer great, but for those that don't I have a duty to grab as many sats as I can and keep it safe to sell to them at an absurdly high price in the future lol.

I was doing some wage calculations lately and in purchasing power my wages have gone down over the last 10 years even though the nominal number goes up. I regret not buying more gold early on and then when I discovered BTC going harder on it, but we live and we learn and I try to correct these mistakes as best I can

I know what my duty is and I follow those same ones too! Sat soldier, brother's in arms!

I don't think I could have gone any harder in BTC this year. The steem HF got me to 1 coin which was the golden goal, now it's BTC redfish, might load up a bit more in Celsius just to get the interest but don't want to lose that 1 coin in the ledger status haha! You must be close to 1 now?

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LOL You know when the Brits go war, the colonies have to follow. So here I am, fighting for every sat!

I am with you there, I could go harder but then I would also be a lot thinner and malnourished and its something I debate regularly lol

I'm in the high 0.9s now I am hoping when the altcoin flipping happens, I'll have enough stake in one of them to close the gap, secure the ledger and then revert some into USDT for celsius


LOL, it's a tough balance on how hard you go on the sats. No point in having them if you are literally wasting away but at the same time, if you're not getting sats, someone else is!

My man, I will be the first to welcome you in to the cluuuub! All aboarrrrrrrrd! 1 BTC on the Ledger, lock that shit away, then you can just play around with the rest, get them to work for you, no room for lazy non-soldier sats here. GET TO WORK BOIIII! Drop and give me 10% APR!

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the thing is people that are unfamiliar with cryptos, or have little experience they are thinking that it's either a scam or too expensive to buy. (there are those who will go all in too, the overexcited ones)

On the other hand, we got those who are a bit more experienced. Many of them will wait for the dump to buy! (even if that dumb never happens). Only a few of them will buy i believe!

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I think that you're right the vast majority of people who are getting into BTC like I did in 2016 didn't bother to do any research all they see is number go up. It's quite an interesting behaviour I must say, when we all got rekt in 2017 many left and others stayed for the tech and to find out why, the cycle keeps repeating.

I'd say its still a small minority who understand unit bias though, even people who have been in crypto for years, don't get it, or you wouldn't see things like "cheap hot alt coins" content and people buying things because the unit price is cheap like XRP which doesn't have much else going for it

hehe and talking about XPR a few hours after that reply, the downhill started :P

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LOL I noticed now I checked coingecko, do you know why its been shitting the bed like this?

hahaha i think you already have the answer by now :P

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LOL yes I couldn't wait, I had to go research, poor XRP squad

I love the fact that you can still have a share in bitcoin by buying a smaller versions of it - Santoshi
It does not matter what you purchase power is, you can still have you share in bitcoin.
It is affordable 😀
I am investigating in it too.
Once Santoshis are too expensive we will have a another denomination 😊

me too, you can always get into Bitcoin at any price, and like you said when satoshis become too expensive you can get mili-satoshis, but we NEVER debase the level of other peoples savings, it's always protected.

When we think of buying bitcoin its always a big amount to invest, but yes stoshi is also a coin, a portion of Bitcoin and when tge price of bitcoin is raising that means price of stoshi is also increasing....

Exactly, so you're still equally along for the ride regardless of the amount of Satoshis, if you think Bitcoin is going to 100k USD wouldn't you want to at least 5x your value by getting a certain amount of Satoshis, I know I would, which is why I buy every day

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