Thread by @ColbySerpa

Introducing BitShelf / SatTag (Open-source).

My plan at the #bitcoin 2021 conference was to approach @jack or @sqcrypto to discuss a low mental-cost denomination and product for lightning.

Alas that meeting wasn’t possible — so I’m open-sourcing it. Build it with or without me.

Dollars & Cents V.S. Bits & Sats💰

100 Pennies in a Dollar.

100 Satoshis in a Bit.

Explaining to newcomers that a bitcoin is made of one hundred million sats always invites confusion and dissonance.

Instead:
1 Million Bits in a #Bitcoin.

Anyone who owns a full bitcoin owns a million bits, similar to how it’s rare to be a millionaire in cash.

Many newcomers dislike owning part of a bitcoin and can’t easily grasp sats because of the high mental cost of 100,000,000 per coin… Cheap shitcoins exploit this ignorance.

Our brains 🧠 are accustomed to the two-part ($ & ¢) pricing structure of the dollar.

$20.99 twenty dollars & ninety nine cents.

Many don’t notice this, but $20.99 equals 2099 cents.

If 100 sats = 1 bit, like 100 cents = 1 dollar, then we can copy this familiar layout for all.

For Satoshi Lovers:

Anytime something is priced in sats, you can simply move the comma farthest to the right over to the right one decimal point.

10,099 sats = 100 bits & 99 sats.

Move the comma over to the right, then the remaining two numbers are the sats — just like cents…

Create a price tag using e-ink screens and the unified denomination, lined up in rows on a shelf. 🏷🗄

Perfect for vendors at @Bitcoinbeach.

This combination will be the basis for vendors’ pricing and inventory systems, advertising the lightning network without saying a word.⚡️

Cheap solar panels can be equipped to the back of the BitShelf to power-up the internet and e-ink price-displaying screens.

E-ink screens can stay lit for many days without power, so grabbing the price of bitcoin a few times a week is the only power requirement.🔋

I hope you all will consider this layer 2/3 proposal and product as a means of accelerating the adoption of #bitcoin.

Newcomers need to think of bitcoin as money, and this may be a way to bring them deeper into the rabbit hole.

Instead of dollars and cents, use #bits and #sats!

When bitcoin hits $1,000,000,

1 bit will equal 1 dollar and 1 satoshi will equal 1 penny.

It’s the perfect meme target.

The Dual Denomination.

https://twitter.com/ColbySerpa/status/1402116825912053761

Reverse engineering the traditions of money and removing all the insecurities is how Bitcoin was born.