This segment deals with thanksgiving in the catholic epistles, so called because they are universally directed. The only time some version of the English word "thank" shows up in these epistles is in 1 Peter 2.
In this passage, Peter is commanding servants (slaves, he means, of course) to obey not only their good masters but also their evil masters. He points out that what is worthy of thanks is when a slave suffers wrongfully because of his obedience of God in his conscience.
Peter mentions the example of Christ who suffered for wrong that he did not commit. It should be noted that Peter mentions that Christ bore in his body our sins. This is one of the many verses that help to establish the doctrine of the penal substitutionary atonement.
If servants who put up with bad masters are thankworthy, how much more Christ who bore the punishment due to our sins! Let us thank and praise Him!
1 Peter 2:17-24
Honour all men. Love the brotherhood. Fear God. Honour the king. Servants, be subject to your masters with all fear; not only to the good and gentle, but also to the froward. For this is thankworthy, if a man for conscience toward God endure grief, suffering wrongfully. For what glory is it, if, when ye be buffeted for your faults, ye shall take it patiently? but if, when ye do well, and suffer for it, ye take it patiently, this is acceptable with God. For even hereunto were ye called: because Christ also suffered for us, leaving us an example, that ye should follow his steps: who did no sin, neither was guile found in his mouth: who, when he was reviled, reviled not again; when he suffered, he threatened not; but committed himself to him that judgeth righteously: who his own self bare our sins in his own body on the tree, that we, being dead to sins, should live unto righteousness: by whose stripes ye were healed.