Topic: Bitcoin needs something equivalent to a stock split - page 5. (Read 5462 times)
If Bitcoin was integer we would have 2 100 000 000 000 000 bitcoins in circulation
It is funny how people create inexistent problems and then propose even more absurd solutions to them.
Just use millibitcoin instead of bitcoin. 0.65 instead of 650. problem solved.
Just use millibitcoin instead of bitcoin. 0.65 instead of 650. problem solved.
Such a thing could be implemented, but I can't see it being accepted by a majority of peer nodes. My opinion is that we should not monkey with the code to accommodate human nature. If someone can't get their head around the fact that price is irrelevant then they should trade beenie babies instead.
But isn't worldwide acceptance the ultimate goal? Don't we want total saturation? If this is to be accomplished, then the protocol has to be presented in a way that is easier to digest for the average non-tech person.
Trying to explain to my wife that there are 100million satoshis in a Bitcoin. And that you can buy and send .001 bitcoin, which we are now calling a millibit is a disaster.
I understand semantics and human nature, although people should know what they're doing when investing.
That means at least understanding that this representation of $/Bitcoin is meaningless.
They'll figure it out and shouldn't be swimming in the deep end until they do anyhow....
That means at least understanding that this representation of $/Bitcoin is meaningless.
They'll figure it out and shouldn't be swimming in the deep end until they do anyhow....
Such a thing could be implemented, but I can't see it being accepted by a majority of peer nodes. My opinion is that we should not monkey with the code to accommodate human nature. If someone can't get their head around the fact that price is irrelevant then they should trade beenie babies instead.
Would it be possible for the Bitcoin developers to agree upon and implement something like a stock split for Bitcoin. Stock splits exist because as the price of a stock goes up, the average laymen investor sees the stock value and thinks "that's too expensive." Stock splits are good for investor psyche as it lowers the barrier of entry for the average investor.
This is an issue of human semantics, or the way we use words to describe value. You don't need to change the protocol to change the semantics.
There are other issues that may need fixing far in the future, such as when the deflationary nature of bitcoin causes the satoshi (the smallest possible unit) to become too unwieldy to use in everyday transactions.
I wonder would this have the same effect:
https://github.com/bitcoin/bitcoin/issues/3862
It's a move to change the default representation of the currency to microBTC
https://github.com/bitcoin/bitcoin/issues/3862
It's a move to change the default representation of the currency to microBTC
Would it be possible for the Bitcoin developers to agree upon and implement something like a stock split for Bitcoin. Stock splits exist because as the price of a stock goes up, the average laymen investor sees the stock value and thinks "that's too expensive." Stock splits are good for investor psyche as it lowers the barrier of entry for the average investor.
When average people see that 1BTC trades for $650, they feel like they've either missed the boat, or that it is just too much money to invest. And while you can simply buy .50 BTC or .25BTC, from a psychological standpoint, it just doesn't feel as satisfying as owning 1 whole unit.
I see that there is a big unification towards the "millibit" terminology, but I think that is too confusing for the average person. In the united states, we have resisted switching to the Metric system because "it's just too damn confusing." (which is insane, because inches and feet are arbitrary. We should have switched to the metric system ages ago.)
Anyways...would there be some sort of way for the developers to state that on some date in the future, the value of .50 BTC is actually 1BTC, but the 21million number stays fixed? Is there a way to move the decimal places? Is there something that can be done to mimic a stock split? Long term, I think this would be good to entice new investors to Bitcoin.
When average people see that 1BTC trades for $650, they feel like they've either missed the boat, or that it is just too much money to invest. And while you can simply buy .50 BTC or .25BTC, from a psychological standpoint, it just doesn't feel as satisfying as owning 1 whole unit.
I see that there is a big unification towards the "millibit" terminology, but I think that is too confusing for the average person. In the united states, we have resisted switching to the Metric system because "it's just too damn confusing." (which is insane, because inches and feet are arbitrary. We should have switched to the metric system ages ago.)
Anyways...would there be some sort of way for the developers to state that on some date in the future, the value of .50 BTC is actually 1BTC, but the 21million number stays fixed? Is there a way to move the decimal places? Is there something that can be done to mimic a stock split? Long term, I think this would be good to entice new investors to Bitcoin.
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