Bitcoin needs to do a "stock split" and add new (sub)names - page 2.

600watt

legendary

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Quote from: DeathAndTaxes on April 08, 2013, 10:18:00 AM

The decimal place will NEVER (not today, not next year, not 20,000 years from now) ever be moved. To do so would require a 100% consensus of all users active and inactive. Not just all miners but all exchanges, all merchants, all speculators, all bitcoin holders. Litterally everyone on the planet in unison agreeding to the change. Baring a complete consensus the network would fork and both forks would be valid and incompatible, both called Bitcoin. The result would be complete and utter chaos and massive destruction of value. It isn't going to happen.

For all intents and purposes the money supply of BTC is locked at 21M BTC. The good thing is it is highly divisible right now having 2.1 quadrillion discrete units (more than US money supply) but 1 BTC will always be ~1/21,000,000 of available money supply.

thx for this information. but what about mbtc ?

DeathAndTaxes

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Gerald Davis

The decimal place will NEVER (not today, not next year, not 20,000 years from now) ever be moved. To do so would require a 100% consensus of all users active and inactive. Not just all miners but all exchanges, all merchants, all speculators, all bitcoin holders. Litterally everyone on the planet in unison agreeding to the change. Baring a complete consensus the network would fork and both forks would be valid and incompatible, both called Bitcoin. The result would be complete and utter chaos and massive destruction of value. It isn't going to happen.

For all intents and purposes the money supply of BTC is locked at 21M BTC. The good thing is it is highly divisible right now having 2.1 quadrillion discrete units (more than US money supply) but 1 BTC will always be ~1/21,000,000 of available money supply.

Newscastix

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Quote from: barbarousrelic on April 08, 2013, 09:45:00 AM

I think we should move the Bitcoin decimal point six places to the right, and primarily use the unit kBTC. (new kilobitcoins)

1 old BTC = 1,000,000 new BTC = 1,000 kBTC (new) = $190

10 kBTC = $1.90

The reason for this is that it is relatively futureproof, and that people are more comfortable handling very large numbers than very small numbers. It also leaves two decimal points of Bitcoin, just as most national currencies have two decimal points.

+1

I don't like all this milli and mikro...

barbarousrelic

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I think we should move the Bitcoin decimal point six places to the right, and primarily use the unit kBTC. (new kilobitcoins)

1 old BTC = 1,000,000 new BTC = 1,000 kBTC (new) = $190

10 kBTC = $1.90

The reason for this is that it is relatively futureproof, and that people are more comfortable handling very large numbers than very small numbers. It also leaves two decimal points of Bitcoin, just as most national currencies have two decimal points.

Moshi

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I'm finding myself in a very similar scenario. Incidently, the same people turned off by the $190/BTC exchange were the ones telling me that this was an "illegal nerd currency", all now just writhing to get their hands on them - provided they don't pay "alot" Roll Eyes

I've talked my roommate into looking into the system - enticed by the concept of cheap, nearly-instantaneous transfers of funds after he had waited a few days to pay for Bioshock. Suddenly can't stop mining, and now gawking at the exchange rate. Beautiful stuff.

Canaanite

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Quote from: zeetubes on April 07, 2013, 06:39:06 PM

I always ask anyone I'm talking with whether they've heard of bitcoins. 99% of the time the answer is no (and I mix with some clued up people). Within a minute most of them are intrigued. But now when they hear that the price is ~$150+ their response is, "Oh it's too high. It's risen too fast, too quickly." If however, the price was $1.50 or even $15+ they would probably jump in and spend just as much money. It's a psychological thing, like buying a thousand penny stocks vs spending $600 on a single share of Google. I think the bitcoin powers that be, need to think about naming the equivalent dimes, nickels and pennies of the BTC world so that newcomers aren't faced with sticker shock. One of the most common newbie misunderstandings is that bitcoins aren't divisible and a well presented naming convention would really help. Just my ever humble opinion, but what do others think? Do those names exist already?

I cant agree with you more...

Ozymandias

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Quote from: BitVegas on April 08, 2013, 02:33:04 AM

Yes this will be a big problem....

... Once bitcoins hit $100 million each and the minimum buy in is $100 for one satoshi

Until then I'm not worried

If one bitcoin is $100million and 1 satoshi is 1/100million bitcoins, wouldn't 1 satoshi = $1 in your example?

600watt

legendary

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Quote from: oakpacific on April 08, 2013, 03:15:49 AM

I don't want people who don't understand the basics of Bitcoin to invest in it.

you got a point here, but it looks like we are needing them to feed the momentum. i am running kinda short in fiat. i wish i could put more in, but it is not possible.

oakpacific

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I don't want people who don't understand the basics of Bitcoin to invest in it.

600watt

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Quote from: zeetubes on April 07, 2013, 06:39:06 PM

I always ask anyone I'm talking with whether they've heard of bitcoins. 99% of the time the answer is no (and I mix with some clued up people). Within a minute most of them are intrigued. But now when they hear that the price is ~$150+ their response is, "Oh it's too high. It's risen too fast, too quickly." If however, the price was $1.50 or even $15+ they would probably jump in and spend just as much money. It's a psychological thing, like buying a thousand penny stocks vs spending $600 on a single share of Google. I think the bitcoin powers that be, need to think about naming the equivalent dimes, nickels and pennies of the BTC world so that newcomers aren't faced with sticker shock. One of the most common newbie misunderstandings is that bitcoins aren't divisible and a well presented naming convention would really help. Just my ever humble opinion, but what do others think? Do those names exist already?

you are absolutly correct about this matter. mbtc, so called millibitcoins are the answer. 1 btc = 1000 mbtc. its a language thing. the community must start to use mbtc instead of btc. and the entire game starts another cycle. btc are expensive now, that is an psychological obstacle for the people who want to join in. bitcoin (better: mbtc) is the first currency that is deflationary and inflationary at the same time. got to love it.
if mbtc is accepted, those with btc will become incredibly wealthy. we have all steaks in this game. please folks, play it right!

ruski

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Quote from: BitVegas on April 08, 2013, 02:33:04 AM

Yes this will be a big problem....

... Once bitcoins hit $100 million each and the minimum buy in is $100 for one satoshi

Until then I'm not worried

You raise a valid point.

The entire world economy is $80 trillion. Let's say Bitcoin replaces the USD entirely, for a net worth of $15.685 trillion (2013). Assuming it doesn't take until 2140 to do so, we'll be working with about 18 million BTC.

With a market cap of 15.685 trillion, each BTC would be worth $871 389. So it's never going to hit $100 million that way.

However, to get that big, Wall Street would obviously be heavily involved and screwing around heartily. The total derivatives market is about $791 trillion. Assuming they can reach even a quarter of that with BTC, and start further inflating the price of BTC to serve as a base for a new fractional reserve currency (don't lynch me) $197.75 trillion. That gives each BTC a value of $10 986 111. A satoshi will then be worth 10 cents.

I'd say we will never have to worry about the indivisibility of a satoshi. Ever.

BitVegas

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Yes this will be a big problem....

... Once bitcoins hit $100 million each and the minimum buy in is $100 for one satoshi

Until then I'm not worried

XXthetimeisnowXX

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a wolf in sheeps clothing. suckerfish

Quote from: Gab1159 on April 07, 2013, 06:45:30 PM

I don't think it's a good idea at all to split the bitcoin into multiple currencies. As time goes by, people will learn to get used to it and you'll get people saying "if only it were at 150$ I would invest".

Making things even more confusing is that last thing the bitcoin economy could use. It's already a lot for the common people who aren't used to work with encryptions...

I Think this is a great idea!!! my friends and family wanted to buy some but when they here the price they say "no way, i cant afford that. there are too many misconceptions with it.

also do you really think that people will get confused? i think even hobos understand what a 1$ 5$ 10$ 20$ 50$..probably not a 100$ though Wink

my point is that we can get the basics of four or five options now but ya dont make it to complicated. I think a split or a mbit is a good idea, like one tenth of a bitcoin. you can buy .1 for a more moderate price instead of the minde blowing 20, no wate 48, no 62, no 120 no 145 no 168 no 245 no 560 no 882 no 1350 haha

Frost

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Me for example... I only buy in with 0.10 B each month depending on how much I can afford. I own 0.16 B now but still can support and enjoy all this. So buying 0.1 works pretty great like buying 1.0 I guess. As you can see.. I jumped in even if 1 b is 164 USD. I just jumped in with smaller amounts. Thats all. I believe a lot of other people will do that too if they want to support the ideology behind bidcoins and if they want to be part of all that.

dunand

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I would rather have 1 share of Berkshire Hathaway than 10 millions share of a random penny stock.

DeathAndTaxes

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Gerald Davis

Quote from: zeetubes on April 07, 2013, 07:11:12 PM

In that example I'm pretty sure someone would feel more at ease being told the price was say 6 mBitcoins.

So merchants will quote prices in mBTC. Problem solved.
Doesn't change the fact that (in your example) 1 BTC is $1,000.

If your friends are so foolish as to value things on the nominal value (100 metrics tons of manure is worth more than an ounce of gold so invest in shit litterally) then just tell them the price in mBTC.
"Bitcoin is still pretty cheap with a mBTC going for only $0.16").

BTW In your example that is a $6 soda but then again with as much as the federal reserve is printing that might be realistic circa 2020 or so.

Elwar

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Viva Ut Vivas

I am configuring all equations and handling of my website to deal in mBTC to the user.

zeetubes

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In that example I'm pretty sure someone would feel more at ease being told the price was say 6 mBitcoins.

zeetubes

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A stock is probably a wrong analogy for me to use; but if a bitcoin is worth $1000 or more in the near future (doesn't hurt to dream :>), then someone buying e.g. a can of soda at a 7-11 for 0.0006btc is going to feel a little uncomfortable/unfamiliar working out what that is in dollars, pesos or their respective currency etc. Again, I'm just thinking out loud, in a virtual sense.

David M

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Quote from: goxed on April 07, 2013, 06:46:26 PM

It's split into Satoshis already.

+1. The OP is thinking like Bitcoin as shares.

There was a time that Australian companies use to split their stock at $20 because "$20 is a lot for one share".

It took our banks and miners to bust that little meme.

Topic: Bitcoin needs to do a "stock split" and add new (sub)names - page 2. (Read 3312 times)