Good news don't make bitcoin skyrocket, it's the upward pressure that does.
Meaning that buyer pressure is higher than seller pressure, and this comes from extra fiat entering the exchanges, and less coins being sold, hoping for higher prices.
That extra fiat comes mostly from increased notoriety and good news, but now it's slowing down, and soon seller pressure will get stronger.
Topic: Good press everywhere. Yet the price stays the same... - page 3. (Read 6243 times)
It wasn't long ago that good news of any kind, made Bitcoin skyrocket.
How do you know you haven't got it backwards? Correlation does not equal causation. Maybe skyrocketing prices just brings a lot of media attention.
Bitcoin will likely be between $1000 and $2000 for a while, similar to how it stayed between $100 and $200 for a disproportionately long time.
In fact, if it continues to follow the somewhat unsettling and poorly understood phenomenon known as "Benford's Law" the price will begin with the digit "1" about about 30% of the time:
http://www.technologyreview.com/view/418850/benfords-law-and-a-theory-of-everything/
One a positive note: When it does finally break through $2000, we can expect a relatively quick rise to $10K...
In fact, if it continues to follow the somewhat unsettling and poorly understood phenomenon known as "Benford's Law" the price will begin with the digit "1" about about 30% of the time:
http://www.technologyreview.com/view/418850/benfords-law-and-a-theory-of-everything/
One a positive note: When it does finally break through $2000, we can expect a relatively quick rise to $10K...
Wow, is there a website with this data or you just made a rough estimate? This is interesting!
Think of it this way: The press might be the reason we're stagnant instead of in a hard downtrend right now.
Yes, at this current point in time, 1 mBTC roughly equals 1 USD. But that is just today. You have to plan for a huge range of possible bitcoin exchange rates, not just what the exchange rate is today ..........
I give up. Use mBTC if you want. I'm sticking with bitcoins.
I give up. Use mBTC if you want. I'm sticking with bitcoins.
its no different than a stock doing a split or a reverse split to make it more user friendly.
well, if you want BTC to be spent like a currency, telling someone "i will pay you .005 BTC for that beer" is not really going to cut it. it can get confusing.
1 BTC is a lot, it is 1 / 21 million of all coins. Pricing in BTC could work when Bitcoin was used only by few geeks, but not anymore, you can buy new comp for 1 BTC
So you suggest we change the unit of currency every time we have a major price change relative to fiat? Seriously? So it increases 100x and we all have to convert all software / hardware wallets / articles to mBTC, and then it drops 10x and we revert back to BTC, and then it increases again, and we go back to mBTC, and increases yet again, and we have to go to an as yet unnamed yet for 1/10000 of a bitcoin.
Or we could just leave and use decimal points. I'd love a pint of beer for 0.00001 BTC in the future, sounds so amazingly cheap
K.I.S.S.
its too difficult to do the simple math in your head when you have a bunch of leading zeros. When 1mbtc =~ 1 USD its pretty simple to know what your paying.
Yes, at this current point in time, 1 mBTC roughly equals 1 USD. But that is just today. You have to plan for a huge range of possible bitcoin exchange rates, not just what the exchange rate is today ..........
I give up. Use mBTC if you want. I'm sticking with bitcoins.
well, if you want BTC to be spent like a currency, telling someone "i will pay you .005 BTC for that beer" is not really going to cut it. it can get confusing.
1 BTC is a lot, it is 1 / 21 million of all coins. Pricing in BTC could work when Bitcoin was used only by few geeks, but not anymore, you can buy new comp for 1 BTC
So you suggest we change the unit of currency every time we have a major price change relative to fiat? Seriously? So it increases 100x and we all have to convert all software / hardware wallets / articles to mBTC, and then it drops 10x and we revert back to BTC, and then it increases again, and we go back to mBTC, and increases yet again, and we have to go to an as yet unnamed yet for 1/10000 of a bitcoin.
Or we could just leave and use decimal points. I'd love a pint of beer for 0.00001 BTC in the future, sounds so amazingly cheap
K.I.S.S.
its too difficult to do the simple math in your head when you have a bunch of leading zeros. When 1mbtc =~ 1 USD its pretty simple to know what your paying.
well, if you want BTC to be spent like a currency, telling someone "i will pay you .005 BTC for that beer" is not really going to cut it. it can get confusing.
1 BTC is a lot, it is 1 / 21 million of all coins. Pricing in BTC could work when Bitcoin was used only by few geeks, but not anymore, you can buy new comp for 1 BTC
So you suggest we change the unit of currency every time we have a major price change relative to fiat? Seriously? So it increases 100x and we all have to convert all software / hardware wallets / articles to mBTC, and then it drops 10x and we revert back to BTC, and then it increases again, and we go back to mBTC, and increases yet again, and we have to go to an as yet unnamed yet for 1/10000 of a bitcoin.
Or we could just leave and use decimal points. I'd love a pint of beer for 0.00001 BTC in the future, sounds so amazingly cheap
K.I.S.S.
well, if you want BTC to be spent like a currency, telling someone "i will pay you .005 BTC for that beer" is not really going to cut it. it can get confusing.
1 BTC is a lot, it is 1 / 21 million of all coins. Pricing in BTC could work when Bitcoin was used only by few geeks, but not anymore, you can buy new comp for 1 BTC
If its one thing that gets my goat in the bitcoin world its people insisting that we need to switch to mBTC because BTC is too expensive. What utter drivel.
All switching will do is confuse people, and split the bitcoin community, because there is no way in the world everyone will agree to change, and why should they?
Bitcoin got quite happily to $1200 without the need to switch to mBTC, and it will go quite happily ever upwards without the need to divide it by 1000.
A share in google is $1,060. By the same logic, google needs to switch to mGoogle, everyone will say "these are cheap" and buy loads more.
Rant over.
All switching will do is confuse people, and split the bitcoin community, because there is no way in the world everyone will agree to change, and why should they?
Bitcoin got quite happily to $1200 without the need to switch to mBTC, and it will go quite happily ever upwards without the need to divide it by 1000.
A share in google is $1,060. By the same logic, google needs to switch to mGoogle, everyone will say "these are cheap" and buy loads more.
Rant over.
how many normal people have you spoken to about BTC? because psychology has a major impact on BTC's adoption. i don't really care either way, but the proponents of mBTC do have a point.
well, if you want BTC to be spent like a currency, telling someone "i will pay you .005 BTC for that beer" is not really going to cut it. it can get confusing.
That sounds really cheap, 0.005 BTC. So much for the psychology of switching to mBTC because bitcoins are too expensive. So you want someone to say 5 mBTC? Is that micro, mini, just "m". How do you say it?
What if the price goes up a factor of 10 or 100 again in the next year or two. You will be calling for us to all talk in uBTC or a different unit when nobody has got over the confusion of switching to mBTC.
Bitcoins have 8 decimal points for a reason. Learn to love them.
If its one thing that gets my goat in the bitcoin world its people insisting that we need to switch to mBTC because BTC is too expensive. What utter drivel.
All switching will do is confuse people, and split the bitcoin community, because there is no way in the world everyone will agree to change, and why should they?
Bitcoin got quite happily to $1200 without the need to switch to mBTC, and it will go quite happily ever upwards without the need to divide it by 1000.
A share in google is $1,060. By the same logic, google needs to switch to mGoogle, everyone will say "these are cheap" and buy loads more.
Rant over.
All switching will do is confuse people, and split the bitcoin community, because there is no way in the world everyone will agree to change, and why should they?
Bitcoin got quite happily to $1200 without the need to switch to mBTC, and it will go quite happily ever upwards without the need to divide it by 1000.
A share in google is $1,060. By the same logic, google needs to switch to mGoogle, everyone will say "these are cheap" and buy loads more.
Rant over.
how many normal people have you spoken to about BTC? because psychology has a major impact on BTC's adoption. i don't really care either way, but the proponents of mBTC do have a point.
well, if you want BTC to be spent like a currency, telling someone "i will pay you .005 BTC for that beer" is not really going to cut it. it can get confusing.
That sounds really cheap, 0.005 BTC. So much for the psychology of switching to mBTC because bitcoins are too expensive. So you want someone to say 5 mBTC? Is that micro, mini, just "m". How do you say it?
What if the price goes up a factor of 10 or 100 again in the next year or two. You will be calling for us to all talk in uBTC or a different unit when nobody has got over the confusion of switching to mBTC.
Bitcoins have 8 decimal points for a reason. Learn to love them.
As mentioned, it's the holiday season - at least for a large portion of the world. People are more preoccupied with buying gifts, planning vacations, preparing for relatives visiting from out of town, studying for end of term exams, writing end of term papers, dealing with work deadlines and whatever else needs to be done before the year is over, etc, etc. Even if they've seen the news, figuring out out how to buy bitcoins is prolly lower on the priority list right now for most people as they spend their time and money on family and holiday stuff.
...add to that a $800 credit card bill for christmas...and they aren't in a hurry to spend another $800 on bitcoin.
If its one thing that gets my goat in the bitcoin world its people insisting that we need to switch to mBTC because BTC is too expensive. What utter drivel.
All switching will do is confuse people, and split the bitcoin community, because there is no way in the world everyone will agree to change, and why should they?
Bitcoin got quite happily to $1200 without the need to switch to mBTC, and it will go quite happily ever upwards without the need to divide it by 1000.
A share in google is $1,060. By the same logic, google needs to switch to mGoogle, everyone will say "these are cheap" and buy loads more.
Rant over.
All switching will do is confuse people, and split the bitcoin community, because there is no way in the world everyone will agree to change, and why should they?
Bitcoin got quite happily to $1200 without the need to switch to mBTC, and it will go quite happily ever upwards without the need to divide it by 1000.
A share in google is $1,060. By the same logic, google needs to switch to mGoogle, everyone will say "these are cheap" and buy loads more.
Rant over.
how many normal people have you spoken to about BTC? because psychology has a major impact on BTC's adoption. i don't really care either way, but the proponents of mBTC do have a point.
well, if you want BTC to be spent like a currency, telling someone "i will pay you .005 BTC for that beer" is not really going to cut it. it can get confusing.
You dont understand basic human pyschology.
If its one thing that gets my goat in the bitcoin world its people insisting that we need to switch to mBTC because BTC is too expensive. What utter drivel.
All switching will do is confuse people, and split the bitcoin community, because there is no way in the world everyone will agree to change, and why should they?
Bitcoin got quite happily to $1200 without the need to switch to mBTC, and it will go quite happily ever upwards without the need to divide it by 1000.
A share in google is $1,060. By the same logic, google needs to switch to mGoogle, everyone will say "these are cheap" and buy loads more.
Rant over.
All switching will do is confuse people, and split the bitcoin community, because there is no way in the world everyone will agree to change, and why should they?
Bitcoin got quite happily to $1200 without the need to switch to mBTC, and it will go quite happily ever upwards without the need to divide it by 1000.
A share in google is $1,060. By the same logic, google needs to switch to mGoogle, everyone will say "these are cheap" and buy loads more.
Rant over.
how many normal people have you spoken to about BTC? because psychology has a major impact on BTC's adoption. i don't really care either way, but the proponents of mBTC do have a point.
comparing BTC to google stock is not quite fair, especially since you can't go to a bar and pay your tab with GOOG
People are buying bitcoins right now because they hope it will raise in value , not to be able to pay a beer with it.
Same for google stocks.
If its one thing that gets my goat in the bitcoin world its people insisting that we need to switch to mBTC because BTC is too expensive. What utter drivel.
All switching will do is confuse people, and split the bitcoin community, because there is no way in the world everyone will agree to change, and why should they?
Bitcoin got quite happily to $1200 without the need to switch to mBTC, and it will go quite happily ever upwards without the need to divide it by 1000.
A share in google is $1,060. By the same logic, google needs to switch to mGoogle, everyone will say "these are cheap" and buy loads more.
Rant over.
All switching will do is confuse people, and split the bitcoin community, because there is no way in the world everyone will agree to change, and why should they?
Bitcoin got quite happily to $1200 without the need to switch to mBTC, and it will go quite happily ever upwards without the need to divide it by 1000.
A share in google is $1,060. By the same logic, google needs to switch to mGoogle, everyone will say "these are cheap" and buy loads more.
Rant over.
how many normal people have you spoken to about BTC? because psychology has a major impact on BTC's adoption. i don't really care either way, but the proponents of mBTC do have a point.
well, if you want BTC to be spent like a currency, telling someone "i will pay you .005 BTC for that beer" is not really going to cut it. it can get confusing.
The problem is that normal people have seen a crash in April after a price surge with lots of media coverage , and now they have another price surge and they are waiting for the crash. Simple at this.
If its one thing that gets my goat in the bitcoin world its people insisting that we need to switch to mBTC because BTC is too expensive. What utter drivel.
All switching will do is confuse people, and split the bitcoin community, because there is no way in the world everyone will agree to change, and why should they?
Bitcoin got quite happily to $1200 without the need to switch to mBTC, and it will go quite happily ever upwards without the need to divide it by 1000.
A share in google is $1,060. By the same logic, google needs to switch to mGoogle, everyone will say "these are cheap" and buy loads more.
Rant over.
All switching will do is confuse people, and split the bitcoin community, because there is no way in the world everyone will agree to change, and why should they?
Bitcoin got quite happily to $1200 without the need to switch to mBTC, and it will go quite happily ever upwards without the need to divide it by 1000.
A share in google is $1,060. By the same logic, google needs to switch to mGoogle, everyone will say "these are cheap" and buy loads more.
Rant over.
how many normal people have you spoken to about BTC? because psychology has a major impact on BTC's adoption. i don't really care either way, but the proponents of mBTC do have a point.
If its one thing that gets my goat in the bitcoin world its people insisting that we need to switch to mBTC because BTC is too expensive. What utter drivel.
All switching will do is confuse people, and split the bitcoin community, because there is no way in the world everyone will agree to change, and why should they?
Bitcoin got quite happily to $1200 without the need to switch to mBTC, and it will go quite happily ever upwards without the need to divide it by 1000.
A share in google is $1,060. By the same logic, google needs to switch to mGoogle, everyone will say "these are cheap" and buy loads more.
Rant over.
All switching will do is confuse people, and split the bitcoin community, because there is no way in the world everyone will agree to change, and why should they?
Bitcoin got quite happily to $1200 without the need to switch to mBTC, and it will go quite happily ever upwards without the need to divide it by 1000.
A share in google is $1,060. By the same logic, google needs to switch to mGoogle, everyone will say "these are cheap" and buy loads more.
Rant over.
how many normal people have you spoken to about BTC? because psychology has a major impact on BTC's adoption. i don't really care either way, but the proponents of mBTC do have a point.
comparing BTC to google stock is not quite fair, especially since you can't go to a bar and pay your tab with GOOG
If its one thing that gets my goat in the bitcoin world its people insisting that we need to switch to mBTC because BTC is too expensive. What utter drivel.
All switching will do is confuse people, and split the bitcoin community, because there is no way in the world everyone will agree to change, and why should they?
Bitcoin got quite happily to $1200 without the need to switch to mBTC, and it will go quite happily ever upwards without the need to divide it by 1000.
A share in google is $1,060. By the same logic, google needs to switch to mGoogle, everyone will say "these are cheap" and buy loads more.
Rant over.
agreed. i have no interest in changing, the perception people have is already there. i don't see everyone switching either. All switching will do is confuse people, and split the bitcoin community, because there is no way in the world everyone will agree to change, and why should they?
Bitcoin got quite happily to $1200 without the need to switch to mBTC, and it will go quite happily ever upwards without the need to divide it by 1000.
A share in google is $1,060. By the same logic, google needs to switch to mGoogle, everyone will say "these are cheap" and buy loads more.
Rant over.
If its one thing that gets my goat in the bitcoin world its people insisting that we need to switch to mBTC because BTC is too expensive. What utter drivel.
All switching will do is confuse people, and split the bitcoin community, because there is no way in the world everyone will agree to change, and why should they?
Bitcoin got quite happily to $1200 without the need to switch to mBTC, and it will go quite happily ever upwards without the need to divide it by 1000.
A share in google is $1,060. By the same logic, google needs to switch to mGoogle, everyone will say "these are cheap" and buy loads more.
Rant over.
All switching will do is confuse people, and split the bitcoin community, because there is no way in the world everyone will agree to change, and why should they?
Bitcoin got quite happily to $1200 without the need to switch to mBTC, and it will go quite happily ever upwards without the need to divide it by 1000.
A share in google is $1,060. By the same logic, google needs to switch to mGoogle, everyone will say "these are cheap" and buy loads more.
Rant over.
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