Is 2014 going to be the WORST EVER year for Bitcoin in terms of valuation? - page 2.

HeliKopterBen

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Quote from: thms on July 24, 2014, 11:49:53 AM

Quote from: HeliKopterBen on July 24, 2014, 07:53:46 AM

Quote from: thms on July 23, 2014, 11:36:27 PM

Quote from: HeliKopterBen on July 23, 2014, 11:15:28 PM

Coinbase already allows users to choose to denominate their coins in bits (1/1,000,000 of a bitcoin). The transition will probably happen slowly but surely.

This makes no difference.. it's not about allowing the user to change denomination in the client... it's about what is the default denomination and even more important, what is the default in spoken language, like it doesn't matter what is the default in the wallet if on TV they speak 1BTC = 600USD

There is no default. Bitcoin is not a centrally managed stock where a split can occur overnight and everyone has to switch. Coinbase could make their client bits by default but that doesn't mean other people or services have to do the same. Industry standard will likely slowly transition to bits but is not required. It is a choice.

Technically yes, there is no default.

But in real life, there is a kind of consensus that BTC is equal to 100,000,000 satoshis right? Isn't this the default? It's the default in most software and also in spoken language.

Exactly, but Coinbase's 100 satoshis = 1 bit is not yet really a general concensus default, but it makes sense and it will make even more sense if prices rise.

thms

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Quote from: HeliKopterBen on July 24, 2014, 07:53:46 AM

Quote from: thms on July 23, 2014, 11:36:27 PM

Quote from: HeliKopterBen on July 23, 2014, 11:15:28 PM

Coinbase already allows users to choose to denominate their coins in bits (1/1,000,000 of a bitcoin). The transition will probably happen slowly but surely.

This makes no difference.. it's not about allowing the user to change denomination in the client... it's about what is the default denomination and even more important, what is the default in spoken language, like it doesn't matter what is the default in the wallet if on TV they speak 1BTC = 600USD

There is no default. Bitcoin is not a centrally managed stock where a split can occur overnight and everyone has to switch. Coinbase could make their client bits by default but that doesn't mean other people or services have to do the same. Industry standard will likely slowly transition to bits but is not required. It is a choice.

Technically yes, there is no default.

But in real life, there is a kind of consensus that BTC is equal to 100,000,000 satoshis right? Isn't this the default? It's the default in most software and also in spoken language.

HeliKopterBen

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Activity: 622

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Quote from: thms on July 23, 2014, 11:36:27 PM

Quote from: HeliKopterBen on July 23, 2014, 11:15:28 PM

Coinbase already allows users to choose to denominate their coins in bits (1/1,000,000 of a bitcoin). The transition will probably happen slowly but surely.

This makes no difference.. it's not about allowing the user to change denomination in the client... it's about what is the default denomination and even more important, what is the default in spoken language, like it doesn't matter what is the default in the wallet if on TV they speak 1BTC = 600USD

There is no default. Bitcoin is not a centrally managed stock where a split can occur overnight and everyone has to switch. Coinbase could make their client bits by default but that doesn't mean other people or services have to do the same. Industry standard will likely slowly transition to bits but is not required. It is a choice.

wachtwoord

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Quote from: Lorenzo on July 24, 2014, 06:41:57 AM

People seem to be forgetting that 2012 was also another very boring year for Bitcoin price-wise. There were no spikes during that year, and the price only gradually rose from $7 in early January to $13 by the end of December.

Quote from: thms on July 23, 2014, 07:37:30 PM

It's not stupid, it's actually how people think, I think he was illustrating the point. Failing to understand how the average person think is also stupid by itself.

Here an example that was on Reddit's TIL today:

TIL A&W introduced a burger that was bigger and less expensive than McDonald's Quarter Pounder, but it failed because customers assumed 1/3 was less than 1/4.
link: http://jamesjchoi.blogspot.com.br/2014/07/why-third-pounder-hamburger-failed.html

Wow. Perhaps the price made them think it was smaller or something. Otherwise, I'm surprised. I thought people were supposed to be smarter than this.

Yes I was surprised. And my opinion of the overall population isn't too high as it is ....

davidgdg

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Quote from: Lorenzo on July 24, 2014, 06:41:57 AM

People seem to be forgetting that 2012 was also another very boring year for Bitcoin price-wise. There were no spikes during that year, and the price only gradually rose from $7 in early January to $13 by the end of December.

Stamp figures for 2012 were $4.9 on the 1st Jan and $13.17 on the 31st. Ths year was $745 on the 1st Jan so to equal 2012 we would need a year-end figure of $2,002 or 2k in round terms.

Lorenzo

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People seem to be forgetting that 2012 was also another very boring year for Bitcoin price-wise. There were no spikes during that year, and the price only gradually rose from $7 in early January to $13 by the end of December.

Quote from: thms on July 23, 2014, 07:37:30 PM

It's not stupid, it's actually how people think, I think he was illustrating the point. Failing to understand how the average person think is also stupid by itself.

Here an example that was on Reddit's TIL today:

TIL A&W introduced a burger that was bigger and less expensive than McDonald's Quarter Pounder, but it failed because customers assumed 1/3 was less than 1/4.
link: http://jamesjchoi.blogspot.com.br/2014/07/why-third-pounder-hamburger-failed.html

Wow. Perhaps the price made them think it was smaller or something. Otherwise, I'm surprised. I thought people were supposed to be smarter than this.

giveBTCpls

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People is as scared to touch Bitcoin as they are to miss on the boat. They all know on the back of their mind that this is disruptive technology that could end with people fucking us around with insane taxes.

Bernard Lerring

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On a tangent, and regardless of the terminology used to nominate Bitcoin, what happens if world governments finally hold their hands up and say "you know we said we were solving the financial crisis, well I'm afraid we can't and things are still sliding out of control."

Then bitcoin's gonna seem like a smart investment, whatever its going rate.

Valerian77

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Quote from: HeliKopterBen on July 23, 2014, 11:15:28 PM

Coinbase already allows users to choose to denominate their coins in bits (1/1,000,000 of a bitcoin). The transition will probably happen slowly but surely.

That is the way to success. 620 USD for 1 Bitcoin is a lot. The simple use of bits as unit makes the whole thing a lot more handy -- what about this: "need 500 bits to buy quickly a news article worth 30 cent". Nobody would think about buying 10000 bits for 6 USD to choose lots of newspaper articles to read.

azguard

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Crypto-News.net: News from Crypto World

Big players are now involved in BTC price. So in near future they can even make price of btc drops if that in there interest off course this can also boom price up skyrocket. This will probably happen but seem like before September this year nothing will. Most of people are using this month and next for vocations so when they come back we will see.

I hope that price will go over 1k like last year in November if you all remember something similar was last year. but if price jump last last time 5-6 time calculate how much will be price over 3k for sure.

thms

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Quote from: HeliKopterBen on July 23, 2014, 11:15:28 PM

Coinbase already allows users to choose to denominate their coins in bits (1/1,000,000 of a bitcoin). The transition will probably happen slowly but surely.

This makes no difference.. it's not about allowing the user to change denomination in the client... it's about what is the default denomination and even more important, what is the default in spoken language, like it doesn't matter what is the default in the wallet if on TV they speak 1BTC = 600USD

zhinkk

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It may seem like we're nearing the end but we stillllll have a while to go. Bitcoin is unpredictable and when it jumps up it most likely won't be gradual. You'd be surprised. :p

HeliKopterBen

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Quote from: BTCtrader71 on July 23, 2014, 08:56:33 PM

I've wondered what would be the effect if a bunch of big players in the industry got together and made a big announcement that "Because of bitcoin's many spectacular successes over the past several years, bitcoin is going to do a 1 : 1000 split with one bitcoin divided into 1000 units that industry leaders will call Dorians. At the current price of $620 per bitcoin, the new Dorians can be obtained for only $0.62." Then go on to explain that people are already anticipating another 1:1000 split in 3 years or so, with various names being considered ...

Coinbase already allows users to choose to denominate their coins in bits (1/1,000,000 of a bitcoin). The transition will probably happen slowly but surely.

Bitcopia

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Quote from: BTCtrader71 on July 23, 2014, 08:56:33 PM

Quote from: Bitcopia on July 23, 2014, 08:05:28 PM

Exactly. The unit bias issue is a real issue. Because you and I are smart enough to understand it, doesn't mean the average person is, or even fairly well educated people who just don't know a lot about bitcoin. Services like Coinbase, blockchain.info, Bitstamp, etc. need to start showing prices in mBTC. Bitcoinity started doing so about 6 months ago, and I believe Coinbase has an option to display in mBTC, but it needs to be default.

I've wondered what would be the effect if a bunch of big players in the industry got together and made a big announcement that "Because of bitcoin's many spectacular successes over the past several years, bitcoin is going to do a 1 : 1000 split with one bitcoin divided into 1000 units that industry leaders will call Dorians. At the current price of $620 per bitcoin, the new Dorians can be obtained for only $0.62." Then go on to explain that people are already anticipating another 1:1000 split in 3 years or so, with various names being considered ...

Haha Dorians. That would be funny. Bitcoin doesn't need to do a split. The units would just be displayed in mBTC instead of BTC as a default and could be adjusted to display in BTC if the user prefers. Just like the QT client. I have mine set to mBTC.

Torque

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Quote from: DavidHume on July 23, 2014, 09:38:51 PM

Price stability is good.

If you are expecting to get rich holding bitcoin from this level, you may have better luck buying lottery ticket.

The odds of winning a lottery say otherwise.

DavidHume

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Price stability is good.

If you are expecting to get rich holding bitcoin from this level, you may have better luck buying lottery ticket.

BTCtrader71

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Quote from: Bitcopia on July 23, 2014, 08:05:28 PM

Exactly. The unit bias issue is a real issue. Because you and I are smart enough to understand it, doesn't mean the average person is, or even fairly well educated people who just don't know a lot about bitcoin. Services like Coinbase, blockchain.info, Bitstamp, etc. need to start showing prices in mBTC. Bitcoinity started doing so about 6 months ago, and I believe Coinbase has an option to display in mBTC, but it needs to be default.

I've wondered what would be the effect if a bunch of big players in the industry got together and made a big announcement that "Because of bitcoin's many spectacular successes over the past several years, bitcoin is going to do a 1 : 1000 split with one bitcoin divided into 1000 units that industry leaders will call Dorians. At the current price of $620 per bitcoin, the new Dorians can be obtained for only $0.62." Then go on to explain that people are already anticipating another 1:1000 split in 3 years or so, with various names being considered ...

wachtwoord

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Quote from: evansearle42 on July 23, 2014, 08:23:53 PM

Why is everyone so optimistic about bitcoin when more and more country is banning it.

Because more and more countries are banning it. Anti-fragile anyone? Wink

evansearle42

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Why is everyone so optimistic about bitcoin when more and more country is banning it.

Bitcopia

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Quote from: thms on July 23, 2014, 07:37:30 PM

Quote from: wachtwoord on July 23, 2014, 07:17:01 PM

Quote from: tabnloz on July 23, 2014, 07:05:15 PM

loosely speaking, may - november 2013 was also relatively flat, hovering at around $120, then with the closing of the Silk Road & the hearings, the upswing began.

In my view the longer it holds steady the better.

However, I also think it was much "easier" for people to enter bitcoin when the price was $100, although it is less complex to enter now.

$620 (not during a manic run up) may make people think again. Kids, college students etc can probably rustle up $100 to get in the ecosystem but $620?

Ok, I'm going to reword your story to show the stupidity.

"I think it's easier for people when the price was 10 cents per mBTC. I mean 62 cents is a bit expensive with kids or with collage to pay."

what about:

"I think it's easier for people when the price was $0.00001 per Satoshi. I mean $0.000062 is a bit expensive with kids or with collage to pay."

It's not stupid, it's actually how people think, I think he was illustrating the point. Failing to understand how the average person think is also stupid by itself.

Here an example that was on Reddit's TIL today:

TIL A&W introduced a burger that was bigger and less expensive than McDonald's Quarter Pounder, but it failed because customers assumed 1/3 was less than 1/4.
link: http://jamesjchoi.blogspot.com.br/2014/07/why-third-pounder-hamburger-failed.html

So no matter how you reword it, people will still think that $620 is too expensive and they would buy it if it was $10 or something.

That's why I think the best option would be to shift the decimal point in BTC or else Bitcoin could become another 1/3 burger

Exactly. The unit bias issue is a real issue. Because you and I are smart enough to understand it, doesn't mean the average person is, or even fairly well educated people who just don't know a lot about bitcoin. Services like Coinbase, blockchain.info, Bitstamp, etc. need to start showing prices in mBTC. Bitcoinity started doing so about 6 months ago, and I believe Coinbase has an option to display in mBTC, but it needs to be default.

Topic: Is 2014 going to be the WORST EVER year for Bitcoin in terms of valuation? - page 2. (Read 3115 times)