i think the OP does not mean fork the blockchain.. but to simply call millibtc (mbtc) "a bitcoin".. which that argument of naming has died a death months ago..
changing the subject
I would like to add a lot of the interest from my completely technologically retarded and zero knowledge about what money is, friends are interested that 1 BTC is worth "something"
high schoolers beleive bitcoin has no value and it is completely speculation.. but here is the rebuttle that i have tried to teach noobs and teenagers time and time again.
so here goes. ill start with an easy example
lets say gold mining cost an excavator and labour of 30man team. once you calculate the amount of gold they dig up over a year, and work out the plot licence, excavator rental, and labour.. it works out as $1000 an ounce.. this is then sold as atleast $1100 to the market makers, who add on their profits. and then a bit of profit here and there, we see the maket priceof $1,337.93 today
golds TRUE VALUE is $1000 (costs) with speculation (profit variance) of $337~
now bitcoins. to mine a bitcoin, rig cost, electric costs is about $500 per btc average. then add on the fact that the miner wants to make some profit so he wont sell below $550(preferable $1mill but he has bill to pay) so most miners wont sell below those numbers, and speculators who buy , wont sell at a loss.. so a bit of profit here and there, bitcoin is $622 today
btc TRUE VALUE is about $500-$550 (costs) with speculation (profit variance) of $100~..
and thats as short as i can explain it
expected rebuttles
1. no its just supply and demand - i reply "supply is not 0 cost, same as a tin of baked beans, everything has a cost+profit, demand just quantities the profit/speculation part. high demand a shop can sell baked beans for $20. low demand they discount it to cost price (worse case), but would never sell out at a loss"
2. but the price can crash to $10 - i reply "if one idiotic whale crashd it. smart people will buy cheap coins because they know it will settle back to $500 minimum just like the february crash never dropped below $400, because mining COSTS were $400 true value at the time, even if a whale crashed the market it will soon rise back to cost price, and then profit speculation wold again begin"
i never judge bitcoin on the 'high' i always judge itcoin on the aerage monthly lows... once you start to use bitcoin calculators (mining profitability calculators) you too will see the trends.. no one can preduct the speculations ('high's and idiotic whales) but there are trends when it comes to costs vs stable lows
