Need to switch to mBTC soon - page 6.

Rampion

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Quote from: freebird on November 25, 2013, 02:45:55 PM

Quote from: silverfuture on November 25, 2013, 02:38:38 PM

I think this kind of talk is ridiculous. You want to switch to mBTC just so the perception of value changes to the point that the public will be ok with buying again? The client will switch to BTC/mBTC/uBTC for personal convenience, not to fool people into a perception of lower valued units.

Perception matters. I've been telling some people I know about bitcoin, and the $800/unit price holds them back mentally. They are reluctant to buy, not because they don't like the idea of the technology or think it has potential, but only because of the high price per unit. They compare it in their minds to the prices of stocks they buy. Nobody wants to buy a fractional share of something. The average small investor might be happy to buy 250 mBTC of bitcoin, but would not bother to buy 0.25 BTC because it feels like a ridiculously small and meaningless amount.

Freebird, your point is valid from a certain point of view, because perception matters indeed - but you need to realize that this talk has been going on sice we first broke $10. At $10, a lot of people said that "internet magic money" that costed $10 "felt too expensive", as we just hit a psychological barrier - so the denomination should change to allow further growth. Same thing happened at $100, just use the seatch function on this forum: you will find many many posts as yours written when we hit $100, and those posts said that $100 was definitely a psychological barrier and "nobody" was going to want to buy a virtual coin for 100 hard earned dollars.

Well.... What happened then?

While I think that the psychological factor has its importance, I'm pretty sure that you are overestimating that importance. Denomination really needs to be something based on convenience - people will naturally switch to mBTC because it will be much more convenient to price items in mBTC... But there's really no need for exchanges to list the price in mBTC, that "psychological barrier" is something that noobs feel when they bought in recently and saw how fast the price rised, so they think that the denomination need to change for the people to keep buying... And that's just a fallacy that has been refuted by history.

Lauda

legendary

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Terminated.

Eventually something like this has to be done.

surivrox

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Bitcoin FTW!

I don't think we need such change.

Sitarow

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Fun times

mootinator

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It's a non-issue. Most "regular people" who can't be bothered to take the time to figure out how things work aren't going to feel safe jumping on the bandwagon until corporate investors get involved.

Clearly those people don't care.

BittBurger

hero member

Activity: 924

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Its still a need.

A solution is needed.

Anyone who claims this isn't an issue has no non-BTC friends or family.

Anyone who has non BTC friends or family that aren't loaded, has heard someone say "I cant buy in now. Its too late. Its too expensive".

jimmijames73

newbie

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I agree with the OP. There is not much difference between what is perceived as affordable versus not affordable. That is why merchants sell songs for 99c instead of $1 or a laptop for $999 instead of $1000. Although there is very little difference in the price, having one less significant figure makes the product seem more affordable to many people.

ZeWaren

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There be komodo dragons

Agreed.

People don't want to manipulate values with lots of zeros. That's why the SI units where invented.

Ecurb123

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yeah just saying I have over 3000 mbit makes be feel richer

Littleshop

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Quote from: freebird on November 25, 2013, 02:54:21 PM

Quote from: ablewasiereisawelba on November 25, 2013, 02:48:26 PM

Bitstamp or Mt. Gox should a/b test displaying prices in mBTC and see if affects buy/sell behavior.

Maybe start by giving people the option to toggle back and forth, with BTC still as the default for a while, and put out some press releases announcing a gradual transition to mBTC. Need to get people familiar and comfortable with the unit of millibitcoin, which is a process.

I have been using mBTC since $250

freebird

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Freedom through Cryptocurrency!

Quote from: ablewasiereisawelba on November 25, 2013, 02:48:26 PM

Bitstamp or Mt. Gox should a/b test displaying prices in mBTC and see if affects buy/sell behavior.

Maybe start by giving people the option to toggle back and forth, with BTC still as the default for a while, and put out some press releases announcing a gradual transition to mBTC. Need to get people familiar and comfortable with the unit of millibitcoin, which is a process.

MAbtc

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I don't see this as a need.

ablewasiereisawelba

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Bitstamp or Mt. Gox should a/b test displaying prices in mBTC and see if affects buy/sell behavior.

rocks

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I think the market at large will continue to quote prices in full BTC units.

This has the effect of demonstrating the confidence and security in the system. When a single BTC holds above $10,000 or $100,000 for a while, it will become harder and harder for the doubters to keep stating various FUD regarding security, etc.

Also, a single BTC will become something people strive to obtain, even if it takes years. You'll hear things like "I plan to buy 5 mBTC every month until I own a whole one" or "I should reach my retirement goal of 3 BTC in a few years".

olloman

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Crypto Angel

Totally agree

freebird

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Freedom through Cryptocurrency!

Quote from: silverfuture on November 25, 2013, 02:38:38 PM

I think this kind of talk is ridiculous. You want to switch to mBTC just so the perception of value changes to the point that the public will be ok with buying again? The client will switch to BTC/mBTC/uBTC for personal convenience, not to fool people into a perception of lower valued units.

Perception matters. I've been telling some people I know about bitcoin, and the $800/unit price holds them back mentally. They are reluctant to buy, not because they don't like the idea of the technology or think it has potential, but only because of the high price per unit. They compare it in their minds to the prices of stocks they buy. Nobody wants to buy a fractional share of something. The average small investor might be happy to buy 250 mBTC of bitcoin, but would not bother to buy 0.25 BTC because it feels like a ridiculously small and meaningless amount.

Hawker

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Quote from: silverfuture on November 25, 2013, 02:38:38 PM

I think this kind of talk is ridiculous. You want to switch to mBTC just so the perception of value changes to the point that the public will be ok with buying again? The client will switch to BTC/mBTC/uBTC for personal convenience, not to fool people into a perception of lower valued units.

Great post. I would prefer to pay 1159 nBTC for something than to pay 0.0000001159 BTC. So I like a renomination as a concept. But it must be based on convenience - not the latest spasms of the market.

freebird

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Freedom through Cryptocurrency!

Quote from: wtfvanity on November 25, 2013, 02:35:56 PM

Quote from: freebird on November 25, 2013, 02:33:46 PM

As the price of one bitcoin approaches and hopefully surpasses $1000, many ordinary investors will feel that it's "too expensive" to buy in. Yet they would be happy to buy if the asset were denominated in millibitcoins (mBTC), because then it would "feel cheap" at ~$1 per unit.

This psychological resistance to the high price of one unit of an asset is the reason why most stocks do splits, to keep the price of one share under a few hundred bucks.

Also, we should keep in mind that bitcoin is still essentially like a penny stock or a pre-IPO security -- i.e. a risky early-stage investment -- and therefore in most people's eyes a price of nearly $1000 seems overpriced. I'm talking about the Average Joe here.

We need to bring the quoted price of the unit in line with the very early-stage nature of this investment opportunity. We don't need Average Joe comparing the price of one bitcoin to the price of one share of Google stock, because it is entirely inappropriate to compare bitcoin's current stage of development to the stock price of a well-established huge corporation. As long as people are inclined to make this comparison, due to the price, it will hold bitcoin back from widespread adoption.

I believe the bitcoin community should change over to a mBTC standard as soon as $1000/BTC is reached. Exchanges should report the exchange rate in mBTC, and bitcoiners should talk in terms of mBTC. This would reinforce the reality that we are still near the beginning of the process of bitcoin's growth.

If you want it to feel cheap, let's move all the way to uBtc

That would make it feel too cheap. It feels to me like the kind of stock you'd buy at around $1 per share. Hopefully uBTC will be needed in a few years. Grin

silverfuture

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central banking = outdated protocol

I think this kind of talk is ridiculous. You want to switch to mBTC just so the perception of value changes to the point that the public will be ok with buying again? The client will switch to BTC/mBTC/uBTC for personal convenience, not to fool people into a perception of lower valued units.

thetopham

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yes, if I didn't get burned on the recent rise from 200 to 800 I would have trouble justifying 800 for 1 btc. Now that I've seen what it can do and messed up the whole way up, I'm paper walleted and locked away O.O

Topic: Need to switch to mBTC soon - page 6. (Read 8768 times)