Topic: OK I bought 1,000,000 Bitcoins... now what? (Read 6194 times)
Protect yourself from home invasion.
I guess it makes better sense to differentiate bitcoins from any other currency. I mean, no other currency world-wide uses more than 2 or 3 decimal places. (3 may be used internally by certain institutions, but eventually it gets out as 2 decimal places.)
Another 3 decimal places and we're on par with a normal USD.
But now isn't when Bitcoin needs a familiar monetary unit. That was needed more back when a bitcoin was worth less than a penny, or maybe five cents, or fifty cents even.
If the BTC/USD back then was 1 BTC equals 0.005 USD, then maybe it might not have been acceptable just as Bitcoin started to get publicity in tech circles.
At least when it did, it was simple numbers for people to understand. 1 BTC = $1-ish. (Feb 2011) The months that followed saw bitcoin awareness grow very fast.
But in your client change units from BTC to mBTC, and you are right back to wbere one unit (of mBTC) reflects about a U.S. penny.
So, we start getting used to the term milibits.
It's unlikely to happen with the main blockchain and clients. But the idea is essentially the same, it's just a matter of interpreting the 64 bit number that is used for bitcoin values. The "Satoshi" or 1 unit would be redefined, but we still have the same limit of 21 quadrillion units. Of course, miners would be generating 50,000,000 per block then. But people would assign value the same way they assign value now.
Instead of having 21,000,000.00000001 you could move the decimal place 3 digits so we have a limit of 21,000,000,000.00001. (21 billion instead of 21 million.) More people could relate to that, and it would be a healthy economy. Another 3 decimal places and we're on par with a normal USD.
That is immensely unlikely to happen. It also wouldn't make for a "healthy economy".
Instead of having 21,000,000.00000001 you could move the decimal place 3 digits so we have a limit of 21,000,000,000.00001. (21 billion instead of 21 million.) More people could relate to that, and it would be a healthy economy. Another 3 decimal places and we're on par with a normal USD.
The current moving Bitcoin economy could probably survive using a single Bitcoin.
That depends if you count the investments and savings floating around. I'd say the actual 'hot' coins that are being actively sent around could probably scrape by on one coin.
i'm making a bitcoin fork
infinite divisibility
supply will start with 1 coin which i will sell of at the exchange
mining will only get reward with fees
Actually, I'm pretty curious how you would go about making it infinitely divisible. Obviously, you could get pretty far, but infinite is a lot.
No, I wasn't kidding, I'm curious as a programmer.
look up varint
(I would try to create a transaction worth 0.000000031415926535897932384626... and just calculate pi as the tx is generated
) The current moving Bitcoin economy could probably survive using a single Bitcoin.
That depends if you count the investments and savings floating around. I'd say the actual 'hot' coins that are being actively sent around could probably scrape by on one coin.
i'm making a bitcoin fork
infinite divisibility
supply will start with 1 coin which i will sell of at the exchange
mining will only get reward with fees
Actually, I'm pretty curious how you would go about making it infinitely divisible. Obviously, you could get pretty far, but infinite is a lot.
No, I wasn't kidding, I'm curious as a programmer.
look up varint
The current moving Bitcoin economy could probably survive using a single Bitcoin.
That depends if you count the investments and savings floating around. I'd say the actual 'hot' coins that are being actively sent around could probably scrape by on one coin.
i'm making a bitcoin fork
infinite divisibility
supply will start with 1 coin which i will sell of at the exchange
mining will only get reward with fees
Actually, I'm pretty curious how you would go about making it infinitely divisible. Obviously, you could get pretty far, but infinite is a lot.
No, I wasn't kidding, I'm curious as a programmer.
ok divisible up to 64 decimals... a long unsigned int should do it.
0.000000000000000000000000000000000000000000000000000000000000001BTC
their must be a way to get it pretty much infinite... might get complicated
The current moving Bitcoin economy could probably survive using a single Bitcoin.
That depends if you count the investments and savings floating around. I'd say the actual 'hot' coins that are being actively sent around could probably scrape by on one coin.
i'm making a bitcoin fork
infinite divisibility
supply will start with 1 coin which i will sell of at the exchange
mining will only get reward with fees
Actually, I'm pretty curious how you would go about making it infinitely divisible. Obviously, you could get pretty far, but infinite is a lot.
No, I wasn't kidding, I'm curious as a programmer.
The current moving Bitcoin economy could probably survive using a single Bitcoin.
That depends if you count the investments and savings floating around. I'd say the actual 'hot' coins that are being actively sent around could probably scrape by on one coin.
i'm making a bitcoin fork
infinite divisibility
supply will start with 1 coin which i will sell of at the exchange
mining will only get reward with fees
The current moving Bitcoin economy could probably survive using a single Bitcoin.
That depends if you count the investments and savings floating around. I'd say the actual 'hot' coins that are being actively sent around could probably scrape by on one coin.
The current moving Bitcoin economy could probably survive using a single Bitcoin.
Put it all on Mtgox and write a bot that creates massive bid walls when price moves up and sell walls when moving down. Selling and buying accordingly if market takes the bait.
Economies crash when the currency stops moving.
WHAT?! No...that's not right. Economies crash due to malinvestment, which almost always is the result of government meddling.
OK I bought 1,000,000 Bitcoins... now what?
I do recommend investing this way
Invest in Pirate!!
You bought 1 million BTC?
Send them my way
Send them my way
Spend to support development,developers of projects & services and
employees to work on improving the bitcoin code
say the millionaires buy up all the bitcoins they wanted.
and then stop buying and simply hold!
would this sudden lack of demand crash the price?
or
would the lack of supply cause the price to rise?
and then stop buying and simply hold!
would this sudden lack of demand crash the price?
or
would the lack of supply cause the price to rise?
Someone wishing to acquire 1M btc would be better off investing in ASIC mining equipment as being a much more cost effective way to get them imo.
True story.
say the millionaires buy up all the bitcoins they wanted.
and then stop buying and simply hold!
would this sudden lack of demand crash the price?
or
would the lack of supply cause the price to rise?
and then stop buying and simply hold!
would this sudden lack of demand crash the price?
or
would the lack of supply cause the price to rise?
Someone wishing to acquire 1M btc would be better off investing in ASIC mining equipment as being a much more cost effective way to get them imo.
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