Resetting or spltting BTC when it again gets to 200+ to enable it as a currency

BitcoinAshley

sr. member

Activity: 448

Merit: 250

This would be a good idea because a lot of the butthurt bears here place random arbitrary values on what they feel is a "comfortable" price for BTC - usually placed in whole numbers in their local currency - they don't even TRY to be objective.

So when a bear says "lol guys BTC isn't sustainable unless it's like $5/coin" or "lol guy sBTC isn't usable as a currency unless it's $1/coin" they're just speaking from the perspective of their own psychological comfort with certain number ranges and values. It would be absolutely impossible to sustain the current level of BTC economic activity if they were still $5/coin.

So, $5/mBTC it is - proudhon wouldn't know the difference and he could still be just as bearish Wink

Shhh, no one tell him.

dandirk

full member

Activity: 143

Merit: 100

Quote from: Luckybit on April 13, 2013, 07:39:01 AM

Quote from: BitcoinMillionaire on April 13, 2013, 05:30:16 AM

bitcoin can be used as a currency no matter how high it goes. Simple, the vendors just use an exchange service to instantly cashout their coin into USD whenever someone make a purchase. The exchanger charges a % small fee for this service.

BRILLIANT!!!!! 5 STAR GENERAL ^

The media needs to interview you ASAP. Too much FUD and myth.

Sorry completely disagree

Vendors essentially do this now... isn't that what the bitpay essentially does and what caused all sorts of confusion when the ASIC companies went bust with people's btc pre-orders... People received BTC back at current prices not the BTC they paid in... all because the conversion at time of sale. This makes sense for the vendors due to volatility but confuses common people that would use btc like actual currency. Worse in the ASIC example because the pre-orders were held for months while the market was rising. I am sure people wouldn't complain as much if the opposite was true.

It works fine for right now... but btc is more like stock/investment with a little bit of direct buying power.

Seems like in order to BTC to be adopted to the wishes of BTC supporters, fiat/economies will have to crash hard and be worse then BTC volatility now.

Luckybit

hero member

Activity: 714

Merit: 510

Quote from: BitcoinMillionaire on April 13, 2013, 05:30:16 AM

bitcoin can be used as a currency no matter how high it goes. Simple, the vendors just use an exchange service to instantly cashout their coin into USD whenever someone make a purchase. The exchanger charges a % small fee for this service.

BRILLIANT!!!!! 5 STAR GENERAL ^

The media needs to interview you ASAP. Too much FUD and myth.

dandirk

full member

Activity: 143

Merit: 100

I don't know.... Seems like most currencies have 2 levels (Dollars and Cents etc)...

More would just confuse people.

That is if you are really interested in BTC being a currency people will actually use on a daily basis to purchase and receive funds, rather then just an investment like stocks etc.

So I agree a sub level currency amount is needed mBTC etc, in much more common use. My opinion is that for BTC to actually be used as a currency (as BTC) it has to be under $100 and way more steady then it is. Imagine if EVERYTHING you bought was priced like gas, where if you waited a day it would be cheaper or more expensive... that would be annoying.

If BTC stays higher then a couple 100 USD, then mBTC would probably be the "normal" pricing system (if implemented as a standard).

jubalix

legendary

Activity: 2632

Merit: 1023

Quote from: Mouser on April 13, 2013, 04:27:12 AM

The next time BTC gets to $200+ the market should reset to centiBTC (cBTC) where each trading unit is $2+.

When cBTC gets to $20+ the market should again reset to milliBTC (mBTC) where each trading unit is $2+.

When mBTC gets to $20+ the market should again reset to decamilliBTC (dBTC) where each trading unit is $2+.

When dBTC gets to $20+ the market should again reset to hundredmilliBTC (hBTC) where each trading unit is $2+.

When hBTC gets to $20+ the market should again reset to millionthBTC (uBTC) where each trading unit is $2+.

And so on, so that in a few years billionthBTC (bBTC) would be the unit of trade and curency.

No wealth or value is ever lost. The trading unit thereby stays within people's currency comfort zone for conducting commerce.

BTC value is in its ability as a currency. A $266 BTC is unwieldly for most people. The total number of coins is fixed. To accomodate new users and continued fluidity as a currency reset or splitting seems important.

This is a great Idea, I fully support it. That why we have denomiations in FIAT

Kupsi

legendary

Activity: 1193

Merit: 1003

9.9.2012: I predict that single digits... <- FAIL

Quote from: Mouser on April 13, 2013, 06:47:06 AM

Just a rough short form:

1.00 BTC = 1.00 BTC
1.00 cBTC = 0.01 BTC
1.00 mBTC = 0.001 BTC
1.00 dBTC = 0.0001 BTC
1.00 hBTC = 0.00001 BTC
1.00 uBTC = 0.000001 BTC
1.00 bBTC = 0.000000001 BTC

http://en.wikipedia.org/wiki/SI_prefix#List_of_prefixes

samson

legendary

Activity: 2097

Merit: 1070

Quote from: Mouser on April 13, 2013, 06:18:52 AM

Thank you for your answer.
Do you own any other virtual currencies such as Ripple, Litecoin etc.

Backed by Bitcoin means BTC may become like a virtual gold currency.

I have dabbled with trading in the alts but sold most of them to go back into BTC. They are too easily manipulated.

I still keep some PPC which I'm holding long term as it looks like a very promising development. I like the idea of not needing heavy industrial scale hardware to keep the network going in the long term so I expect more proof of stake style currencies to pop up over the coming years with PPC leading the charge.

It's still very early days at the moment.

Blaztoize

donator

Activity: 196

Merit: 100

My posts are seldom static, but always readable :)

Quote from: Luckybit on April 13, 2013, 05:10:27 AM

Quote from: Mouser on April 13, 2013, 04:27:12 AM

The next time BTC gets to $200+ the market should reset to centiBTC (cBTC) where each trading unit is $2+.

When cBTC gets to $20+ the market should again reset to milliBTC (mBTC) where each trading unit is $2+.

When mBTC gets to $20+ the market should again reset to decamilliBTC (dBTC) where each trading unit is $2+.

When dBTC gets to $20+ the market should again reset to hundredmilliBTC (hBTC) where each trading unit is $2+.

When hBTC gets to $20+ the market should again reset to millionthBTC (uBTC) where each trading unit is $2+.

And so on, so that in a few years billionthBTC (bBTC) would be the unit of trade and curency.

No wealth or value is ever lost. The trading unit thereby stays within people's currency comfort zone for conducting commerce.

BTC value is in its ability as a currency. A $266 BTC is unwieldly for most people. The total number of coins is fixed. To accomodate new users and continued fluidity as a currency reset or splitting seems important.

This is a very good idea! Myself and many others were saying that but no one wanted to listen. I think by making the price look artificially low it will keep media attention down and encourage more people to buy in.

X2 for the psychological effect.

Mouser

newbie

Activity: 56

Merit: 0

Quote from: Kupsi on April 13, 2013, 06:25:21 AM

Quote from: Mouser on April 13, 2013, 04:27:12 AM

When mBTC gets to $20+ the market should again reset to decamilliBTC (dBTC) where each trading unit is $2+.
When dBTC gets to $20+ the market should again reset to hundredmilliBTC (hBTC) where each trading unit is $2+.

dBTC = deciBTC = 0.1 BTC
hBTC = hectoBTC = 10 BTC

Just a rough short form:

1.00 BTC = 1.00 BTC
1.00 cBTC = 0.01 BTC
1.00 mBTC = 0.001 BTC
1.00 dBTC = 0.0001 BTC
1.00 hBTC = 0.00001 BTC
1.00 uBTC = 0.000001 BTC
1.00 bBTC = 0.000000001 BTC

Samson seems to have a logical solution - BTC will become like virtual gold with other BTC backed currencies making up the day-to-day unit to buy bread and milk.

shibaji

full member

Activity: 308

Merit: 102

Interesting, but this is just psychological - btc can already be subdivided enough.

Kupsi

legendary

Activity: 1193

Merit: 1003

9.9.2012: I predict that single digits... <- FAIL

Quote from: Mouser on April 13, 2013, 04:27:12 AM

When mBTC gets to $20+ the market should again reset to decamilliBTC (dBTC) where each trading unit is $2+.
When dBTC gets to $20+ the market should again reset to hundredmilliBTC (hBTC) where each trading unit is $2+.

dBTC = deciBTC = 0.1 BTC
hBTC = hectoBTC = 100 BTC

Mouser

newbie

Activity: 56

Merit: 0

Quote from: samson on April 13, 2013, 06:02:51 AM

My thoughts :

I don't think this split will ever happen.

When the price rises into the thousands and more and I have no doubt about that it will only really be used for large money transmissions and long term speculation.

I think one of the alts will become the normal day to day crypto currency for small transactions.

I believe this will happen several times over the coming years with the existing alts and currencies which haven't been invented yet.

The successful alts won't just be Bitcoin clones, they will require less specialised hardware and transactions will be much quicker than Bitcoin.

This is just the start. The new currencies will be backed by Bitcoin.

Thank you for your answer.
Do you own any other virtual currencies such as Ripple, Litecoin etc.

Backed by Bitcoin means BTC may become like a virtual gold currency.

fr33d0miz3r

hero member

Activity: 518

Merit: 500

Quote from: Zotia on April 13, 2013, 04:58:17 AM

It would be like having millimeter, meter, and kilometer. It is less confusing this way.

What about decimeter and centimeter?

samson

legendary

Activity: 2097

Merit: 1070

My thoughts :

I don't think this split will ever happen.

When the price rises into the thousands and more and I have no doubt about that it will only really be used for large money transmissions and long term speculation.

I think one of the alts will become the normal day to day crypto currency for small transactions.

I believe this will happen several times over the coming years with the existing alts and currencies which haven't been invented yet.

The successful alts won't just be Bitcoin clones, they will require less specialised hardware and transactions will be much quicker than Bitcoin.

This is just the start. The new currencies will be backed by Bitcoin.

BitcoinMillionaire

full member

Activity: 168

Merit: 100

Bling Bling

bitcoin can be used as a currency no matter how high it goes. Simple, the vendors just use an exchange service to instantly cashout their coin into USD whenever someone make a purchase. The exchanger charges a % small fee for this service.

Luckybit

hero member

Activity: 714

Merit: 510

Quote from: Mouser on April 13, 2013, 04:27:12 AM

The next time BTC gets to $200+ the market should reset to centiBTC (cBTC) where each trading unit is $2+.

When cBTC gets to $20+ the market should again reset to milliBTC (mBTC) where each trading unit is $2+.

When mBTC gets to $20+ the market should again reset to decamilliBTC (dBTC) where each trading unit is $2+.

When dBTC gets to $20+ the market should again reset to hundredmilliBTC (hBTC) where each trading unit is $2+.

When hBTC gets to $20+ the market should again reset to millionthBTC (uBTC) where each trading unit is $2+.

And so on, so that in a few years billionthBTC (bBTC) would be the unit of trade and curency.

No wealth or value is ever lost. The trading unit thereby stays within people's currency comfort zone for conducting commerce.

BTC value is in its ability as a currency. A $266 BTC is unwieldly for most people. The total number of coins is fixed. To accomodate new users and continued fluidity as a currency reset or splitting seems important.

This is a very good idea! Myself and many others were saying that but no one wanted to listen. I think by making the price look artificially low it will keep media attention down and encourage more people to buy in.

HappyBitCoinUser

full member

Activity: 182

Merit: 100

Ya, the stupid people (which is most of them) will need a chart or legend to explain and they'll still screw up an order, blame it on MtGox, and demand a refund, even though no money or BTC were lost.

Zotia

hero member

Activity: 686

Merit: 501

TokenUnion-Get Rewarded for Holding Crypto

IMO we should have a unit for 1/1,000 and 1/1,000,000 only.

It would be like having millimeter, meter, and kilometer. It is less confusing this way.

NikolaTesla

newbie

Activity: 28

Merit: 0

This could actually help to keep the price high. If it appears lower, psychologically people will want to buy.

Phil21

full member

Activity: 155

Merit: 100

I agree with this quite a bit, for the simple fact that people can't comprehend large numbers intuitively, and fractions even worse.

Not sure what events should trigger such a change though - USD trade value of X for Y time period? Blend of currencies and exchanges? Just too volatile to be able to coordinate such a thing any time soon, imo.

Maybe if it sticks over $100 for 6-12 months, this could get traction. Powers of ten make more sense I think here, than an arbitrary $200.

Edit: And I just mean as a useful unit of trade. I'm sure this topic has been discussed to death elsewhere

Topic: Resetting or spltting BTC when it again gets to 200+ to enable it as a currency (Read 1555 times)