The next key for btc price keep growing : trade mbtc

laowai80

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Quote from: phillipsjk on December 04, 2013, 02:36:46 AM

The base unit is actually the Satoshi. From that perspective, one Bitcoin is 100 million shares.

I don't know why people are reluctant to use SI notation. For some reason I was not expecting much resistance at the $1000/BTC price-level. You use the mBTC (or µBTC) units to avoid dealing with awkward decimals.

Satoshi is too low, and again, psychologically not acceptable to many.
mBTC can work just fine until 1 BTC goes to $1mln, which is a long way to go.

phillipsjk

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Let the chips fall where they may.

Quote from: laowai80 on December 04, 2013, 01:48:05 AM

The important thing, this should be marketed to new users under the slogan '1 BTC is 1000 shares, buy your mBTC share now', or something like that. So that they don't lose a picture of BTC being rare, and that 1 mBTC is 1/1000th part of it, but still feel good about owning some unit that actually represents a whole number: 1 share or more.

The base unit is actually the Satoshi. From that perspective, one Bitcoin is 100 million shares.

I don't know why people are reluctant to use SI notation. For some reason I was not expecting much resistance at the $1000/BTC price-level. You use the mBTC (or µBTC) units to avoid dealing with awkward decimals.

Bitcoinpro

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Quote from: Mjbmonetarymetals on December 03, 2013, 01:27:09 PM

Changing to mbtc is a horrible idea especially on exchanges, Bitcoin needs to maintain this premium feel with a high dollar price tag in btc to lead the charge not dilute it's image with mbtc it'll end up looking more like dev coin (that's no offence to Devcoin)

If someone new wants in to btc then they'll need to see plainly the value whether thats 1btc=$1000 1btc=10,000 1btc=100,000 lets not start being embarrassed by Bitcoin's price.

i still get the Premium feel with 1 Satoshi = 1 US dollar Cheesy

maurya78

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I agree that the change would be good for mass retail adoption

But would this change make such a big difference to early adopters and big players entering now who presumably have done their home work and are intimately familiar with how btc works?

Psychological construction or real problem?

laowai80

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I think it's a good idea to switch to mBTC trading. It'll take some getting used to for old users, but new users would clearly be more attracted. The important thing, this should be marketed to new users under the slogan '1 BTC is 1000 shares, buy your mBTC share now', or something like that. So that they don't lose a picture of BTC being rare, and that 1 mBTC is 1/1000th part of it, but still feel good about owning some unit that actually represents a whole number: 1 share or more. Owning 0.1 BTC just is not attractive psychologically, even for those who know that they can buy a fraction of bitcoin. And as it turns out many people don't even realize that they can buy just a fraction.

kdrop22

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Agreed, cannot emphasis this enough. Most newbies move over to AltCoin, because Bitcoin is a 1000$, while this new altcoin is 1.50$. What they don't realize is the total supply and the network effect.
It is important that we switch to mBTC. Bitcoinity has already started doing this.

bryant.coleman

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It is just the same as stock-splits. Few (normal) people would buy a stock which is having a price tag of $10,000 a piece. However, if it is split to 1:1000 ratio, and the price comes down to $10 / share, a lot of people would take their chances.

99% of the ordinary people don't know that BTC can be bought in fractions. And this is one of the main drawbacks of the BTC in gaining popularity. The currency will be transacted by lot more people, if the unit price can be bought down to $1 or even $10.

BTW.. it will be great to have a poll here on this topic.

Mjbmonetarymetals

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Quote from: bitcoinpsftp on December 03, 2013, 01:29:55 PM

Quote from: Mjbmonetarymetals on December 03, 2013, 01:27:09 PM

Changing to mbtc is a horrible idea especially on exchanges, Bitcoin needs to maintain this premium feel with a high dollar price tag in btc to lead the charge not dilute it's image with mbtc it'll end up looking more like dev coin (that's no offence to Devcoin)

If someone new wants in to btc then they'll need to see plainly the value whether thats 1btc=$1000 1btc=10,000 1btc=100,000 lets not start being embarrassed by Bitcoin's price.

The thing is, people think "oh wow... 1,000 dollras for an imaginary count... you're kidding". Or they'll think "yup, missed the boat, at 1,000 dollars, it'll NEVER GO higher for something that 21 million of exist". But at say 1mBTC per dollar, or 1,000 uBTC per dollar, people won't feed bad about putting some money into it.

I do understand but I would be extremely cautious about adopting this mind set, bitcoins fought hard to attain this price and no need to start trying to appease Future buyers by giving the illusion that supply has increased and price has fallen ......... Work hard to buy a Rolex, see the value and craftsmanship ... Are you happy with one or would it take ten watches to be happy

No sir ......... When people hear about the bitcoin price there's a certain look, stance and sound thats required from them so they know their dealing with a heavy weight it goes as follows :-

Hands on hips for stability - head slightly raised to the sky - two furled eyebrows with tightly closed eyes, 1 pair of pursed lips and a whistling sound of expelled air -

then you know you've made an impact - mbtc - no thank you.

bitcoinpsftp

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Quote from: Mjbmonetarymetals on December 03, 2013, 01:27:09 PM

Changing to mbtc is a horrible idea especially on exchanges, Bitcoin needs to maintain this premium feel with a high dollar price tag in btc to lead the charge not dilute it's image with mbtc it'll end up looking more like dev coin (that's no offence to Devcoin)

If someone new wants in to btc then they'll need to see plainly the value whether thats 1btc=$1000 1btc=10,000 1btc=100,000 lets not start being embarrassed by Bitcoin's price.

The thing is, people think "oh wow... 1,000 dollras for an imaginary count... you're kidding". Or they'll think "yup, missed the boat, at 1,000 dollars, it'll NEVER GO higher for something that 21 million of exist". But at say 1mBTC per dollar, or 1,000 uBTC per dollar, people won't feed bad about putting some money into it.

Mjbmonetarymetals

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Changing to mbtc is a horrible idea especially on exchanges, Bitcoin needs to maintain this premium feel with a high dollar price tag in btc to lead the charge not dilute it's image with mbtc it'll end up looking more like dev coin (that's no offence to Devcoin)

If someone new wants in to btc then they'll need to see plainly the value whether thats 1btc=$1000 1btc=10,000 1btc=100,000 lets not start being embarrassed by Bitcoin's price.

bitcoinpsftp

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microbitcoin should be implemented. It's way better. Not only does it have the advantage of not having to be changed in the future as bitcoin continues to rise, but it works with only 2 decimals, a decimal place that most people are used to (cents).

hieroglyph

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Interesting, I can see you given this some thought. I have to admit that would make sense to use mbtc. I support the effort and hope mbtc will be adopted across the board.

XBBlade

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mBTC is better indeed at this rating, but you need to change again if the Bitcoin hits the $10K

saddambitcoin

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im with you man

i just changed my bitcoin-qt to mBTC FINALLY

then i went back and take a look at my biggest transactions and reminisce about how i had that much mBTC at one point in time

kepadez

newbie

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The another truth is in china, the people join to trade btc less then 100 thousands.

The trade number is pseudo, because it have no trade cost, the can made the trade number by themselves.

Every time the market is coming, every trade platform in china will dump.

The price is RMB 7000 per btc, it higher then most people's monthly salary.

Who want to pay one month salay to get 1 btc to take this risk??

The mbtc is the only to go to everybady.

kepadez

newbie

Activity: 13

Merit: 0

The btc price is too high currently, the nomal people cannot accept this price.

And the btc is in a bottleneck price.

They always think it's high risk. The don't want to pay more then $1000 per one something(btc) from internet.

When I try to introduce the btc trade for my colleagues, we are working at a famous international IT company, the cannot accept it too.

The main reason is the high price. So they don't want to try it.

And the ltc is cheaper, and more acceptable then btc.

The main trade platform need to chang to trade mbtc. The normal people will join the btc family.

Many people will have a try. e.g. buy 10mbtc just $10. Looks good, and it keep growing.

Then the btc price will increase 10 times - 100 times.

If not, the btc is very hard to keep fast increase or go to die.

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