I'm not sure I follow. So 1BTC would now be worth $0.65?
I doubt you mean that, right? Because I would lose a fortune in that scenario. And we would all lose 99.9% of our stored wealth. There is nothing wrong with what we have now and those who "don't get it" are out of luck. We no longer need to push for adoption because the war is over and we won. People can come into bitcoin now or later, but the price is what it is.
Or I may not be understanding you.
I doubt you mean that, right? Because I would lose a fortune in that scenario. And we would all lose 99.9% of our stored wealth. There is nothing wrong with what we have now and those who "don't get it" are out of luck. We no longer need to push for adoption because the war is over and we won. People can come into bitcoin now or later, but the price is what it is.
Or I may not be understanding you.
No, 1 BTC would be worth $0.589 but you would have 1000x the bitcoins you have now. Like what apple did last year or two years ago. A 7:1 split makes the price 1/7th what it was before and shareholders have 7x the shares so the account value doesn't change.
I think it's a dumb idea. For those who think they are getting 100M satoshi's (one Bitcoin) for $0.59 will be let down because they are actually getting one mBTC. It's a trick on perception.
i am not an expert in stock market but i think you can not buy 1/7th of a share so you have to do something like that but in bitcoin you can buy 1/7th and as small as the exchange and dust limit (5600 satoshi?) lets you so there is no need to change anything.
and OP is talking too soon about ETH/ETC situation even after two weeks past his comment.
they are at war right now, ETH being a manipulated coin has risen now and the whales on the other side has dumped the other chain to low prices and will then pump it, and then again dump as much as they like and they let the two chain live alongside each other because they are earning $$$ from them.
In my example, it's not about 1/7th of a share though, it's 1/7th the price. In another example, dwti, an inverse oil etf, there was a reverse split of 10:1. In that case, 10 shares became 1 and the price went up 10x. So those who had less than 10 shares at the split were forced out of their positions at the lower price and charged a reorg fee on top.
I agree completely that it isn't needed. At this moment, you cannot spend 1 satoshi. There is plenty of use for the divisibility in the future.
