Topic: Use Log-scale Bitcoin charts everywhere! - page 2. (Read 3275 times)

Soon we will switch to "Bits" (1 BTC = 1'000'000 bits).

To me, this is the bigger issue. We need to switch to mBTC so people won't feel small getting $5 worth of bitcoin.

It would appear that way. But I do try to keep in mind that these sorts of trends can only be relied on for so long. At some point, it will break and we will search for support lower down....

Another issue is that since the demise of MtGox, when people do use a log chart, it's usually the Bitstamp chart which only goes back to late 2012, totally missing the previous history, including the Great Bubble of June 2011 and extended period of under-valuation through 2012.

There have been log charts created that use Gox data and switch to Stamp data some time last summer when the price on the two exchanges was at par, but they are few and far between.

It's amazing how many people fail to see that we're still all early adopters.

I talked to my friend yesterday and he was not interested in investing into Bitcoin because he thought the train is long gone and he would not be an early adopter anyway.

When looking at the normal price chart it always seems as the last bubble was the only bubble and before that the price was ridiculously small. This point of view makes everyone new to Bitcoin feel as if they have just missed the opportunity and thus they will not bother to buy Bitcoins any more. They couldn't be more wrong however because if they saw the logarithmic scale chart they would quickly see that there is plenty of investment opportunities left with Bitcoin.

The victim mentality of an average Joe makes him believe that yet again he has missed the boat and is a loser. Similar is the issue with the price. People think that Bitcoin is not divisible. I offered 0.1 Bitcoins to my other friend (6 months ago) as a gift and he refused because it seemed to him as a joke and argued that he would like to own exactly 1 Bitcoin or none at all.

Therefore, I'd suggest everyone to use the log scale chart as much as possible when illustrating the Bitcoin price as I believe it would provide better marketing for Bitcoin as a speculative investment.

For comparison...


Obviously this chart makes it much more convincing for an average Joe to buy some Bitcoins: