Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 33899. (Read 26504172 times)

The place of the decimal point is a GUI convenience, the Bitcoin software does not specify it. It deals in satoshis; 1mBTC = 100,000 satoshi.


I may or may not have a 1,000,000mBTC bet outstanding, whether I can convert the majority of the forum to use mBTC before May 31st.

I did have a one-way brag offer to give 1,000mBTC if I have not been instrumental in defeating the leading position of Mt.Gox in USD/BTC exchange in the next 12 months.

I had specified that the first one that writes an intelligent reply to this article, will win the coin - sadly the offer was cancelled due to no intelligent replies in the stated 72 hours. (This does not automatically mean that Mt.Gox will get to keep its position, however. The offer was not the only reason why I would like the trading to be diverted to the dealer network.)

Ok, TheKoziTwo just said essentially the same thing while I was writing but with a bias more towards the scammy manipulative thing that I don't like, so I post my version anyway:

There are several things at play. First, people very reasonably try to avoid insignificant zeros:
If Bitcoins are worth $34,238,712/Ƀ the average Joe will not care about the last 6 digits and the average trader will not care about the last 4 or 5 digits so they will rather want to talk about $34,239/mɃ or $34.2/μɃ.
At the other end of the scale you don't want to buy your chewing gum for 0.000,032Ƀ but rather see a quote of 32μɃ.

Ok, so that was the convenience part of the story. Unfortunately there are also some people that advocate to use mɃ to make it seam cheaper to buy in. Their reasoning is that people think in full units so they rather buy something that costs $0.12 than something that costs $120 regardless of the quantity they are buying later. I tend to disagree with this approach but know it kind of works. LTC are valued at $4 with a x4 supply that would translate to $16 for Bitcoin. Ok historically $4 and $16 fell in short succession in the bitcoin world but still, the LTC is considered by many as BTC ignoring the fact that there are 4 times more of them, so for the LTC-scammers this trick worked. Well, as I said I still lean towards not using tricks as Bitcoin doesn't need to fool its users.

can you link "your thread"? Looked through your recent posts but couldn't locate it.

I think the milli crowd has an entirely legitimate point. It's hard to price a cup a coffee at .003 BTC or something like that. It should be one unit of bitcoin = 1 cup of coffee.

I like to think so anyway.

Some claim that it's easier to price products such as 1.9 mBTC rather than 0.0019 BTC or 250 mBTC rather than 0.25 BTC. Also, it may be less of a psychological barrier to purchase 100 mBTC than 0.1 BTC. We can already hear complaints such as "bitcoin is too costly, I can't afford it", despite the fact that it's possible to purchase less than 1 BTC.. So if everyone starts using mBTC it may have a positive effect on the price, it doesn't sound as costly to pay $0.12 for a mBTC compared to $120 for a BTC. Just look at the alternative chains, even though they have a lot more coins, the price seems to be going up quite high regardless. E.g litecoin is about $4, but there will be 84 million coins, so essentially if we compare to bitcoin that's $4*$4, $16 at the moment, what bitcoin wasn't even worth in the beginning of this year.

In a few years time we will use μBTC (micro bitcoins) in every day conversations   

Can someone explain to me why many people use millibitcoin instead of actual bitcoin? I saw some people talk about it but I still don't get what makes it 'better'? Isn't it essentially just BTC/1000?

Ignorance is bliss uh?

I'm going to start doing this.

agree, i called the bottom in my thread.

Please don't tell me you actually jumped on the "Lets use millibitcoin and pretend this is sustainable" bandwagon?

Pretty much every Bitcoin weekend is boring Is it because the big traders are taking the day off?

yawn... I think I'll watch a movie. bitfetch.com for the win.

Got to take out 125 first

Everyone needs to try harder, today has been somewhat boring.

not nearly as violent as the last time we bounced off $0.12. Nowhere near the volume. I doubt we'll even retest $0.12

Who knows maybe it's the Great Fake Wall of China  

And dump them again at 80? Cool plan.

Anyway, does not seems it happens today. May be price will even go into high 130 one more time.

either way I'm happy... I have coins, too

I'm totally happy chilling between $120 and $140. I'd be thrilled if it lasted 6 months like this.