Who will fund BTC price above $1200+ ???? - page 2.

exocytosis

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Quote from: Siegfried on December 13, 2013, 04:32:21 AM

Quote from: exocytosis on December 13, 2013, 01:13:53 AM

Widespread adoption of BTC can't be achieved unless we (and the major BTC exchanges) start denominating BTC value in mBTC (or nBTC or satoshi's, etc.). The average Joe won't buy anything with a lot of zeroes in the decimal places. Most people (who've heard of Bitcoin) probably don't even know they can buy less than one coin.
We have to cater to the common human psychology.

The average Joe will realize that the "m" in mBTC means that it is not a full bitcoin just as easily as he knows a millimeter (mm) is not a full meter.

To answer this, let me quote an earlier post in this thread:

Quote

One thing I've noticed about myself is that I'm more cautious with my Litecoins than with my Bitcoins -- I think it's because 5 LTC feels like a lot but 0.18 BTC doesn't really (maybe a benefit for Bitcoin in certain industries [eg. gambling?]). There's something unsettling for me about me not having at least half a bitcoin. I couldn't imagine myself being content with 0.0025BTC but 25 mBTC doesn't sound too bad at all.

But I do agree that mBTC is probably not an ideal name for 1/1000 BTC. Personally, I like the name satoshi (for the smallest unit), and might try to use this term more from now on (when talking to non-bitcoiners).

Logik

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Realistically it only matters what the major exchanges do. Their reasons and motivations for making such changes are more complex than any one person's opinions.

There is nothing to really to do. It's somewhat akin to fashion. If everyone shares the same sentiment about the units then eventually the exchanges would reflect that.

Siegfried

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Quote from: Logik on December 13, 2013, 04:39:50 AM

Is anybody disagreeing with mBTC being a better theoretical choice? This thread is turning into a circle jerk!

Yes, I am.

superresistant

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Just a question guys, if everyone here understand the problem and agree to change to mBTC then what do we do now ?

Logik

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Is anybody disagreeing with mBTC being a better theoretical choice? This thread is turning into a circle jerk!

Siegfried

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Quote from: exocytosis on December 13, 2013, 01:13:53 AM

Widespread adoption of BTC can't be achieved unless we (and the major BTC exchanges) start denominating BTC value in mBTC (or nBTC or satoshi's, etc.). The average Joe won't buy anything with a lot of zeroes in the decimal places. Most people (who've heard of Bitcoin) probably don't even know they can buy less than one coin.
We have to cater to the common human psychology.

The average Joe will realize that the "m" in mBTC means that it is not a full bitcoin just as easily as he knows a millimeter (mm) is not a full meter.

Pente

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Let's just go straight to satoshis, then we won't have to have these debates about the default size and names for units for at least another decade.

BurtW

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All paid signature campaigns should be banned.

The silly thing about all these dozens and dozens of threads about this very same subject is that nothing is stopping you from doing exactly what you want to do!

If you feel that your needs are met by always talking in terms of mBTC then just do it. You do not need my approval, you don't need anyone's approval. If it catches on it catches on.

If you like satoshis better then use them.

If you like nBTC - my suggestion - they use them.

Why all the threads? There is no need. Plus, they do not accomplish anything. The market will eventually decide this.

Another bunch of theads that are pointless are the "what should we call them?" threads. "Mics", "Micros", "Millis", "Bits", "Unis" (I know, WTF?), etc. These threads always come across as someone trying to think of a cool nickname for themselves. Nicknames are not forced on the public. The public comes up with them and/or accepts them like "bucks", "greenbacks" etc.

The point is: just start using the units and nicknames that you like best and see what happens. If people like the idea they will follow suit.

BTW check this out:

http://bitcoinity.org/markets

mBTC. They just did it. No hand wringing thread. I kind of like it. There.

Logik

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I'll try to be 'good guy forum poster' and actually bring this thread back on topic.

I earn a salary from writing software that's significantly more than I need. I believe strongly in the future of Bitcoin. My strategy for the future involves using a small part of my leftover salary to turn into BTC every month. I will buy at $1200, at $1400, at $2000 and so on. I don't give two shits about intraday or intra-month price movements in this context. I just buy and hold. I haven't time to day trade BTC so it's not of much concern to me if the price dips a little. Bears who say the Bitcoin price is going to "crash and burn" to double digits are just emotional..

In addition, there's a huge amount of institutional money still to come into the market. They aren't anchored to ~$30 or so like we are, so $1200 means nothing to them.

exocytosis

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Widespread adoption of BTC can't be achieved unless we (and the major BTC exchanges) start denominating BTC value in mBTC (or nBTC or satoshi's, etc.). The average Joe won't buy anything with a lot of zeroes in the decimal places. Most people (who've heard of Bitcoin) probably don't even know they can buy less than one coin.
We have to cater to the common human psychology.

exocytosis

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Quote from: windjc on December 12, 2013, 03:16:24 PM

It's very obvious that many on this forum do not understand basic human psychology. mBTC is the obvious choice. People are SIMPLE creatures. The idea of cheaper is always better. And humans hate decimals. The more decimals the more they will avoid. You think the average human wants to calculate .00000... Of something you just don't get it.

People want ease of use, ease of understanding and simplicity.

This.

BittBurger

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Quote from: BurtW on December 12, 2013, 01:56:23 PM

Question: why do we need dozens and dozens of threads about the same damn subject?

Next time, instead of starting yet another thread about changing the units, just add your comments to the end of one of the other threads.

Wrong.

The real question is, why hasn't a single person answered the question in the original post yet?

This thread is not on the same subject.

This thread is not about changing to mBTC per se ....

Its my question on whether the scenario presented is the way by which the value of BTC will have to increase.

Haven't seen anyone reply to it yet.

piramida

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Borsche

Quote from: cp1 on December 12, 2013, 02:02:41 PM

Maybe we should divide each thread into 1/100 of a thread

yes actually a good way to explain coin division to the sillies. "Imagine this thread here is 1BTC, you can buy just one letter out of it".

windjc

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It's very obvious that many on this forum do not understand basic human psychology. mBTC is the obvious choice. People are SIMPLE creatures. The idea of cheaper is always better. And humans hate decimals. The more decimals the more they will avoid. You think the average human wants to calculate .00000... Of something you just don't get it.

People want ease of use, ease of understanding and simplicity.

Bitcoin is yet any of these things. Although I am confident the right choices will be made long term.

HigsonPP

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i think the mbtc camp's argument is super weak. i get it, down to the satoshi

rampantparanoia

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You. You will fund the BTC price above $1200.

cp1

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Stop using branwallets

Quote from: BurtW on December 12, 2013, 01:56:23 PM

Question: why do we need dozens and dozens of threads about the same damn subject?

Next time, instead of starting yet another thread about changing the units, just add your comments to the end of one of the other threads.

Maybe we should divide each thread into 1/100 of a thread, so everyone can have their own thread about the BTC unit, while keeping all of them in the same thread.

BurtW

legendary

Activity: 2646

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All paid signature campaigns should be banned.

Question: why do we need dozens and dozens of threads about the same damn subject?

Next time, instead of starting yet another thread about changing the units, just add your comments to the end of one of the other threads.

cp1

hero member

Activity: 616

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Stop using branwallets

If everyone wants one of the currency unit then we should move the decimal point the other way and demand will increase by 10x.

RodeoX

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The revolution will be monetized!

Quote from: superresistant on December 12, 2013, 11:56:32 AM

Quote from: RodeoX on December 12, 2013, 11:34:20 AM

A lot of people are confused by this, but the denomination is irrelevant. It is more like a big pie. You are buying a slice of that pie and if you had a small slice of pie no one would say "that is not a slice of pie, pie slices are big." It should not matter if you are buying BTC100 or BTC0.0001, it is still a slice of pie.

Well it is very relevant. The mass adoption depend mostly on that specific point.

People don't care about logic. They don't want the idea of a slice of a pie, they want a Bitcoin or 10 Bitcoins, something they can count with their damn fingers.

I think your right, I just know better myself. I helped someone last week buy their first bitcoin. No matter what I said, the person wanted 1 bitcoin. Roll Eyes

P.S. I know this is heresy, but we could just move the decimal point and say that 0.001 is now 1.0. Everyone would suddenly have more bitcoin, but the same slice of pie.

Topic: Who will fund BTC price above $1200+ ???? - page 2. (Read 8744 times)