Why bitcoins are hovering around $14

notme

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Quote from: The Script on July 17, 2011, 08:01:58 AM

Quote from: Shinobi on July 14, 2011, 05:44:03 PM

Quote from: NghtRppr on July 14, 2011, 04:06:54 PM

I think the real problem is people like you that think Bitcoin is some kind of get-rich-quick scheme rather than being a currency.

There's no evidence to show otherwise. Bitcoins are either (1) hoarded or (2) sold on the exchanges. Nothing else is happening, man. Accept this!

Have you been to the Market section of the forum? People are buying and selling goods and services left and right! I personally was not one of the early adopters with 10s of thousands of bitcoins but I've already bought a computer, an iPad app, and a keepsake coin using bitcoins. Additionally, I have tipped and donated to some people using bitcoins. I consider myself to be a fairly frugal person so I'm sure there are others who are spending even more than I am.

I am glad for the stable price as I think it will encourage more merchants to accept bitcoins.

+1 I've performed over 200 transactions and less than half were related to currency trades.

myrkul

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FIAT LIBERTAS RVAT CAELVM

Quote from: mvoss on July 21, 2011, 12:35:34 PM

How about if someone orders somthing from Silk Road and then instead of getting it to themselves, have it shipped to the White House... Cheesy

Buy Barry some weed? That would be hilarious.

mvoss

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How about if someone orders somthing from Silk Road and then instead of getting it to themselves, have it shipped to the White House... Cheesy

Glorious House of Barry

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Well I'm buying.

RandyFolds

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I think the guys dealing rock on skidrow should be accepting my bitcoin. That'll turn some heads...besides, half the bums there are rocking smartphones. It's shocking.

DonChate

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Quote from: almanter on July 19, 2011, 05:48:34 PM

we just need to get bitcoin in the news again....someone go do something bad...but not too bad...just bad enough to get on tv again hehe

I think what we need is quite the opposite of this...

Alex Beckenham

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Quote from: almanter on July 19, 2011, 05:48:34 PM

we just need to get bitcoin in the news again....someone go do something bad...but not too bad...just bad enough to get on tv again hehe

Finance some terrorism anyone?

almanter

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we just need to get bitcoin in the news again....someone go do something bad...but not too bad...just bad enough to get on tv again hehe

2weiX

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Quote from: grod on July 14, 2011, 09:23:16 AM

Absolutely NOT. This is intended to be a serious medium of exchange, not some sort of "point" system designed to obfuscate value.

As a counter example I present Berkshire-Hathaway. That stock has never had a split, never paid a dividend, was never gussied up to look pretty for the "common Joe." Result? $115,000 per share, and returns well above market.

People absolutely understand fractions. And if they don't, well. Too bad.

buy the b-class shares, then at ~53€ at the moment.

Melbustus

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hello_good_sir's arguments about appealing to non-technical people are quite valid. This has been said a ton before, of course, but the bitcoin community needs:

1) A dead-simple reference client with built-in means to back up and secure the wallet. These functions need to be presented in ways that ordinary people will understand. Some real effort needs to be spent on user-interface design.
2) The crypto details need to be obscured from people. Full addresses rarely need to be completely visible. "all those numbers and letters" just confuse and turn people off.
3) The confirmation status and number, block stuff, connections, etc, all need to be obscured in default bitcoin transacting interfaces. Again, this is just going to confuse people and make things seem way too complicated and error-prone.

Alex Beckenham

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Quote from: luv2drnkbr on July 15, 2011, 07:53:51 AM

A penny for your thoughts still sounds better than 0.00071429 Bitcoins for your thoughts, or 71,429 Satoshis for your thoughts!

That argument goes both ways... "A milli for your thoughts" sounds better than "1.315293 pennies for your thoughts".

My Dad tries to use that argument against the metric system saying "It's a lot easier to say 3-foot waves, rather than 0.91 metre waves". And I say "Yes but if they were exactly 1 metre, it's easier to say 1-metre waves than 3-foot-3-inch-and-4-tenths-of-an-inch waves".

The Script

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Quote from: Shinobi on July 14, 2011, 05:44:03 PM

Quote from: NghtRppr on July 14, 2011, 04:06:54 PM

I think the real problem is people like you that think Bitcoin is some kind of get-rich-quick scheme rather than being a currency.

There's no evidence to show otherwise. Bitcoins are either (1) hoarded or (2) sold on the exchanges. Nothing else is happening, man. Accept this!

Have you been to the Market section of the forum? People are buying and selling goods and services left and right! I personally was not one of the early adopters with 10s of thousands of bitcoins but I've already bought a computer, an iPad app, and a keepsake coin using bitcoins. Additionally, I have tipped and donated to some people using bitcoins. I consider myself to be a fairly frugal person so I'm sure there are others who are spending even more than I am.

I am glad for the stable price as I think it will encourage more merchants to accept bitcoins.

imperi

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Quote from: Babylon on July 15, 2011, 12:33:53 PM

Quote from: NghtRppr on July 14, 2011, 04:06:54 PM

Quote from: hello_good_sir on July 14, 2011, 03:37:44 PM

Yes, too bad for us. We (those of us who have bitcoins) could be millionaires if it weren't for people like you wanting to keep the bitcoin economy exclusive.

I think the real problem is people like you that think Bitcoin is some kind of get-rich-quick scheme rather than being a currency. It prevents outsiders from seeing the potential and focusing solely on "ZOMG PONZI SCHEME!" I'm glad the price is currently stabilized because that's what we need, not volatility.

Quote from: Rassah on July 14, 2011, 04:02:06 PM

Fractions? What fractions? We're not dealing with numbers like 1/2, 1/16, 1/5, 1/7, or whatever. Just decimals.

Since we're being pedantic, decimals are fractions. They were originally called "decimal fractions".

Stable prices are good for merchants, it means they don't need to keep readjusting their prices.

I think the stable price is going to be a lot higher than the price right now though.

I think if Bitcoin becomes prevalent then the price will fluctuate about as much as gold currently does.

Babylon

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Quote from: NghtRppr on July 14, 2011, 04:06:54 PM

Quote from: hello_good_sir on July 14, 2011, 03:37:44 PM

Yes, too bad for us. We (those of us who have bitcoins) could be millionaires if it weren't for people like you wanting to keep the bitcoin economy exclusive.

I think the real problem is people like you that think Bitcoin is some kind of get-rich-quick scheme rather than being a currency. It prevents outsiders from seeing the potential and focusing solely on "ZOMG PONZI SCHEME!" I'm glad the price is currently stabilized because that's what we need, not volatility.

Quote from: Rassah on July 14, 2011, 04:02:06 PM

Fractions? What fractions? We're not dealing with numbers like 1/2, 1/16, 1/5, 1/7, or whatever. Just decimals.

Since we're being pedantic, decimals are fractions. They were originally called "decimal fractions".

Stable prices are good for merchants, it means they don't need to keep readjusting their prices.

I think the stable price is going to be a lot higher than the price right now though.

myrkul

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FIAT LIBERTAS RVAT CAELVM

Quote from: hello_good_sir on July 15, 2011, 09:36:20 AM

Quote from: Tril on July 15, 2011, 07:56:41 AM

What does "moving the decimal place" mean if not using millibitcoins (mBTC) or microbitcoins (uBTC)? You're not seriously suggesting that 1 bitcoin become 100 new bitcoin, which would be entirely absurd?

Of course I am suggesting that 1 bitcoin become 100 (or 1000) bitcoin. Mexico actually moved the decimal point on their currency.

Mexico is a country, with fiat currency, that was inflated through the roof.

Additionally, you wouldn't actually be doing anything, except changing the way the data is displayed.

Rassah

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Quote from: luv2drnkbr on July 15, 2011, 07:53:51 AM

Quote from: Elwar on July 14, 2011, 10:16:43 AM

For most of a century people were paid in pennies.

A penny for your thoughts, pinch a penny, the $5 per day job at Ford considered high wages...

A penny for your thoughts still sounds better than 0.00071429 Bitcoins for your thoughts, or 71,429 Satoshis for your thoughts!

Considering the quality of some of the posts on this forum, I'm glad we can use better units, since a lot of the thoughts here are worth a Satoshi.

max in montreal

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Quote from: RandyFolds on July 14, 2011, 03:52:52 PM

Well, they figured out bytes, kilobytes, megabytes and gigabytes and terabytes all right...

People will figure it out.

Americans never could figure out the metric system... Cheesy

hello_good_sir

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Quote from: Tril on July 15, 2011, 07:56:41 AM

What does "moving the decimal place" mean if not using millibitcoins (mBTC) or microbitcoins (uBTC)? You're not seriously suggesting that 1 bitcoin become 100 new bitcoin, which would be entirely absurd?

Of course I am suggesting that 1 bitcoin become 100 (or 1000) bitcoin. Mexico actually moved the decimal point on their currency.

grod

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Quote from: hello_good_sir on July 14, 2011, 03:37:44 PM

Yes, too bad for us. We (those of us who have bitcoins) could be millionaires if it weren't for people like you wanting to keep the bitcoin economy exclusive.

After careful deliberation I agree that the ONLY thing keeping bitcoin exclusive and all of us on this forum from becoming gajillionares is a 100 or 1000:1 bitcoin split. And people like me in our ivory towers.

Even in the US people have become sensitized to "kilo", "mega" and "giga" (and soon, "tera" and "peta") as prefixes which denote increasing size. They may have to whip out a calculator to convert, but they all know giga > mega > kilo. They are capable of grasping the concept of "milli" and "micro" and "nano" as prefixes denoting smaller sizes.

Outside the US (and last I checked the rest of the world is quite a bit bigger than countries still using Imperial units) people have no problems with the concept of "deci" (1/10th), "centi" (1/100th) and "milli" (1/1000ths) because they're exposed to the concept of decimeters, centimeters and millimeters (and *liters, etc) all their lives. If someone wishes to express their penis length in millimeters they can do so instead of saying something like "my wang is but 0.12 meters long".

The US population could well be dumber on average, but isn't so cretinous as to have decimal points being the only thing stopping you from buying a helicopter with your bitcoins.

Tril

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Quote from: hello_good_sir on July 14, 2011, 03:37:44 PM

You are kidding yourself if you think that normal people have the skills or desire to understand the concept of mBTC. We need to actually move the decimal place.

What does "moving the decimal place" mean if not using millibitcoins (mBTC) or microbitcoins (uBTC)? You're not seriously suggesting that 1 bitcoin become 100 new bitcoin, which would be entirely absurd?

Topic: Why bitcoins are hovering around $14 (Read 6241 times)