Why, if my grandmother had wheels, would she be a bicycle? Not everyone rides her, I say. We could amputate her feet and still have enough grandmother to go around. 
lmao you made my day
Topic: Why do we pay so much when the same function can be performed by a few Satoshis (Read 1827 times)
May 12, 2015, 06:13:47 AM
lmao you made my day
May 12, 2015, 04:23:48 AM
i dont know too much about it but im guessing all the coins must have those digits for some reason.
If you should review this software patch, you should find that the variables “COIN” and “CENT” were defined as one hundred million and one million respectively.
May 11, 2015, 11:32:15 AM
8 is just that magic geek number that's aesthetically pleasing. I don't think there was a very special reason to choose that unless satoshi pointed that out, just like 1 MB block size was not that special, it was just a number to keep things going for that time.
May 11, 2015, 11:21:09 AM
First of all, 1BTC is not 1 million satoshis. It's 100 million satoshis = 100,000,000
I think it's because Bitcoin always growing, so the price always getting raise. And it affected the satoshi, ie. if 1BTC = 3$ so 1BTC= 1,000,000 satoshis. But because the price of Bitcoin is growing up, so.. 1BTC= 300$ so 1BTC = 100,000,000 satoshis
And, if you want use more less number. You could use mBTC which is 0.001BTC or 3 cents
I think it's because Bitcoin always growing, so the price always getting raise. And it affected the satoshi, ie. if 1BTC = 3$ so 1BTC= 1,000,000 satoshis. But because the price of Bitcoin is growing up, so.. 1BTC= 300$ so 1BTC = 100,000,000 satoshis
And, if you want use more less number. You could use mBTC which is 0.001BTC or 3 cents
The digits never change, it doesnt matter what is the price of bitcoin, it will always be 100.000.000 satoshis If the price is high then 1 satoshi would be worth more its as simple as it gets
Wow, sorry for that wrong
So, when 1BTC is $1 and 1 satoshi still 100,000,000? So.. that's why the OP asking for?Its like a dollar compared to euros for example. If 1€ equals 1.23$ even if the value of euros increase you would still represent dollars with 2 digits
May 11, 2015, 05:28:39 AM
The value comes from the market, supply and demand. Supply is if you have some coins, and would rather have less or none, and offer them for sale. Demand comes from when you have none or few, and want to have more, and therefore bid to buy (or offer to sell dollars, which is the same).
Production and consumption does not come in to play, since there is no production (or a fixed, predetermined production) and no consumption (a coin always resides in someones wallet).
And just like darkness and light, where darkness is just absence of light, and coldness and heat, where coldness is just lack of heat, supply, in our case is the same as lack of demand (someone does not want to hold a coin in his wallet). It is only demand, the want and action you take to hold coins for a short or long time, that counts. The holding of one coin for ten years is the same as ten people holding one coin for one year.
Coinclusion: Demand to hold coins give them their value.
Edit: If you, Krugman, should happen to read this: The men with guns will come after you, the moment you start to speak the truth.
Production and consumption does not come in to play, since there is no production (or a fixed, predetermined production) and no consumption (a coin always resides in someones wallet).
And just like darkness and light, where darkness is just absence of light, and coldness and heat, where coldness is just lack of heat, supply, in our case is the same as lack of demand (someone does not want to hold a coin in his wallet). It is only demand, the want and action you take to hold coins for a short or long time, that counts. The holding of one coin for ten years is the same as ten people holding one coin for one year.
Coinclusion: Demand to hold coins give them their value.
Edit: If you, Krugman, should happen to read this: The men with guns will come after you, the moment you start to speak the truth.
May 10, 2015, 07:45:01 PM
The value of a bitcoin comes from its ability to perform as a utility, as an anonymous
You need to learn about Bitcoin again. Bitcoin is even less anonymous than Cashit's not like in the blockchain or in my address there is my name wrote on...
The location of the relaying node is determined from sources such as http://www.iplocation.net/. If the location is unknown, then they use 0°, 0°
May 10, 2015, 07:08:59 PM
Why, if my grandmother had wheels, would she be a bicycle? Not everyone rides her, I say. We could amputate her feet and still have enough grandmother to go around.
May 10, 2015, 07:04:08 PM
First of all, 1BTC is not 1 million satoshis. It's 100 million satoshis = 100,000,000
I think it's because Bitcoin always growing, so the price always getting raise. And it affected the satoshi, ie. if 1BTC = 3$ so 1BTC= 1,000,000 satoshis. But because the price of Bitcoin is growing up, so.. 1BTC= 300$ so 1BTC = 100,000,000 satoshis
And, if you want use more less number. You could use mBTC which is 0.001BTC or 3 cents
I think it's because Bitcoin always growing, so the price always getting raise. And it affected the satoshi, ie. if 1BTC = 3$ so 1BTC= 1,000,000 satoshis. But because the price of Bitcoin is growing up, so.. 1BTC= 300$ so 1BTC = 100,000,000 satoshis
And, if you want use more less number. You could use mBTC which is 0.001BTC or 3 cents
The digits never change, it doesnt matter what is the price of bitcoin, it will always be 100.000.000 satoshis If the price is high then 1 satoshi would be worth more its as simple as it gets
Wow, sorry for that wrong
So, when 1BTC is $1 and 1 satoshi still 100,000,000? So.. that's why the OP asking for? May 10, 2015, 04:27:43 PM
First of all, 1BTC is not 1 million satoshis. It's 100 million satoshis = 100,000,000
I think it's because Bitcoin always growing, so the price always getting raise. And it affected the satoshi, ie. if 1BTC = 3$ so 1BTC= 1,000,000 satoshis. But because the price of Bitcoin is growing up, so.. 1BTC= 300$ so 1BTC = 100,000,000 satoshis
And, if you want use more less number. You could use mBTC which is 0.001BTC or 3 cents
I think it's because Bitcoin always growing, so the price always getting raise. And it affected the satoshi, ie. if 1BTC = 3$ so 1BTC= 1,000,000 satoshis. But because the price of Bitcoin is growing up, so.. 1BTC= 300$ so 1BTC = 100,000,000 satoshis
And, if you want use more less number. You could use mBTC which is 0.001BTC or 3 cents
The digits never change, it doesnt matter what is the price of bitcoin, it will always be 100.000.000 satoshis If the price is high then 1 satoshi would be worth more its as simple as it gets
May 10, 2015, 02:17:09 PM
First of all, 1BTC is not 1 million satoshis. It's 100 million satoshis = 100,000,000
I think it's because Bitcoin always growing, so the price always getting raise. And it affected the satoshi, ie. if 1BTC = 3$ so 1BTC= 1,000,000 satoshis. But because the price of Bitcoin is growing up, so.. 1BTC= 300$ so 1BTC = 100,000,000 satoshis
And, if you want use more less number. You could use mBTC which is 0.001BTC or 3 cents
I think it's because Bitcoin always growing, so the price always getting raise. And it affected the satoshi, ie. if 1BTC = 3$ so 1BTC= 1,000,000 satoshis. But because the price of Bitcoin is growing up, so.. 1BTC= 300$ so 1BTC = 100,000,000 satoshis
And, if you want use more less number. You could use mBTC which is 0.001BTC or 3 cents
May 10, 2015, 01:31:36 PM
The value of a bitcoin comes from its ability to perform as a utility, as an anonymous
You need to learn about Bitcoin again. Bitcoin is even less anonymous than Cashit's not like in the blockchain or in my address there is my name wrote on...
There is no IP information in a transaction or in the block chain. That is a myth that is probably perpetuated by blockchain.info because they show the IP of the node that relayed the transaction to them, and it is mistakenly assumed to be the IP of the originator.
tnx for pointing me this, i didn't know about this, so i would assume that the position they show is also wrong?
May 10, 2015, 11:51:30 AM
The value of a bitcoin comes from its ability to perform as a utility, as an anonymous
You need to learn about Bitcoin again. Bitcoin is even less anonymous than Cashit's not like in the blockchain or in my address there is my name wrote on...
There is no IP information in a transaction or in the block chain. That is a myth that is probably perpetuated by blockchain.info because they show the IP of the node that relayed the transaction to them, and it is mistakenly assumed to be the IP of the originator.
May 10, 2015, 08:51:19 AM
Have you ever consider the point that right now for each block solved, the miner is rewarded with 1 btc or equivalent to 100 million satoshi. At current price that is 240 dollars per btc or 0.0000024 dollar per satoshi. As you can see it's too small for a number not enough to represent a cent. The scenario that you explain can only apply when btc price goes way up to make 1 satoshi viable to be used to represent a decent number.
May 10, 2015, 08:25:27 AM
The value of a bitcoin comes from its ability to perform as a utility, as an anonymous
You need to learn about Bitcoin again. Bitcoin is even less anonymous than Cash
it depends, in the blockchain the only thing that it is displayed is your location based on ip, but what if i'm using bitcoin(sending transaction) not from my usual location?
it's not like in the blockchain or in my address there is my name wrote on...
May 10, 2015, 07:26:23 AM
The value of a bitcoin comes from its ability to perform as a utility, as an anonymous
You need to learn about Bitcoin again. Bitcoin is even less anonymous than Cash
May 08, 2015, 02:16:24 PM
yeah this was probably just a brain fart 
May 08, 2015, 01:28:11 PM
There will be new concepts f payment in the future, mainly micropayments, like on videogames and stuff, right now its a pay in the ass to do micropayments with fiat currencies, our cryptos offer super diminutive payments for high scores and whatnot, that's a huge unexploited niche right there.
May 08, 2015, 11:56:19 AM
Because of the mining cost
If mining 1 bicoin cost $300 but it worth 1 million, then everyone will be mining bitcoin and sell it immediately for huge profit, no one will buy when they can mine. So that will raise the competition in mining thus push the cost quickly up, and at the same time the exchange rate will crash, until they reach similar level
If mining 1 bicoin cost $300 but it worth 1 million, then everyone will be mining bitcoin and sell it immediately for huge profit, no one will buy when they can mine. So that will raise the competition in mining thus push the cost quickly up, and at the same time the exchange rate will crash, until they reach similar level
May 08, 2015, 11:36:38 AM
Your question doesn't make sense. You are asking why the value of a bitcoin is so high ($240/BTC), when 1 satoshi could represent one cent ($1,000,000/BTC).
May 08, 2015, 10:47:19 AM
Gold's price is probably 5 or less per cent actual utility and the rest is speculation, fear, hope and parking of value. Same goes for BTC and it possibly always will.
If it's to be used as a form of money then all of the above outcomes are inevitable and come with the territory.
If it's to be used as a form of money then all of the above outcomes are inevitable and come with the territory.
Jump to: