Bitcoin Forum

The whole ETH/ETC situation is teaching us what BTC should have done a long time ago.

Ethereum split, creating two chains, ETH and ETC with ETC being exactly the same tech EXCEPT that it is orders of magnitude cheaper.

Then the price of ETC just exploded.

So this confirms my suspiction since the beginning.

Bitcoin should be redenominated, shifting the decimal place, moving it so that instead of 1 BTC = 650 USD, the redenominated Bitcoin would be 1 BTC = 0.65 USD and then you will see a huge adoption. Of course, for each BTC you were holding before the redenomination, you would get the equivalent 1,000 redenominated BTC.

That's the easiest way to increase adoption and make the price jump as a consequence. It's really a usability problem, no one wants to deal with infinitesimal 0.002 to buy a coffee. No one wants to spend 100 bucks to get 0.15 of something else, I know that's stupid but that's how people think.

I see the sense in your point, I had problems understanding the bitcoin concept myself. All the zeros made it confusing, but I think the developer did that to remove the problem of inflation, should bitcoin replace fiat.
But the bitcoin developer is anonymous so who is going to make the change?

Except it's not "adoption" per se. It's dividing those who stay true to the original (ETC where the dao is "bugged"), and those who don't care if it's renamed Bernankecoin. Fuck ETH in particular and pretty much fuck ETC too...though I would support ETC over ETH any day ending in "Y".


There is a team that develops Bitcoin. They are not anonymous and they should never make that change. Satoshi is an unknown, but he's gone, so whatever.

sorry, not everyone think like that. In investment world higher priced stock is considered more worthy of attention.
BRK-A is $216,400/share. Google is $757.65 and typically, you have to buy at least a share, while you DON'T have to in bitcoin.

Not first time that this discussion appear.

If you want you can use any fraction you want and call it your unit. Some wallets already do it with mBTC already

ETC may not be much cheaper than ETH for much longer, or one of them may not be around for much longer.

I agree with the OP. People don't like endless zeroes and many are too thick to realise it's divisible. It's a piece of piss to address. There just needs to be some mutual agreement as to how to name things. I wonder that's one thing everyone can agree on. Probably not.

Maybe a split could happen with the blocksize debate going on?

I think it is wonderful this happened with Etherum first instead of Bitcoin. Hopefully, the hard fork people will take a break and see what happens to Etherum before pushing to fork Bitcoin. I do however, have sympathy for Etherum people and their plight. Maybe both chains can succeed and early adopters can profit from coins on both? I find this whole situation fascinating.

There doesn't need to be a split. All there needs is a renaming. Wallets and exchanges already offer different methods of denomination.

It's true, there's nothing that needs to change aside from the numbers displayed on wallets. Assuming that one BTC still existed as "1" but every wallet listed every 1/100000th of a Bitcoin as "1" and just listed it as a fraction of whatever the real "1" was valued at, people could change and adopt it.

Everyone seems to really want a split for one reason or another, but it really isn't that necessary. Plus ETH and ETC splitting was probably mediocre for everything at best, I'll still have to see whether or not the two are actually beneficial. It seems like investors in ETC have made a decent amount, but I don't know if it was really worth splitting. It seems more like the Ethereum project is more inclined to adding more numbers and variations to their projects, instead of making it relatively simple. Geth, Ethereum now ETC? For people that already have a hard time understanding Bitcoin, they will definitely not have the capacity (or willpower) to care about the variants and progression of Ethereum.

Only one chain will succeed. The service provider will only support the strong chain which has many developers.

This is why I am going to buy some ETC and see what happens like most are doing right now. :)

I'm not sure I follow. So 1BTC would now be worth $0.65?

I doubt you mean that, right? Because I would lose a fortune in that scenario. And we would all lose 99.9% of our stored wealth. There is nothing wrong with what we have now and those who "don't get it" are out of luck. We no longer need to push for adoption because the war is over and we won. People can come into bitcoin now or later, but the price is what it is.

Or I may not be understanding you.

I see the decimal issue as a minor problem at the worst.  People are using bitcoin waaay more than doge or any other coin, where you can get a million whole coins for $100 or whatever.   

On the wallet I use on android,  the default is mBTC and I can't stand this.  I wish there was a way to change it, because I'm comfortable with decimals.  Oh well.

Lmao are you suggesting a hard fork just to give the psychological perception to idiots that they are owning more? cmon man, this is absurd. Hard forking to raise the block size is enough of a risk, let alone doing this thing, get some perspective lol.

No, 1 BTC would be worth $0.589 but you would have 1000x the bitcoins you have now. Like what apple did last year or two years ago. A 7:1 split makes the price 1/7th what it was before and shareholders have 7x the shares so the account value doesn't change.

I think it's a dumb idea. For those who think they are getting 100M satoshi's (one Bitcoin) for $0.59 will be let down because they are actually getting one mBTC. It's a trick on perception.

You do not have to buy the ETC to  see what happens like most are doing right now. It is better to observe from side ways.

Maybe it's better to observe from the sidelines, but there is some merit to being actively involved with a market. ETC is currently looking like a relatively strong crypto, and it might be good enough to get some speculating in before something happens to the value.

I mine ETC when the difficulty is low. But I dare not to keep the ETC. I just sell it after I get hold of the ETC.

you need to convince mienrs and merchant sto move, with bitcoin it's different, not like etheruem where there are no merchants basically and the mining scene is a joke in comparison

Ok, that makes a lot more sense. But I still don't think it's needed and trying to get consensus on a decision like this would be super hard.

The whole ETH/ETC thing showed me that bitcoin should definately avoid a hard fork and doing the same. This fork has hurt etherium and doing similar to bitcoin would hurt it too.

In the case of ETH is not yet finished and another fork is required by one of the chains to change its transaction ID's so that the two chains become properly separated. Its a mess.

On the other idea, of changing bitcoin value. That would mean abandoning the 21million limit which is a core pillar of bitcoin and should never be tampered with.

Actually forking of ETH shows that hard fork is not good for any coin and we actually try to accept the loss rather than splitting into two community. This only hurts both chains and whales will try to manipulate market.

i am not an expert in stock market but i think you can not buy 1/7th of a share so you have to do something like that but in bitcoin you can buy 1/7th and as small as the exchange and dust limit (5600 satoshi?) lets you so there is no need to change anything.

and OP is talking too soon about ETH/ETC situation even after two weeks past his comment.
they are at war right now, ETH being a manipulated coin has risen now and the whales on the other side has dumped the other chain to low prices and will then pump it, and then again dump as much as they like and they let the two chain live alongside each other because they are earning $$$ from them.

As all we know mining bitcoin this time is kinda of impossible to me so the story of both ETC\ETH is that mining is still profitable for us .

mining is sometimes not profitable no matter what you mine especially if your computer is not too powerful, right now im only into etc holding to make profit

It depends mainly on the electricity price. It is profitable to mine the Ethereum if your electricity price is low.

In my example, it's not about 1/7th of a share though, it's 1/7th the price. In another example, dwti, an inverse oil etf, there was a reverse split of 10:1. In that case, 10 shares became 1 and the price went up 10x. So those who had less than 10 shares at the split were forced out of their positions at the lower price and charged a reorg fee on top.

I agree completely that it isn't needed. At this moment, you cannot spend 1 satoshi. There is plenty of use for the divisibility in the future.