Bitcoin Forum

There seems to be this odd psychology at work where folks think there are 'cheap' tokens and expensive tokens. It would be amazing if they just started reporting a new kid on the block, the Satoshi, you can buy one for .00004 cents and some day they might be worth 10 cents or a dollar who knows.

You could see the history of the satoshi and while it was once very cheap and has appreciated more than anything else, it's still insanely cheap! You can buy millions for next to nothing! I have this strange suspicion that if coinmarketcap did this and a lot of the exchanges folks, folks would start buying like mad. As soon as I introduce someone to bitcoin their first thought is, "yes but it's so expensive can I just buy a cheaper alt?"

Clearly bitcoin doesn't have to change, just the reporting of it's total numbers and the value. That's it.

Wow you are right, that's the next step!

You could almost launch it like it was a completely new project. Create a website, show the price movement of the satoshi, show how cheap it is. Then make some comparisons from the number of existing grams of gold and number of Satoshis and how much room it has to run.

Honestly, the math is confusing to most people they don't realize how scarce 21 million of something is. There's like 300 million lbs of gold in the world. We can't all expect to own a lb of gold. (at >20,000$). Folks are starting to think that it's too expensive which is crazy but I understand the confusion. The solution is to start showing bitcoin prices in Satoshis, buying it in units of Satoshis and reporting is value in terms of Satoshis.

I would kill to see the Satoshi under bitcoin as the 1.5 spot at .00004 cents. People would eat that up! Maybe we'd get to a point where even the satoshi seemed expensive but that would leave anyone who owns any bitcoin insanely rich. :)

I am all for starting to use the term Satoshi instead of mBTC or Bits, as some are proposing.

Don't get me wrong, I think Bits is alright (not mBTC so much, though), but Satoshis just makes so much more sense.

This dead horse has already been beat into hamburger, eaten, cropped out, eaten by flies and turned white at this point. If your moron friends can't figure out that a bitcoin can be divided to 8 decimal places how would you expect them to be smart enough to hold their own money? If googling is hard for them I'd hate to see what their struggles in life are. Grocery shopping must be like calculus to them.

Yea so that's the thing. He's just finishing up a PHD in Bioinformatics. (so half comp-sci half Biology) That's why I realize it's just a strange social psychology. Just like my wife's farmer parents who wont buy 'expensive' stocks. Folks just see high prices and think something can't get much higher because it 'feels weird'

Right now if you had a Satoshi exchange (and coinmarketcap etc) you could buy 25000 Satoshis for 1$. For whatever reason that's exciting to people, your wallet would show amounts also in Satoshis. Yes it seems like 'financial engineering' and is to some degree but I can promise you people are turning their backs because no matter how you slice it a $4,000 or $10,000 bitcoin doesn't fit well with our idea of currency. Our highest denomination in the US is 100$!

But yes I know for the folks that live and breath Bitcoin, a lot understand the rarity but honestly it's not really spelled out in most places. You have to really give a shit to start turning the wheels and realize, wait a bitcoin should and will be a fortune someday!

i always like this proposal not just because of the "psychological" stuff and for getting more people to invest, but i like it mostly because it reminds people that there are smaller units than 1 whole bitcoin and you can buy them.

in this particular case it is like gold! your only option in buying gold is not a 12.4 kg (438.9 ounces) gold bar! you can in fact buy smaller amounts, 1 gr, ... are also an option.

Except the fact that gold is very hard to break down physically whereas Bitcoin is easy. ;)

well going to your logic maybe as of now yes bitcoin still possible to be break if something really bad news forces it to break out unlike gold which physically you need some equipment to crash it but time will come when stability and full support coming from adoption comes bitcoin will be much harder than anything.

I'm very bullish on BTC but what you're saying here isn't really true. satoshi obviously hasn't provided 1000x returns like Ethereum, the thing is that Ethereum is an extreme outlier among altcoins.

That's hilarious, how long have you been around!? At one point someone spent what 10,000 BITCOINS on a pizza! On this board there's a thread where someone is trying to sell a picture they drew to Satoshi for what is now 2 Million dollars worth of Bitcoin!

You realize a short while ago Bitcoin was nearly worthless right? Etherium started out around 10 cents each, how much was a bitcoin when a pizza cost 10,000 Bitcoins? The satoshi has absolutely appreciated MORE than 1000x by a lot! The Satoshi has appreciated as percentage exactly as much as bitcoin going from extreme fractions of a cent per Bitcoin to $4,000!

By comparison Ether started really high and hasn't appreciated as much. The cost of that pizza put the price of Bitcoin around 1/10 of a cent at the time.

Of course Bitcoin has appreciated more but now it's very unlikely to 1000X in several years, right? Because it's already $70B in market cap. People hope to get into an Ethereum-like ICO that does 1000x. It's just probably not gonna happen.

Wrong, This is exactly the mentality I mean. The CEO of antivirus software Mcaffee says he'll eat his dick on live tv if a single Bitcoin isn't worth half a million in 3 years. That can happen, there's no reason to think Bitcoin can't appreciate more in value over that period then Etherium does. Ether has had brief crazy runup and deservedly so but it was never meant to serve as a payment network. That's just not what it was designed for, the developers will tell you that.

There was a period where Bitcoin drastically increased over what Ether has before Ether existed. In recent months Bitcoin has outperformed Ether there's no reason to think definitively that this trend won't continue.

this is very true. bitcoin is not a pump and dump altcoing like ethereum. which is why bitcoin won't give you 1000x return in a short period of time and then start getting dumped like what ethereum is doing. and by the way it was 10-13x not 1000x you are confusing what x means versus what % means

instead bitcoin is profitable in the long term because it has real world usage and it is in fact being used as a real currency. which is why the adoption for it increases over time and with it, the price goes up. a solid price rise.

with pump and dump altcoins such as ethereum, the pumping team start their fake pumping operation and push the price up to fake numbers and then because there is no real world usage and it was all a hype and a bubble, it bursts and the price falls down hard.

oh and by the way it is not just ethereum, it is every single altcoin out there that can give such profit in short term when they get pumped :D

No it was 1000x, the sale was for $18M and now it's $27B. I'm not some Ethereum fanboy but even if Bitcoin reaches $500K in three years (which is unlikely) it's still 100x. That's fine, I think BTC is great. I'm explaining the psychology of ICOs. (There are also people pumping and dumping like you said)

Bitcoin paved the way and allowed the small guys to jump high fast but the market cap of everything is still in it's infancy. There will be huge appreciations but not all the alts will rise at the same rate that Bitcoin might. Ether might hover around 300-500 for a decade while Bitcoin runs away with the show and hits a million.

70 Billion dollars is literally nothing... If you try to pin this on something real like Gold, 7 Trillion is likely but I think it will be more like derivatives, 1.2 Quadrillion dollars.

Like I said, I'm very bullish on btc. $70B is indeed nothing, not too late for many to join the ride

Right well this is why I think it would make sense to start referring to the currency under a different unit in the near future. It's hilarious following this board there was a time where everyone said $2.00 was too much for a 'whole bitcoin', then 20$, then 200$ and 2000$ ... and here we are.

Definitely.By this way,people won't get scared at hearing bitcoin price first.They would readily accept to buy satoshis at very cheap rate with amount they could afford to pay.By this way,even altcoin buyers would start buying satoshis.By following this way,bitcoin would no more remain as a currency only available for the rich.I think its time to change,from Bitcoin to Satoshis.

Satoshis. Yes that could be better if they would like it to look cheaper.  I look at it that way. I always use the satoshi mode. Even if it is already .03 or .04 BTC I say 3 million satoshis. I guess I got used to it and when someone hear it, it looks like a big amount.  ;D
But how could be introduced like that? They might ask what satoshi is and the explanation might get longer.  :D

I don't know what "sale" it is you are talking about but according to the charts and history ethereum price was 0.01BTC when it was listed for trading back in Aug 2015 and now it is 0.07BTC which is a 7x rise
even if you take the USD price of it that is still about 100x rise.
bitcoin on the other hand was about 1-10 cents when it was first listed for trading on exchanges. and now it is $4000+ and that is a 400,000x increase in 8 years

oh and by the way ethereum market cap is 27 billion because it has 72million coins premined and we use price as an indicator not the market cap.

I think even I would be more inclined to buy. There would just be something more rewarding about dropping 20$ to pick up another half a million Satoshis.  Also I think it would be more apparent just how much Bitcoin can appreciate. What would a 500,000$ Bitcoin have us at at that point, half a cent? Perfect. :)

The unit of account of the bitcoin system is bitcoin (BTC). Satoshi is the smallest unit. If in future 1 bitcoin = $1 million then 1 Satoshi = 1 cent. Bitcoin is represented or valued as BTC, standard representation, valued as whole rather than in small units. IMO in future also it would be BTC to USD not SAT to USD, possible, but unlikely. Bitcoins are divisible and and in future if necessary bitcoin protocol can be updated to add a smaller unit than Satoshi. Users can buy fractions of bitcoins, if you compare 1 Sat to 1 cent or 1 BTC to $1 million, valuation is the same.

Yeah, people who don't know that bitcoins are divisible might initially find 1 sat = $0.0004, cheap, is it really cheap? No. Right now it isn't convenient to buy 1000, 10,000, or 100,000 Satoshis, but in future if bitcoin price breaks all the records then people would be trading in Satoshis.

This is just another way of looking at a certain thing all because 1 Bitcoin right now is already an expensive item but if we divide the whole thing back to its basic unit (Satoshi) then people would realize that they can still afford to have some. Anyway, it is all there all along. I am also pointing this to people who are new to Bitcoin...don't look how expensive it is but just buy according to what you can afford.

this is a good point, i see every day that new people are complaining that they can not afford to buy bitcoin because it is >$4000 and they have been complaining about it ever since $1200ish. if we start using other units that are smaller and more importantly make them popular, issues like this will no longer happen.
you can buy 25000 satoshi with $1 and that is what we should advertise instead.

We don't need mBTC or Satoshi. What we need right now is a redenomination of the currency. Each Bitcoin must be split in to 1,000 coins and this will rise the total number of coins in circulation to around 16.5 billion. The exchange rates will come down to $4 to $4.5. If we can increase the block size using a hard fork, then there is no problem in splitting the coins using another hard fork.

When I got into Bitcoin in late 2013, I felt like I had missed the boat, too. So I chased litecoin, because it was cheaper. I got over that silly line of thinking within a few months as I got more engrossed with the technology and realized that bitcoins, not shitcoins, were the future.

The fact is that the price doesn't matter. I think we all know where this is headed in the long term. There's no reason to push this "Let's move to mBTC or Bits or Satoshis" line of thinking unless you're trying to accelerate the process through marketing.

I'm not here to get rich quick, though, so I have no interest in pulling these marketing gimmicks to attract people that aren't interested enough in the technology to distinguish Bitcoin from other cryptocurrencies.

Just introduce them to preev.com and tell them to type in the amount of BTC they want to buy in the currency column. I typed 0.01 USD {1 cent} today and it showed me that I would be able to buy  0.000002532 BTC ^smile^

$1 = 0.0002532 BTC
$10 = 0.002532 BTC
$100 = 0.02532 BTC
$1000 = 0.2532 BTC

They will quickly get the picture, if they do it that way. Let them change the currency to their local currency, if they do not use USD. ^smile^

This is honestly not a bad idea. It's just like the mBTC proposal except on steroids ;D

The reason why a lot of altcoins are being pumped heavily right now is solely due to the fact that people FEEL like that the price is still low, even though the supply may be way higher than they think. It's weird because it seems to be common sense to everyone that going from 5 cents to $5 is way easier than going from $5000 to $500000, even though it's the same percentage increase.

I think that this is probably not going to happen, because it'll require a hard fork to essentially inflate bitcoin's monetary supply and dilute the worth of each bitcoin. It's best to just get wallet services to use satoshi as an option. They currently offer bits and mbtc, but surprisngly not satoshi.

Agreed, Ethereum is just the second highest market cap next to BTC that's why it's price pump/dump is very noticeable but most the altcoin can give more than tenfold of profit if trader is very lucky on choosing some coin. Adex is one example of this Altcoin that pump insanely. From 4000sat to 20,000 sats price. There are a lot of potential profit on altcoins. ;D

A good way to play with the minds of people and what an innovative idea to persuade people for buying bitcoins! Genius indeed! Playing with numbers is always fun and now I am going to do this with those who have lain or yet to lay their first steps in the world of crypto currencies. I think it may work.