Bitcoin Forum

I'm starting to think that switching to mBTC will create more stability in the market. I think bitcoinity doing so is a good idea. It just makes bitcoins look more on the lines of other currency.

There may be reason to use mBTC but stability isn't one of them.

mBTC could potentially be helpful in promoting broader user engagement due to the current lack of understanding by the general public that bitcoin can be bought and owned in fractions. More bitcoin owners hips will likely result more transactions, more liquidity and thus better price stability. I see some merits in it.

I think the switch to mBTC contributed to the BTC price crash.

I think the switch is confusing, unnecessary, and stupid. Most people aren't good at maths. They've heard of bitcoin, heard the price is going up and up, and then go to a site displaying the (m)btc price and see "$0.80 per mBTC'.

Any switch to mBTC should have been (a) agreed by the community and (b) implemented with an education program.

This adhoc approach  where some sites switch and others don't just leads to confusion.

Whether it contributed to the crash in the last 24 hrs or it was pure coincidence, who knows. What I do know is I don't believe in coincidence  ;)

I also know that the bitcoin price was still doing great at "over $1000 a coin", people were still buying ........ mBTC is a damaging solution. to a non-existent problem.

Agreed. I had a friend express interest in Bitcoin, and I suggested that they purchase some this week (as it's looking like a great buying opportunity).

What was the response? "But it's so expensive!"

Diversifying into Bitcoin costs just as much as it always has, yet the thousand dollar (now just under) price-tag is daunting. It's seems much better to own a hundred "millies" than 0.1 Bitcoin. It's a very simple change that makes Bitcoin seem much more accessible.

...not sure how switching to mBTC would translate into increased stability though.

@empoweoqwj Changing the decimal point to a comma in your head is so trivial it really doesn't constitute a legitimate downside.

It makes sense that they would short BTC, then switch to mBTC, make stupid people panic.

They could either went short on BTC or bought it cheap 2 hours later.

It's very possible that the mBTC switch was a scam attack.

Bitcoinity.com/Markets has a giant "DON'T PANIC" image on their page. Gox, Bitstamp, and BTC-e (the websites you'd need to go through to panic sell your Bitcoin) still price in Bitcoin, so the notion that somebody would not realize something is up is a bit silly.

What website do you believe caused mass chaos?

This week might not be the best time for all of the exchanges to switch to mBTC.  Can you imagine having a big crash then waking up to $1 per coin without reading that it had been changed to mBTC?  That would be pretty scary for us all!

I think that everyone should just change it on January 1, 2014.  The exchanges could start telling everyone that they are doing this when logging in so there is no surprise when it happens.  A little expectation setting is a good thing.

This topic made bitcoin crash

For me the switching to mBTC was a sign that we have reached the peak.

How does switching to mBTC provide any more stability whatsoever, all your doing is shifting the decimal places for a psychological effect? In reality your not going to have much of an effect, Bitcoin's value is based on a perception combined with the usual market forces of supply and demand. 

You can use and count with btc or mBTC as you wish

Bitcoinity didn't have the "DON'T PANIC" message from the beginning of the switch. It was added about 1 hour later when the panic was already in full progress.

when bitcoin is $10,000/per, and someone tries to divide up $10 worth of bitcoins.. they are gonna have trouble. like you said, they are not good at maths. and i strongly doubt it contributed to the crash. that being said, i don't really care if we use mBTC or BTC or not.

Such a change should be announced weeks in advance, with a countdown clock.

mbtc will make more sense to people. when making purchases and understanding the relation to the dollar. it will bring in more small time investors with less at stake. which will provide some stability. its all just "perception".

I love this idea.  Someone should set up a site with the Jan 1 2014 countdown to new millbit year. 

I don't understand why this argument is so prevalent. So long as people can't use credit cards or paypal to buy bitcoins, the biggest barrier to a small buyer is the necessity of using a wire transfer or linking their bank account to some exchange. With the media portraying bitcoin as drug money, is anyone really going to want to associate their bank account with some sketchy exchange? Bitcoin appeals to fiscal conservatives, and it follows that fiscal conservatives would be generally conservative.
http://www.psychologytoday.com/blog/the-human-beast/201104/conservatives-big-fear-brain-study-finds (http://www.psychologytoday.com/blog/the-human-beast/201104/conservatives-big-fear-brain-study-finds)
Bitcoins sketchiness is the biggest deterrent to small investors.

This is exactly what I think. We're in a good position to rebase around mBTC due to the currencies nearness to $1,000 USD. It looks good in most other currencies too. I think we need to realise the psychological effects this will have in making BTC seem more accessible.

What do you mean by increased stability when using mBTC?