Bitcoin Forum

Turn every btc into 1000 btc :)
people will see btc is $1 and they will buy it to $1000 again.
who are the devs??
can i ask them?  :)

people think btc is very high because they can't buy a full one with pocket money.
but if they can buy a full btc with pocket money they will buy alot.
also it will make me happy. thanks.  :)

i wont get into the economic side here but Im sure this wont work as you plan

You could use mBTC (thousandth of a Bitcoin) or uBTC/bits (millionth of a Bitcoin).


This is more interesting. If the block reward suddenly dropped by a factor of 1,000 relative to the total supply, I would guess that miners would be mining blocks for their transaction fees. It would be similar to how Bitcoin might look 50 or 100 years from now.

https://bitcoin.org/en/development


I dont see any reason why you could not, but I doubt they will take you serious.



What makes you say/think that? IMHO 1 BTC or 1000 mBTC makes no difference. The question is how usefull is Bitcoin as a whole system. Be that a payment system or just a way to store value. Big numbers might make you feel rich, but you will quickly realize that 1.000.000.000 shitcoin is worth nothing if you cant buy anything with it. Internally Bitcoins are handled in Satoshi, so most of us are allready multimillionaires in satoshis.


Change how your bitcoins are shown to mBTC everywhere.


Miners would not support this. Youd have to fork the blockchain just to make utclover happy. I think thats a bit overkill.

Well, of course very few people would probably support this. It would require a change in the protocol, and thus a fork would occur. I was simply talking about what would be happening on the alternative chain.

Been discussed a 1000 times:
https://bitcointalk.org/index.php?topic=578323.0
https://bitcointalk.org/index.php?topic=349836.0
https://bitcointalk.org/index.php?topic=3311.0

damn thought it was an ipo

Shit, that's brilliant, but why stop at 1000 btc? let's turn every btc into 10000000000000000000000000000 btc,

Everyone can buy a quintillion btc, with pocket money, surely they will buy it into $100000000000000000

You're total crazy !

Try to convince people to sell btc for value of: 7.780.000.000$ and we'll buy btc to value of 1$  ;D

boring argument that has continued since last year atleast..

same argument as calling a gram of gold a tonne.. so all the peasants and unemployed can shout, "i have a tonne of gold" while everyone else laughs that they are still poor.

just be happy you have a few grams of gold, or a few bits of bitcoin.. and get on with your life.

eww, it's like an extension of the the whole premise of switching to mBTC ::)

this is the dumbest thread i've seen on bitcointalk to date. we might as well print out even more money and give it to everybody, making everybody a millionaire.

Mess with the value that way and bitcoin is dead, people will move to a different coin.

The whole point of bitcoin is that there isn't manipulation of it from a governing body.
Well one of the points.

Rather than asking anything to devs, it better to ask those people to buy 1000 uBTC using 1 USD :)

Yeahhh, no thanks. I prefer not to make any drastic protocol changes when totally unnecessary.

I don't think this is a good idea at all. I mean just because you make more of btc doesn't mean it'll be more valuable. Look at fiat money, what happens when a bank prints more money, inflation. Same would happen here.

Idiot

Guys guys guys... lets keep to being nice please.. he just gave an idea don't rip him apart.  A calm nice explanation for why this is a bad idea would be best.

i don't support this one at all. go make an altcoin. :)

Go ahead and make the changes you are proposing.  Fork the client and the blockchain, and see if anyone follows you to this new fork.  Talking about it again does nothing.  If you think it is a good idea, just do it and see if the real world agrees that this alt-coin is best.

I would like to add a lot of the interest from my completely technologically retarded and zero knowledge about what money is, friends are interested that 1 BTC is worth "something"

i think the OP does not mean fork the blockchain.. but to simply call millibtc (mbtc) "a bitcoin".. which that argument of naming has died a death months ago..

changing the subject

high schoolers beleive bitcoin has no value and it is completely speculation.. but here is the rebuttle that i have tried to teach noobs and teenagers time and time again.

so here goes. ill start with an easy example

lets say gold mining cost an excavator and labour of 30man team. once you calculate the amount of gold they dig up over a year, and work out the plot licence, excavator rental, and labour.. it works out as $1000 an ounce.. this is then sold as atleast $1100 to the market makers, who add on their profits. and then a bit of profit here and there, we see the maket priceof $1,337.93 today

golds TRUE VALUE is $1000 (costs) with speculation (profit variance) of $337~

now bitcoins. to mine a bitcoin, rig cost, electric costs is about $500 per btc average. then add on the fact that the miner wants to make some profit so he wont sell below $550(preferable $1mill but he has bill to pay) so most miners wont sell below those numbers, and speculators who buy , wont sell at a loss.. so a bit of profit here and there, bitcoin is $622 today

btc TRUE VALUE is about $500-$550 (costs) with speculation (profit variance) of $100~..

and thats as short as i can explain it


expected rebuttles
1. no its just supply and demand - i reply "supply is not 0 cost, same as a tin of baked beans, everything has a cost+profit, demand just quantities the profit/speculation part. high demand a shop can sell baked beans for $20. low demand they discount it to cost price (worse case), but would never sell out at a loss"
2. but the price can crash to $10 - i reply "if one idiotic whale crashd it. smart people will buy cheap coins because they know it will settle back to $500 minimum just like the february crash never dropped below $400, because mining COSTS were $400 true value at the time, even if a whale crashed the market it will soon rise back to cost price, and then profit speculation wold again begin"

i never judge bitcoin on the 'high' i always judge itcoin on the aerage monthly lows... once you start to use bitcoin calculators (mining profitability calculators) you too will see the trends.. no one can preduct the speculations ('high's and idiotic whales) but there are trends when it comes to costs vs stable lows

The problem is these kind of idea has been discussed many many times in the past, and many have lost their patience to explain it again and again.

ugh, this again? seems to come up every so often -- less often than the dreaded mBTC discussion..... :-\

Price is governed by law of supply and demand.

And the process can be repeated again and again, and I will be able to buy a huge island with my current 0.05 btc lol. ;D

I don't really understand what you are talking about  ::)

OP is saying something like, "Hey, I have a genius idea. If we split 1 bitcoin into 1000 pieces, people will somehow bid the price back up to $1000 for each piece and we will all get rich." Sort of.

Ofc, the plan won't work.  ;D