Bitcoin Forum

Economy => Economics => Topic started by: Andris on May 26, 2011, 08:21:24 PM



Title: Should the decimal place on bitcoins be shifted?
Post by: Andris on May 26, 2011, 08:21:24 PM
It seems we're entering a period where .01 bitcoin actually represents a decent amount of value, and rising.

I think this is psychologically limiting people, who feel they are moving around '.01' of something that was roughly what 1.00 was last year. This situation wouldn't be too bad if bitcoin was actually a known currency, but when people are fighting to grab a few bitcoins, I think there's an impediment to getting people to trade values of .1-.5 and such, so redenominating the currency would hopefully spur more usage.

I think it should be shifted two places to the right. This means that if bitcoin ever achieves trading parity with the US dollar, it would only need one more such shift, and if something only needs to be done twice, that's a good thing in my opinion.


Title: Re: Should the decimal place on bitcoins be shifted?
Post by: kuba_10 on May 26, 2011, 08:33:08 PM
I like pancakes, though nails are flying high today and it may result in quicker vapourizing.


Title: Re: Should the decimal place on bitcoins be shifted?
Post by: MoonShadow on May 26, 2011, 09:09:43 PM
I think it should be shifted two places to the right. This means that if bitcoin ever achieves trading parity with the US dollar, it would only need one more such shift, and if something only needs to be done twice, that's a good thing in my opinion.

I'm sorry, but one of us is confused.  Bitcoin crosses parity with the US $ months ago.


Title: Re: Should the decimal place on bitcoins be shifted?
Post by: Andris on May 26, 2011, 09:39:20 PM
Trading parity, as in volume and economic significance.


Title: Re: Should the decimal place on bitcoins be shifted?
Post by: MoonShadow on May 26, 2011, 09:49:27 PM
Trading parity, as in volume and economic significance.

That wouldn't be how the term is normally used in relation to currencies.


Title: Re: Should the decimal place on bitcoins be shifted?
Post by: FreeMoney on May 26, 2011, 10:09:38 PM
I've been putting it inside one of the zeros because I like doughnuts.


Title: Re: Should the decimal place on bitcoins be shifted?
Post by: cschmitz on May 27, 2011, 12:01:04 AM
Andris i suggested something along your line here http://forum.bitcoin.org/index.php?topic=9299.0 but i think its safe to assume it doesnt catch on. My impression is that there is too little concern for end user psychology in the still very technocratic thinking btc development community.


Title: Re: Should the decimal place on bitcoins be shifted?
Post by: interfect on May 27, 2011, 04:32:28 AM
Andris i suggested something along your line here http://forum.bitcoin.org/index.php?topic=9299.0 but i think its safe to assume it doesnt catch on. My impression is that there is too little concern for end user psychology in the still very technocratic thinking btc development community.

The client developers seem to be decent at psychology, or at least at UI design. Compared to other open distributed crypto-thingies, like Freenet or Tor, Bitcoin is dead simple to use.