Why do I get a sneaking feeling (after reading the recent posts) that we are entering the "new paradigm" stage..?
I think I'll give it till 1100-1200 (Bitstamp price), probably earlier.
Naw. Closer to $1400 before we crash below $100 and possibly to single digits  Only "possibly" now...? Losing the bear faith, are we? No. What I meant is that single digits is coming, but might be a second crash immediately following the first to $100. Single digits would be a catastrophic crash - can you really envisage that without a huge exchange scandal / theft or a systemic failure? We are talking BTC death at that rate - I can't see it (not impossible, of course) but barring a huge calamity inside the system itself - how? |
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Why do I get a sneaking feeling (after reading the recent posts) that we are entering the "new paradigm" stage..?
I think I'll give it till 1100-1200 (Bitstamp price), probably earlier.
Naw. Closer to $1400 before we crash below $100 and possibly to single digits Only "possibly" now...? Losing the bear faith, are we? |
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Someone just stuck 650 BTC ask at 1039 on gox , looks like I can sleep soundly.
Stamp ain't going to climb that 1000 wall it seems, so we are where we are for a bit. Watching bots now - until the next drama.
Lately I realised I have started to dream of graphs.
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Come on Stamp - back Gox up a bit - China is still lower..... anyone catching up so the bears know they're beaten on the 1000 line?
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Hows about:
Bitcoin = Bits = 1 unit
cents = cBits = 0.01 units
millis or mills = mBits = 0.001 units
micros or mics = μBits = 0.000001 units
Satoshi or sats = 0.00000001 units
nanos or nans = nBits = 0.000000001 units (for when 1 Bitcoin = 1 Mega dollar or BTC1 = M$1 = $1,000,000)
The logic being 100 cents in a Dollar/Euro but we don't say centidollar or centieuro, we just say cents.
"centi-bit" c BTC"milli-bit" m BTC"micro-bit" µ BTC "satoshi" s BTCprobably causes the least confusion or "cent-coin" "milli-coin" "micro-coin" or "ceebits" c BTC"embits" m BTC"mybits" µ BTC For me: First lot ok - but too many syllables Second lot - a little clunky 'cent-coin' yikes... Third - 'ceebits' / 'embits' /'mybits'.... actually - genius! |
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Hows about:
Bitcoin = Bits = 1 unit
cents = cBits = 0.01 units
millis or mills = mBits = 0.001 units
micros or mics = μBits = 0.000001 units
Satoshi or sats = 0.00000001 units
nanos or nans = nBits = 0.000000001 units (for when 1 Bitcoin = 1 Mega dollar or BTC1 = M$1 = $1,000,000)
This has flawless logic, but I still wonder about that coffee being 'two mills' and we probably need the 'bit' in there to keep it connected to Bitcoin. So 'millibit', or back to 'embit' for me.. I like Bitcoin for full units (shortened to "coins" in common use), mBit for 0.001 units (shortened to "bits"), and Satoshi for 0.00000001 units (same term for common use) +1 how about mB would be called bit/bits when B is bitcoin/bitcoins, "I paid just two bits for this coffee!"
Get a vote put up? Nominees: 'bit' / 'embit' / 'milli' We need to have a term - and imagine that coffee shop increasing the price in USD and putting it down in BTC often enough for people to realise what inflation REALLY means! |
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embee sounds nice but embit maintains a closer attachment to bitcoin because of the bit part.
The logic being 100 cents in a Dollar/Euro but we don't say centidollar or centieuro, we just say cents. Context! Yep - but we will struggle to call a 10 m BTC denomination a 'cent' because it would be confusing. 'Millis' works, but would you not have to say 'Bitcoin?' first if the coffeeshop normally takes USD / Euros? Not against it - but we need to focus on m BTC and smaller for currency use in situations where adoption is likely to start. At dollar parity - it's a perfect place to start and get it out there. Even if it won't last! |
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Hows about:
Bitcoin = Bits = 1 unit
cents = cBits = 0.01 units
millis or mills = mBits = 0.001 units
micros or mics = μBits = 0.000001 units
Satoshi or sats = 0.00000001 units
nanos or nans = nBits = 0.000000001 units (for when 1 Bitcoin = 1 Mega dollar or BTC1 = M$1 = $1,000,000)
This has flawless logic, but I still wonder about that coffee being 'two mills' and we probably need the 'bit' in there to keep it connected to Bitcoin. So 'millibit', or back to 'embit' for me.. |
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This is the senior thread - if we find consensus and use it, we may have the honour of naming the mBTC for the world.
Embee / embit - best so far...
Any other nominations? After all, it is necessary if we want the masses 'in'.
embee sounds nice but embit maintains a closer attachment to bitcoin because of the bit part. You run a coffe shop - how you gonna price a coffee in Bitcoin... 'That'll be two embits, mate' Works for me - we can't have a string of zeros on the price list - it must happen, right? |
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I like mBit (ehm bit).
Yeah - seems logical - anyone else... the chance to shape the name of the new basic denomination of BTC? |
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Why not just mill or mills? Context would make it obvious that we mean mBTC.
"I just spent a couple of mill on a coffee" ? Has some connotations with larger amount |
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This is the senior thread - if we find consensus and use it, we may have the honour of naming the mBTC for the world.
Embee / embit - best so far...
Any other nominations? After all, it is necessary if we want the masses 'in'.
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Yep - it's out of date, I was joking - but why not set a new target we can hope for?
m BTC 1 = $2 by 2013-12-31 23:59? Easy way to pronounce mbtc? "embit" "milli-bit" ? I thought 'millibit' - but with one more syllable than bitcoin, it won't succeed as easily as 'embit' now I think about it. |
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Yep - it's out of date, I was joking - but why not set a new target we can hope for?
m BTC 1 = $2 by 2013-12-31 23:59? I like it  |
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Can we take down (or adjust) the poll please?
To the question:
"Question: Will Bitcoin trade over 1000$ within a few weeks?"
Only 74% answer 'yes'...
If 100% answered "yes" then Bitcoin would have already been at $1000 by the time the poll was made. Yep - it's out of date, I was joking - but why not set a new target we can hope for? |
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Can we take down (or adjust) the poll please?
To the question:
"Question: Will Bitcoin trade over 1000$ within a few weeks?"
Only 74% answer 'yes'...
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yes, mbtc is the answer. it has to happen, otherwise we are screwed. people are afraid anyway since they are investing in something abstract digital "protocol". now if this in what they invest is so abstract and on top of it below 1, a fration of 1, not even 1 - then they will not buy it. psychological barrier...
Glad someone agrees - I am in now, but when I first got some BTC around 50 bucks - it did not feel like a huge risk - a 'punt' - if it dived to ten, well - I would survive. We appear to have a 1000 dollar entry point for one 'coin'. But at a dollar a pop, everyone might at least try things out. Exchanges (and even us) might hate all the minnows coming in, but we are (psychologically) barring people from entry. It looks like a big boys game at a grand..... Worth pushing the m BTC as a unit. Or we are helping Litecoin etc. Really! |
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The mBTC idea for exchanges does have some sense if we want more widespread adoption.
If they are 'coins' but one costs a thousand bucks - people can hardly imagine buying a coffee with one.
I had a friend around a while back and watched the charts a bit then he wanted in but said $500 (hah!) seemed a lot of cash, then he called me a week later and asked if he should buy a few Litecoins as Bitcoin were so expensive. I suggested he shouldn't (I was probably wrong, looking back), but the point remains; at a thousand bucks it sounds like something for gold investors not for 'people like me'.
So - slap me down - but promoting mBTC / Satoshis / whatever... seems to have a bit of sense behind it, who is going to say what a coffee costs in terms of 0.00000xx BTC?
Anyone got serious thoughts?
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I just voted in the 1000 poll - I think I might have that one right, at least |
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There's still more to come from this, I don't think it's over yet....
its never over man Probably not - but that looked like a bear failure to me.... |
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