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Looking at a China-bounce around 2500 which might be good for a quick buy/sell.
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If you look at my post history on this subject you would find that I mostly thought the idea of any renaming was stupid and not needed.
That is, until I started talking to people and did run into "Bitcoins are way too expensive" over and over again.
Logically it makes no sense but I could sell a boatload of bits at 2500 bits per dollar to the general public and could see the price rising pretty quickly to 1000 bits per dollar over the next few months.
It is not logical but I have come to the conclusion that the general public is not logical when it comes to money.
When introduced to the idea "1 bit = 100 satoshi", without exception, everyone I have talked to has just lit up, understood it and are now running with the idea to all their friends.
That is how you accomplish this. Just do it. Everyone will thank you later.
1 XBT = 1 bit = 100 satoshis
1 BTC = 1000000 XBT = shorthand used in larger transactions
100% agreed with this and D&T's considered opinion too. While a lot of people like the idea of this change some are concerned about the choice of "bit". The reality is that the simplest terms win out and there is no single term which everyone would like. In practice "bits" would be seen most often, especially while 1 bit is below the dust threshold. Even paying 11,500 bits for a 64-bit cpu chip is not really confusing. |
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I like what Dennis has done here, some smart thinking and design.
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Lots of great points in this thread and a real majority of votes for change, much more than might have been assumed beforehand. Good to know this! And presumably that's why wine (say) is sold in 750ml bottles, as opposed to 0.75l bottles. But that doesn't seem to be an argument in support of moving the decimal point 2, 3 or 6 places.
You might not see bottles in the real world labelled 0.75l but here in Bitcoinland we sell wine in 0.00075kl bottles. This will be really good for Bitcoin as one of the key psychological advantages that altcoins have over Bitcoin will be gone.
It's about widespread adoption transcending mathematical literacy, and "bit" is the ideal solution concerning avoiding decimals as well as ownership psychology.
Agreed with these comments. The psychological aspect is very important and this change will likely attract more people to Bitcoin rather than put them off. |
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I really think that the BF should ask prospective board members to disclose any lawsuits they are defending. Unless it is for something like an unpaid speeding ticket then the candidate should be asked to withdraw until their legal matters are settled.
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Journey to the Center of the Earth , horrible.
+1. Script was sub-standard, acting was terrible and one of the worst ever performances by Brendan Fraser. Still I don't know how the movie managed to collect $240 million+ from the box-office. Yes. Terrible. The only "adventure" film where descending into a bottomless pit is a better chance of escape than exploring a level passage which might lead outside. |
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User 101111 on reddit made this mock-up wallet. I wish I could take credit for that mock-up. I can't remember who made it but it was someone on reddit. Thanks for mentioning. OP is corrected. that's gonna destroy bitcoin.
No it won't. Silly polls like this have come and gone for years. Nothing happens, ever. Yep. Consensus works by discussing something until people are sick of the subject, although it will then be obvious where most people stand. Change can't be forced but it can be encouraged. A glacier builds from singular snowflakes.  IMHO Bitcoin would benefit from having a widely recognized unit with 2dp precision. |
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I really like bits. For one, you can have a conversation with bits. mBTC and uBTC is awkward; mBTC is worse as it doesn't roll off the tongue well, uBTC isn't as bad. But bits is 1 syllable, rather than 4. It's also easier to type, as it's all lowercase. And you get two decimal spots, which everyone's already accustomed to. Not that we'd need them anytime soon but perhaps someday.
Perhaps we could make a lowercase bitcoin symbol to represent bits.
Great! You are a guru artist so I would like to see your conception of such a symbol. |
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21 million bitcoins FOREVER!Satoshi recognized that 21 million currency units are not enough for a global currency. His solution was to support eight decimal places on amounts, which also allows the reward halving process to continue for about 140 years. Internally the Bitcoin software recognizes 2,100 million million currency units (now known as satoshis) but they are divided by 100 million before presentation to users. So the block reward is currently 2,500 million satoshis or 25 bitcoins. Bitcoin units were fine for the first few years, but during the last 12 months the question keeps arising "Is another unit best for common usage?" Inertia of existing systemsAll modern fiat currencies have a major currency unit which has 100 minor units: e.g. $1 = 100 cents. Everyone is used to this system from childhood. Many people are not comfortable with scientific notation or with small decimals such as 0.001234 which will be seen more and more often as the unit value of 1 bitcoin rises. Most people are happier dealing with 100,000 than 0.00001 Further, 99.99% of the world's financial and accounting systems do not support more than 2 decimal places on currencies, let alone as many as eight. It is arguable that Bitcoin has a very real handicap upon its growth by disregarding modern conventions in currencies. Enter the "bit"1 bitcoin = 1,000,000 bits
1 bit = 100 satoshisUser 101111 on reddit recommended this mock-up wallet. The current Bitcoin Core wallet does allow the selection of millibitcoins and microbitcoins but not with such a user friendly presentation, and not by default. Is it time to consider using "bits" as standard? All balances become 1 million times larger, the block reward as 25 million bits, the exchange rate as 0.04 cents to a bit, a cup of coffee as 7000 bits instead of 0.007 BTC Is this an improvement? If the bitcoin value increases into the thousands of dollars which unit is easiest to use for pricing goods and services? 
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Wow, Stamp hit $460 almost an hour ago when we were screwing around. I almost owe Adam an apology if you take a very loose interpretation of the term "moments away".
Adam also called out $425 as a great buy which is an entry point nicely in profit now. |
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Ah. I remember that monster. The best time to use it is in the middle of the night when there aren't many cars! |
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Excellent development. Bitcoin price info and news now available to 320,000 Bloomberg Professional subscribers.  The choice of Coinbase and Kraken reflects the conservative position of selecting price sources which are furthest down the path of full compliance with US money transmission laws. Coinbase is a good proxy for Bitstamp with regard to pricing. |
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While I have wanted this project to succeed from when it was first announced, it is now obvious (to me anyway!) that it started with a very serious handicap.
Basically, to get broad usage in the general population Auroracoin needed a level of infrastructure before the airdrop:
a) AUR wallet software for the main mobile devices, Android, windows mobile, iOS (jailbroken if necessary)
b) an AUR merchant service like BitPay ready to sign up businesses
c) an AUR/ISK exchange ready to go
d) the promoter on the ground in Iceland's towns talking to people, businesses, putting a friendly face to the whole endeavor.
The absence of these means a lot longer time frame to get traction, if at all.
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For me, this site has been frozen for at least 6 hours. I think it has stopped updating. |
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You know how it will end. In a dump or in China FUD resulting in a dump. I wish i could be excited as well.
Yep. You are right. |
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 China is launching |
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