Should all exchanges switch to mBTC on January 1, 2014? (Poll)

[BitchicksHusband]

When bitcoin was below $400, it really wasn't an issue for people to buy bitcoins.  But the instant it got "too high" over the $399 psychological barrier, now all of my friends who were going to buy for sure last week are saying "they missed out".

By switching to mBTC, you could buy at Mt. Gox for around 75 cents currently and BTCChina for 5.8 Yuan.  Edit: Because it's easier psychologically to buy 200 items for .75 each than it is to buy .2 items for $750 each.

Simple question:  Do you think that all bitcoin services and exchanges should switch to mBTC pricing by January 1, 2014?  Please state why or why not in the comments.

Thanks.

[johankahn]

Why? Only reason it would be feasible is if and when Bitcoin keeps growing in cost.
Could also let the exchanges decide, maybe group traders accounts into High volume trade or Low volume and switch from BTC to mBTC accordingly

Overall, however, mBTC would be the best unit for the foreseeable future of Bitcoin as it would cater for both sides evenly.

[BitchicksHusband]

Because it's easier psychologically to buy 200 items for .75 each than it is to buy .2 items for $750 each.

[empoweoqwj]

Because it's easier psychologically to buy 200 items for .75 each than it is to buy .2 items for $750 each.

I disagree. People love the fact that a bitcoin is worth a lot, and the price is rapidly heading towards an ounce of gold. It gives bitcoin owners a great feeling, like bitcoin is replacing gold as a store of value.

All those articles showing lovely graphics of "gold bitcoins", what would they show instead?

Just leave it as it is. A sudden "reset" would just confused the heck out of people at the time when bitcoin is entering the mainstream.

People don't seem to be having many psychological problems buying bitcoins at the moment do they? 

[freedomno1]

True economics professors like them or not do not like the idea of currency reevaluation

IT's also why we had to get rid of the penny instead of revaluing the currency

(Not same argument but same result lol)

Result being nothing should happen but we don't know XD

[djalexr]

I think this should be done at some point, mainly for the reason that for everyday purposes it could get annoying dealing with prices with lots of decimals like 0.00004 etc.

Think Jan 2014 is probs too early though, it will be confusing/suspicious perhaps to these already presumably psychologically 'weak' people!

And yeah another point is, do we really need psychologically 'weak' people, investing in bitcoin when they havn't even researched it enough yet to understand for themselves that bitcoins can be split down to smaller chunks than 1btc!

[safeminer]

just give it one year and switch to satoshi's

[MicroGuy]

I voted no. 



I think money will start spilling over to altcoins and hopefully take some of this bubble out of bitcoin. Based on what I'm seeing with litecoin this may already be beginning. As of this moment litecoin is holding its gains much better than bitcoin.

[BitchicksHusband]

Bump.

[bonker]

yeah , we need a stock split at some point. for ease of use to save all those digits. Also to help the new adopters to not have their face rubbed in it that they missed out of piles of cash while we were mining BTC in '09 and they were sitting with their thumbs up their asses.

[BTCLuke]

Bitcoins are NOT stocks and they do NOT split.

Satoshi made a beautiful thing; and you want to conform it to the most uneducated mindset. How dissappointing.

Perhaps to make it even more well understood we can change the bitcoin symbol from BTC to $?  That'd make it REALLY easy for idiots to know it's a unit of money!

Get used to trading bitdimes, bitcents, millibits, microbits, & satoshis because that's what will be practical and no amount of polling is going to change the unit of account.

[accord01]

lol are you guys stupid?  how could majority vote for yes?

don't you understand this would just make it more confusing and an extra thing to explain to people?

"1 bitcoin used to be worth $1... now it is 1000."  That sounds good

"1mbtc is 1 bitcoin divided by 100, and 1mbtc used to be worth .001 but now"  not going to work...

keep it at 1 bitcoin... when bitcoin receives mass adoption... then split into 1ubtc or something...

[xxnewbiecoinerxx]

lol are you guys stupid?  how could majority vote for yes?

don't you understand this would just make it more confusing and an extra thing to explain to people?

"1 bitcoin used to be worth $1... now it is 1000."  That sounds good

"1mbtc is 1 bitcoin divided by 100, and 1mbtc used to be worth .001 but now"  not going to work...

keep it at 1 bitcoin... when bitcoin receives mass adoption... then split into 1ubtc or something...

Calling other people stupid, because you can not understand the difference between meter and millimeter...

[jonat3]

Ummm, maybe you guys haven't noticed, but the growth in price started stalling after it passed 1000 dollars through Bitstamp. Usually, the price explodes after passing a psychological treshold, but strangely enough it stalled righ after. I've tried advocating BTC to people the last few days, but many think it's too expensive right now. May I remind you guys that psychological perception has actual effects in reality and that it's perceived expensiveness may have resulted in the price stalling?

We need mBTC and fast or growth will be much slower from here on out.

On the other hand, slow growth might actually be better, because growth might be seen as more healthy. Not to mention that it might give me a chance to obtain more BTC for a cheap price. Well, it's really your choice if you want fast growth or not. But IMO, the perceived expensiveness of BTC DOES have an actual effect on demand.

[DeathAndTaxes]

Ummm, maybe you guys haven't noticed, but the growth in price started stalling after it passed 1000 dollars through Bitstamp. Usually, the price explodes after passing a psychological treshold, but strangely enough it stalled righ after. I've tried advocating BTC to people the last few days, but many think it's too expensive right now. May I remind you guys that psychological perception has actual effects in reality and that it's perceived expensiveness may have resulted in the price stalling?

We need mBTC and fast or growth will be much slower from here on out.

On the other hand, slow growth might actually be better, because growth might be seen as more healthy. Not to mention that it might give me a chance to obtain more BTC for a cheap price. Well, it's really your choice if you want fast growth or not. But IMO, the perceived expensiveness of BTC DOES have an actual effect on demand.

Yeah it probably has nothing to do with the 600% run in the last 30 days.  Over the long run Bitcoin has apreciated against the dollar by ~0.5% per day or 15% per month.  The last 30 days was 40x that.

[invisiblehand]

Yes to mBTC

It will happen naturally and overcome any resistance

[jonat3]

Ummm, maybe you guys haven't noticed, but the growth in price started stalling after it passed 1000 dollars through Bitstamp. Usually, the price explodes after passing a psychological treshold, but strangely enough it stalled righ after. I've tried advocating BTC to people the last few days, but many think it's too expensive right now. May I remind you guys that psychological perception has actual effects in reality and that it's perceived expensiveness may have resulted in the price stalling?

We need mBTC and fast or growth will be much slower from here on out.

On the other hand, slow growth might actually be better, because growth might be seen as more healthy. Not to mention that it might give me a chance to obtain more BTC for a cheap price. Well, it's really your choice if you want fast growth or not. But IMO, the perceived expensiveness of BTC DOES have an actual effect on demand.

Yeah it probably has nothing to do with the 600% run in the last 30 days.  Over the long run Bitcoin has apreciated against the dollar by ~0.5% per day or 15% per month.  The last 30 days was 40x that.

I'm not saying that there aren't multiple factors at play, but it matters what people believe. That's all I'm saying. If people believe they can't buy smaller fractions of a BTC and they believe that it is too expensive, it will stall demand. Just my 2 cents.