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Author Topic: We should start pricing Bitcoins in Satoshis to realize how cheap it is!  (Read 936 times)
Bulista
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January 01, 2016, 06:41:05 PM
 #1

Yup, look how cheap one satoshi is: $0.0000043

Even the exchanges should price it this way, you would see 1 satoshi going up to $1 in a minute.

That would put 1 BTC = $100,000,000 Smiley

Happy New Year everybody!
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January 01, 2016, 06:45:38 PM
 #2

This is the best idea I ever heard... not.. That may be how it feels to you, but in terms of economics this would ofcourse never happen..

It would allow people to have more satisfaction with their holdings. It feels better to have a hundered million of something than to have one of something.
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January 01, 2016, 06:53:18 PM
 #3

1000 satoshis for 1 dollar would be pretty good. It would be like using those old currencies from the old countries before unions engulfed their national currencies creating the Euro. Back in the day a lot of currencies would of around that value.
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January 01, 2016, 06:56:10 PM
 #4

Great idea but nowhere near being realistic. The reason that it is set up like this is to show how cheap it is.  Would you rather spend .00001 BTC for something, which shows a part of something or would you rather pay 1,000 Satoshi for that same item?  Doing this will not change the value of a Satoshi, it will just make some people not use it.  I think it is great because with Bitcoin, you can pay 1/10 of a [penny for something and see it.  Ask a bank to show you 1/10 of a penny.

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January 01, 2016, 07:00:02 PM
 #5

Would be nice if we get another drop in price before the haling in june/july buy up some nice quantities of coin before the massive rise. Still it is a fair price now but could be better.

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January 01, 2016, 07:07:49 PM
 #6

this was discussed last year, where bit debates about
0.00010000 : millibits,
0.00000100: microbits, (bits)
0.00000001 sats

which eventually people want microbits (bits). to allow for 2 decimals to allow for small change.

some said lets use millibits for now, as people can actually use a millibit, others argued that the tx fee made that unfeasable and in the near future when tx fee's drop thanks to the fiat valuation rise forcing miners to drop the tx fee, it will become possible...

but the consensus is that when that happens there would be confusion of different people using bitcoin and different people using millibits. and not long after that people will argue that millibits is too large as the fiat value keeps rising.. causing people to then want to move down to microbits(bits). meaning that millibits is just a temporary and confusing thing to change down to for such a short period.

so the majority of people are sticking to bitcoins and then there will be a big switch over to microbits, thus skipping the temporary confusion of measurements that millibits would cause common folk

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January 01, 2016, 07:28:36 PM
Last edit: January 01, 2016, 09:47:42 PM by Amph
 #7

it make more sense to wait for 1 satoshi = 1 cent, to start to consider the minimum in bitcoin value, which mean that bitcoin need to increase above 2000x, around 1M

which is not something that will happen overnight, if it will ever happen...
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January 01, 2016, 08:39:05 PM
 #8

I think that we could use bits as a reference if bitcoin increases so much. For small prices could be better to use the reference 10 bits than 0.00001 Bitcoins. A satoshi, for now, has very small value to use as a reference.
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January 01, 2016, 09:08:07 PM
 #9

it make more cent to wait for 1 satoshi = 1 cent, to start to consider the minimum in bitcoin value, which mean that bitcoin need to increase above 2000x, around 1M

which is not something that will happen overnight, if it will ever happen...
these will make it easier to know how much you have in USD imagine that when newbies come and start begging to get 10 .. 20 satoshis
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January 01, 2016, 09:22:53 PM
 #10

it make more cent to wait for 1 satoshi = 1 cent, to start to consider the minimum in bitcoin value, which mean that bitcoin need to increase above 2000x, around 1M

which is not something that will happen overnight, if it will ever happen...
these will make it easier to know how much you have in USD imagine that when newbies come and start begging to get 10 .. 20 satoshis
It will be hilarious if that really happen someday. For now using Satoshis as valid unit is only good if you're a faucet user. Other than that we are sill better with full bitcoin pricing.
I would rather have 0.00229BTC than 229,790 Satoshi for 1$.
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January 01, 2016, 09:25:19 PM
 #11

yeah right it surely wouldnt be that easy as people still wouldnt buy more of it
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January 01, 2016, 09:53:37 PM
 #12

i don't know if people would be inclined to use such small amounts and denominations. It is really kind of a thing to discuss transaction in bitcoins and not in Satoshis.
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January 01, 2016, 10:39:28 PM
 #13

i don't know if people would be inclined to use such small amounts and denominations. It is really kind of a thing to discuss transaction in bitcoins and not in Satoshis.

its so that people who only hod $10 can look rich by showing their friends they have 1000cents
numbers sound bigger if you move the decimal.

but discussion transactions in satoshi's is technically better, because behind the scenes of the temporary GUI of bitcoin programs.. holds the protocol which measures value in satoshi's..

and another thing to take into account is that we no longer measure gold in tonnes. most gold retailers selling gold in coin form no longer measure in ounces either, they measure in grams..

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January 01, 2016, 10:41:51 PM
 #14

some bitcoin sites already use "Bits" unit

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January 01, 2016, 10:46:43 PM
 #15

it make more cent to wait for 1 satoshi = 1 cent, to start to consider the minimum in bitcoin value, which mean that bitcoin need to increase above 2000x, around 1M

which is not something that will happen overnight, if it will ever happen...
these will make it easier to know how much you have in USD imagine that when newbies come and start begging to get 10 .. 20 satoshis
It will be hilarious if that really happen someday. For now using Satoshis as valid unit is only good if you're a faucet user. Other than that we are sill better with full bitcoin pricing.
I would rather have 0.00229BTC than 229,790 Satoshi for 1$.
But I would prefer later it gives me a feeling that I have lot of something and a sense of contention.
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January 01, 2016, 10:55:01 PM
 #16

Hehe, I remember when Bitcoinity pushed this as we approached the top of the bubble. "We're above $1000, so we have to price in mBTC now!" That went over well, eh?  Tongue

I'm gonna be honest...no matter how high the price might go, I'm gonna have a real hard time using any other unit than BTC.

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January 01, 2016, 10:57:35 PM
 #17

I would suggest doing it in half satoshis instead to make it worth even more.
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January 01, 2016, 11:02:11 PM
 #18

I would suggest doing it in half satoshis instead to make it worth even more.

Why the focus on making it worth more (or rather, making it seem like it's worth more)? This obsession with the moon really gets tiresome sometimes. I think the unit is fine as is...

 
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January 01, 2016, 11:07:05 PM
 #19

satoshis look cheap to be honest but if one satoshi was one dollar we wouldnt be able to use it as we would need smaller amounts such as half dollar too and we would be able to use only one satoshi
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January 01, 2016, 11:42:51 PM
 #20

Satoshi is too small for now. Currently mBTC is ideal IMO.

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