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Author Topic: The psychology of bitcoin prices  (Read 3223 times)
nobbynobbynoob
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February 11, 2013, 12:27:23 AM
 #1

Stated recently by one of my G+ peeps:

Quote
What gets me the most is how going from Dollars to BTC is at a terrible ratio right now.  You pay to transfer fees.  As Dave knows, last week I spent $50 on 2 BTC.  That is why I looked into mining.  There appears to be no easy way to get BTC.
(emphasis mine)

I don't know how widespread the perception is, but peeps are clearly thinking of bitcoin as "expensive" because of the high exchange rate per BTC. It is, however, purely psychological: refer to it as 23c per million satoshi or 2,3c per mBTC and suddenly it looks cheap enough!

Is it time we started thinking of, and routinely quoting exchange rates in, $ or cents per mBTC (BTM) instead of per full BTC? Online gaming is already (voluntarily, intentionally or not) standardizing the mBTC as a common basic token of value. This may help dispel the notion that bitcoins are outrageously expensive. My uncle did admit it sounds a lot cheaper if prices are quoted per 10 mBTC or per mBTC.

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February 11, 2013, 12:31:50 AM
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Absolutely. At some point the millibits will turn into the standard BTC unit. If it were for me, that moment could perfectly be right now.

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February 11, 2013, 12:34:30 AM
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It is going to happen organically as the exchange rate rises.  Personally I think pricing in mBTC is likely a little early but Bitcoin is decentralized and open.  Start quoting prices and exchange rates in mBTC if your prefer.  I may throw it up on https://fastcash4bitcoin.com  it takes ~43mBTC to receive one dollar ($1 USD).

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February 11, 2013, 12:50:57 AM
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It is going to happen organically as the exchange rate rises.  Personally I think pricing in mBTC is likely a little early but Bitcoin is decentralized and open.  Start quoting prices and exchange rates in mBTC if your prefer.  I may throw it up on https://fastcash4bitcoin.com  it takes ~43mBTC to receive one dollar ($1 USD).
yes. give it another order of magnitude, e.g. 100USD@1BTC. Then you get 0.1USD@1mBTC.

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February 11, 2013, 01:47:11 AM
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This will happen naturally as the price of 1 actual Bitcoin reaches a value too high for many people to own a whole one. This might seem a joke right now but in a few years time of Bitcoin trading growth, I have a strong feeling that everyone that gets in late in the Bitcoin scene will be working in decimal points of a Bitcoin.
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February 11, 2013, 01:54:07 AM
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Great post. mBTC all the way!

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February 11, 2013, 02:41:33 AM
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Of course this thought may be further exacerbated by the fact that mBTC is all I've got in my wallet right now. Grin Switching Bitcoin-QT to work in mBTC or even µBTC can make one feel delusionally richer! But back to the real world, and my client shows amounts in BTC with a total balance below BTC1 at present...

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February 11, 2013, 04:30:20 AM
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on the other hand its kind of silly to have the "digital gold" sell at 2,3c a piece. what is "expensive" to some is "valuable" to others. most of the time, bitcoin had much more trouble getting recognition as something of value. its much harder to take that argument serious if a piece is in the same ballpark as an ounze of silver. besides that, i think its more important that denomination is always the same in a specific context. for gaming mbtc or bitcent might be a good, for a site selling or trading in higher valued items, it might not be.

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February 11, 2013, 06:44:07 AM
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Is it time we started thinking of, and routinely quoting exchange rates in, $ or cents per mBTC (BTM) instead of per full BTC? (...)

Ok, that's it. Time to sell...  Roll Eyes
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February 25, 2013, 09:25:14 AM
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Is it time we started thinking of, and routinely quoting exchange rates in, $ or cents per mBTC (BTM) instead of per full BTC? (...)

yes. but not with a prefix like milli but with a smaller base unit. BTM, bitmills,  http://en.wikipedia.org/wiki/Mill_%28currency%29


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February 25, 2013, 05:11:53 PM
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And I was just starting to think it's too expensive at $1500 per 50BTC! All I need to do is think in smaller units and then Bitcoin looks cheaper. Win!
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February 25, 2013, 06:56:30 PM
 #12

In old time, people without enough mathematics training had a hard time to do complex float point calculation, that's the reason previous currency seldom went below 2 decimal place

Now everyone have learned mathematics, I think they can handle 3 decimal places without a calculator, but beyond 4 is still not very convenient, mBTC is the next step when BTC reached parity with one ounce gold

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February 27, 2013, 08:05:57 PM
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Not really necessary. It's just an artifact of not being familiar with dealing with multiple currencies. Growing up, a £ would buy you several thousand Italian Lira and nobody thought of changing the pound (though I believe the Lira was actually revalued some time before the Euro was adopted). Time to move away from provincialism, it's a global economy now.

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February 27, 2013, 11:12:10 PM
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It truly is a global economy, and a trusted global currency is necessary to facilitate trade.

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February 27, 2013, 11:15:32 PM
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People dont understand that there was a time when 10 USD was a monthly sallary, and that people used to deal in cents

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February 28, 2013, 03:46:07 PM
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People dont understand that there was a time when 10 USD was a monthly sallary, and that people used to deal in cents

I was reading the other day, (possibly on here) of someone who carries a silver dollar around (with $1 stamped on it, obviously) and asks people how much it's worth to illustrate what inflation has done to the currency.

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February 28, 2013, 03:54:13 PM
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I just watched a YouTube video about the "case for $960 [per ozt] silver". In the Roman Empire, historically, one silver denarius of about a tenth of an ounce, was equated in value to about a day's hard labour. In modern society it seems that gold and silver have been seriously demonetized, and presumably, if it comes to pass, a failure, either partial or total, of paper money/credit, will revalue them closer to their historic value. That's what the metalbugs think, anyway, but there's no absolute certainty they're right, only a degree of probability.

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February 28, 2013, 03:59:41 PM
 #18

1 Internet = 0.335 USD

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February 28, 2013, 04:02:12 PM
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I just watched a YouTube video about the "case for $960 [per ozt] silver". In the Roman Empire, historically, one silver denarius of about a tenth of an ounce, was equated in value to about a day's hard labour. In modern society it seems that gold and silver have been seriously demonetized, and presumably, if it comes to pass, a failure, either partial or total, of paper money/credit, will revalue them closer to their historic value. That's what the metalbugs think, anyway, but there's no absolute certainty they're right, only a degree of probability.

Why should people return to silver and gold when there is a far superior alternative?

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February 28, 2013, 04:06:06 PM
 #20

Why should people return to silver and gold when there is a far superior alternative?

I think I know what you're referring to Grin but that "far superior alternative" still requires internet. Gold and silver aren't going away (IMO): we now have precious metals and cryptocurrencies (of which BTC is king) to work with, and you can never have too much free competition.

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