Wall Observer BTC/USD - Bitcoin price movement tracking & discussion

[TheKoziTwo]

Can someone explain to me why many people use millibitcoin instead of actual bitcoin? I saw some people talk about it but I still don't get what makes it 'better'? Isn't it essentially just BTC/1000?

Some claim that it's easier to price products such as 1.9 mBTC rather than 0.0019 BTC or 250 mBTC rather than 0.25 BTC. Also, it may be less of a psychological barrier to purchase 100 mBTC than 0.1 BTC. We can already hear complaints such as "bitcoin is too costly, I can't afford it", despite the fact that it's possible to purchase less than 1 BTC.. So if everyone starts using mBTC it may have a positive effect on the price, it doesn't sound as costly to pay $0.12 for a mBTC compared to $120 for a BTC. Just look at the alternative chains, even though they have a lot more coins, the price seems to be going up quite high regardless. E.g litecoin is about $4, but there will be 84 million coins, so essentially if we compare to bitcoin that's $4*$4, $16 at the moment, what bitcoin wasn't even worth in the beginning of this year.

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[crazy_rabbit]

Can someone explain to me why many people use millibitcoin instead of actual bitcoin? I saw some people talk about it but I still don't get what makes it 'better'? Isn't it essentially just BTC/1000?

Some claim that it's easier to price products such as 1.9 mBTC rather than 0.0019 BTC or 250 mBTC rather than 0.25 BTC. Also, it may be less of a psychological barrier to purchase 100 mBTC than 0.1 BTC. We can already hear complaints such as "bitcoin is too costly, I can't afford it", despite the fact that it's possible to purchase less than 1 BTC.. So if everyone starts using mBTC it may have a positive effect on the price, it doesn't sound as costly to pay $0.12 for a mBTC compared to $120 for a BTC. Just look at the alternative chains, even though they have a lot more coins, the price seems to be going up quite high regardless. E.g litecoin is about $4, but there will be 84 million coins, so essentially if we compare to bitcoin that's $4*$4, $16 at the moment, what bitcoin wasn't even worth in the beginning of this year.

I think the milli crowd has an entirely legitimate point. It's hard to price a cup a coffee at .003 BTC or something like that. It should be one unit of bitcoin = 1 cup of coffee.

I like to think so anyway.

[molecular]

Here comes the panic again?  Fun times!  I'm going to buy a crazy amount of coins at $100 if it gets there.

not nearly as violent as the last time we bounced off $0.12. Nowhere near the volume. I doubt we'll even retest $0.12

agree, i called the bottom in my thread.

can you link "your thread"? Looked through your recent posts but couldn't locate it.

[giszmo]

Can someone explain to me why many people use millibitcoin instead of actual bitcoin? I saw some people talk about it but I still don't get what makes it 'better'? Isn't it essentially just BTC/1000?

In a few years time we will use μBTC (micro bitcoins) in every day conversations  

Ok, TheKoziTwo just said essentially the same thing while I was writing but with a bias more towards the scammy manipulative thing that I don't like, so I post my version anyway:

There are several things at play. First, people very reasonably try to avoid insignificant zeros:
If Bitcoins are worth $34,238,712/Ƀ the average Joe will not care about the last 6 digits and the average trader will not care about the last 4 or 5 digits so they will rather want to talk about $34,239/mɃ or $34.2/μɃ.
At the other end of the scale you don't want to buy your chewing gum for 0.000,032Ƀ but rather see a quote of 32μɃ.

Ok, so that was the convenience part of the story. Unfortunately there are also some people that advocate to use mɃ to make it seam cheaper to buy in. Their reasoning is that people think in full units so they rather buy something that costs $0.12 than something that costs $120 regardless of the quantity they are buying later. I tend to disagree with this approach but know it kind of works. LTC are valued at $4 with a x4 supply that would translate to $16 for Bitcoin. Ok historically $4 and $16 fell in short succession in the bitcoin world but still, the LTC is considered by many as BTC ignoring the fact that there are 4 times more of them, so for the LTC-scammers this trick worked. Well, as I said I still lean towards not using tricks as Bitcoin doesn't need to fool its users.

[rpietila]

Can someone explain to me why many people use millibitcoin instead of actual bitcoin? I saw some people talk about it but I still don't get what makes it 'better'? Isn't it essentially just BTC/1000?

The place of the decimal point is a GUI convenience, the Bitcoin software does not specify it. It deals in satoshis; 1mBTC = 100,000 satoshi.

Soon, everybody who does not use millibitcoin will be ousted the forum as non-believers 

I may or may not have a 1,000,000mBTC bet outstanding, whether I can convert the majority of the forum to use mBTC before May 31st.

I did have a one-way brag offer to give 1,000mBTC if I have not been instrumental in defeating the leading position of Mt.Gox in USD/BTC exchange in the next 12 months.

I had specified that the first one that writes an intelligent reply to this article, will win the coin - sadly the offer was cancelled due to no intelligent replies in the stated 72 hours. (This does not automatically mean that Mt.Gox will get to keep its position, however. The offer was not the only reason why I would like the trading to be diverted to the dealer network.)

[arepo]

can you link "your thread"? Looked through your recent posts but couldn't locate it.

sorry, didn't mean to make you search

this guy, more specificially, i've been discussing signs that this is a market bottom in pages 6-8.

[KillaMarci]

Thanks for the explanations everyone!


I suppose it does indeed make sense to use mBTC for now. Should make purchasing things a lot more straight forward indeed. Maybe I should also convert everything I do to mBTC from now on since I am currently only trading with very very low volumes. I just put in $150 to test out the whole Bitcoin thing and I've never owned a whole Bitcoin. Saying "I have 552mBTC" is really much easier than saying "I have 0.552mBTC.

[SAQ]

"I think the milli crowd"

Shouldn't we just call it one bit, rather than a milli. So it's basically like cents to dollars, bits to bitcoins.

[molecular]

what the f just happened? I saw a drop on clarkmoody down to $0.126. It stopped there so I reloaded the page. Now there is no drop like that to be seen.

[Jaques]

dumping started, test of 120 ahead ...

[molecular]

"I think the milli crowd"

Shouldn't we just call it one bit, rather than a milli. So it's basically like cents to dollars, bits to bitcoins.

not a bad idea. I've been waiting for some better name than "milli" of "millibit" to pop up. This might be it.

[KillaMarci]

I just bought at $128 about 30 minutes ago. There is now a 100% chance that the price will drop substantially.  

[molecular]

I may or may not have a 1,000,000mBTC bet outstanding, whether I can convert the majority of the forum to use mBTC before May 31st.

lol! It's close to impossible. I will try to help, bet or not.

[seleme]

Unusual movements for weekends...

[batcoin]

I may or may not have a 1,000,000mBTC bet outstanding, whether I can convert the majority of the forum to use mBTC before May 31st.

lol! It's close to impossible. I will try to help, bet or not.

I agree with this and wouldn't mind adopting a smaller denomination to help with aesthetics. I actually like the idea of millibits but not so much millis. What about switching some letters around and calling them billis or libits? Meh, sounds kinda lame.
I also like microbits or microbes. But I also think keeping the name Satoshi might simply be the best name for those denominations.

[Digikeys]

As stupid as it sounds, why does this look like someone is dumping and then buying back?

[seleme]

As stupid as it sounds, why does this look like someone is dumping and then buying back?

it's not stupid if you can dump at 130 and buy at 122

[ajk]

have to love btc

this is why day traders get slaughtered, always have and always will be best to hold long bitcoin because the bitcoin epidemic has just begun

people panic selling because they see walls on clarkmoody of insignificant size <1000 and thats enough?

when will everyone learn that its not about what you see its about what you dont see,

someone is laughing and tuesday is coming

[SAQ]

someone is laughing and tuesday is coming

What happens on tuesday?

[GreekGeek]

someone is laughing and tuesday is coming

What happens on tuesday?

Tuesday is the day after Monday