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

[Aido]

Yep - but we will struggle to call a 10 mBTC denomination a 'cent' because it would be confusing.

'Millis' works, but would you not have to say 'Bitcoin?' first if the coffeeshop normally takes USD / Euros?

Not against it - but we need to focus on mBTC and smaller for currency use in situations where adoption is likely to start.

At dollar parity - it's a perfect place to start and get it out there.

Even if it won't last!

I am not suggesting use of the term 'cents' for bitcoin, it just fits in with the metric table. Mills would work for bitcoin as no other currency uses this denomination so it would be unique for BTC. Cents is still the smallest denomination for USD/EUR so no confusion.

[ScrapOfCat]

We need to have a term - and imagine that coffee shop increasing the price in USD and putting it down in BTC often enough for people to realise what inflation REALLY means!

This is brilliant.  Fiat is doomed.

[Coinseeker]

So is this it?  $1000?  No more upward growth without a denomination change?  

Thank God for Litecoin.   

[alexeft]

reward me for staring blankly at screens

Absolutely not!!! You will risk ie buy now!!! Invest in us! Invest in yourself! 

Personally I'd rather buy at 1000gox.. then buy right now at 970 gox.. or the cavirtex equiv of 910 or so

Alexeft.. I hope you see this today..I bought at 908 or so.. (920cad fees included) I dwelled on it for an hr after your post.. read some more bear bull reasoning.. and met half way ..and grabbed a coin. Had to take my grandparents to an appointment today..and the market corrected a bit during that time frame,but my buy orders down in the 890cad range were filled second coin I owe to you.

A tip of my hat to you sir.

 

You don't owe me anything. I just realized today that when using deflationary currency, if I produce something and its value is represented in that currency, you win too, since the price of the currency goes up. It's vice versa too!

In fact, I should be thanking you, so, thank you sir, you are really kind!  

[Davyd05]

Hows about:

   Bitcoin         = Bits   = 1 unit
   cents   = cBits   = 0.01 units
   millis or mills      = mBits   = 0.001 units
   micros or mics      = μBits   = 0.000001 units
   Satoshi or sats            = 0.00000001 units
   nanos or nans   = nBits   = 0.000000001 units (for when 1 Bitcoin = 1 Mega dollar or BTC1 = M$1 = $1,000,000)

This has flawless logic, but I still wonder about that coffee being 'two mills' and we probably need the 'bit' in there to keep it connected to Bitcoin.

So 'millibit', or back to 'embit' for me..

I like Bitcoin for full units (shortened to "coins" in common use), mBit for 0.001 units (shortened to "bits"), and Satoshi for 0.00000001 units (same term for common use)

+1

how about mB would be called bit/bits when B is bitcoin/bitcoins, "I paid just two bits for this coffee!"

Get a vote put up?

Nominees: 'bit' / 'embit' / 'milli'

We need to have a term - and imagine that coffee shop increasing the price in USD and putting it down in BTC often enough for people to realise what inflation REALLY means!

I'd vote for it to start with bit-cent. Seems easier for people to confuse it with bits bytes etc,.. its like a combo of new and old. but I don't need terms to understand the relative breakdown of its value.. I understand the sheeple understand easier with said terms.

[ablewasiereisawelba]

So is this it?  $1000?  No more upward growth without a denomination change?  

nice troll -> ignore.

[Aido]

"centi-bit" cBTC
"milli-bit"   mBTC - may be abbreviated to mills
"micro-bit" µBTC - may abbreviated to mics
"satoshi"   sBTC - may abbreviated to sats
"nano-bit"   nBTC - may abbreviated to nans

probably causes the least confusion

[Coinseeker]

So is this it?  $1000?  No more upward growth without a denomination change?  

nice troll -> ignore.

Welcome to the team.   

[Davyd05]

reward me for staring blankly at screens

Absolutely not!!! You will risk ie buy now!!! Invest in us! Invest in yourself! 

Personally I'd rather buy at 1000gox.. then buy right now at 970 gox.. or the cavirtex equiv of 910 or so

Alexeft.. I hope you see this today..I bought at 908 or so.. (920cad fees included) I dwelled on it for an hr after your post.. read some more bear bull reasoning.. and met half way ..and grabbed a coin. Had to take my grandparents to an appointment today..and the market corrected a bit during that time frame,but my buy orders down in the 890cad range were filled second coin I owe to you.

A tip of my hat to you sir.

 

You don't owe me anything. I just realized today that when using deflationary currency, if I produce something and its value is represented in that currency, you win too, since the price of the currency goes up. It's vice versa too!

In fact, I should be thanking you, so, thank you sir, you are really kind!  

Hey well I'll tell my kids or family the story behind my bitcoin stash. How one fateful cold Nov. night (while in my warm basement ) a kind gentlemen/women helped me Invest in myself

[dwdoc]

"centi-bit" cBTC
"milli-bit"   mBTC - may be abreviated to mills
"micro-bit" µBTC - may abreviated to mics
"satoshi"   sBTC - may abreviated to sats
"nano-bit"   nBTC - may abreviated to nans

probably causes the least confusion

Nano-bit not possible without rewrite.

[alexeft]

reward me for staring blankly at screens

Absolutely not!!! You will risk ie buy now!!! Invest in us! Invest in yourself! 

Personally I'd rather buy at 1000gox.. then buy right now at 970 gox.. or the cavirtex equiv of 910 or so

Alexeft.. I hope you see this today..I bought at 908 or so.. (920cad fees included) I dwelled on it for an hr after your post.. read some more bear bull reasoning.. and met half way ..and grabbed a coin. Had to take my grandparents to an appointment today..and the market corrected a bit during that time frame,but my buy orders down in the 890cad range were filled second coin I owe to you.

A tip of my hat to you sir.

 

You don't owe me anything. I just realized today that when using deflationary currency, if I produce something and its value is represented in that currency, you win too, since the price of the currency goes up. It's vice versa too!

In fact, I should be thanking you, so, thank you sir, you are really kind!  

Hey well I'll tell my kids or family the story behind my bitcoin stash. How one fateful cold Nov. night (while in my warm basement ) a kind gentlemen/women helped me Invest in myself

  

[Aido]

Nano-bit not possible without rewrite.

It's called futureproofing 

[kurious]

Hows about:

   Bitcoin         = Bits   = 1 unit
   cents   = cBits   = 0.01 units
   millis or mills      = mBits   = 0.001 units
   micros or mics      = μBits   = 0.000001 units
   Satoshi or sats            = 0.00000001 units
   nanos or nans   = nBits   = 0.000000001 units (for when 1 Bitcoin = 1 Mega dollar or BTC1 = M$1 = $1,000,000)

The logic being 100 cents in a Dollar/Euro but we don't say centidollar or centieuro, we just say cents.

"centi-bit" cBTC
"milli-bit"   mBTC
"micro-bit" µBTC
"satoshi"   sBTC

probably causes the least confusion

or

"cent-coin"
"milli-coin"
"micro-coin"

or

"ceebits" cBTC
"embits"  mBTC
"mybits"  µBTC

For me:

First lot ok - but too many syllables

Second lot - a little clunky 'cent-coin' yikes...

Third - 'ceebits' / 'embits' /'mybits'....   actually - genius!

[Finski]

Why aren't businesses adopting bitcoin payments like crazy? we really should start with this now. Amazon, get on with it. We have to make this sustainable and not reliable on the fragile human psychology.

Because its still actually shit as a simple currency. Check reddit story of guy who buys a burito and has to wait an hour for confirmations, ends up paying them fiat aswell just to get home.

Uh, 0-confirm transactions are just fine for small purchases. Vendors need to get on with the program.

Yeah, this is ridiculous.

There's actually a pretty simple way around this even for bigger transactions: A hardware wallet with an internal balance counter. The hardware wallet would prevent double/overspending and only incoming transactions confirmed by a trusted third party would be added to the internal balance counter. Whenever you'd pay with this hardware wallet the hw would sync the balance with the third party, if possible, and then sign the transaction and asymmetrically sign the transaction with a manufacturer provided private key (inorder to assure the receiver of the payment that this is indeed an authentic hw wallet made by the said manufacturer). This way the receiver of that transaction can check if both signatures are valid and, if so, he/she can be instantly certain that he will receive the coins. This would make offline transactions possible, too.

Of course this means that the private keys can only exist on that hw wallet. (Actually you could have another backup hw wallet which, if used, would revoke the manufacturer certified second signature. This could also be used to spend your coins in case the trusted third party should stop providing the confirmed incoming transaction data.)

All this would be possible without ever having to trust your coins to any third party online service... Basically like your average CC/debit card but better. I actually suggested this to Trezor but they seemed to have issues with understanding the concept.

[Sitarow]

[kurious]

Come on Stamp - back Gox up a bit - China is still lower..... anyone catching up so the bears know they're beaten on the 1000 line?

[dwdoc]

Hey well I'll tell my kids or family the story behind my bitcoin stash. How one fateful cold Nov. night (while in my warm basement ) a kind gentlemen/women helped me Invest in myself

Call it a "satoshi stash." It has a better ring to it.

[simonk83]

Crash baby, crash!

You really are terrible at this

[jojo69]

Crash baby, crash!

You really are terrible at this

not his finest hour

[Nemo1024]

Why do I get a sneaking feeling (after reading the recent posts) that we are entering the "new paradigm" stage..?
I think I'll give it till 1100-1200 (Bitstamp price), probably earlier.