Slow and steady wins the race

[Crypt_Current]

*tired meme*

Why dont you try making a point instead of recycling stupid memes?

HEY A$$H0L3!!!!
That particular meme is RULE and will NEVER get old.
You can troll as you wish but when you pick on innocent memes YOU HAVE STEPPED OVER A LINE   
LEAVE THE MEMES OUT OF IT.
This offends me even more than your rampant ignorance.

[just1nmc]

The psychological difference between owning 1 of something and owning 0.1 of something is the barrier.

This was shown on /r/bitcoin over the past couple months. There have been many threads of people saying they feel the price is too high to buy in, and that they can't afford it. Many felt they needed to buy at least a few bitcoins to really be involved/invested.

Of course this is all psychological, but it does have an impact.

[oda.krell]

I wish to spend $10.

BTC @ $10 ---> 1 BTC
BTC @ $100 --> 0.1 BTC

Where is the barrier?

The psychological difference between owning 1 of something and owning 0.1 of something is the barrier.

Have to agree with evolve there. If we were perfectly rational beings, there would be no difference. If we were perfectly rational beings however we wouldn't need a market to determine price in the first place :P

[Brushan]

Gigacoin: "Slow and steady wins the race."
Bitcoin: "Fuck you!"

[Malawi]

I wish to spend $10.

BTC @ $10 ---> 1 BTC
BTC @ $100 --> 0.1 BTC

Where is the barrier?

The psychological difference between owning 1 of something and owning 0.1 of something is the barrier.

Have to agree with evolve there. If we were perfectly rational beings, there would be no difference. If we were perfectly rational beings however we wouldn't need a market to determine price in the first place

I think that should be doable if there is a consensus in the community to change the numbers from 21 millions to 21 billions/trillions and converting all existing coinage in the blockcain, or put in another layer inbetween.
Still - I doubt it will happen. I think it is more likely that someone makes up a new name instead of millibitcoin, and that becomes the everyday unit - like silverbit(?) for 0.001 BTC or something like that.

Edit: Almost forgot - In the olden days, people were happily trading with cents and pennies in everyday-life, while pounds and dollars were reserved for larger transactions.

[oda.krell]

I wish to spend $10.

BTC @ $10 ---> 1 BTC
BTC @ $100 --> 0.1 BTC

Where is the barrier?

The psychological difference between owning 1 of something and owning 0.1 of something is the barrier.

Have to agree with evolve there. If we were perfectly rational beings, there would be no difference. If we were perfectly rational beings however we wouldn't need a market to determine price in the first place

I think that should be doable if there is a consensus in the community to change the numbers from 21 millions to 21 billions/trillions and converting all existing coinage in the blockcain, or put in another layer inbetween.
Still - I doubt it will happen. I think it is more likely that someone makes up a new name instead of millibitcoin, and that becomes the everyday unit - like silverbit(?) for 0.001 BTC or something like that.

Edit: Almost forgot - In the olden days, people were happily trading with cents and pennies in everyday-life, while pounds and dollars were reserved for larger transactions.

AFAIK, that is already the case, there is technically no such thing as a bitcoin in the block chain. And where to set the decimal point is up to the users of the currency (and the bitcoin client they're using). That said, currently we trade and think in bitcoins. To change that, we would need a major "campaign" to convince everyone otherwise.

[GigaCoin]

Maybe satoshi should have set the decimal place three places to the right and increased the unit cap 1000-fold, so we would only reach the "too expensive" price of $100 coins when the total value was approaching $1-2 trillion. A market of that size would make these psychological less relevant I think, as bitcoin would have to be very well established by that point.

Makes sense, don't think that could change though.

[johnblaze]

easier solution is to just start quoting all prices in mBTC instead of BTC

[Peter Lambert]

Satoshi set the decimal point by taking the total number of units and sticking a decimal point in the middle. (21 000 000.000 000 00)
Or you can see it is four sets of four digits, equally arranged around the decimal point (2100 0000.0000 0000)

[oda.krell]

easier solution is to just start quoting all prices in mBTC instead of BTC

I would be in favor of doing so, but unfortunately the Finnish reptile man is a proponent of that solution, and I'll be damned if I will look like I'm following his advice.

[Malawi]

Satoshi set the decimal point by taking the total number of units and sticking a decimal point in the middle. (21 000 000.000 000 00)
Or you can see it is four sets of four digits, equally arranged around the decimal point (2100 0000.0000 0000)

I have not dived into the technicallities, but if that is correct, it should be rather easy to split the BTC, and make a btc into 1/00 210 000.000 000 00 and thus make the effective market cap(in units) 100 times higher and still keep it as BTC units. One "unconverted" BTC would simply be an OBTC (original bitcoin) that was split into 100 BTCv3 or BTC for short. (add a version per decimal place)

As long as the community is agrees on such a change, I don't see any reason why it could not be done. This would most likely increase the market cap, as having a coin that is worth 1-2 USD seems less confusing than one that is worth $100-200. For users and miners the only difference would be that instead of 1 BTC, there would be 100 in the wallet, and the blocks would be 2500 BTCv3.

In-fact this have been done several times with FIATs and are frequently done with stocks to have more manageable units. Although with FIATs it's normally the other way around. (Like when 10.000 polish zloty became 1 new zloty)

Erh... Seems like I totally misunderstood and thought that 1BTC was coded as 10 000 000. 000 000 00 - Oh well.

[Frozenlock]

The community won't agree. It is clearly stated that anything touching the
21 millions limit wouldn't be considered Bitcoin anymore.

And if you want to do all this for PR reason, imagine the nightmare it would be to explain that
21 millions ---> 21 milliards wasn't inflation. If people can't grasp that bitcoins are divisible,
they are certainly not going to understand that moving the decimal point changes nothing.

[xavier]

Bitcoin has been slowly and steadily rising with small bumps in between from $80 to current $120 .

I think this is a good thing imo, a steady healthy rise is always positive on the mid-term, and usually means if we see another sell off it won't go down by much.

based on this pattern, Do you see bitcoin back to $150-$180 by next week, or we gonna see another downfall to sub $100.

It's going to $50 this week, as previously predicted.

[Malawi]

Bitcoin has been slowly and steadily rising with small bumps in between from $80 to current $120 .

I think this is a good thing imo, a steady healthy rise is always positive on the mid-term, and usually means if we see another sell off it won't go down by much.

based on this pattern, Do you see bitcoin back to $150-$180 by next week, or we gonna see another downfall to sub $100.

It's going to $50 this week, as previously predicted.

I also believe that. But in a couple of years, I don't think a base price of $100 or $200 is too far fetched.

But due to how we humans work, I think it seems more radical if a coin goes from $200 to $50 than if it goes from $2 to $0.5 even though the end result is the same.