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Author Topic: BTC Growth Stunt - an Idea  (Read 2094 times)
clint25n
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June 23, 2011, 09:16:33 AM
 #1

I see a couple problems in the immediate future. Now hear me out before you try and answer these in your head.

Problem 1:
Maximum volume will be 21 million BTC. However this will not satisfy a global market.
The United States alone has trillions of USD. Now I understand that BTC can be broken down, but read on.

Problem 2:
Significant difficulty increases and current value of BTC are leading many to cease mining within the next 60 days.
A growth stunt at 80K users is a real issue! We need 80 million, not 80 thousand!


Addressing Problem 1: (Insufficient Volume for a Worldwide Market)
Ok.. your thinking this isn't really an issue since someone can just sell a pair of shoes for 0.000050 BTC, yeah yeah... but I'm telling you that will never settle with humans.. ever. People don't want to hear that their products are only worth 0.00005 BTC. But here's the solution. Change the client software to uBTC (micro-BTC). People will be inclined to sell a pair of shoes for 50 uBTC. Even though this is the same number, this gives the BTC World Market 21 trillion uBTC - fit for a global economy, and a more psychologically friendly usage of numbers.

Addressing Problem 2: (Growth Stunted at 80K-120K Miners)
People are about to walk away, sell their rigs.. tell their friends the easy money is over. Your thinking they're whiners, too bad they missed the goldrush and they can just go crawl under a rock. The truth is, we need 80 million, not 80 thousand. So this is a problem. Now, if we switched to uBTC in the mining clients, they would see they are ALL still early pioneers, not earning .05 BTC per day, but earning 50,000 uBTC per day. Obviously if the world caught wind of this 50,000 per day opportunity, and the growth exploded more (eventually to 80 million miners), then people would be earning more like 50 uBTC per day (1000 times less). Now we are at a more realistic mining rate at the global level. 80 million users = a real economy.

What do you all think about uBTC? Would it help today, tomorrow, eventually?
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InsertButtcoin
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June 23, 2011, 09:39:03 AM
 #2

I'm sure people will flock over when they learn that some players already have over 500 billion uBTC.

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ableorange
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June 23, 2011, 09:40:36 AM
 #3

I like this.

Gabi
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June 23, 2011, 09:46:35 AM
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Fascinating clint25n, you discovered the wheel   Cheesy

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June 23, 2011, 09:51:11 AM
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Fascinating clint25n, you discovered the wheel   Cheesy



Lets not be mean now. It is a good idea, it's just one that has been repeated infinity times and everyone generally agrees that subunits need to be used. Pleased to see more support of SI units, as I've seen some really outlandish and confusing alternatives that have no real purpose!
aeroSpike
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June 23, 2011, 09:55:53 AM
 #6

The amount of miners does not influence BTC generation rate. This is by design. If there are more miners then it means that they receive less BTC per miner. But if the exchange rate goes up who cares?

And, your idea is not new. Other have proposed to move the decimal point too, which is what you are basicalloy proposing. This may be a good idea for general perception, but for miners it doesn't matter.
killer2021
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June 23, 2011, 09:57:55 AM
 #7

Its an interesting concept to say the least.

I definitely agree with you with the idea of selling stuff for .00000001 btc can get confusing. However, I am sure people will devise someway of calling it without being so confusing.

Bitcoin does have some hurdles to jump in terms of making the system user friendly (for the average dumb ass, that is).

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ribuck
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June 23, 2011, 10:04:28 AM
 #8

Bitcoin doesn't need a growth stunt.

Slow and steady growth based on fundamentals is better for Bitcoin than bringing in random people who fell for a stunt.
killer2021
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June 23, 2011, 10:16:19 AM
 #9

Its an interesting concept to say the least.

I definitely agree with you with the idea of selling stuff for .00000001 btc can get confusing. However, I am sure people will devise someway of calling it without being so confusing. Your use of the micro symbol (μ) clearly shows that.

Bitcoin does have some hurdles to jump in terms of making the system user friendly (for the average dumb ass, that is).

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nosfera2
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June 23, 2011, 11:10:27 AM
 #10

Bitcoin doesn't need a growth stunt.

Slow and steady growth based on fundamentals is better for Bitcoin than bringing in random people who fell for a stunt.

What OP is trying to say is that growth will be stunted as mining profitability drops. Not sure I agree with that, though.
hugolp
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June 23, 2011, 11:28:11 AM
 #11

Problem/solution 1: It has been discussed forever (use Search) and yes, people more or less agree.

Problem/solution 2: Its not really a problem. Mining is supposed to be a specialized subset of Bitcoin. Bitcoin should attract the people because its useful as money, not because you can "mine" it. If you keep expanding the period of mining you are just attracting the wrong type of people while at the same time breaking the confidence on the currency. We dont need no more mining, we need more Bitcoin business.
istar
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June 23, 2011, 11:33:32 AM
 #12

Good thinking,

It has been brought up before and it has to be done.

There is no mass appeal in owning half or 0.001 bitcoin.

But as you say, if you told people they could get 1000 ubitcoins for $15 it would
pose a much greater appeal.


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