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byt411
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January 10, 2014, 04:56:49 PM |
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As I said before, BitCoin is not a investment product, it is a alternative currency designed to replace the current one. There is no need to think how much a BitCoin is worth in USD; we only think that because we have to pay most things in USD. It doesn't matter how much BTC is worth in USD; How much a person is willing to sell a pizza for BTC is more important, regardless of the USD worth.
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"I'm sure that in 20 years there will either be very large transaction volume or no volume." -- Satoshi
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Mageant
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January 10, 2014, 05:08:40 PM |
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In other words make rich people richer and poor people poorer?
Rich people get richer regardless. Actually in the Bitcoin world, this is not true anymore. It is very hard to actually to increase your Bitcoin holdings using just Bitcoin. There is no in-built mechanism to increase your wealth with interest as it works in the fiat world. Rather, Bitcoin, once fully matured, will have entropy in the sense that holders of Bitcoin can only either just hold or will slowly lose Bitcoins over the course of time. |
cjgames.com
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jordant
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January 10, 2014, 06:13:04 PM |
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On Blockchain.info, it's possible to set the currency displayed on the site to mBTC.
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ak84
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January 10, 2014, 07:04:48 PM |
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this is a very interesting question, and in fact bitcoin is an experiment playing out before our eyes.
Most currencies start with a non-decimal number > 0, and are inflated over time. EG. 5 pennies buys a beer in 1900; hundred years later 500 pennies buys a beer.
Or in Korea modern day, 1000 won buys you a candy bar; 10000 won buys you a cheap meal; 3.000.000 won/month rents a small apart-uh
So there is definitely merit to the idea of changing to mBTC - currencies in numbers > 0 are what humans are used to.
BTC, if the deflationary theory holds true, will only increase in value over time, and for everyday usage, ie. buying a coffee, the BTC units will go deeper and deeper into smaller decimals. This is unlike what people are used to and many newcomers may find it unintuitive.
Ie. a coffee costs 0.004 BTC; several years later it may cost 0.0004 BTC.
Dealing with so many decimals is quite difficult. Can you imagine if BTC reaches $100,000? How many decimals will you have to count out in order to send your friend 5 bucks?? decimals: 4 ---- (0.00005)
However, the experiment is interesting - perhaps people will adapt to bitcoin's small decimal and get used to it. After all, majority of bitcoiners today have
grown with BTC and are more and more used to sending amounts of 0.01, 0.001, etc. by now.
Most likely in the upcoming years, shops will switch to mBTC prices, and software and websites will display both mBTC and BTC for an extended transition period.
I personally think switching to mBTC makes sense, and we should do it sometime in 2014.
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Dr Bloggood
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January 10, 2014, 07:39:03 PM |
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I agree, doing that would be a psychological incentive for the masses.
Give it time till BTC goes x10 though, you shouldn't make this re-evaluation every year, it can confuse too and give the impression of inflation.
actually it's deflation, not inflation, right? Yeah, you are right, well spotted! |
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byt411
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January 11, 2014, 04:07:11 AM |
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Are humans used to a non physical currency that does not exist except for transaction records? no. There is no need to change something to suit people's needs. People will eventually change for BitCoin.
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Kungfucheez
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Merit: 10
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January 11, 2014, 04:22:59 AM |
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I agree, doing that would be a psychological incentive for the masses.
Give it time till BTC goes x10 though, you shouldn't make this re-evaluation every year, it can confuse too and give the impression of inflation.
actually it's deflation, not inflation, right? Yeah, you are right, well spotted! Exactly, I wouldn't want to be confused that the price of bitcoin going up is somehow connected to inflation...  |
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Coin_Master
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January 11, 2014, 06:00:50 AM |
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I think Bitcoin needs a currency system reform.
Really? Do you think that will happen any time soon? You would be better off if you stopped wasting your time trying to change Bitcoin, and created a coin of your own. BrasilCoin perhaps? I can see it now!  |
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byt411
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January 11, 2014, 06:30:14 AM |
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I think Bitcoin needs a currency system reform.
Really? Do you think that will happen any time soon? You would be better off if you stopped wasting your time trying to change Bitcoin, and created a coin of your own. BrasilCoin perhaps? I can see it now! I agree. Bitcoin is designed to replace currency, which is something many of you don't understand. If you don't like it, don't use it, create a crappy coin yourself. |
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bitbrasil (OP)
Newbie
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Activity: 42
Merit: 0
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January 11, 2014, 11:01:07 AM |
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I think Bitcoin needs a currency system reform.
Really? Do you think that will happen any time soon? You would be better off if you stopped wasting your time trying to change Bitcoin, and created a coin of your own. BrasilCoin perhaps? I can see it now! I'm sure you helped many people lives telling them what they have to do with their time. |
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Coin_Master
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January 11, 2014, 01:43:31 PM |
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I think Bitcoin needs a currency system reform.
Really? Do you think that will happen any time soon? You would be better off if you stopped wasting your time trying to change Bitcoin, and created a coin of your own. BrasilCoin perhaps? I can see it now! I'm sure you helped many people lives telling them what they have to do with their time. Just like you suggesting the Bitcoin developers need to make changes to the Bitcoin software and hard fork the network. Who is going to write the code, you? Obviously you have absolutely no idea how ridiculous your suggestion is, what it involves, and why it will never happen. This thread is a complete waste of everyone's time, including yours. I was just pointing that out, hopefully by sacrificing a few minutes of my time, I can prevent many others from wasting time on this thread. Time that would be better spent on something more productive. |
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bitbrasil (OP)
Newbie
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Activity: 42
Merit: 0
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January 11, 2014, 02:18:40 PM |
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I think Bitcoin needs a currency system reform.
Really? Do you think that will happen any time soon? You would be better off if you stopped wasting your time trying to change Bitcoin, and created a coin of your own. BrasilCoin perhaps? I can see it now! I'm sure you helped many people lives telling them what they have to do with their time. Just like you suggesting the Bitcoin developers need to make changes to the Bitcoin software and hard fork the network. Who is going to write the code, you? Obviously you have absolutely no idea how ridiculous your suggestion is, what it involves, and why it will never happen. This thread is a complete waste of everyone's time, including yours. I was just pointing that out, hopefully by sacrificing a few minutes of my time, I can prevent many others from wasting time on this thread. Time that would be better spent on something more productive. You spend far too much time trying to manage other people's lives. Guess what, one of my favorites pastimes is arguing with stupid trolls on the internet. Sue me..... |
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zeetubes
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January 11, 2014, 02:21:01 PM |
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"Obviously you have absolutely no idea how ridiculous your suggestion is, what it involves, and why it will never happen. This thread is a complete waste of everyone's time, including yours. I was just pointing that out, hopefully by sacrificing a few minutes of my time, I can prevent many others from wasting time on this thread. Time that would be better spent on something more productive."
Please do the world a favor and don't reproduce. Man, I thought I could be a worthless, arrogant dickhead but I have a long way to go. Impressive.
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prezbo
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January 11, 2014, 04:12:51 PM |
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It's just a matter of coming up with a name that makes sense for those units rather than "millibits" which sounds dumb.
mbtc should be refered to as millibitcoin(s), following metric prefixes, which have worked very well for the majority of the world for centuries. |
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byt411
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January 11, 2014, 07:28:08 PM |
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It's just a matter of coming up with a name that makes sense for those units rather than "millibits" which sounds dumb.
mbtc should be refered to as millibitcoin(s), following metric prefixes, which have worked very well for the majority of the world for centuries. You think it sounds dumb? Fine. Don't use it. We won't change the entire network to suit some people who think a name is "dumb". Try and protest that "cents" or "pence" is dumb, would the governments change it? NO. This is just a retarded suggestion. |
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