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Author Topic: I speculate that a new name for Bitcoin would bring up prices  (Read 2726 times)
mjcmurfy
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November 19, 2011, 04:30:43 PM
 #21

For the currency to have value, someone has to keep BTC on their balance sheet, but consumers can do this better than businesses. A large number of consumers is better able to bear this risk than a handful of small businesses.

Business' contribution is to provide a non-speculative motive for consumers to hold BTC on their balance sheets. There need to be services out there where BTC offers consumers benefits unavailable through the use of cash and credit card. Consumers would then hold BTC because they anticipate future use of these services.
 

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DeathAndTaxes
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November 19, 2011, 05:38:32 PM
 #22

If no one holds on to bitcoins, then they won't have value.  We "need" at least a few businesses who are fine with keeping bitcoins as part of their balance sheet.  This will require other businesses (suppliers) to accept bitcoins, so that it can really be a "currency" rather than simply a transaction mechanism.

Well it is impossible for "no-one" to hold Bitcoins by defintion someone is always holding them.  If a merchant or consumers doesn't want to hold them a long time then the value is low but not zero.

I would rather Bitcoin supported on the fundamentals even if that is $0.05 than this never ending dreams and schemes to get Bitcoin to an unsustainable price.

Bitcoin has utility as a method of exchange @ $0.05 and if it reduces volatility (and slowly rising price based on increasing utility) then it can eventually lead to utility as a store of value.
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November 19, 2011, 05:58:22 PM
 #23

If no one holds on to bitcoins, then they won't have value.  We "need" at least a few businesses who are fine with keeping bitcoins as part of their balance sheet.  This will require other businesses (suppliers) to accept bitcoins, so that it can really be a "currency" rather than simply a transaction mechanism.

Well it is impossible for "no-one" to hold Bitcoins by defintion someone is always holding them.  If a merchant or consumers doesn't want to hold them a long time then the value is low but not zero.

I would rather Bitcoin supported on the fundamentals even if that is $0.05 than this never ending dreams and schemes to get Bitcoin to an unsustainable price.

Bitcoin has utility as a method of exchange @ $0.05 and if it reduces volatility (and slowly rising price based on increasing utility) then it can eventually lead to utility as a store of value.

So you are saying that rising price (based on increasing utility) will be the fundamental support of Bitcoin? You are also saying that decreased volatility will lead to utility (you used that word 3 times in two sentences so it must be important) as a storage of value. You mention $0.05, so what is the utility to support ratio at that price? I don't see Bitcoin recovering from a drop like that.

Any significantly advanced cryptocurrency is indistinguishable from Ponzi Tulips.
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November 19, 2011, 06:14:13 PM
 #24

$0.05, so what is the utility to support ratio at that price? I don't see Bitcoin recovering from a drop like that.

Easy.
If that happens everybody holding onto bitcoins would have lost. There would be a absolute consensus that bitcoin is not suited as a speculative vehicle.
Enthusiasts will still mine them and use them for things like micropayments, gambling and so on.
All bitcoins to exist would still be values at 1 Million USD.

The rest of the world consider bitcoin a fringe and a collapsed ponzi scheme (well the irony is those people made it one in the first place, you can make everything into one...)
Eventually there would be demand building up because the surrounding projects get more sophisticated and even if it rises back to 1 USD at this point the mainstream would still avoid it.

Hell that would be awesome, but I doubt it will happen / collapse to this point.

First they ignore you, then they laugh at you, then they keep laughing, then they start choking on their laughter, and then they go and catch their breath. Then they start laughing even more.
bittenbob
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November 19, 2011, 06:34:39 PM
 #25

I say if its going to be renamed then we use a common venacular among those who already use it. The Satoshi. Bitcoins are already referred to as Satoshis and it sounds better too.
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November 19, 2011, 08:39:17 PM
 #26

$0.05, so what is the utility to support ratio at that price? I don't see Bitcoin recovering from a drop like that.

Easy.
If that happens everybody holding onto bitcoins would have lost. There would be a absolute consensus that bitcoin is not suited as a speculative vehicle.
Enthusiasts will still mine them and use them for things like micropayments, gambling and so on.
All bitcoins to exist would still be values at 1 Million USD.

The rest of the world consider bitcoin a fringe and a collapsed ponzi scheme (well the irony is those people made it one in the first place, you can make everything into one...)
Eventually there would be demand building up because the surrounding projects get more sophisticated and even if it rises back to 1 USD at this point the mainstream would still avoid it.

Hell that would be awesome, but I doubt it will happen / collapse to this point.

Hey, that would be a time to think about opening that 10,000 Bitcoin Pizza place  (/snark) Seriously though, my point was that a utility to support ratio would not replace the speculative bubble at that juncture. I'll reiterate my point.

Bitcoin will always be volatile. There is a big difference between prices fluctuating between 2-3 USD and 99-100 USD even though it's still only a buck.
I do not agree that Bitcoin will recover from $0.05. This needs to be avoided.

Any significantly advanced cryptocurrency is indistinguishable from Ponzi Tulips.
gewure
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November 19, 2011, 10:06:55 PM
 #27

well - something that sells all along...

SEXCOIN


or maybe

OCCUPYCOIN

or how about

SHITCOIN

...

BITCOIN is just good. names/brands are overvalued anyway. when it is bitcoins time, it will be very trendy. i talked to soooo many people who have not even heard yet of bitcoin.. there is no "overwhelming geeky noise when it leaves your tongue" or something like this. its just a coin made of bits. a very good name. short, easy to remember, meaningfull, goodlooking.. no need to change anything.

RyNinDaCleM
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November 19, 2011, 11:54:56 PM
 #28


or how about

SHITCOIN


Nah the CoinHunter has that all wrapped up with his latest effort might get sued for TM infringement..

Lol!
I was going to say Anarcoin or Con-Currency, but I didn't want to come off too negative!

mmortal03
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November 20, 2011, 07:01:15 AM
 #29

Nah, in the tradition of open source projects this would only make sense in case of an official fork or merge.

I like Bitcredit

Problem with that is people will think it's like a digital credit card, which it specifically isn't.

Edit: Oh, and by the way, I don't agree that renaming it would be a good thing.
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November 20, 2011, 07:04:10 AM
 #30

Coincoin: a name so nice, you'll say it twice.

https://www.bitcoin.org/bitcoin.pdf
While no idea is perfect, some ideas are useful.
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bittenbob
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November 20, 2011, 07:08:14 AM
 #31

Coincoin: a name so nice, you'll say it twice.

If you want to go down that road then why not Coin² ?
notme
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November 20, 2011, 07:21:58 AM
 #32

Coincoin: a name so nice, you'll say it twice.

If you want to go down that road then why not Coin² ?

I don't really want to go down any of these roads Wink.

https://www.bitcoin.org/bitcoin.pdf
While no idea is perfect, some ideas are useful.
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bittenbob
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November 20, 2011, 07:24:12 AM
 #33

I think Bitcoin is a fine name too but I am just having some fun. I still maintain if its going to change name then Satoshi is the way to go.
Jonathan Ryan Owens
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November 20, 2011, 07:32:37 AM
 #34

I think Bitcoin is a fine name too but I am just having some fun. I still maintain if its going to change name then Satoshi is the way to go.

Fake name for fake money. I think yours is the best suggestion yet.

Otoh
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November 20, 2011, 06:26:59 PM
 #35



'b' - Kaboom! 'b' is a sudden, powerful beginning, high spirits and hot tempers.

'short i' - moves up-up-up, light and a bit tense

't' - Temptation. 't' is the letter of the dreamer, the designer of grand schemes, the traveller| who follows her star


'c' - if pronounced like in 'Cecilia', see 's'. If pronounced like in 'Cathy', see 'k'.

'k' - a room where some things are allowed in or even captured, and where other things are definitely not cool. The 'k' is in the know and keeps its secrets. It's the most caring and intimate of letters, but when it's not careful, 'k' gets snobby and cuts people off.

'short o' - the most fundamental sound, the source and beginning of all things

'short i' - moves up-up-up, light and a bit tense

'n' - 'n' is like a line that gets closer and closer on to something. It's subtle, thoughtful, wise and noble.



http://www.trismegistos.com/MagicalLetterPage/Names.html

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gewure
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November 21, 2011, 07:10:29 AM
 #36

Coincoin: a name so nice, you'll say it twice.

 Cheesy
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