As much as I agree that log scale charts are the proper way to view Bitcoin price history, using it as a marketing tactic to dupe newcomers into buying up the price ranks up there with mBTC/bits (wherever the hell "bits" came from) and "place bids with sideline funds to create the appearance of support to push the price higher" as my biggest peeves in this community.
Glad there is still some sensible folk around here. Everybody seems so intent on finding ways to pump the price all the time. This whole BITS thing.....
they literally want to dupe newbies into thinking they are getting more than they are.
No, bits (smaller units with a name that can be remembered by any layman) is needed to make prices of goods easier to read and understand, and to overcome the irrational fear of indivisible bitcoin. Has nothing to do with pumping or luring newbies. If all it takes for newbies to invest is to give them few gazillion of new shiny coins, then dogecoin would've been through the roof, but it's not, just jumping up a little
Well, DOGE did shoot through the roof for a while before collapsing back down to reality.
I'm not sure I understand why this is necessary to for laymen to understand/read/use, especially considering
BTC has already achieved such acceptance as a unit.
Because most people are unbelievably stupid. Perception is 99% of marketing. What it can actually do comes secondary. Those of us here, now, are mostly among the 1%. For the rest, there are cheap tricks and media hype.
Unfortunately, THIS.
Maybe not stupid, but for sure most humans are mentally lazy, and always select a path that involves minimum amount of mental work aka thinking. So having prices in units that they are used to is an immense help for most people to not reject bitcoin as something too hard for perception. Seeing "0.00176 bitcoins" requires you to count digits after the period and do mental acrobatics to arrive at the actual value you can compare with; if on the other hand you see "1760 bits" you can immediately put it in a "about 2000 bits" category where you will have other things that cost the same to compare to; so the shopping becomes easy, and that's what most people need. less thinking, more shopping
Of course, it will be more convinient to nominate houses and yachts in BTC for quite some time; there's nothing wrong with having two units, most currencies do.
