A Bitcoin killer argument

[istar]

http://www.blogging.im/search/label/bitcoin

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[Dansker]

Not opening that.

[DarkEmi]

2.7% compared to 0.000X% is not 100% more, it is 10000000% more or wathever.

My 2 bitcents

[kjlimo]

**Phew** I thought there was a contract killer accepting bitcoins...

dodged that "bullet"

[SgtSpike]

**Phew** I thought there was a contract killer accepting bitcoins...

dodged that "bullet"

Oh, but there is.

[Raoul Duke]

**Phew** I thought there was a contract killer accepting bitcoins...

dodged that "bullet"

Oh, but there is.

If I'm not wrong, and remember my dark web adventures correctly, there are at least 2
But hey, that's the dark web, probably there's more. Someone should turn the light on in there

[SgtSpike]

A couple notes on the article...

1)  Learn to use the space bar where appropriate.  Or pick a font with better kerning.
2)  Lots of misspelled words and grammatical errors... I'm guessing you're not a native English speaker?
3)  The 100,000% is correct.  Technically, it is 102,996%.  0.275 / 0.00267 = 1029.96 = 102,996%

[realnowhereman]

Taking percentages of percentages is pretty meaningless.

If something went from 0.000001% to 2.7%; then it's grown by 2.699999%.

[SgtSpike]

Taking percentages of percentages is pretty meaningless.

If something went from 0.000001% to 2.7%; then it's grown by 2.699999%.

You're wrong.

If something went from 0.000001% to 2.7%, then it's grown by 270,000,000%.

For example, 0.000001% of the world's population is about 70 people.  2.7% of the world's population is 189,000,000 people.  The growth from 70 people to 189,000,000 is 270,000,000%, not 2.699999%.

[Gabi]

100,000=one hundred

100.000= hundred thousand

[SgtSpike]

100,000=one hundred

100.000= hundred thousand

100 = one hundred
100,000 = hundred thousand
100.000 = hundred thousand

It's pretty easy to figure out what a person is talking about if there's no significant numbers beyond the potential decimal point, whatever that point may be.  If it's all zeroes, in most cases, it's not a decimalized number.

[realnowhereman]

Taking percentages of percentages is pretty meaningless.

If something went from 0.000001% to 2.7%; then it's grown by 2.699999%.

You're wrong.

If something went from 0.000001% to 2.7%, then it's grown by 270,000,000%.

For example, 0.000001% of the world's population is about 70 people.  2.7% of the world's population is 189,000,000 people.  The growth from 70 people to 189,000,000 is 270,000,000%, not 2.699999%.

You're just telling me how to calculate a percentage; I'm pretty sure I know how to do that.  What I said is that it's a meaningless number; which you ably demonstrated.

When you say "growth" you're using percentages of the current world's population; except in your growth example the world population starts at 70.  If the world's population was 70 why would you suddenly use 7 billion as 100%?  70 is 100% in your example.

The growth from 70 to 189,000,000 is indeed 270,000,000%; but 70 is not 0.000001% of anything in your example, and 189,000,000 isn't 2.7% of anything in your example.

As I say, percentages of percentages are meaningless.

If, on the other hand, in year 1 population grew by 0.00001% relative to year 0; and in year 2 by 2.7% relative to year 1, the population did not in any meaningful way grow by 270,000,000%.

This sort of percentage of  percentage shit is what politicians use to tell us that knife crime has decreased by 10% when in fact it has decreased by 1%.

[SgtSpike]

Taking percentages of percentages is pretty meaningless.

If something went from 0.000001% to 2.7%; then it's grown by 2.699999%.

You're wrong.

If something went from 0.000001% to 2.7%, then it's grown by 270,000,000%.

For example, 0.000001% of the world's population is about 70 people.  2.7% of the world's population is 189,000,000 people.  The growth from 70 people to 189,000,000 is 270,000,000%, not 2.699999%.

You're just telling me how to calculate a percentage; I'm pretty sure I know how to do that.  What I said is that it's a meaningless number; which you ably demonstrated.

When you say "growth" you're using percentages of the current world's population; except in your growth example the world population starts at 70.  If the world's population was 70 why would you suddenly use 7 billion as 100%?  70 is 100% in your example.

The growth from 70 to 189,000,000 is indeed 270,000,000%; but 70 is not 0.000001% of anything in your example, and 189,000,000 isn't 2.7% of anything in your example.

As I say, percentages of percentages are meaningless.

If, on the other hand, in year 1 population grew by 0.00001% relative to year 0; and in year 2 by 2.7% relative to year 1, the population did not in any meaningful way grow by 270,000,000%.

This sort of percentage of  percentage shit is what politicians use to tell us that knife crime has decreased by 10% when in fact it has decreased by 1%.

You seem to be severely confused.  Percentages of percentages are far from meaningless.  If I own a company that has a 25% profit, and that profit grows to 30%, then I would say that is a 20% growth in profit.  That's how percentages work.  That's how people talk about growth.  They don't call a 25% profit changing to a 30% profit a 5% growth in profit, because that's completely false.  It was a 5% growth in REVENUES, but a 20% growth in PROFITS.

See how that works?  The same can be applied to this blog post.  If Bitcoin fees are 0.00267%, then paypal and credit card processors charge (roughly) 100,000% more in FEES.  As a percentage of the total fee, they charge 2.699733% more.

It all depends on what you are talking about.  In this case, fees vs fees, it's 100,000%.  Fees as a percentage of transaction vs fees as a percentage of transaction, it's 2.699733%.  Same thing as saying your profits grew by 20%, while the revenue grew at 5%.

EDIT:  To further aid in the explanation, let's look at an example.

Someone purchases an item from me for $100.  If it was done via credit card, I would have paid $2.70 for that transaction.  That is my transaction fee.  But if it was done via Bitcoin, I would have paid $0.0027 for the transaction.

In other words, I paid 100,000% more for my transaction done via a credit card vs done via Bitcoin.

[R-]

Using percentages while comparing small and large numbers is pointless and distracting.

Because if you start using VISA, Square or Paypal you will pay 100,000% more in transaction fee for every single transaction, than with Bitcoin.

[Transisto]

Someone is wrong on the internet, Math course ensue, Bitcoins nowhere to be found.

[wareen]

As I say, percentages of percentages are meaningless.

You seem to be severely confused.  Percentages of percentages are far from meaningless.

Life would be much easier if people would consistently distinguish between percentages and percentage points:

[TragicWish]

Either way you swing it, this article does not do much to advance the cause. If anything, it makes BitCoin look more like a get rich quick scheme.

[kjlimo]

**Phew** I thought there was a contract killer accepting bitcoins...

dodged that "bullet"

Oh, but there is.

Thanks for the post, but now I don't know if I'll be able to sleep without one eye open!

[istar]

Its a super strong marketing, because its an eye opener that sticks.

Ask someone if they want to know how to pay 100.000% lower fee per transaction and there is not a single person who will say no.



As opposed to "bitcoin is a decentralized..." which will turn most people of.
Maybe interests the geeks.

Another killer line was the one that Bitcoin is like a free Swiss bank account.

Lines like those can be used to create a video with a message that explains why.
Not what.

[TragicWish]

Its a super strong marketing, because its an eye opener that sticks.

Ask someone if they want to know how to pay 100.000% lower fee per transaction and there is not a single person who will say no.



As opposed to "bitcoin is a decentralized..." which will turn most people of.
Maybe interests the geeks.

Another killer line was the one that Bitcoin is like a free Swiss bank account.

Lines like those can be used to create a video with a message that explains why.
Not what.

You have a point about that. One thing I’ve noticed is that I’m very interested in BitCoin because I am a geek. Trying to explain why it’s important (forget about how it works) to my wife on the other hand is impossible. We need clear messages about what the benefit of using BitCoin is. On the other hand I submit that we need an EASY way for Joe Blow to get BitCoins. If he cant get one in a few simple clicks with his credit card, there isn’t much incentive for him to use them. It’s a catch 22. Not enough people take them because not enough people have them…