jbreher



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LegendaryActivity: 2870Merit: 1504lose: unfind ... loose: untight Re: Bitcoin's 21million total coin supply hinders it immensely April 02, 2014, 03:17:43 PM #7 Quote from: Joshuar on April 02, 2014, 03:02:30 PM It would of been much better if there were different types of bitcoin, like bitcoin=1bitcoin, macrobitcoin=.5bitcoin, microbitcoin= .25 bitcoin etc etc.



Logic fail. The prefix 'micro' means one millionth. Period. Always has, always will.



There are already 1,000,000 microBTC (uBTC) in a bitcoin. There are 100 satoshis in a uBTC. There are 1,000 uBTC in a millibitcoin (mBTC). There are 1,000 mBTC in a BTC.



I fail to see a problem. Logic fail. The prefix 'micro' means one millionth. Period. Always has, always will.There are already 1,000,000 microBTC (uBTC) in a bitcoin. There are 100 satoshis in a uBTC. There are 1,000 uBTC in a millibitcoin (mBTC). There are 1,000 mBTC in a BTC.I fail to see a problem. Anyone with a campaign ad in their signature -- for an organization with which they are not otherwise affiliated -- is automatically deducted credibility points.



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LegendaryActivity: 2982Merit: 1651 Re: Bitcoin's 21million total coin supply hinders it immensely April 02, 2014, 03:21:17 PM #8 Quote from: Joshuar on April 02, 2014, 03:02:30 PM Most people, including myself are turned off by the fact that you have to divide bitcoin into ridiculous decimal places. Most people also don't care about having to do the math behind it to figure how much bitoin is worth this object etc etc.



You don't know that. You are just assuming that everyone is like you and that people can't adapt.



Also, people have used small fractions in the past. You probably don't realize that the dollar is worth much less than it used to be, and people routinely dealt with small fractions of a dollar when it was worth much more. You could buy a lot of stuff with a half penny. Did you know that that a farthing is 1/960th of a pound sterling? You don't know that. You are just assuming that everyone is like you and that people can't adapt.Also, people have used small fractions in the past. You probably don't realize that the dollar is worth much less than it used to be, and people routinely dealt with small fractions of a dollar when it was worth much more. You could buy a lot of stuff with a half penny. Did you know that that a farthing is 1/960th of a pound sterling?

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NewbieActivity: 56Merit: 0 Re: Bitcoin's 21million total coin supply hinders it immensely April 02, 2014, 03:34:52 PM #10 Quote from: odolvlobo on April 02, 2014, 03:21:17 PM Quote from: Joshuar on April 02, 2014, 03:02:30 PM Most people, including myself are turned off by the fact that you have to divide bitcoin into ridiculous decimal places. Most people also don't care about having to do the math behind it to figure how much bitoin is worth this object etc etc.



You don't know that. You are just assuming that everyone is like you and that people can't adapt.



Also, people have used small fractions in the past. You probably don't realize that the dollar is worth much less than it used to be, and people routinely dealt with small fractions of a dollar when it was worth much more. You could buy a lot of stuff with a half penny. Did you know that that a farthing is 1/960th of a pound sterling?

You don't know that. You are just assuming that everyone is like you and that people can't adapt.Also, people have used small fractions in the past. You probably don't realize that the dollar is worth much less than it used to be, and people routinely dealt with small fractions of a dollar when it was worth much more. You could buy a lot of stuff with a half penny. Did you know that that a farthing is 1/960th of a pound sterling?

People have adapted...to two decimal places. The OP has a fair point, from the perspective of the general public. People don't like to deal in fractions of things. People like whole things. Many people still can't even count back change. It's just a reality of society.



Bitcoin may prove to be useful as a store of value and that's where I think it should put it's focus. It should stop trying to also be a currency. It's just not useful. It's not likely to be widely distributed enough to disrupt major world currencies, because there simply are not enough for everyone to have plenty for use.



Cryptocurrencies that are launching with billions of coins, are on the right track as transactional currencies. It may be simply a mental thing, but perception is reality. People have adapted...to two decimal places. The OP has a fair point, from the perspective of the general public. People don't like to deal in fractions of things. People like whole things. Many people still can't even count back change. It's just a reality of society.Bitcoin may prove to be useful as a store of value and that's where I think it should put it's focus. It should stop trying to also be a currency. It's just not useful. It's not likely to be widely distributed enough to disrupt major world currencies, because there simply are not enough for everyone to have plenty for use.Cryptocurrencies that are launching with billions of coins, are on the right track as transactional currencies. It may be simply a mental thing, but perception is reality.

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Full MemberActivity: 154Merit: 100 Re: Bitcoin's 21million total coin supply hinders it immensely April 02, 2014, 04:03:00 PM

Last edit: April 02, 2014, 04:19:25 PM by grifferz #16



Can we agree that if Bitcoin is ever to be wildly successful, we are still a very very long way, if ever, from Bitcoin being the primary currency of any society? And in fact that may never happen and isn't even something that needs to happen for Bitcoin to be considered a success by some people's metrics?



If we are working from that assumption then it also follows that in stores and on web sites, goods and services are going to continue to be denominated in the primary currency of the region. So let's say $ for the purposes of discussion.



In which case it is going to be down to the Bitcoin user's software to perform a meaningful conversion between $ price and BTC price. And many of them already do this in exactly the following way.



So, for example, something today on sale in a store in the US for $123.45 might be purchased for BTC 0.27310739. Instead of the Bitcoin app just showing:



BTC 0.27310739

it would make sense for it to instead say something like:



m BTC 273.10 739

(About $123.45)

Also in a world with much greater adoption of Bitcoin we would assume that the fiat to bitcoin exchange rate will not be so volatile so people will be used to knowing that "one $ is worth about m BTC 300" and not see that swing massively on a daily basis.



The use of m BTC here is just an example and in reality it will settle down to whatever denomination makes the most sense.



That's already how Android Wallet presents sums, and I find that pretty intuitive.



So again, I do not see the presence of more than two decimal places to be a major issue. Okay so we covered how "there's only ever going to be 21 million of them!" is a non-issue, now I see we have moved on to "but people find it hard to deal with more than two decimal places!"Can we agree that if Bitcoin is ever to be wildly successful, we are still a very very long way, if ever, from Bitcoin being the primary currency of any society? And in fact that may never happen and isn't even something thatto happen for Bitcoin to be considered a success by some people's metrics?If we are working from that assumption then it also follows that in stores and on web sites, goods and services are going to continue to be denominated in the primary currency of the region. So let's say $ for the purposes of discussion.In which case it is going to be down to the Bitcoin user's software to perform a meaningful conversion between $ price andprice. And many of them already do this in exactly the following way.So, for example, something today on sale in a store in the US for $123.45 might be purchased for0.27310739. Instead of the Bitcoin app just showing:it would make sense for it to instead say something like:Also in a world with much greater adoption of Bitcoin we would assume that the fiat to bitcoin exchange rate will not be so volatile so people will be used to knowing that "one $ is worth about m300" and not see that swing massively on a daily basis.The use of mhere is just an example and in reality it will settle down to whatever denomination makes the most sense.That's already how Android Wallet presents sums, and I find that pretty intuitive.So again, I do not see the presence of more than two decimal places to be a major issue.