Post
Topic
Board Development & Technical Discussion
Re: BTC must split into smaller units to survive
by
leopard2
on 06/01/2018, 20:30:41 UTC
I tell them you can buy 1/1000th or even 1/1,000,000th of a bitcoin if you really wanted to..

Exactly!

The system already had a 1000:1 split and then another 1000:1 split after that.  People just aren't aware of it yet, and they aren't familliar with the new naming convention for the split amounts.

If you want to buy 1/1000th of a bitcoin, then you are buying from the first split.  These are called millibitcoin (often written as mBTC), and a nickname is catching on: "Millies".  So, if you want 5 of the 1:1000 split coins, then you want 5 Millies!.  At an exchange rate of $16300 per BTC that works out to an exchange rate of only $16.30 per Millie!

If you want to buy the 1/1,000,000th of a bitcoin, then you are buying from the second split.  These are called microbitcoin (often written as µBTC since the scientific symbol for micro is µ), and a nickname is catching on: "Mikes".  So, if you want 5 of the 1:1,000,000 split coins, then you want 5 Mikes!.  At an exchange rate of $16300 per BTC that works out to an exchange rate of ONLY $0.0163 per Mike!  (just a bit more than a penny-and-a-half)!!!

Are you pulling my leg?!

Using millibitcoin or whatever, is not going to change anything

On CMC you must have a lot of units, but people look at the full units. What you are saying is, sell gold by counting atoms to make it look cheaper, no, this won't work if everybody else is selling copper, sand or dogcrap by the ounce.

Using mikes or millies is not a solution

The solution is splitting 21 000 000 BTC (with 1e8 satoshis divisbilty) into 21 000 000 000 BTC (with 1e8 satoshis divisibility)

Block reward would then be 12500 BTC per block, fees? Good question. Perhaps such a split could help reducing fees too.

Reducing the divisibility leads to rounding issues, fee issues, dust issues and fucking no one will fall for that anyways...people do not want to pay 16000 for 1 BTC, and they won't pay 16 for a millie because they know it is 0.001 BTC. People may be stupid, but not THAT stupid.

Mark my words, if such a split is not done, it is only a matter of time until crap like XRP is on top of CMC

And yes, I define success = ranking in CMC, just like 99.99% of earthlings  Grin

Pretty sure, just announcing such a Bitcoin "stock split" would result in 25000+ prices. Even Warren Buffett's Berkshire Hathaway has done it (B series) because they know that a share that costs several 10 000$ are not attractive to retail investors!

https://en.wikipedia.org/wiki/Stock_split