Post
Topic
Board Speculation
Re: I believe the price has nowhere to go but down and here's why I think so.
by
Melbustus
on 20/07/2013, 04:42:54 UTC
...
when i told them about it they were very impressed with how it was worth more than the dollar. one guy said ya when its more then the value of the USD ...

It's NOT worth more than the dollar. Total value of all dollars is many orders of magnitude greater than total value of all bitcoins (hopefully we'll close the gap).

People need to get it through their heads that "1 Bitcoin" is just an arbitrary grouping of 100,000,000 satoshis, or said another way, a name for the arbitrarily selected 0.000004762% of all bitcoin-money that will exist. If it'd been selected that the phrase "1 bitcoin" meant 100,000 satoshis in the initial codebase, then one dollar would buy 9 "full bitcoins" right now, but the total value of all bitcoins would be the same. It's JUST a naming convention.

By the same token that your weak-minded friend was impressed that "a bitcoin" is "worth more than the dollar", we have idiots on CNBC saying things like "it's crazy that people are actually willing to pay $100 for just one of these bitcoin things". WTF!! Why can't people understand divisibility and percentages?

Don't be part of the problem!