Quote from: torusJKL on December 05, 2013, 01:24:41 PM

Quote from: pureskull on December 05, 2013, 01:15:57 PM

Im a new user who wants to invest on bitcoins and i feel the price for 1 bitcoin is absurd. Im certain is just this way because of some greedy chinese who took most bitcoin out of circulation and are waiting to cash out when they feel like. Right now it looks like a bull trap and deserves to crash to teach those chinese a lesson who will panic sell. Otherwise Bitcoin will fail simply because none in a mainstream society wants to deal with a currency based on decimals. example
how much is a tv?
0.1 btc wow that sounds stupid. Its already hard enough for a mainstream user to trust an exchange with their money to buy bitcoins. Now its even more hard to get 1 because of the price.
I am a mainstream user who heard about bitcoin in the news and although this post doesnt sound smart. This is how most mainstream users will think like and without our support it will unlikely get acceptance in our society.

Do you usually buy 1kg of gold?
No I presume. You will buy more like 0.02kg, meaning 20 grams.
And still you are perfectly ok with this.

The same will happen with bitcoin.
Soon we will have to use mBTC as the unit.

Very well said! I believe this is the whole reason of bitcoin going down 8 decimal places. As price goes up I think we will start trading in mBTC but who knows Tongue