Quote from: DannyHamilton on April 21, 2014, 03:38:14 PM

Quote from: Jori on April 21, 2014, 03:25:19 PM

Quote from: DannyHamilton on April 21, 2014, 03:47:19 AM

Quote from: BawsyBoss on April 21, 2014, 03:00:46 AM

I've read around that one of the reasons for bitcoin's slow adoption is the psychological factor of having "just a few bitcoins."

That's silly. That's like saying there is a psychological factor of having "just a few thousand dollars". Anyone who feels that way, isn't capable of logic and reason. As such, they wouldn't contribute much to the economy anyhow. Eventually, when all they can have is "just a few micro-bitcoin, they may finally see reality and come around.

That is ridiculous. There is definitely a psychological factor involved in how people perceive currency magnitudes, that has noting to do with reason. Should people who are afraid of peanut-butter be denied excess to the economy, because there believes are irrational?

The peanut butter economy? Absolutely! I don't think that anybody that is afraid of peanut butter should be buying, selling, storing, eating, or otherwise using peanut butter.

Of course, if they are only concerned about the words "peanut butter" (bitcoin), and they if they are not concerned at all about crushed and creamated peanuts stored in a jar (bitcoin based units of value), then they can create a new label "creamed peanuts" (millies) on their own jars and happily participate in the peanut butter economy without exposing themselves to their irrational concerns.

I see no reason why the entire peanut butter economy should have to adjust the definitions of words and start calling it "orange juice" instead of "peanut butter" just to assuage the irrational beliefs of a few silly people.

Don't get me wrong, I absolutely agree with you that it is silly. I only want to keep the idea open that after the bitcoin price has stabilized a bit, PERHAPS it could be a good idea to redefine its value to be more in the range with the normal currencies (i.e. for most of us US$ and EU).

You seem to have forgotten the point were this currency started with, namely to be the currency of tomorrow or at least inspire/influence it. To succeed, we need to carefully market its use, also to the 'silly' people, who make up for most of the worlds population.

If redefining the value of 1 BTC could help adoption even the tinniest bit, it is worth considering. Heck, mega-concerns, like Coca-Cola, are marketing their products in far more subtle ways than that. I don't think they would do that if there weren't clear indications of its effectiveness (I'll be looking for some more scientific substantiation, but that'll cost some time and am currently very busy haha).

Jori.