Quote from: dyask on July 12, 2014, 10:47:23 PM

Quote from: tmobileguy on July 12, 2014, 10:26:47 PM

Quote from: dyask on July 12, 2014, 10:10:49 PM

Quote from: tmobileguy on July 12, 2014, 09:23:23 PM

A lot of you all are missing the point. You are making assumptions that the average person has a higher intelligence then what they really do...Watch Jay Leno's "Jaywalking" excerpts and you will see what we are dealing with...

If you want to use 6 places past the decimal for daily transacting then bitcoin will either stay where it is, as a niche currency, or it will fail....because it is impossible to use by average people within those constraints....

I don't think people realize how easy it is to make mistakes and miss a zero and pay 10x the amount you should have...

what really needs to happen is to split bitcoin and essentially rename btc to whatever denomination will properly suit the times....that's how bitcoin becomes worth a million bucks....multiple splits were people forget what the old valuation of it was....

Thats also where an exchange like the Winklevoss one could spearhead moves like this. Its just nomenclature, but its important....

it BTC were to split right now and sell for 6 dollars each, people would buy a lot more of them and the price would creep back up to 600 again in no time....thus essentially be worth 3600 now (im rounding)....

splitting is the answer to everything, its just a matter of 'how' to implement such a system...

PS - when i say splitting essentially what i am saying is use a lower denomination of BTC as the BTC nomenclature, not actually ADDING bitcoins to the network...I know there is a finite amount....but right now we have room to move those decimal points to the right to make everything more user friendly...

Your point about too many zeros causing problems is valid. That is why people will use SI prefixes to avoid zeros.

The rest? You really sound like you are just out of the loony bin. Let's see if I just take a gold bar and split it I'll soon have 2x the value ... Yea right.

You misunderstand what I say...And there is no need for the personal attack.

What I am saying is from a consumer standpoint call it 'a split'...but in reality it would just be a renaming of the nomenclature so that whereas right now a BTC=BTC but after the split a mBTC would become the new BTC...

And your gold bar example makes no sense...I did not say that a BTC would automatically double...what I said is that the value would reset to $6 and you would have 100x times more of the $6 valued BTC...same numbers....but (and this is IMO), it would be easier for the value of the $6 to go to $10 then the value of a $600 to go to a $1000....Why do you think the stock market uses splitting so much...no value is actually increased, but it allows the continual rise by keeping the values within a range of numbers that are easier for people to work with and that are more appealing....

Renaming something has little to no impact on the value. It isn't easier for the value to change if it is smaller or larger. Especially something that can be handled in fractions. Claiming renaming bitcoin will have an impact on value isn't rational or even logical.

With stocks sometimes a stock split helps a small amount because stocks typically can only be bought and sold in whole units. However any effect is typically short lived. Typically only stocks that are growing a lot are split. The reason they go up after the split isn't related to the split.

Youre looking at it from a very narrow point of view, not the view of the average joe shmoe making 30k a year...they are not going to buy a 600 BTC and play around with it...and buying a .1 BTC is a very foreign concept to most people....

You're looking at it from too logical point of view...People are not logical...