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Showing 3 of 3 results by bit1075
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Topic
Board Bitcoin Discussion
Re: 1,000,000 bits = 1 bitcoin. Future-proofing Bitcoin for common usage? VOTE
by
bit1075
on 07/05/2014, 06:45:10 UTC
For those recommending anything else you are not thinking about the people who make up the total potential bitcoin market. In emerging markets some people just make over a dollar a day to survive. Telling them 1 bitcoin costs over a year's salary simply will put them off right away. Even if you explain to them they can buy smaller portion of it.

Second, the education level and intelligence of people vary. We can't expect everyone to understand what .000123 represents. If a poll was conducted with people off the street and you asked them to name the places after the decimal, i.e. one-hundredth - the results would be shocking.

We need to make bitcoin future proof and also make it SIMPLE! When a business designs a product/service they design it to the needs and expectations of their target consumers/segments. Who do we want the users of bitcoins to be in the future? If we expect users to be the profile of everyone on this forum, then decimals are fine. For mass world adoption bitcoin needs to be designed ease of use that a child can understand and use it.
Post
Topic
Board Speculation
Re: Trading fees on Chinese exhanges - already implemented?
by
bit1075
on 07/05/2014, 05:54:31 UTC
Post
Topic
Board Speculation
Re: Joint statement by 5 chinese exchanges (they will keep operating)
by
bit1075
on 07/05/2014, 05:42:52 UTC
I think it will help with volatility on the Chinese exchanges.

According to the Bloomberg article they are going to stop all margin trading, short selling and add fees.  

http://www.bloomberg.com/news/2014-05-06/china-s-bitcoin-exchanges-pull-out-of-summit-after-pboc.html

Cutting off the fiat flow, adding fees and no margin buying/selling should drive down the volume down. I am not familiar with the business model for the Chinese exchanges, but I am assuming their revenue model was based on commissions on margin trading and short-selling. The question is will the fees they will now charge be enough to be profitable?