Search content
Sort by
Showing 20 of 39 results by tmobileguy
But it's difficult to count the decimal place of Satoshi
It is interesting to me how we use ',' (or '.' in some places in the world) for large numbers but we do not do that for small numbers. For example we write "there are 100,000,000 satoshis in one BTC". The ','s make it easy to read but we write "one satoshi is 0.00000001 BTC". I wonder why we don't write "one satoshi is 0.000,000,01 BTC"? That would help but I just have never seen it done.I was just thinking the same thing lol...
I find it disturbing the words 'dropbox' and 'secure' are being used in the same sentence.
lol...me too....I am the one that did it!
But seriously, Klee is a perfect example of this....Klee has shown through the process of pursuit of the hacker that he is no dummy and definitely possesses a lot of common sense...yet he choose to secure his bitcoins through dropbox (there, i did it again lol)....just goes to show that people in their daily lives just don't think about the consequences that something could incur... I'm sure Klee never dreamed anything like this would happen yet it did...
But it doesn't mean Klee is stupid and that he deserved the coins to get jacked, just means he made an error....its something us humanas do from time to time...
As far as mixers,
mixers are not money laundering schemes by default...they are set up to provide autonomy and privacy and have many legal and reasonable reasons to be used....Not all government laws are justified and thus concealing the source of your money, whether from unjust individuals, entities, or government agencies is something everyone should have protection from...So I have no issue with mixers...
But someone who facilitates the commission of a theft, by helping the thief in any way, is guilty of conspiring with the theft...And thats what bitmixer.io is guilty of and that is where mixers go from operating legally to illegally...
Bitmixer admitted that the coins were used by the hacker, and then said that they refused to turn over any logbooks or information about knowing that fact...They didn't just say "we don't have any records anymore", they went further then that by saying that "they would never turn over the records of any client, even in this situation"...
that is admitting that you would be willing to conceal the source of a crime, even if you knew it was taking place and you were party to it...That's illegal, and that is prima facia evidence towards the mindset of bitmixer.io's and how they run their business....
Mixers are fine, but bitmixer.io participated in a crime...and nobody on this forum should endorse that, because this type of criminal activity puts your own coins at risk...not from being stolen but from being devalued...
We always complain the bitcoin security is one of biggest hurdles to adoption, and standing behind a company that helps facilitate that, is hurting your own pocketbook by slowing down the process of mass adoption of bitcoin....
mixers are not money laundering schemes by default...they are set up to provide autonomy and privacy and have many legal and reasonable reasons to be used....Not all government laws are justified and thus concealing the source of your money, whether from unjust individuals, entities, or government agencies is something everyone should have protection from...So I have no issue with mixers...
But someone who facilitates the commission of a theft, by helping the thief in any way, is guilty of conspiring with the theft...And thats what bitmixer.io is guilty of and that is where mixers go from operating legally to illegally...
Bitmixer admitted that the coins were used by the hacker, and then said that they refused to turn over any logbooks or information about knowing that fact...They didn't just say "we don't have any records anymore", they went further then that by saying that "they would never turn over the records of any client, even in this situation"...
that is admitting that you would be willing to conceal the source of a crime, even if you knew it was taking place and you were party to it...That's illegal, and that is prima facia evidence towards the mindset of bitmixer.io's and how they run their business....
Mixers are fine, but bitmixer.io participated in a crime...and nobody on this forum should endorse that, because this type of criminal activity puts your own coins at risk...not from being stolen but from being devalued...
We always complain the bitcoin security is one of biggest hurdles to adoption, and standing behind a company that helps facilitate that, is hurting your own pocketbook by slowing down the process of mass adoption of bitcoin....
I still feel, we need to support Klee in every way we can, because WE might be the next victim, and then we will need the same support from this community.
I'm finding it difficult to muster up sympathy on this one. Klee wasn't tricked or scammed, he left the gold on the windowsill, in plain view, window wide open for anyone to take. Which they did.
That's like saying that a girl that wears a dress invites rapists, so its not the rapist's fault if they rape her. It's insane...
Klee didn't TWEET out his private key, he kept it secure in a dropbox that only he had a password to...Not the best security practice but not worthy of being stolen from...
So imagine the govt says yeah bitcoin is cool there's some features we especially like, such as the SI units. So we're adopting that 'feature' to the dollar.
The old dollar is now worth 0.0000001 new dollars. 1 old cent is now 0.00000001 new dollars. There'll be milli and micro new dollars. Changeover at end of year so you all have time to learn it.
How well do you think that's going to go down with the general population?
The old dollar is now worth 0.0000001 new dollars. 1 old cent is now 0.00000001 new dollars. There'll be milli and micro new dollars. Changeover at end of year so you all have time to learn it.
How well do you think that's going to go down with the general population?
dyask, will be the only one with his .0000001 dollars converting them to .0000004324213 yen and making fun of everyone else for not being able to do so while using those converted funds to buy kiddie porn on the internet...
The rest of us, aka the general population, will be screwed because micro and milli dollar conversion will be ridiculous to use on a regular basis...
Most of us have come to the common sense rationale (except Dyask), that the less zeros and the more we clean up BTC, the better it will be in the long run...
Using SI units it would .1 uUSD to .99 uYen ... but that would be silly. I gave my son .1 BTC for playing around with bitcoin, what have you done? He by the way doesn't have any issues with using SI units in English or in Japanese. Anyway don't you think it is time to stop with the insults?
Sooo, you are the first to insult, but then when someone insults you back you wan't to complain....sounds like someone that can dish it but can't take it...Quick piece of advice, if you don't want to be insulted, don't insult people!
Anyway, back on topic....
Bits are the way to go...and I think that's what will become commonplace...
I hate mbtc. Still haven't figured out what people mean when they use that unit. I wish they would stick to btc. I'm used to the decimal point and the zeroes. It's actually quite easy. You just count the number of zeroes right after the dot to get some semblance of the value.
The problem is that you have to count, with mBtc you get some semblance of the value faster.
You only have to count up to 3 zeroes. Take the default transaction fee for example. It's 0.0001. So anything with more than 3 zeroes is just too small to care about.
right now...but what about when bitcoins are 100k a pop, then we will be using 6 zeros and it will be insane...and if we dont fix it now, it will never get to 6 zeros....
He also sent 217.5096BTC 
coward hacker + community pressure on coward hacker + not willing to drop it until result = one fucked hacker
Sad the hacker will only see his new child again when he ends up in the cell next to him
Yeah, no sympathy from me. Not that I actually believe the newborn story. It's just a pathetic coward begging not to be hurt, once he realised he wouldn't get away with it and it woudln't go away.
Please nail this a-hole to the cross klee and make this a good news story for the bitcoin community, in the end. We're all here in support.
We need more good players in bitcoin.That you got back more BTC, the NXT and are closer to nailing this guy is a very happy chance in circumstances
Hopefully you'll have the cowardly hacker in your grasp soon. If he doesn't want his life trashed completely, he should think about returning every stolen coins immediately and perhaps with interest for the inconvenience
Hackers only move at this point is to give back virtually everything and hope that Klee is the type of person that is too busy to bother with the legalities and time it will take to pursue the hacker through the criminal justice system...If Klee wants the hacker nailed to a wall, then the hacker is screwed no matter what...
If I were the hacker, I would give the BTC back asap to try and thwart the move to have my identity exposed...once his identity is exposed, then it would be easy to move on the hacker in the justice system...
Of course, if it were my coins, I wouldn't stop on the hacker no matter what...and he would be lucky if he just got to spend 30 years in prison...
So imagine the govt says yeah bitcoin is cool there's some features we especially like, such as the SI units. So we're adopting that 'feature' to the dollar.
The old dollar is now worth 0.0000001 new dollars. 1 old cent is now 0.00000001 new dollars. There'll be milli and micro new dollars. Changeover at end of year so you all have time to learn it.
How well do you think that's going to go down with the general population?
The old dollar is now worth 0.0000001 new dollars. 1 old cent is now 0.00000001 new dollars. There'll be milli and micro new dollars. Changeover at end of year so you all have time to learn it.
How well do you think that's going to go down with the general population?
dyask, will be the only one with his .0000001 dollars converting them to .0000004324213 yen and making fun of everyone else for not being able to do so while using those converted funds to buy kiddie porn on the internet...
The rest of us, aka the general population, will be screwed because micro and milli dollar conversion will be ridiculous to use on a regular basis...
Most of us have come to the common sense rationale (except Dyask), that the less zeros and the more we clean up BTC, the better it will be in the long run...
1 bitcoin = 1,000,000 bits
It's a clear and obvious choice, and that's why it's being adopted by some of the larger players.
I've yet to see an argument against it that doesn't inadvertently argue for it.
It's a clear and obvious choice, and that's why it's being adopted by some of the larger players.
I've yet to see an argument against it that doesn't inadvertently argue for it.
It is nonsense, but that doesn't mean it won't be used. "bits" doesn't imply 1000000 and if you saw it without a key you couldn't figure it out.
1 BTC = 1,000,000 uBTC
That is clear and obvious to most people in the world. Many will use the metric system but it is so simple to use.
Why wouldn't you be able to figure it out?
And why does adding a 'u' in front of BTC mean you would....is that how you talk in your daily life?
"hey honey, i just ran 1000000000 uMETERS today"....
Frankly you are taking like a 13 year old. (I know I have one.) Most people in the world understand SI units and prefixes.
Maybe I am 13yrs old...which means you better stop sending me pornography requests since that is illegal in this country...
Rutt Rohhh....
GIVE ME BACK MY MONEY!
YOU THOUGHT YOU WERE CLEVER?
I MADE BIG PATIENCE IN ORDER TO FOOL YOU UNTIL I HAVE YOU.
WHAT YOU STOLE (1170BTC + 10M NXT) IS ABOUT 2000BTC
I WANT 1400BTC IN THE NEXT 24H.
BOUNTY WAS NEVER OVER
YOU THOUGHT YOU WERE CLEVER?
I MADE BIG PATIENCE IN ORDER TO FOOL YOU UNTIL I HAVE YOU.
WHAT YOU STOLE (1170BTC + 10M NXT) IS ABOUT 2000BTC
I WANT 1400BTC IN THE NEXT 24H.
BOUNTY WAS NEVER OVER
Exactly what I said....
750.000 GOD! I can kill my self it i lose that. But seriourly how can someone keep that money in online wallet? With my accout (less than 1 btc) i have it splitted in several wallets with three factors auth.
this ^
I keep my moderate stash in 4 different paper wallets, multiple copies and i still get nervous.
i can't even imagine keeping that many bitcoin and not using paper wallets cold storage or Armory
moderate stash = enough BTC for his blow up dolls and back pain meds from flippin burgers all day....
1 bitcoin = 1,000,000 bits
It's a clear and obvious choice, and that's why it's being adopted by some of the larger players.
I've yet to see an argument against it that doesn't inadvertently argue for it.
It's a clear and obvious choice, and that's why it's being adopted by some of the larger players.
I've yet to see an argument against it that doesn't inadvertently argue for it.
It is nonsense, but that doesn't mean it won't be used. "bits" doesn't imply 1000000 and if you saw it without a key you couldn't figure it out.
1 BTC = 1,000,000 uBTC
That is clear and obvious to most people in the world. Many will use the metric system but it is so simple to use.
Why wouldn't you be able to figure it out?
And why does adding a 'u' in front of BTC mean you would....is that how you talk in your daily life?
"hey honey, i just ran 1000000000 uMETERS today"....
Can't believe this debate is still going on
This kind of discussions pops up every few months and there has never been any sort of resolution. I have seen a prized contest, a few votes, and it is ALWAYS split between standard SI units and "bit". I honestly don't have a problem having them both. Standard SI units for contracts and "official" use and "bit" for day to day use, like we call 1 pound (GBP) a "quid".
This kind of discussions pops up every few months and there has never been any sort of resolution. I have seen a prized contest, a few votes, and it is ALWAYS split between standard SI units and "bit". I honestly don't have a problem having them both. Standard SI units for contracts and "official" use and "bit" for day to day use, like we call 1 pound (GBP) a "quid".
not a bad idea....we call twenties....'dubs'
I just read every post on Part 1 and Part 2 of this situation....
It is amazing to me how little people know about laws in general and what is legal and or not legal...
"The Avenger" is 100% correct...Bitmixer.io participated in the crime once they knew the coins were stolen and continued to process them. In fact, bitmixer's whole concept would be seen as a money laundering facility in any court of law, but the fact that Bitmixer wrote on a public forum that "yes, the criminal did use our service to launder his coins" and "no, we will not give up his identity" is just about the dumbest thing I have ever heard of someone doing...
Klee's contract with the criminal is worthless...any contract where the 'consideration' is based on a criminal activity is automatically void...
If I were Klee I would have 100% taken the deal, and I would secretly be pursuing the criminal and I would still offer up the bounty, but instead I would offer a partial bounty for bitmixer.io's information... With that kind of money at stake, once I found the owner of bitmixer.io, I would break him down by starting with him first and then moving to family members...
As to BurtW, you just dont get it....
Mixers are fine and I support them as well....I don't want people tracking my every move either...but this situation is different, once the mixer has reasonable justification that a crime has been committed and thus funds are being laundered through their mixer, then its their ass on the line...
If bitmixer.io had any common sense, he would publicly say that he will not give up the thief, privately give up the thief, take the reward, and then Klee should dispose of the thief...and I would just let everyone think that the thief got away with...mix the coins back into Klee's possession, pay bitmixer.io the ransom and both can go on happily knowing the real situation and what happened....
Hopefully that scenario will scare the thief (that is, if it hasn't already happened and the thief is even alive at this point)....
It is amazing to me how little people know about laws in general and what is legal and or not legal...
"The Avenger" is 100% correct...Bitmixer.io participated in the crime once they knew the coins were stolen and continued to process them. In fact, bitmixer's whole concept would be seen as a money laundering facility in any court of law, but the fact that Bitmixer wrote on a public forum that "yes, the criminal did use our service to launder his coins" and "no, we will not give up his identity" is just about the dumbest thing I have ever heard of someone doing...
Klee's contract with the criminal is worthless...any contract where the 'consideration' is based on a criminal activity is automatically void...
If I were Klee I would have 100% taken the deal, and I would secretly be pursuing the criminal and I would still offer up the bounty, but instead I would offer a partial bounty for bitmixer.io's information... With that kind of money at stake, once I found the owner of bitmixer.io, I would break him down by starting with him first and then moving to family members...
As to BurtW, you just dont get it....
Mixers are fine and I support them as well....I don't want people tracking my every move either...but this situation is different, once the mixer has reasonable justification that a crime has been committed and thus funds are being laundered through their mixer, then its their ass on the line...
If bitmixer.io had any common sense, he would publicly say that he will not give up the thief, privately give up the thief, take the reward, and then Klee should dispose of the thief...and I would just let everyone think that the thief got away with...mix the coins back into Klee's possession, pay bitmixer.io the ransom and both can go on happily knowing the real situation and what happened....
Hopefully that scenario will scare the thief (that is, if it hasn't already happened and the thief is even alive at this point)....
There is no reason why fractional reserve banking could not be done with bitcoins. After all, it existed when the U.S. was on the Gold Standard.
It can't be done with bitcoin, because you cannot produce more bitcoins like you can dollar bills...And when the banks have to fufill the loan, they will have to send actual bitcoins to fund the loan....
The reason it was done with gold was because instead ofsending people actual bars of gold, they were sending them a bond that stated that they owned this much gold in return but were overselling the bonds compared to what they had in reserves....
So may anyone explain me...1mBTC= 0.01 btc or 0.001 btc?
0.001 (1/1000th, milli = 1000)
but hey: 1 satoshi = 0.01 bits and 1 million bits is a bitcoin. All you need to know ;-)
I agree...either SPLIT BTC or use BIT for BTC...
That's the new campaign...SPLIT or BIT
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.
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...
The vast majority of BTC owners only own a small fraction of a whole bitcoin. It isn't a foreign concept at all. A main selling point of bitcoin is that it is easily to divide down to any size you want. Thinking that you have to have a whole unit and a label to go with it is the narrow point of view.
The vast majority of BTC owners are tech conscience or savvy and constitute an extremely tiny percent of the population. It's probably not a foreign concept at all...
Can I ask what you do for a living that would make you an expert on dealing with the general population? Because I meet hundreds and hundreds of people from all walks of life and 99% of them have never even heard of bitcoin...and the 1% that have are fairly intelligent.... I can tell you that most people can't even understand the concept let alone use math properly to understand zeros on the right side...
but the minute I explain to them the concept of a digital dollar they seem to grasp the concept much better....
I have lived and worked in the USA and I'm currently living in Japan. I believe I have a much broader view of the world than the typical American. I have actually also lived in Egypt and spent considerable time in multiple countries beside America, Japan and Egypt. For the record my children are bilingual and go to normal Japanese schools. (As in they also read and write Japanese as well as English.) We have high educational standards.
You seem to be the one throwing out generalities, mostly which would only apply to Americans. While it is true that bitcoin is easier for the tech savvy it isn't limited to them. That is really true of younger people. Bitcoin isn't an American thing, it is international and that is what it needs to be to survive than thrive.
The real problem of adaption have nothing to do with the name or units, they are fine. BTC or Satoshi work fine with SI units. The real problems are the complexity of wallets and security related to bitcoin storage. Those are the issues that need to be easy handle. A new name does nothing but add confusion. That is my view, but probably one largely shared.
I believe you have a much broader view of a similar socio-economic class people...Different cultures, different people, but still higher functioning then the average...but these are just assumptions I am making based on your perceptions and things that you state, like one for instance being that your children are very high functioning and well educated...A lot of that explains your outlook....
My situation is different...I am around very very low functioning people all the way up to people that are intelligent enough to crack online federal security systems (and yes I do know one person, and while he would never do it because he is very moralistic, he possesses the capability to do so)... I have homeless people that work for, people that grew up with broken homes, as well as kids that have parents that are CEO's of Fortune 500 companies, and even children of celebrities and sports celebrities...so your probably right, I probably am making my generalizations based on American observations and not looking from a world standpoint...but I can tell you I am looking at from all facets of mental capabilities and thats where I see the flaws with the nomenclature....
I would also agree that the complexity of the wallets and security issues are major issues and the issues that affect me personally the most...but there is no point in building the perfect system if it entails use math that is too difficult for the average person to navigate effectively...and thats why I think the nomenclature is so important...not for you, not for me, but for the average IQ person and below average IQ person...because those people make up the largest portion of the world's populations and bitcoin can't succeed without them...and they need an easy name, with few to no zeros....
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.
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...
The vast majority of BTC owners only own a small fraction of a whole bitcoin. It isn't a foreign concept at all. A main selling point of bitcoin is that it is easily to divide down to any size you want. Thinking that you have to have a whole unit and a label to go with it is the narrow point of view.
The vast majority of BTC owners are tech conscience or savvy and constitute an extremely tiny percent of the population. It's probably not a foreign concept at all...
Can I ask what you do for a living that would make you an expert on dealing with the general population? Because I meet hundreds and hundreds of people from all walks of life and 99% of them have never even heard of bitcoin...and the 1% that have are fairly intelligent.... I can tell you that most people can't even understand the concept let alone use math properly to understand zeros on the right side...
but the minute I explain to them the concept of a digital dollar they seem to grasp the concept much better....
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...
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...
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...
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....