5 ms·
Peoples perceptions of number sizes don't change quickly. 1 million will still seem like a big number. It's likely at some point we'll have to re-denominate. Th
by nly 4y ago
Peoples perceptions of number sizes don't change quickly. 1 million will still seem like a big number. It's likely at some point we'll have to re-denominate. There will be a 'new Pound' or something that is worth 100 'old Pounds'.
You can see the number phenomenon today. People still talk about "winning £1M on the Lottery" like it'd set them up for a life of luxury. To reasonably replace even a median UK full-time salary for life you're going to need around ~£700K in assets. That leaves £300K for a modest home somewhere outside of London and the South East. One false move with your £1M winnings and you'll end up back in the office. The £ is worth half of what it was in 1994 when the Lottery started.
- duderific 4y agoOr we can make 100 trillion pound notes like in Zimbabwe https://www.cnn.com/2016/05/06/africa/zimbabwe-trillion-dollar-note/index.html https://www.cnn.com/2016/05/06/africa/zimbabwe-trillion-doll...
- baby 4y agoOr japan. In romania people still say “one million” instead of “one hundred”
- bennyelv 4y agoIt was ZWB (Zimbabwe dollars), but I can see why you would assume "pound" given the country's history. Source: I have one of these notes on my coffee table :) It lives with a $1 bill that was printed only a couple of years before it. Bad stuff happens when a government gets these things wrong!
- baby 4y agoInteresting. I remember that some Bitcoin people were trying to do the reverse when the price was 1000+ by talking about mBTC instead of BTC. I guess http://bitcoinity.org/markets http://bitcoinity.org/markets still does it.