4 ms·

So, I think bitcoin sort of shot itself in the foot with the low number of total bitcoins. I think if the actual $ value per bitcoin was more in line with the d

So, I think bitcoin sort of shot itself in the foot with the low number of total bitcoins. I think if the actual $ value per bitcoin was more in line with the dollar, people would be more willing to spend them. Yes, you can spend fractions of bitcoins, but for instance here namecheap wants at least .1 bitcoins deposited. Currently, that's what, $80? why do I want to give them $80 when all I really want is 1 $10 domain? How about a 100/1 split :-)

wrongc0ntinent 13y ago
This is namecheap's problem, plenty of decimal places left there.
nearengine 13y ago
> why do I want to give them $80 when all I really want is 1 $10 domain? To qualify for the promo? They don't enforce a minimum purchase for BTC... I have bought several individual domains from them in BTC. What is the point of a 100/1 split? Moving the decimals over is completely arbitrary, since you'd just have 6 decimal places at the end instead of 8.
- prawn 13y ago
  I think a split would motivate speculators currently mentally deterred from the idea that this virtual thing is "so expensive". They'd rather own 60 coins than 0.6 of a coin. Here's this virtual coin that a low level speculator can't even buy a full instance of. That has to put off a few people.
  - swswsw 13y ago
    To achieve similar effect, some people are proposing changing the default unit to mBTC, uBTC, or satoshi. While it is not splitting, it should have similar effect. Instead of saying they own 0.6 BTC, they'll say they own 600 mBTC.
    - prawn 13y ago
      This is what I had in mind. Interesting to note that it's getting suggested already.
tlrobinson 13y ago
That's entirely a psychological issues. There have been efforts to try to get people to switch to mBTC or whatever, but I don't think it will happen until the price is significantly over $1000 (and thus $1 == 1 mBTC)

4 ms·

So, I think bitcoin sort of shot itself in the foot with the low number of total bitcoins. I think if the actual $ value per bitcoin was more in line with the d

by clarky07 13y ago

wrongc0ntinent 13y ago
This is namecheap's problem, plenty of decimal places left there.
nearengine 13y ago
> why do I want to give them $80 when all I really want is 1 $10 domain? To qualify for the promo? They don't enforce a minimum purchase for BTC... I have bought several individual domains from them in BTC. What is the point of a 100/1 split? Moving the decimals over is completely arbitrary, since you'd just have 6 decimal places at the end instead of 8.
- prawn 13y ago
  I think a split would motivate speculators currently mentally deterred from the idea that this virtual thing is "so expensive". They'd rather own 60 coins than 0.6 of a coin. Here's this virtual coin that a low level speculator can't even buy a full instance of. That has to put off a few people.
  - swswsw 13y ago
    To achieve similar effect, some people are proposing changing the default unit to mBTC, uBTC, or satoshi. While it is not splitting, it should have similar effect. Instead of saying they own 0.6 BTC, they'll say they own 600 mBTC.
    - prawn 13y ago
      This is what I had in mind. Interesting to note that it's getting suggested already.
tlrobinson 13y ago
That's entirely a psychological issues. There have been efforts to try to get people to switch to mBTC or whatever, but I don't think it will happen until the price is significantly over $1000 (and thus $1 == 1 mBTC)