Bitcoinity switches to mBTC | Hacker News Reader

Bitcoinity switches to mBTC

bitcoinity.org

36 pointskudu13 comments

I guess it will sound more stable this way, too. 1000 to 2000 or even 10,000 sounds like a much more sizeable jump than 1 to 2 or 10. Also helps overcome unit bias.

It is amazing how powerful these cognitive biases can be.

Can we say that mBTC is some kind of devaluation tool to fight with inflation process which participants of the system are trying to build ?

Do you even understand what inflation is?

I understand benefits of devaluation if there is a hyper inflation. There is no authoity that could really devaluate bitcoin price, but we could try to devaluate peception of unit here.

…except BitCoin isn't experiencing inflation. It's experiencing deflation.

(Inflation is when the value of a currency decreases, causing the price of goods in that currency to increase or inflate.)

Think of it rather as redenomination.

There has been no change in value. We're just talking about it with smaller numbers.

I'm not particularly enthusiastic for the mBTC proposal but on the other hand I don't see it doing any harm.

Having bought some BTC at lower prices, talking about BTC prices is something really exciting for me since it means money, but I think that mBTC rates is better, because I keep hearing more and more people saying or thinking that they can't afford BTC anymore now it's over $1000.

Talking about buying a few mBTC for ~$1 each sounds way more attractive than buying 0.001 BTC, which feels like buying something worthless.

So I think it's a good thing for BTC to continue to become more mainstream!

"I'm not going to buy any BTC because it's $1000."

Probably means: "The market price is above what I believe it should be."

Not: "$1000 is too much money for me to spend."

Don't underestimate the general public's misunderstanding of bitcoin...

Otherwise known as the 1000-1 split.

Predictions on switching to uBTC?

Reply on news.ycombinator.com