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Bitcoins reached $300

news.ycombinator.com

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Re: Bitcoins reached $300

#31

Post by dagw »

svantana wrote: post #23
mtgx wrote: post #5

Bitcoins should lose 3 zeros, like many countries do to their currencies. So 1 new Bitcoin = 0.001 old Bitcoins = $0.3 I think I'd like that more than just starting naming them something else all of the sudden, and call them Satoshis or whatever, and then when the Bitcoin reaches $10,000 we'll probably have to use new names yet again. Cutting the zeros could be a little confusing at first, but I think less confusing…

>Bitcoins should lose 3 zeros, like many countries do to their currencies. I've never heard of that, although the opposite has been done plenty of times. But that's rarely a sign of a healthy economy, most of the time it's done out of desperation I would think.

It was very 'popular' in the 80's and 90's for countries coming out of high inflation. Off the top of my head, Brazil, Peru, Russia, Poland, Yugoslavia, Turkey and Bulgaria all cut three or 4 zeros from their currency to make the numbers easier to handle and to try to mark a psychological end to previous inflation.

Zimbabwe did it about once every other year or so back in the mid 2000's.

Re: Bitcoins reached $300

#34

Post by Mchl »

zorked wrote: post #30
svantana wrote: post #23

Earlier quoted context omitted.

>Bitcoins should lose 3 zeros, like many countries do to their currencies. I've never heard of that, although the opposite has been done plenty of times. But that's rarely a sign of a healthy economy, most of the time it's done out of desperation I would think.

I live in a country that used to need that. The real reason for doing that is simply not having to write so many useless zeroes. The people who were calling for cutting zeroes were mostly banks having issues dealing with whatever hard-coded limit was on their systems. There was no expectation that cutting zeroes would actually improve anything at all. Though the situation was exactly the opposite of Bitcoin. Money wa…

It's becoming 'too valuable' in USD. There are other currencies, and the world does NOT in fact turn around US.

Re: Bitcoins reached $300

#36

Post by chii »

dwaltrip wrote: post #29

Damn. Sometimes I can't believe it. I have been following bitcoin quite closely for over 18 months now. The ecosystem is growing in ways only a few bold people have predicted. Fundamentally, it is about belief and trust. The protocol has largely proven itself. People are starting to believe in bitcoin. This is why the price is going up. For those who say "It isn't being used as a currency!" here is my response: Bitco…

i wish bitcoin's equating with gold is going to last - but i believe that because bitcoin's uncontrollability (from the banker's point of view), it will be stamped out as soon as it threatens fiat currencies as the dominant means of transfer.

Re: Bitcoins reached $300

#38

Post by [deleted] »

jafaku wrote: post #28
shubhamjain wrote: post #4

When Silkroad went down I expected bitcoin to take quite a slump but what has happened is contrary. I am not implying that anonymous transaction s for illegal use are the only thing bitcoins are good for but its my guess that it forms a major part of the group that actually use bitcoins for buying stuff. I am not sure why would anyone would get troubled in buying bitcoins for purchasing rather than punching a CC numb…

Most of the people of the world can't really have a bank account, let alone be eligible for a credit (card). With Bitcoin you only need internet access. Most of the people of the world can't really save either. Cash loses value over time, gold is hard to validate and keep safe, and is even banned in lots of places. Bitcoin to the rescue! Now everyone can start saving, and even be rewarded for that. I could go on all…

[deleted]

Re: Bitcoins reached $300

#39

Post by bgaluszka »

dagw wrote: post #31
svantana wrote: post #23

Earlier quoted context omitted.

>Bitcoins should lose 3 zeros, like many countries do to their currencies. I've never heard of that, although the opposite has been done plenty of times. But that's rarely a sign of a healthy economy, most of the time it's done out of desperation I would think.

It was very 'popular' in the 80's and 90's for countries coming out of high inflation. Off the top of my head, Brazil, Peru, Russia, Poland, Yugoslavia, Turkey and Bulgaria all cut three or 4 zeros from their currency to make the numbers easier to handle and to try to mark a psychological end to previous inflation. Zimbabwe did it about once every other year or so back in the mid 2000's.

Mathematically speaking you are talking about dividing but GP talks about multiplying. That I've never heard of too.
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