On 14 November 2013 12:45, Melvin Carvalho <melvincarva...@gmail.com> wrote:
> Given the recent rise in value there seems to be anecdotal evidence that 1
> bitcoin being so high is putting off a lot of normal buyers, because they
> feel that putting down $400+ and only getting "1 coin", or having to buy in
> multiples of 1 whole coin, is too much.. only after it being explained that
> they can buy fractional amounts to they regain interest, apparently
> happening increasingly.
> Straw Poll
> 6 months ago there was a straw poll on this
> Roughly 2/3 of respondents favoured switching
> A further 20% said to switch after it hits 1000
> Satoshi's comments:
> Eventually at most only 21 million coins for 6.8 billion people in the
> world if it really gets huge.
> But don't worry, there are another 6 decimal places that aren't shown, for
> a total of 8 decimal places internally. It shows 1.00 but internally it's
> 1.00000000. If there's massive deflation in the future, the software could
> show more decimal places.
> If it gets tiresome working with small numbers, we could change where the
> display shows the decimal point. Same amount of money, just different
> convention for where the ","'s and "."'s go. e.g. moving the decimal place
> 3 places would mean if you had 1.00000 before, now it shows it as 1,000.00.
> Would now be a good time to start thinking about changing the default
> display in the software. Perhaps initially it could be a dropdown display
> option, then at some point mbtc becomes the default?
Just a FYI on this topic. In Gavin's recent interview he described the
block reward as 25,000 millibits (about 25 minutes in).
Decide for yourself whether or not that's meaningful :)
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