MicroStrategy Stock Jumps 9% Following Bitcoin Investment ...

Why not BitCoin, ByteCoin, KiloBTC, MegaBTC, GigaBTC, TerraBTC, PetaBTC?

EDIT 2: I guess with 8 negative downvotes this community just isn't catching what I'm throwing and just wants to see themselves get rich. Satoshi would have, because I understand him, the same way. He created something I thought of when I first learned about the corruption of fractional reserve banking and c++ at the same time. Just glad he actually coded it.
It only seems natural that we would use these terms. Why did we make it so convoluted and complicated in the first place? It seems like we like the same way of using the metric system. I don't see why unless Bitcoin really was created for drug transactions, then I guess it makes sense to get a microbit for a microgram of LSD...
But this currency is based on technology, not on drugs. Why not kill two birds with one stone and start teaching the system of measurement we use in DATA alongside what we use in the metric system/drug trade?
The second benefit of this is...
1 PetaBit? (I like that) could possibly be worth the TOP denomination that may ever happen. Perhaps that means you bought in at an equivalent of 1,000 Bitcoin in the beginning once deflation rates and everything stabilize and now it's worth 1,000,000,000 bitcoin. In other words, the people that have made all this money have PetaBits of coin. NOT a SINGLE ONE. I feel we went backwards by going to a SMALLER unit, we needed to change the exchange rate in the OTHER direction to make the purchasing of A BITCOIN actually the same as it was. We're all lying saying we "split the stock" or whatever in all honesty, we're lying trying to bring people in to make ourselves richer. If we would have changed the term Bitcoin to GigaBTC, then that means anybody who got in early just got a HUGE dividend. This allows people to actually buy in for the same amount we did in the beginning. They aren't stupid. The media is still talking about how we hit GOLD parity for a single bitcoin. People aren't going to forget that and think "oh, I can buy 100 mBTC now for the same price THEY bought a Bitcoin, YAY!"
I'm not sure who we're kidding telling ourselves measuring Bitcoin smaller every time it goes up is a good idea. It's just the people already holding should get a new classification and let the people still buying in, get a hell of a good deal on the original unit of measure.
Psychology thing, I guess. Feel free to comment and vote to let me know what your opinion is on my way of seeing things. I'm here to learn just as much as the next person! :)
As a side note, it also EVENTUALLY forces the smallest amount to be the BITcoin... just like the smallest measure of data. What a wonderful coincidence and easy concept to grasp if you are already IT savvy in the least. :)
EDIT: We'd have to go to ExaBTC because of the 8 digit system we've built. (0.00000001 is a Satoshi currently)
submitted by SagefulSolutions to Bitcoin [link] [comments]

Bitcoin: A BIT of a problem

My name is Joe Average. I am the 80% of people who found out about bitcoin. I found out last week that an ATM for a new type of special currency is being released in my hometown, Vancouver BC Canada. Like many others, I'm still clueless about bitcoin, despite spending my halloween weekend researching it, trying to find out whether it's a trick or a treat (sorry I had to).
In this post, I'll list what I know about it, then list the thoughts, problems, and barriers that I, and probably 80% of the population, feel about bitcoin. These things are probably most relevant to those of you bitcoin enthusiast that have a vested interest in the success of the currency/commodity, because the general public represents a population that will influence the capacity that bitcoin can have in society.
Bitcoin has many advantages. Here are the advantages that I came across in forums and news articles: -free from government influence -zero bank fees -limited resource, naturally appreciating value -relatively anonymous -intangible, convenient to carry -irreversible transactions
And here are some problems, starting from the most relevant one which probably everyone thinks of right off the bat:
1-Bitcoin or cash? Why should I bother using bitcoin? Dozens of local merchants in my area are accepting bitcoin. Wow that's great! Now I can spend 2 hours acquiring bitcoin from a private, ungoverned, unregulated exchange (more on that later) and buy a medium belgium hot chocolate from waves (great drink by the way). Paying with card or cash? No ma'am, I'm paying with BITCOIN big teethy smile, eyebrows up and down several times Ok, bust out the ipad or whatever, spend 15 minutes waiting for the cashier to grab her ipad, unlock the screen, get a network connection at coffee shop network speeds, tap the bitpay app or w/e, load the app, scan my qr code, wait for the transaction to verify, blah blah blah, meanwhile, big ass line up forms behind me and I'm the big asshole who decided to pay with bitcoin instead of cash.
Okay, in all fairness, I'm probably being ignorant to some bitcoin app out there that cuts this whole process down from 15 minutes to just 5 minutes, the time it takes to verify transactions. But if I have to use an app, that probably costs money. So now my $4.50 dark belgium hot chocolate now costs $4.65 + 5 minutes of my life.
Hmm maybe I'll just 1) whip out some cash 2) whip out my visa card and pay it off right away so I don't incur interest fees 3) pay for it with debit, my bank doesn't charge me debit fees for using my card
2-Sending bitcoin So let's say what appeals to me is that bitcoin replaces Western Union, bank transfers, etcetc. I want to send $4,000 to Alice and Bob of ABC Co., payment for their work as hypothetical people in every accounting example I've ever read. For that amount, I'd have to pay >$100 in service fees from a money company. Or I could save myself >$100 by using bitcoin instead.
Okay great! Where do I start? Download a wallet. Done, nice. Next step, synchonize 208 weeks of ledger. Great.. oh, hang on. It's been 4 hours and I've downloaded 3 weeks. What the fuck?! How long does this take.. it doesn't even tell me how long it will take or how big the file is! computer left running overnight Awesome, just 2 more nights to go then I'll be fully syncrhonized. 2 days later hard-drive is maxed out? I needed a new one anyways. 4 days and a 500GB SSD later Now I have my wallet ready to use. Time to purchase some bitcoin!
So I purchase bitcoin, send it to Bob and Alice, and since they own ABC Co., a massive enterprise, they employ an IT guy, and he is the only guy in the company who will ever understand how to securely use bitcoin. He's behind 2 juniper firewalls (for redundancy), we VPN tunnel'd the payment code over with the pass, that way I know it went to him and nothing's been compromised. Because once the funds are sent out, it's gone, there is no insurance. Which brings me to my next point:
Bottom line: requires a lot of time to SAFELY and SECURELY send bitcoin, FEE-FREE. But that's okay because I have nothing better to do. If I had kids, errands, work, non-IT hobbies to do, $40-$100 might be worth the time it takes me to research the process of sending bitcoin out properly.
3-Bitcoin wallet services There's a whole list of companies emerging to take podium position in the race of the bitcoin wallet services world. Besides setting up a bitcoin exchange (which anyone can do in their basement), bitcoin wallets are the next biggest thing in bitcoin.
In the digital world, about 3 companies take podium position in a certain thing. Like Android/Apple/Blackberry for cell phones, Windows/Apple/Linux, Chrome/Firefox/IE, etc etc. Right now, for digital bitcoin wallets, everyone's competing to be one of those 3 major companies that everyone will use. Companies like coinbase.
These companies cost money. Coinbase has a pretty impressive talent pool. Let me introduce them to you:
Barry Kwok- Holy shit, this guy has a Masters in Engineering?! No seriously, this guy is a master of engineering. He built teams of 5 to 50 people at Google (fucking google man!). This guy is the first guy on the list, how much does he make? I'd have to guess $120k
Craig Hammell- This guy built OK Cupid. I know a guy who uses that shit to get laid, it really works, so OK cupid is probably a well-established company. Because of Craig's success with OK cupid, and the fact he looks that young, I'd say he probably doesn't make that much, just a modest $90k
Olaf Carlson-Wee- Olaf does rock-climbing, enough said. $95k
Fred Erhsam- Traded at Goldman Sachs. $150k
Charlie Lee- Invented Litecoin, worked on google chrome, google play, and youtube. $120k
Brian Armstrong- This guy has experience with Fraud Prevention. Don't know why they hired him, because as everyone's been saying, you can't fraud bitcoin. Since they don't need him, he's probably an intern.
Let's run some quick numbers: Total cost of salaries: $575,000/year Other expenses including dividends to investors: $3m/year
So this company has $3.6m a year to allocate to their consumer base of 329k of wallets, and 12k merchants. That is roughly $10.56/year per wallet or merchant. (realistically, the portion of cost between wallets and merchants would be not be split equally, and of course all these figures are pulled straight from thin air, however, this is reddit, not forbes).
That is a very low amount compared to using VISA which costs merchants $0.25/transaction+monthly service fee. As we can see, bitcoin is a great! Save some money.
But here's the problem: people fraud banks all the time. That costs money. Somebody puts $10k in their digital wallet, loses it, they're going to be pissed off. They'll start demanding it back from coinbase. The day coinbase pays 1 guy $10k compensation, the day they'll have to pay everyone that loses money like that, and that $3-mil figure I gave above will be much higher, and the fees everyone has to pay will go up. If coinbase doesn't compensate, then people will be reluctant to use bitcoin for anything other than small transactions.
This means bitcoin will not have the capacity to be adopted by regular people, like me. Either I lose big chunks of money at a time, when my digital wallet gets hacked, goes missing, frauded, etc, or I lose it in smaller chunks and frequency which is similar to a bank.
So digital wallet services are just like banks. Wait, I thought the bitcoin guys were saying banks were a bad thing?
4-Inflation vs Deflation I see a lot of bitcoin enthusiasts talking economics, which really angers me. You should read some of the things they say "inflation is bad, bitcoin actually deflates, so its good" "the government can't fuck with bitcoin, so its good" "bitcoin good, so it's good". If you're a bitcoin enthusiast and discussed bitcoin economics, you probably need to trade your internet credit for some college credits. Because seriously, that is some retarded shit. For example:
Inflation is bad, bitcoin deflates = good / The gov't can't fuck with bitcoin so it's good No. Inflation is good, yes I said it and you can quote me on that. Inflation allows job creation through lowering interest rates which encourages people and businesses to buy things. When stuff is bought, things happen. And jobs are required to make things happen. So when the government sees that "hey, our economy ain't doin too well, how bout we print some of ye ol' fashioned paper dolla bills" that's a strategic move to lower the unemployment rate and increase GDP.
The US is in shambles right now for reasons beyond inflation. The #1 reason why is labour costs too much in the US. Shaquila and Billy Bob don't want to work in a factory for $12/hr, they're too in love with hollywood and liberty, thinking they're entitled to a high paying comfortable job. Half of America thinks like that. But guess what, the Chinese don't, they're happy to pick up where Shaquila and Billy Bob left off. And because of the economies of scale thanks to their large population, that ignited over night, and now the US is left with a population that doesn't want to work. There's also a bunch of other reasons like going to war, etc, but that's debatable because there's a cost/benefit of going to war (own all the oil rigs out east to pay for things because you lazy fucks can't be bothered to make money with elbow grease).
The point is, mind fuck #1, inflation is a solution to a problem that's not related to money.
On the other side of the coin, deflation IS a bad thing.
Deflation, which bitcoin is designed to do, means that there will be fewer amounts of money to spend over time. That increases the price of things. That's good for people who are holding on to bitcoin. This encourages people to spend with bitcoin less, and save more. Mind fuck #2, saving money is bad, because it reduces GDP. It reduces the need for companies like coinbase to develop and create a product for spending bitcoin in the first place. So the more bitcoin deflates, the more its value goes up, the less people spend bitcoin on shit, the less merchants see a point in accepting bitcoin, the less merchants use bitcoin, the less people buy bitcoin, then bitcoins value goes down.
5-Limited supply of bitcoins This title should read Diminishing supply of bitcoins, but it would then be misinterpreted without an explanation. Bitcoins don't diminish, they are simply unaccounted for. Meaning, if you have bitcoins, and forget the password, it is gone forever. And in case you didn't know, people are human, making them prone to mistakes. Forgetting, etc. So, over time, enough people will lose bits and pieces of bitcoin here and there. That's going to add up over the long run. Units of measure will start going to miliBits, Microbits, ultra micro bits, ultra ultra micro bits. etc. Kind of like fiat currency, it can inflate to be infinitely large, and with bitcoin, infinitely smaller.
6-Exchanges and trading When Silk Road went down, bitcoin went up. First, naturally and by way of economics, fewer bitcoin = increased value. The Silk Road guy had $26-million USD worth of bitcoin, more than enough bitcoin to raise the market price. Followed by that, we have news, and hype, which drove higher. Then the fact prices are going up, makes a nice news article, which drives it up even more. When prices went up because of the news, incentive went up. Now the prices are so high, some people have made fortunes off of it. And that makes the news too, which drives it up again even higher.
That's a great incentive if you're a bitcoin investor. Hey, the winklevoss twins have 1% of bitcoin, all you miners go use your mining pools to break into the winklevoss account and delete the fuck out of their bitcoin wallets and backup, so you can raise the market value.
Just kidding. That's a lot of work. You know what's easier? This:
1) Start your own bitcoin exchange, no fees 100% free. 2) People will start trading on it. 3) ???? 4) Profit!
Actually step 3 isn't a mystery, you set the fucking price level to whatever you want it to be. And because it's 100% unregulated, unsanctioned, not tied to any commodities, no authority, no referee, no consortium, you can do whatever the fuck you want on it.
Without authority, believing that the prices on the bitcoin exchange is set naturally by way of price and demand is like believing in religion. You just have to believe.
Of course with public exchanges, there is some level of corruption involved, but that's why people get arrested and shit. Using bitcoin exchanges doesn't have that level of protection, and it never will. You think the governments own law enforcement is going to go after guys corrupting a private stock exchange, which trades a currency that negatively impacts their own fiat currency? Unless the government is somehow benefiting from bitcoin, which it won't by design, the police will simply have a good laugh at that.
In conclusion, there's so many flaws that I can see with bitcoin. But bitcoin enthusiasts will say otherwise. If I jumped on the bitcoin train 3 years ago, I'd probably do the same thing as you: make up some backwards economic reasoning it'll succeed, some backward political reason, etc.
So Dear Bitcoin, you just don't make enough sense to us, the general population, for us to adopt you. A great substitute for currency in the underground world, but you just don't fit with us here on the mainstream. And if you did fit, you'll end up being regulated just like currency, so what's the point? You're the same shit as my cash or cards. Fuck off. -Joe Average
submitted by smoothboi69 to Bitcoin [link] [comments]

Thoughts on the Milibit, Microbit, and Satoshi currency labels

I was contemplating the many discussions I've come across in the past 6 months about how best to represent bitcoins. Should they be called 'milibits' for convenience, or perhaps 'microbits', or even the raw 'satoshis'. This would, ostensibly, make buying a latte easier since lots of us think in integers of under 100 when we value such everyday items (instead of, for example, .003 btc for a latte). I think I have a better idea. Why don't we stick with bitcoin, but make a push for the community to support something similar to a stock split? For example, let's say you have 1 bitcoin now. After a 100:1 'coin split', you would have 100 bitcoins. This is really just a matter of semantics, since the actual number of satoshis (which is the real measure of the number of payment units in the network) would be unchanged. Miners would be awarded the same amount of satoshis when they find a block, but their bitcoin award would be 2500.
tl;dr Split bitcoin similar to how stocks split so everyday interaction with the currency is more familiar to people.
submitted by purplecabbage to Bitcoin [link] [comments]

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