Litecoin market cap just surpassed $ 500,000,000 again!
It's very nice to see that litecoin gets new buy support each day. Even so such a pump will lead to a crash sooner or later it will bring publicity which Litecoin (or any other coin) badly needs. It might also get more popular as second form of investment besides bitcoin for the big whales. Strengthen it's position as the second (or someday perhaps first) most accepted coin!
Microbitcoin or Bits is an objectively superior unit. 1 bit = 0.33 cents
I know this has been discussed to death several years ago, but we're going to have to deal with this at some point. Microbitcoins or bits is a much better unit of account than bitcoin. For those who haven't seen it before, here's the rationale: 1) How many times have you heard "Bitcoin is too expensive" from people who assume they can't buy a fraction? Yes, I know that people who say this are ignorant. But the fact remains that because the bitcoin unit is too large, there's a significant amount of money sitting on the sidelines for no good reason. 2) The way we write numbers is biased toward smaller units. We do not put thousands separators after the decimal, but we do put them before. Let's try discerning the cost of small vs tiny items, and large vs huge items, in both bitcoin and bits: Bitcoin:
1mb of mobile data = 0.000003
Access to news article = 0.00003
New car = 10
A house = 100
1mb of mobile data = 3
Access to news article = 30
New car = 10,000,000
A house = 100,000,000
Note that everything is pretty easy to distinguish except the price of 1mb mobile data vs access to a news article, in bitcoin. It's too hard to notice the difference between four and five leading zeros. This will cause many users to accidentally send or accept payments that are off by a factor of ten. This is a poor user experience. Admit it, you've already screwed this up with mining fees. 3) mBTC or millibits is not good enough. There's still too many digits after the decimal, and this will only get worse as bitcoin appreciates in value, resulting in the need for yet another migration of units in the future. Bits is as future-proof as we can get. What can we do about it?
If your software has a setting for bits/microbitcoin, use it
If it doesn't, ask your software or service providers to add it.
When speaking to others about bitcoin amounts, use the bits/microbitcoin unit. It's easy for them to mentally convert if they need to. To demonstrate: answer as quickly as possible: how many bitcoin is 50 million bits? Boom. 50. Now answer this: how many bits is 0.0005 bitcoin? Uhhhh.... too slow.
The people that I have been talking to lately are very hesitant in buying and using bitcoin. They keep saying it's too expensive to buy now. Even when I tell them they don't need to buy a whole one they are just like "I don't know." I think if people and brokerages started quoting the price of .1 bitcoin( we should have a name for it, like we do for mbtc and satoshies) when it floats around 1000 for awhile, psychologically the general population and consumer will be able start to wrap their heads around using currencies that use part of a coin. I think the sooner we start quoting prices and referring to a smaller denomination of bitcoin the general public will accept it easier. This is just what I think. Since, the biggest problem I've heard lately with people who kinda wanna buy in is that it's too expensive. I think if I can say to them well you can buy a (insert name here) which is a half or a tenth of a bitcoin. They well be more apt to test the waters. Please comment and tell me what you think.
ALL of the arguments to implement SegWit and ALL of the arguments against raising the block size limit in one complete extensive overview!
All of the reasons to NOT raise the block size limit: 1). If the chain history grows too fast, it may price out some users from running Bitcoin nodes because they can't afford the disk space to store this history, and full Bitcoin nodes must keep the entire blockchain history. All of the reasons to implement SegWit: 1). It makes it possible for Blockstream to control Bitcoin. source1.source2.source3.source4.source5.souce6 Edit170822:addedsource5(SegWit) Edit170824:addedsource6(Bitcointhroughthelooking-glass)
Bitcoin price seems to be a big barrier to adoption.
This may be purely anecdotal based on my own interactions but it seems like the price of Bitcoin (currently sitting around 700 USD) is preventing a lot of people from using it. When I talk to friends about Bitcoin they almost always want to buy some but once they realize the have to spend 700 to get one coin they are discouraged. I always tell them that they can buy fractions of coins but the psychological impact is still there. I'm thinking that eventually Bitcoin will be quoted in microBTC, nanoBTC, and satoshis which will make it less daunting to buy. I think a big reason for Dogecoin's popularity is that $100 will buy thousands of Dogecoin. I think when we finally start seeing a widespread use of smaller units to express BTC price, we will see the price and adoption rate rise rapidly.
Shower thought: how declining volatility is playing out
We are seeing declining volatility play out in front of our eyes. Going from a market cap of $1 million to $10 million took only a week and alot less money than going from $10 billion to $100 billion which has taken almost 1 year. In the same respect falling from $10 million to $1 million takes less time and alot less money than falling from $100 billion to $10 billion. This brings increasing stability with it. It is obvious to me that we will one day be looking at a bitcoin that moves less (percentage wise) than some big name fiat currencies. Taking inflation into account, one day we will start seeing bitcoin simply level out and rise by 2% year on year, year after year, due to the dollar declining by 2% year on year (aka 2% inflation target). This means the price of bitcoin rises in-line with the cost of goods and services. This is how that phenomenon will appear: 2020: one weeks groceries = 5 millibits or $500 2025: one weeks groceries = 5 millibits or $575 (Note: exactly the same groceries, same milk, same bread etc.) This is when people and businesses will say, "you know what bitcoin is a better way to save my money" This is the "superior store of value paradigm shift". In the meantime bitcoin will be first and formost a future technology investment followed by programmable money to be used by software and machines (IOT / AI). Then eventually becoming the monetary fabric of our global society. This takes time but will happen IMO.
Those Chinese also do not run full node wallets or miners, if this source is correct: https://blockchain.info/nodes-globe As long as huobi and the likes fakes their volume, and people keep abusing this fud to earn a quick buck, I guess we will be goxed for the coming 10 years.
Thoughts on the current state of Bitcoin from someone who participates in much of the ecosystem [and tipping thread ;) ]
Hey guys, So this is something I've been looking at for a while now, and kind of seeing some things die and other things be born. Some things are getting easier, and other things getting more difficult. I want to take this time to outline the last few months and how my sentiment is reflected towards the market. I have to say, the market generally matches how my "emotions" playout towards the ecosystem as a whole. I'll outline just a few short things on both the bearish and the bullish sides of my sentiment, even if things don't effect the overall sentiment much (at least according to most traders and people) I'd like to point them out because I view them as notable. Some of the not so good things that have been happening:
Home Mining/Trading/Altcoins: Not too long ago mining was still fun for the home miner with nothing but a GPU. I'm talking a mere couple months. The altcoin section of bitcointalk is/was by far the most active. People didn't care if the coins were in fact pump and dumps or not, but people would bet on their horses and either flourish (like some of my friends did with Mazacoin) or, if got in at the wrong time, was utterly decimated. Darkcoin was a small revival of that hype, but now the market caps of these altcoins and "pump and dump" coins, have all been figured out by the community, and too many of us have been burned to support any alt coin much anymore. I still hold some, but I often ask myself why I even bother? I left 1 BTC worth of alts in cryptsy months ago, and now its a a mere fraction of that, as you could imagine. This sounds like a good thing, but those same months ago, I had a couple friends mining with GPU's and figuring the whole crypto world out. Now they maybe have $100 worth of bitcoins for shits, but they are most certainly not going to go out and buy any Antminer S3's or other similar relatively cheap miner. Gamer nerds are quite simply, priced out now for the most part.
Gambling World: The gambling world (up until a couple days ago, but I'll get to that later) didn't have much development or innovation, and user growth was probably (after the Just-Dice incident in particular) in a negative spiral. It seems that if you've followed the BTC gambling scene for a while, you've seen sites come and go (much like altcoins), and for those of us that don't check the forums and reddit everyday, a lot of consumers or newbies could have been burned hard by some of this.
"Good news" brings the price down: This seems to be counter-intuitive to most, but to some of us bitcoiners who trade/forecast/follow the markets a little closer, and not only that, are familiar with trading other assets as well, definitely get skid-dish of this apparent ecosystem flourishing without a quickly growing community to back it up. (Sure our reddit subscriber count is going through the roof, but how about our active users? You look at the trading volume, transaction volume, or real user growth etc. it just seems like it isn't growing that fast (But this isn't that bad, and there are things all of us can do to help that, I'll get to that below, DON'T WORRY, this isn't a whiney, complainy bear thread).
Waning enthusiasm for the broader ecosystem: It seems people are almost numb to all the good news, and the bad news just sends us into a panic. Granted, the amount of bad news since Gox/China has been pretty damn minuscule other than bigger ecosystem and development problems. The amount of sites I involve myself in the cryptosphere has been cut into a fifth or less of what I used to do. Think coindesk, The bitcoingroup talks (which seem to have dropped off a bit in popularity, no offense but it was a little corny, but I still liked it <3), I still listen to Lets Talk Bitcoin, but probably not as much as I used to, and I think a lot of the die hard bitcoiners feel similar. I mean, in a given morning it could be: 2-3 altcoin pools/sites/subreddits, cryptsy, coindesk,reddit, bitcointalk forum, ischinaawake.com, btc-e for trollbox hilarity, and many others. Now? Probably this subreddit, and the mining section of bitcointalk. I rarely check the price anymore, maybe once a day, but I'm never hoping for moon, I just want stability while we all work to get out our products and projects and things that we feel could make a difference, not only in the bitcoin world, but the rest of it too. There was an IRC channel where people would talk about cryptostalks and all the next ones and this that and the other, now I wonder if anyone even actually uses that site for anything anymore. Maybe people were scared off by regulation and Fincen? Who knows....
Anyway, in many respects it feels like a lot of the bitcoin ecosystem is dying, and maybe we should all panic, cry, and shit our pants, but a few things haven't been going badly, and in fact, I'm looking optimistic that the next time a surge of new users enters the market for whatever reason, there will be a much more developed and kind ecosystem to take part of. No one is going to be touting the next 5 second confirmation coin, no more of the ubiquitous "investment" opportunities that await the uninitiated. Other than my love for bitcoin in general, this is what makes me not panic sell, and what keeps me optimistic about the bitcoin future:
The Local community has returned to where I live, in a big way: Bitcoin meetups were getting mixed turnouts, so much so that the two organizers just decided to stop having them altogether. I felt slightly guilty of this, because it was a lot of different kinds of folks coming for a lot of different kind of reasons, which is totally fine, but there never was a comfortable intermingling of all involved. Not everyone became friends after, and many of the first timers weren't hellbent on coming to the next one. However, we just had our last bitcoin meetup and there was over FIFTY people there. This was insane. Not only that, a member from the bitcoin foundation, several local startups, and businesses were there giving presentations. I got shithammered drunk and even exchanged a number while I was there. And get this, I was sitting at a table with two girls? And spoiler alert: They weren't the only two girls there. Woah. This is the bitcoin future!
Merchant adoption: is at a rabid dog pace, and Bitpay, Coinbase, and others are doing amazing. Most yC startups could only dream of getting this far. It seems to never end, and although people don't care as much, its still awesome. Like, I felt there was more hype when Jimmy Wales talked about accepting BTC, than when he actually did, granted its a weird not obvious way to donate, BUT, we are almost desensitized to merchant adoption now because its so rampant. Newegg, Dell, 5200 businesses on coinmap (ok, I lied earlier, I still totally check coinmap). But yeah, Merchant acceptance all day long. Oh, and Lyft on Gyft.... mmm life savingly awesome!
Remittances is becoming a reality: All the time we are seeing services targeting Mexico, Argentina, The Philippines and other countries trying to get things done over there just a little cheaper than Western Union. Granted some are a little more built out than others, but 37coins, and other services similar really excite me, and hold a lot of promise for an application bitcoin can really accel at. Everyone remembers Andreas Antonopoulos planting that seed in our heads a while back, and business sees it too. It's happening, but this shit doesn't happen overnight, however, we have our work cut out for us. We still have a "chicken and egg problem" when it comes to user adoption. Thats where we, the bitcoin community, needs to step in.
Some of the Dark parts of the eco-system are alive and well again: OpenBazaar (its coming), SR2, yeah its still a thing... PD3, came out over the weekend, PvPing with faucet money, was a fun time killer just to see how things are going... Nothing I want to focus on too heavily, but we all know Gambling is a great app for bitcoin, and we (the community) pioneered provably fair gambling. The best part is, the people in the space know who is honest and uses it.
Mining isn't yet extinct for the home miner and the hashrate is GROWING: I know I said that it kinda is above, but I am an at home miner with some S3's scattered about. I do fine, and am well on my way to ROI. I watch the hashrate grow everyday, and that tells me that bullish sentiment sure as hell exists on the long term. I mean, if you are willing to invest in specialized hardware to the tune of millions of dollars, you are in it for the long haul. This market is too illiquid to "cash out" of for the bigger players, so we know they are all hodling. A lot of the ASIC manufacturers are hodling as well, including Bitmain. So maybe the price is taking a dive, but the hashrate hasn't seen negative growth in a LONG LONG time Jan '13 it seems.
User Growth IS Happening: 2 million Blockchain wallets anyone? New wallets and services coming out all the time. Kryptokit, Hive, Mycelium trader, etc. etc. Maybe it isn't happening as fast as we would like, but it is happening. But this isn't like pokemon, you can't just see it on the TV and start catching your bitcoin. For the uninitiated, this shit is CONFUSING. We need to help out. And we need to casually give bitcoin, tipping in other sub-reddits as opposed to gold, helping friends get setup. Just YESTERDAY, someone asked me about coinbase and how to buy it, and I set them up with coinbase, told them about 2FA, and gave them the tools they need to fish. The past couple weeks I've actually gotten a couple people into bitcoin, which is the first time in a couple months, so for whatever reason, interest seems to be picking up again, which is cool.
I'm still reading these endless discussions about "bits" vs "millibits" (or "embits"). I prefer the latter, but for some people the metric system isn't intuitive because they use inches, stones like savages. Another way forward may be to use satoshis as the base unit. It makes sense because satoshis is already an established unit. It is already used to measure transaction fees. UTXOs are even measured in satoshis on the blockchain itself, not in full Bitcoins (which kind of make them the real bitcoins, really) However, satoshis are very small. Long term this is a good thing because of Bitcoins deflationary tendency. We won't have to have this discussion again. But how do we write prices in a readable way? Using a k-suffix after the number we can omit three zeroes: 3 USD ~ 89k satoshi = 1 coffee 8 USD is ~ 237k satoshi = 1 beer 50 USD is ~ 1481k satoshi = 1 bag of weed For higher numbers we resort to Bitcoin: 3k USD is ~ 0.88 BTC = 1 months rent in New York These are still pretty big numbers but as time goes by prices will come go up to reach a better psychological mark.
The average value Bitcoin price for convert (or exchange rate) during the day was $11,349.47. Min. Bitcoin value was $11,308.21. Max. BTC price was $11,372.29. BTC price increased by 0.56% between min. and max. value. If you own the currency, you are certainly happy. The Bitcoin dropped by 2.46% on Friday 16th of October 2020 . Let's take a look at interesting data from yesterday. Max. BTC ... MilliBit = 0.001 BTC; MicroBit = 0.000001 BTC; Finney = 0.0000001 BTC; Satoshi = 0.00000001 BTC; We can see that the smallest Bitcoin unit is known as Satoshi. It is known in this way because of Bitcoin’s creator Satoshi Nakamoto. In the future, the community could be so big, and cryptos could expand so much, that it would be worth to use smaller denominations. In the future, each Satoshi ... MicroBitcoin price today is $0.000016 USD with a 24-hour trading volume of $21.40 USD. MicroBitcoin is down 1.03% in the last 24 hours. The current CoinMarketCap ranking is #886, with a market cap of $3,088,264 USD. It has a circulating supply of 188,777,000,000 MBC coins and a max. supply of 210,000,000,000 MBC coins. You can find the top exchanges to trade MicroBitcoin listed on our BTC price was $10,595.95. Min. Bitcoin value was $10,478.19. The average value Bitcoin price for convert (or exchange rate) during the day was $10,554.93. BTC price increased by 1.11% between min. and max. value. Price is rising. Great. Look the list of the most rising crypto-currencies on yesterday; Look more news about BTC ; See the live milliBitradio price. Control the current rate. Convert ... Bitcoin Price. Ethereum Price. Digital Asset Comparisons. Data store. Widgets. Transaction Calc. Documentation. Methodology. API FAQ. Collections. Home. Sign Up. Login. Crypto Markets. Markets. USD Coin (USDC) Groestlcoin (GRS) DigitalNote (XDN) Bitcoin (BTC) ZClassic (ZCL) Verge (XVG) Ethereum (ETH) VeChain (VET) Nexus (NXS) PIVX (PIVX) ReddCoin (RDD) Syscoin (SYS) Neblio (NEBL) Decred (DCR ...
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