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Title: A New Idea For Bitcoin Unit Name Post by: Siegfried on May 04, 2014, 04:53:46 AM Most people agree that it would be a good thing shift the decimal six places for the standard Bitcoin unit for psychological reasons, but a consensus on a name for that unit seems to be unreachable. Everyone does seem to agree that the name Satoshi for 0.00000001 BTC is pretty cool. But Satoshi will not be practical to use for a long time, if ever. One sandwich ($4.50) today is one million Satoshis. Even if BTC rises to $450,000 a sandwich would still cost one thousand Satoshis. My proposal is to change the definition of Satoshi to 0.000001 BTC. One sandwich today would be 10,000 Satoshis, at the ultra-maximum potential price of $4.5 million, one sandwich would cost 1 Satoshi. Then we get to use a name we all love and honor the creator of Bitcoin, and we can stop searching for a new name that at least half of the community will oppose and the rest will only half-heartedly support out of necessity.
Title: Re: A New Idea For Bitcoin Unit Name Post by: blatchcorn on May 04, 2014, 05:54:25 AM There is no point in focusing on BTC/USD equivalence for the long term:
1) You don't know when BTC will reach its peak value 2) You don't know if the USD will be around at that point, and if it is, how much a sandwich would cost 3) If BTC reaches its peak value, no one will care about the USD conversion Title: Re: A New Idea For Bitcoin Unit Name Post by: Siegfried on May 04, 2014, 06:52:59 AM There is no point in focusing on BTC/USD equivalence for the long term: 1) You don't know when BTC will reach its peak value 2) You don't know if the USD will be around at that point, and if it is, how much a sandwich would cost 3) If BTC reaches its peak value, no one will care about the USD conversion I agree with you. What I said has nothing to do with BTC/USD equivalence. The sandwich was just an arbitrary example. Even if USD disappears people will still want a name for smaller denominations of BTC. |