Bitcoin Forum

After more than a year discussing and we still haven't decided what to call 100 satoshis or even if the new unit should be 100 satoshis to begin with. Is consensus overrated?

I think ppl get used to the traditional unite, using 8 decimal or satoshi. Even the applications of bitcoin themselves are using this default setting. No matter the new users or existing users are bothering to make any change.

We all know the general consensus is "bit".  I've been using the term for months, and it's plastered all over Reddit.  I know some people here disagree with the name, but you can't deny that it's by far the most popular and used term by many factors.

Exactly why do we have to agree on a name?
Call it whatever you want. :)
As long as you write 100 uBTC people should know what you're talking about.

Yah well, the IQ of a crowd is the sum of IQs divided by the square of the number of people.

Bit is well understood to be the smallest unit of the binary number system a single 1. It is also widely understood to mean 10 cents, but more historically 12.5 cents, being an 8th piece of an 8 real coin, the Spanish Dollar.

So calling something that is neither 1, 10, or 12.5 a bit is just fucking retarded.

It's also more importantly half of the name of the currency we're dealing with.  The name is "bit"-coin.  It always seems like people conveniently forget to mention that the name of the proposed new term is IN THE NAME OF THE ACTUAL COIN!

Which is why some new users assume 1bit==1Bitcoin.

And "old" ones like me, who never saw this "bits" term before it was debated on BCT. How many bitches are in a bitchcoin?

You say 'we' haven't decided, who is the 'we' that will have the final decision? Are you saying there should be a poll or something?
Just hope we are not relying on the bitcoin foundation to name it.
I thought someone once suggested calling it a finny after Hal, id be happy with that.

Yea, I have never used Bit, and still won't. It's just stupid. Anyone who never heard bit before or doesn't know what it represents, will assume Bit=Bitcoin i.e 1 Bit=1 Bitcoin, which isn't the case.

Using the word Bit is stupid as hell.

Consensus works only if people educated on the subject are the only ones entitled to vote. Having people who have No Idea about Bitcoin or how it works, "vote" on something like this is just stupid.

I feel like I'm seeing bits more and more, not sure if i support it.

No.

The problem is that nobody has put together a decentralized voting system for the community / world to convey its consensus.

I stll have *no* idea why this hasn't been done. 

Chit chatting (sorry, "discussing") something on a discussion forum doesn't result in change.  Its too unorganized, and diffuse.

Someone needs to put together a voting system for the "community" (which ultimately will be the world) to make decisions on these things.  To make decisions on Bitcoin development.  For prioritizing enhancements to the protocol.  For major efforts like Sidechains.  To decide when they get implemented. 

To move us *forward*.

Who will create the Blockchain Decentralized Consensus Voting System?

-B-

it just shows uBTC is not necessary

If a bit is 100 satoshis, is a byte 800 satoshis?

We already have consensus:

1 bitcoin = 100 million satoshis


What else do you want? And why?

---

I know what you mean:

1 sec = 1 second
1 min = 1 minute

...and even:

1 bike = 1 bicycle



However — from my experience — most newbies intuitively assume that a "bit" must be the smallest unit, i.e. they think that 1 bit = 1 satoshi (http://www.reddit.com/r/Bitcoin/comments/2l0u3g/just_joined_the_21_million_club_and_it_feels_good/clqeqxn), which would be the better definition to begin with.

No.

Satoshis are used far more often than "bits". Just have a look at posts like this (https://bitcointalk.org/index.php?topic=863706.msg9581534#msg9581534) and that (https://bitcointalk.org/index.php?topic=864633.msg9589413#msg9589413).

Nobody favors decasats, kilosats and megasats then? :D

"bit" is relatively popular as a name for 100 satoshis.  "by far the most popular" is defensible but a bit of a stretch; support for "microbitcoin" or some abbreviation thereof is certainly not insignificant, particularly as "μBTC" stands for "microbitcoin" just as "km" stands for "kilometer" and "GB" stands for "gigabyte".

There is most certainly not a "general consensus".  The term "consensus" strongly suggests the approval of all or almost all people involved.  Even a cursory glance at the responses in this thread will reveal that, far from being almost universally accepted, the term is still highly antagonistic.

Perhaps the only terms which enjoy a "general consensus" are "bitcoin" and "satoshi".  The fact that the syllable "bit" partly undermines "bitcoin" is, in my opinion, the root of the controversy, and the reason we will not achieve consensus for a very long time.

IMO 100 satoshi is still not worth enough to have it's own unit as people will almost never measure the amount of bitcoin in these terms while bitcoin is trading at ~$380. As a result there will be no one that actually uses such unit of measure so it would not be possible to reach a consensus.

You are essentially asking for the protocol to be forked when there are no miners

Right. At $375, this is a non-problem. 

Who proposes these terms, anyway? :D (not me)




Just write whatever number of satoshis you have, and if you have a large number, you might want to suffix it with a k or M.

For example, at current exchange rates:

250k sats = 1 dollar
1M sats = 4 dollars