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Bitcoin => Bitcoin Discussion => Topic started by: AMuppInTime on May 08, 2013, 12:39:14 AM



Title: Denominating a 'BitCent' as a 'Gavin' ?
Post by: AMuppInTime on May 08, 2013, 12:39:14 AM
There is already quite a discussion regarding the move from a Bitcoin to a smaller unit. "BitCent", "MilliBit", "Satoshi"... Plenty of options but all of them relatively painful.

Why not rename the BitCent (0.01 BTC) a "Gavin"?

=> It moves down the psychological decimal without compromising the value of a Bitcoin, provides a friendly denomination for the currency + doesn't scare people away with the metric prefixes (many still cringe when they see those.)


Title: Re: Denominating a 'BitCent' as a 'Gavin' ?
Post by: Birdy on May 08, 2013, 12:42:27 AM
Nope, metric system is fine. (We have to use this in science anyway! good way to get people used to it as science gets more and more important)
I think Satoshi as base unit is fine, because he is the inventor. But more real person names?


Title: Re: Denominating a 'BitCent' as a 'Gavin' ?
Post by: AMuppInTime on May 08, 2013, 12:46:32 AM
Nope, metric system is fine. (We have to use this in science anyway! good way to get people used to it as science gets more and more important)
I think Satoshi as base unit is fine, because he is the inventor. But more real person names?

I personally agree with the metric system, but we're trying to make it friendlier to the masses - The US previosuly tried and failed, I doubt the adoption will work for a currency that they aren't even using yet.


Title: Re: Denominating a 'BitCent' as a 'Gavin' ?
Post by: cr1776 on May 08, 2013, 12:59:11 AM
I agree on a user-friendliness it needs a name.  In the US at least bills and coins only show the dead, not living.  I think there are better choices. Look at the nicknames other countries have e.g. Canada etc.

Something cute and user-friendly is good.  The difference is engineering/scientific vs marketing. And here marketing is useful.

Nope, metric system is fine. (We have to use this in science anyway! good way to get people used to it as science gets more and more important)
I think Satoshi as base unit is fine, because he is the inventor. But more real person names?

I personally agree with the metric system, but we're trying to make it friendlier to the masses - The US previosuly tried and failed, I doubt the adoption will work for a currency that they aren't even using yet.


Title: Re: Denominating a 'BitCent' as a 'Gavin' ?
Post by: Elwar on May 08, 2013, 01:02:32 AM
Maybe we can designate 5340 Satoshies as a Gavin.


Title: Re: Denominating a 'BitCent' as a 'Gavin' ?
Post by: coinerd on May 08, 2013, 01:04:47 AM
We (americans) are trained in metric.  Sheesh.  It's just not our primary system.

Perhaps if americans wanted to use something that was in international use and already denominated using a metric system, the pace of adoption would pick up.

Whereas nobody is going to take the phrase "hey can I get a couple of gavins" very seriously.

It is, perhaps, slightly better than calling them "bobs" or "daves".  Slightly.

I suspect in places where "gavin" is not a phonetic derivative of a common personal name, people might take it better.

If the creator of bitcoin had picked the pseudonym "John Smith" I doubt if we would have "smiths" today either. Although from the perspective of a russian or brazilian (any non english speaking) bitcoiner it may not be that different from "satoshis". Is Satoshi a real and/or common name in Japan?

Just my thoughts. Metric denominations of the bitcoin FTW.

Edit: for sub-denominations maybe just "bit" - still geeky and cute, easy to say:  decibit, centibit, millibit, etc...


Title: Re: Denominating a 'BitCent' as a 'Gavin' ?
Post by: hello_good_sir on May 08, 2013, 01:11:40 AM
We can name a unit after Gavin when he is dead or retired.  Naming it after him would just give him more power, which is not what bitcoin needs.

We need to all get behind millibits with the ₥ symbol.  The nonsense that is mBTC will never catch on, but ₥ will catch on.  Let's forget that there was ever a unit called "bitcoin".  I want to see the BTC symbol only be used for the system, not as a denomination.  Bitcoin is the name of the system, millibit is the name of the unit of currency.  There are not other units; this isn't the metric system.  Just one unit, just one symbol.

Seriously, we've been debating this issue for at least two years now.  No one is going to be completely happy with any solution, so we all just have to mass together and act as one entity.

We need to make some sort of list of 1000 people who agree with this change.  Once we get 1000 people we will all simultaneously submit a support ticket to MtGox, informing them that bitcoin is a system, not a unit, and that the unit is the mill (₥).  MtGox will change, then everyone else will change the next day.  Then random people will see that they can afford bitcoin mills and they will join us.  Everyone lives happily ever after.


Title: Re: Denominating a 'BitCent' as a 'Gavin' ?
Post by: hello_good_sir on May 08, 2013, 01:14:33 AM
Also, the idea of a metric currency was already rejected by Europeans.  They had the chance to make the euro metric but they decided against it.


Title: Re: Denominating a 'BitCent' as a 'Gavin' ?
Post by: paraipan on May 08, 2013, 01:15:32 AM
Maybe we can designate 5340 Satoshies as a Gavin.

+1  :'(


Title: Re: Denominating a 'BitCent' as a 'Gavin' ?
Post by: BitcoinUK on May 08, 2013, 01:17:57 AM
well Gavin has already tried to remove satoshi out of the equation by making clients no longer recognise transactions of 0.00000001 (a satoshi) so maybe having 'a Gavin' as a 0.00054 so that everyone remembers him as the smallest and cheapest thing to have replaced satoshi


Title: Re: Denominating a 'BitCent' as a 'Gavin' ?
Post by: AMuppInTime on May 08, 2013, 01:38:57 AM
Maybe we can designate 5340 Satoshies as a Gavin.

+1  :'(

+1
that = comedy + irony.   


Title: Re: Denominating a 'BitCent' as a 'Gavin' ?
Post by: oakpacific on May 08, 2013, 01:59:19 AM
You had better only pay homage to someone at least after he "disappears". If he is still around this sounds too "worshipish" and will probably bring inconvenience to the person.


Title: Re: Denominating a 'BitCent' as a 'Gavin' ?
Post by: bg002h on May 08, 2013, 02:09:00 AM
I think Hal makes more sense to honor as a unit.


Title: Re: Denominating a 'BitCent' as a 'Gavin' ?
Post by: Cyberdyne on May 08, 2013, 02:13:21 AM
Nope, metric system is fine. (We have to use this in science anyway!

And also in every country around the world, minus 3.


Title: Re: Denominating a 'BitCent' as a 'Gavin' ?
Post by: oakpacific on May 08, 2013, 02:16:58 AM
I think Hal makes more sense to honor as a unit.

Agreed.


Title: Re: Denominating a 'BitCent' as a 'Gavin' ?
Post by: Stunna on May 08, 2013, 02:34:53 AM
I think Hal makes more sense to honor as a unit.

Fully agree with that, no disrespect to Gavin.


Title: Re: Denominating a 'BitCent' as a 'Gavin' ?
Post by: shawshankinmate37927 on May 08, 2013, 02:45:29 AM
I think Hal makes more sense to honor as a unit.

Fully agree with that, no disrespect to Gavin.

Me as well.  Hmmmm... What do you all think about milliBTC also being referred to as "Finneys"?

Hal Finney was on the receiving end of the first BTC transaction from Satoshi.

https://bitcointalk.org/index.php?topic=155054.0





Title: Re: Denominating a 'BitCent' as a 'Gavin' ?
Post by: screamingservers on May 08, 2013, 03:08:05 AM
The problem is not metric, but doing transactions in a fraction of a denomination. Its not just the perceived value problem of picking up a coffee for .04BTC. Its also keeping track of the fraction, i.e "whoops, I just paid .011BTC instead of .0011BTC per gram of grapes. It would make much more sence (cents lol) if the gram costs 0.11 GV, and I would not accidentally send 1.10gv. Sorry fraction guys, there is no explanation other than human weakness.


Title: Re: Denominating a 'BitCent' as a 'Gavin' ?
Post by: Cyberdyne on May 08, 2013, 03:21:01 AM
The problem is not metric, but doing transactions in a fraction of a denomination. Its not just the perceived value problem of picking up a coffee for .04BTC. Its also keeping track of the fraction, i.e "whoops, I just paid .011BTC instead of .0011BTC per gram of grapes. It would make much more sence (cents lol) if the gram costs 0.11 GV, and I would not accidentally send 1.10gv. Sorry fraction guys, there is no explanation other than human weakness.

And what if you accidentally pay someone 0.011 GV instead of 0.0011 GV?

How exactly does Gavin solve this perplexing dilemma?

I know! Let's just set 0.01 GV = 1 HAL and then we can send 0.11 HAL instead, problem solved!

Oh wait, what if I accidentally send someone 0.011 HAL instead of 0.0011 HAL? I'm all out of ideas.


Title: Re: Denominating a 'BitCent' as a 'Gavin' ?
Post by: nyusternie on May 08, 2013, 03:36:27 AM
Maybe we can designate 5340 Satoshies as a Gavin.

+1  :'(

+1
that = comedy + irony.  

+1

i was thinking this same thing the very second i read the, ahem, announcement (read: discreet disclosure to a very select and privileged few)


Title: Re: Denominating a 'BitCent' as a 'Gavin' ?
Post by: bg002h on May 08, 2013, 03:42:43 AM
I think Hal makes more sense to honor as a unit.

Fully agree with that, no disrespect to Gavin.

Me as well.  Hmmmm... What do you all think about milliBTC also being referred to as "Finneys"?

Hal Finney was on the receiving end of the first BTC transaction from Satoshi.

https://bitcointalk.org/index.php?topic=155054.0





Perhaps 100 Satoshi's should be a Fin? But that would collide with a natural SI prefix (micro)...may be 1k Satoshi's = 1 Fin?


Title: Re: Denominating a 'BitCent' as a 'Gavin' ?
Post by: shawshankinmate37927 on May 08, 2013, 03:52:24 AM
I think Hal makes more sense to honor as a unit.

Fully agree with that, no disrespect to Gavin.

Me as well.  Hmmmm... What do you all think about milliBTC also being referred to as "Finneys"?

Hal Finney was on the receiving end of the first BTC transaction from Satoshi.

https://bitcointalk.org/index.php?topic=155054.0





Perhaps 100 Satoshi's should be a Fin? But that would collide with a natural SI prefix (micro)...may be 1k Satoshi's = 1 Fin?

I was thinking there should be a collision with the metric units.  Something that rolls off the tongue easier than "millibitcoin" or "microbitcoin" but is synonomous.




Title: Re: Denominating a 'BitCent' as a 'Gavin' ?
Post by: PrintCoins on May 08, 2013, 03:58:23 AM
I think Hal makes more sense to honor as a unit.

Fully agree with that, no disrespect to Gavin.

Me as well.  Hmmmm... What do you all think about milliBTC also being referred to as "Finneys"?

Hal Finney was on the receiving end of the first BTC transaction from Satoshi.

https://bitcointalk.org/index.php?topic=155054.0





Perhaps 100 Satoshi's should be a Fin? But that would collide with a natural SI prefix (micro)...may be 1k Satoshi's = 1 Fin?


I think in canada a fin is slang for a five dollar coin.

In any case, what is wrong with Bitcents. I think everyone gets it right off the bat. That cup of coffee, well that will be 5 bitcents please. Candybar, well that is a half a bitcent.

Right now a bitcent is about equal to a dollar, so it all works out pretty nicely. (I wonder if I will laugh at this statement a month from now, and for what reason)

I say, just go with the word that seems the most natural and that people get immediately without needing to know much about small measures in the metric system. People know what 1 cent is, and way back in the day $0.01 actually could buy you something.

Will this work in the future, when _maybe_ the price is over $1000 each? Lets argue that over when/if we get there.

Right now people are defaulting to calling them Bitcents (including the use in the title of this thread), so this whole milliBTC nonsense just creates more of these pointless threads where the answer is obvious. Just go with what users gravitate to naturally.


Title: Re: Denominating a 'BitCent' as a 'Gavin' ?
Post by: shawshankinmate37927 on May 08, 2013, 04:08:55 AM
I think Hal makes more sense to honor as a unit.

Fully agree with that, no disrespect to Gavin.

Me as well.  Hmmmm... What do you all think about milliBTC also being referred to as "Finneys"?

Hal Finney was on the receiving end of the first BTC transaction from Satoshi.

https://bitcointalk.org/index.php?topic=155054.0





Perhaps 100 Satoshi's should be a Fin? But that would collide with a natural SI prefix (micro)...may be 1k Satoshi's = 1 Fin?


I think in canada a fin is slang for a five dollar coin.

In any case, what is wrong with Bitcents. I think everyone gets it right off the bat. That cup of coffee, well that will be 5 bitcents please. Candybar, well that is a half a bitcent.

Right now a bitcent is about equal to a dollar, so it all works out pretty nicely. (I wonder if I will laugh at this statement a month from now, and for what reason)

I say, just go with the word that seems the most natural and that people get immediately without needing to know much about small measures in the metric system. People know what 1 cent is, and way back in the day $0.01 actually could buy you something.

Will this work in the future, when _maybe_ the price is over $1000 each? Lets argue that over when/if we get there.

Right now people are defaulting to calling them Bitcents (including the use in the title of this thread), so this whole milliBTC nonsense just creates more of these pointless threads where the answer is obvious. Just go with what users gravitate to naturally.

I agree with you completely, except that I think it doesn't hurt for the community to start brainstorming a little bit now about some possible names for the smaller currency units when/if a bitcoin is going for $1000 or more.  Then when/if it happens, we'll see what sticks.


Title: Re: Denominating a 'BitCent' as a 'Gavin' ?
Post by: chriswilmer on May 08, 2013, 04:34:27 AM
There is already quite a discussion regarding the move from a Bitcoin to a smaller unit. "BitCent", "MilliBit", "Satoshi"... Plenty of options but all of them relatively painful.

Why not rename the BitCent (0.01 BTC) a "Gavin"?

=> It moves down the psychological decimal without compromising the value of a Bitcoin, provides a friendly denomination for the currency + doesn't scare people away with the metric prefixes (many still cringe when they see those.)


Yes! Almost... bitcent is already catchy.

0.001 btc = "gavin"


Title: Re: Denominating a 'BitCent' as a 'Gavin' ?
Post by: AMuppInTime on May 08, 2013, 05:09:37 AM
"That coffee's 3 Gavin"  > "That coffee's 3 BitCents"

"I have 50 Gavins" > "I have 50 BitCents"


I don't care for the denomination, but the metric system is playing against us in the race to make the currency more accepted by the masses.
(just my 2GV)


Title: Re: Denominating a 'BitCent' as a 'Gavin' ?
Post by: marhjan on May 08, 2013, 05:37:38 AM
Seriously, we've been debating this issue for at least two years now.  No one is going to be completely happy with any solution, so we all just have to mass together and act as one entity.


Wow wow wow....   centralization much?  I will never call it a millibit - it is a bitmill or btm - and I don't much care for your symbol either.  It's not really that big a deal if people call the various units by different names.  I think in btm (0.001btc) already, and when people talk about millibits or mBTC or whatever I know what they mean.  All the hand-wringing over naming is just silly - you're correct when you say 'No one is going to be completely happy with any solution," but take your petition elsewhere thanks


Title: Re: Denominating a 'BitCent' as a 'Gavin' ?
Post by: justusranvier on May 08, 2013, 05:41:17 AM
My prediction is that people are going to use "mill" because it is easiest to say and has the least number of syllables.


Title: Re: Denominating a 'BitCent' as a 'Gavin' ?
Post by: Cyberdyne on May 08, 2013, 05:46:35 AM
My prediction is that people are going to use "mill" because it is easiest to say and has the least number of syllables.

My prediction is that people will still be arguing about this in 2015.


Title: Re: Denominating a 'BitCent' as a 'Gavin' ?
Post by: BlueNote on May 08, 2013, 06:49:26 AM

I was thinking there should be a collision with the metric units.  Something that rolls off the tongue easier than "millibitcoin" or "microbitcoin" but is synonomous.


You can easily replace all that nonsense with the simple but lovely term "bit." That rolls off the tongue like nobody's business. It's perfect.

A bit is one ten-thousandth of a Bitcoin (4th decimal place), and a Satoshi is likewise one ten-thousandth of a bit at the 8th. Bit stands in for all the mathematical terms which are so bulky and geeky and unnecessary.

A bit is the midpoint. It is utter simplicity and pure marketability as the acting base unit of Bitcoin. If adopted, we will be using this term forever, and it fits perfectly with BITcoin as none of the other metric prefix terms do. It covers a large range right in the heart of the target area for mass adoption. Current price of a bit would be an inviting $.0111.

We do not need to name each decimal place because we have no coinage. Bitcoin is just a number, folks. We need to describe ranges in a convenient logical way, that's all. With this system, we'd have a simple and elegant structure that takes no time to explain: Bitcoin/bit/Satoshi.

Think MARKETING, people. And convenience. And simplicity. And logic. What units do you buy if you want to get into BITcoin? Why, bits of course! You have to imagine water-cooler conversations at work and dinner table conversations at home and magazine articles and tv shows. Sorry, no room for "mBTC" or "millibitcoins" here. Nope. People will be talking about bits. Did you buy any bits yet? What's the price of bits today? Can you spare a few bits, man? Dude, that guy is loaded with bits! Billboard: Got Bits?

I'm sold on this idea and I've commented further on other threads. Please give it some serious thought.



Title: Re: Denominating a 'BitCent' as a 'Gavin' ?
Post by: AMuppInTime on May 08, 2013, 08:28:28 AM

I was thinking there should be a collision with the metric units.  Something that rolls off the tongue easier than "millibitcoin" or "microbitcoin" but is synonomous.


You can easily replace all that nonsense with the simple but lovely term "bit." That rolls off the tongue like nobody's business. It's perfect.

A bit is one ten-thousandth of a Bitcoin (4th decimal place), and a Satoshi is likewise one ten-thousandth of a bit at the 8th. Bit stands in for all the mathematical terms which are so bulky and geeky and unnecessary.

A bit is the midpoint. It is utter simplicity and pure marketability as the acting base unit of Bitcoin. If adopted, we will be using this term forever, and it fits perfectly with BITcoin as none of the other metric prefix terms do. It covers a large range right in the heart of the target area for mass adoption. Current price of a bit would be an inviting $.0111.

We do not need to name each decimal place because we have no coinage. Bitcoin is just a number, folks. We need to describe ranges in a convenient logical way, that's all. With this system, we'd have a simple and elegant structure that takes no time to explain: Bitcoin/bit/Satoshi.

Think MARKETING, people. And convenience. And simplicity. And logic. What units do you buy if you want to get into BITcoin? Why, bits of course! You have to imagine water-cooler conversations at work and dinner table conversations at home and magazine articles and tv shows. Sorry, no room for "mBTC" or "millibitcoins" here. Nope. People will be talking about bits. Did you buy any bits yet? What's the price of bits today? Can you spare a few bits, man? Dude, that guy is loaded with bits! Billboard: Got Bits?

I'm sold on this idea and I've commented further on other threads. Please give it some serious thought.




really? Do you know how much of a pain it is for regular people between 'bits (of something) ', 'bits (computer)', 'bytes' and you would add another to that list?


Title: Re: Denominating a 'BitCent' as a 'Gavin' ?
Post by: Walter Rothbard on May 08, 2013, 02:55:30 PM
Right now people are defaulting to calling them Bitcents (including the use in the title of this thread), so this whole milliBTC nonsense just creates more of these pointless threads where the answer is obvious. Just go with what users gravitate to naturally.

Good principle, but the problem is that we geeks naturally gravitate toward obsessing over proper terminology and trying to save the world by persuading others to adopt proper terminology. :D


Title: Re: Denominating a 'BitCent' as a 'Gavin' ?
Post by: axus on May 08, 2013, 04:14:12 PM
Correct answer!

Maybe we can designate 5340 Satoshies as a Gavin.


Title: Re: Denominating a 'BitCent' as a 'Gavin' ?
Post by: WiW on May 08, 2013, 04:50:28 PM
I don't understand what the big deal is. Everyone is calling the mBTC a "milli". We'll be calling the uBTC a "miki" or something like that. It's not complicated at all. And it's not like we'll be switching between these units all the time. You don't see yourself constantly trying to switch between "thousands" and "millions" every day, do you?

"I paid you 10,000 dollars. Wait, isn't that just like 10 thousands?"
"So do I need to give you 0.001 millions, or just one thousand?"
You have singles, hundreds, thousands, millions, and billions. Really simple.
You have satoshis, mikis, millis, and bitcoins. Really simple.

Besides, it's not like a standard will evolve in this thread. The people who are writing the apps and denominating balances and prices, the people who are using and talking about bitcoin balances and prices, the people who are reporting the news of bitcoin balances and prices, they will ultimately decide. All you can do for now is cast your vote by simply using the term you want.

My friends and I are simply calling it "millis" because I told them that's what it's called. End of story.


Title: Re: Denominating a 'BitCent' as a 'Gavin' ?
Post by: johnyj on May 08, 2013, 07:05:29 PM
My recommendation  ;)

1 BTC = 100 bitcarat
1 bitcarat = 100 bitgrain
1 bitgrain = 100 bitnano
1 bitnano = 100 satoshi


Title: Re: Denominating a 'BitCent' as a 'Gavin' ?
Post by: mgio on May 08, 2013, 07:11:40 PM
who is Gavin??

What does the number 5340 have to do with it?


Title: Re: Denominating a 'BitCent' as a 'Gavin' ?
Post by: jackjack on May 08, 2013, 07:15:22 PM
Maybe we can designate 5340 Satoshies as a Gavin.
Give this guy a fucking medal


Title: Re: Denominating a 'BitCent' as a 'Gavin' ?
Post by: mc_lovin on May 08, 2013, 07:22:49 PM
I think Hal makes more sense to honor as a unit.
+1


Title: Re: Denominating a 'BitCent' as a 'Gavin' ?
Post by: cbeast on May 08, 2013, 07:32:16 PM
Can we wait until after Gavin dies to memorialize him? Hopefully that is a very long time from now. Sure, there will be statues, schools, and shopping malls named after him someday, but for now let's just use metric denominations for Bitcoin.


Title: Re: Denominating a 'BitCent' as a 'Gavin' ?
Post by: mgio on May 08, 2013, 07:38:05 PM
This a bad idea.

Naming bitcoin units is as stupid as the Weather Channel naming winter storms and just about as consistent and enforceable.

We don't need anything to detract from the fact it is bitcoin and not some other currency (either virtual or not).

There is nothing wrong with centiBTC, millBTC, etc. Even Americans can understand that as we know what centimeters are and what milliliters are.


Title: Re: Denominating a 'BitCent' as a 'Gavin' ?
Post by: paraipan on May 08, 2013, 07:40:56 PM
cbeast, no!

The man should definitely be proud of his hard work, determination and "thick skin" (http://gavintech.blogspot.com.es/2007/05/tragedy-of-email-commons.html)...


Title: Re: Denominating a 'BitCent' as a 'Gavin' ?
Post by: glendall on May 08, 2013, 07:42:51 PM
I also just like the term 'bit' . I hope that becomes popular. It is also a really quaint throwback to long-ago days when people referred to a quarter as a bit.  At least I think that is what it was. My grandfather use to call 50 cents 'two bits'. edit: Wikipedia'ed it. Actually 2 bits was a quarter, not .50 cents.

But this kind of thing has to happen naturally I think. Whatever word gains in popularity with the users, that is what should be adopted.  Not as effective to enforce a quaint nickname from the top down.


Title: Re: Denominating a 'BitCent' as a 'Gavin' ?
Post by: charleshoskinson on May 09, 2013, 02:29:09 AM
Quote
Maybe we can designate 5340 Satoshies as a Gavin.

I remember robocop http://www.youtube.com/watch?v=85cL1HisrNc

So now I can say "I'll buy that for a Gavin!"


Title: Re: Denominating a 'BitCent' as a 'Gavin' ?
Post by: bujiraso on May 09, 2013, 11:03:10 AM
I saw "millies" and "mickies" somewhere and that works lovely for me.
I agree with an earlier poster here that calling it after someone living -- who isn't pseudonymous, to let Satoshi off the hook -- is too weird.


Title: Re: Denominating a 'BitCent' as a 'Gavin' ?
Post by: BlueNote on May 09, 2013, 07:46:53 PM
really? Do you know how much of a pain it is for regular people between 'bits (of something) ', 'bits (computer)', 'bytes' and you would add another to that list?

You're saying that people can't distinguish between computer bits and Bitcoin bits? I buy a product called Bacon Bits at the grocery store, and I've never confused pieces of bacon with units of computer data.

The term would be used with Bitcoin, as in "Bitcoin bit." The symbol would be BIT.

So 1 BTC = 10,000 BIT

I'm arguing that it fits with BITcoin perfectly. All we're doing is describing a range of the currency. Since they made Bitcoin with eight decimal places, we can describe two ranges of four - the bit and the Satoshi.

This is super clean and super easy. It's a standard that would be used forever with this currency because it's right in the middle of the range.

If you see a price of 500 BIT on a cup of coffee or whatever, are you going to be confused? If you are, how is it any more confusing than seeing 50 mBTC? How hard is it to tell people that BIT is for Bitcoin? If you use mBTC you have to tell them it's a millibitcoin. We're just not referencing any math with BIT.

This option is unique because all the others are giving us metric denominations rather than a shorthand term that is free of math and the constant reminder that you're only getting a portion of the main unit of the currency. A term like bit can take the place of things like mBTC without conveying the message that you missed out on the "Ponzi scheme" of the main unit.

The way I see it, it was a mistake to limit the issue to 21 million. It's just way too small, and so now we have a public relations problem. People see prices of $100+ for ONE bitcoin, and it's off the scale of how they see everyday values. So we sort of have to "re-issue" the currency with a smaller unit so that it takes the place of the increasingly out-of-reach main unit for everyday transactions. I'm arguing that using something like bit is a fresh start. You're not presenting it with a constant reference to its BTC value.
That goes a long way in marketing and ease of use, IMO.


Title: Re: Denominating a 'BitCent' as a 'Gavin' ?
Post by: bg002h on May 10, 2013, 01:49:26 AM
who is Gavin??

What does the number 5340 have to do with it?
Gavin is the only guy paid to make Bitcoin software. The Bitcoin Foundation started in large part to come up with a way to convert Bitcoin from being a hobby project to something one could make a career out of.

Some people in the Bitcointalk forum community think it's wrong to pay people for work,  or at least work of this sort (ie, revolutionizing money). Additionally, Gavin changed a config file to protect our network. The new config forces people running a version of Bitcoin software to change settings if they want to open the floodgates of tiny transactions of no economic value. Again, some thought this was wrong. He set the lower limit of transactions worth mining to ฿0.00005340. There is significant harm in permitting cheap access to large volumes of transactions...significant harm that can't be undone in the future.


Title: Re: Denominating a 'BitCent' as a 'Gavin' ?
Post by: AMuppInTime on May 11, 2013, 12:34:48 AM
I mean if you look down enough, we'll be reliving Star Wars very soon, and people will call satoshis "Credits" because it will be convenient. You know what we need? SciFi that incorporates Bitcoins - Bit-Fiction :)

Science Fiction here we come!


Title: Re: Denominating a 'BitCent' as a 'Gavin' ?
Post by: PrintCoins on May 12, 2013, 08:39:32 PM
I mean if you look down enough, we'll be reliving Star Wars very soon, and people will call satoshis "Credits" because it will be convenient. You know what we need? SciFi that incorporates Bitcoins - Bit-Fiction :)

Science Fiction here we come!

Bitcoin is just another instance of scifi becoming reality. I would even say that without scifi bitcoin couldn't exist. Scifi is where the inital sketches of future realities are created. If it is mentioned now in a novel, I would argue that just like cloning sheep, it is not scifi.


Title: Re: Denominating a 'BitCent' as a 'Gavin' ?
Post by: justusranvier on May 12, 2013, 10:05:39 PM
You know what we need? SciFi that incorporates Bitcoins - Bit-Fiction
We're already way ahead of you. Bit-fiction has existed for years; one of the most successful bit-fiction authors goes by the name "Pirate@40" and produced a highly successful work of fiction that found numerous fans on this very forum.


Title: Re: Denominating a 'BitCent' as a 'Gavin' ?
Post by: FoBoT on May 12, 2013, 10:33:06 PM
Maybe we can designate 5340 Satoshies as a Gavin.
http://cdn.memegenerator.net/instances/400x/36515827.jpg


but anyway, one byte is 8 bits , four bits is a nibble, two nibbles is a byte
geeks have never been that good at marketing

but as soon as "the marketing guys" take over development, things get 'corporate' real fast. then that brings in the government and it all goes to hell real quickly (ie TAX TAX TAX)


Title: Re: Denominating a 'BitCent' as a 'Gavin' ?
Post by: skull88 on May 13, 2013, 12:10:29 AM
You have to imagine water-cooler conversations at work and dinner table conversations at home and magazine articles and tv shows. Sorry, no room for "mBTC" or "millibitcoins" here. Nope. People will be talking about bits.
I think they will call them millies.

imo we can just keep the metric system, the names used eventually by most people will grow naturally, probably they even differ from country to country.


Title: Re: Denominating a 'BitCent' as a 'Gavin' ?
Post by: Noitev on May 13, 2013, 12:29:41 AM
/me scrolls to see if gaven posted

aw


Title: Re: Denominating a 'BitCent' as a 'Gavin' ?
Post by: rafsoaken on May 13, 2013, 09:56:51 AM
I definitely think new names would reduce the chance of confounding denominations, as well as make handling smaller amounts of BTC much simpler.
Additionally those new names should not have the same sound to them, as that also facilitates confusion when two parties negotiate over price or when you send funds.
Third, in this stage of bitcoin, it seems futile to me to try press names into a scheme mirroring the Dollar-Cents relationship, because we have no idea where the valuation of bitcoin will end up in 1, 2, 5 years from now.
It might make more sense to use first names of people that heavily contributed to the bitcoin ecosystem (as in 1 Satoshi), in steps of 1000 as that is the scheme every SI unit generally follows. For all practical purposes the "cent" denominations can be added to the main denomination like so:

My official proposal:
1 Bitcoin, == 100 Bitcoincent (or 1 Bitcent),
1 Bitcoin, == 1000 Gavin (or Gav for short)
1 Bitcoin, == 1000 00 Gavincent (or Gavcent)
1 Bitcoin, == 1000 000 Finney (or Fin for short)
1 Bitcoin, == 1000 000 00 Finneycent (=Fincent, or Satoshi)

Pairs: Bitcoin/Bitcoincent, Gavin/Gavincent, Finney/Finneycents(Satoshis)

Advantage of that scheme is, that whatever the current valuation of bitcoin, you can always use bitcoin in the familiar way you handle the Dollar/cents pair.
So eg use Bitcoin/Bitcents for denominations of Bitcoin < 100$, Gavin/Gavincents for denominations of Bitcoin at 100$ and above, and later at maybe around 10k USD use Finneys/Finneycents(Satoshis).

Edit note: Please lets not use milli, micro and all the other prefixes - to easy to get it wrong (whoopsi, just sent the amount 1000 times) and they are also visual traps: mBTC, uBTC, ugh..



Title: Re: Denominating a 'BitCent' as a 'Gavin' ?
Post by: Cyberdyne on May 13, 2013, 10:11:12 AM
Please lets not use milli, micro and all the other prefixes - to easy to get it wrong

And when was the last time you accidentally drank 300 L of milk?


Title: Re: Denominating a 'BitCent' as a 'Gavin' ?
Post by: rafsoaken on May 13, 2013, 10:17:13 AM
Please lets not use milli, micro and all the other prefixes - to easy to get it wrong

And when was the last time you accidentally drank 300 L of milk?


I think confusing uBTC and mBTC in a dropdown menu with the ease of a mouseclick is far easier than drinking 300 liters of milk. What's your point?
Edit: even more so as "milli" and "micro" start with the same letter.


Title: Re: Denominating a 'BitCent' as a 'Gavin' ?
Post by: Lethn on May 13, 2013, 11:20:28 AM
Stop trying to re-invent mathematics, I already have enough trouble learning the original stuff >_<


Title: Re: Denominating a 'BitCent' as a 'Gavin' ?
Post by: vane91 on May 13, 2013, 04:33:13 PM
I vote for

1btc = 1000 gavins or the minium fee at the moment.
1 gavin = 1000 credits
1 credit = 100 satoshis  (as satoshis will not be used in our life-time)

the upside of this:
i can send 10000 bitcoin credits to my friend, he will be so happy!

so 1 million bitcoin credits= 1 bitcoin! fast and easy!



Title: Re: Denominating a 'BitCent' as a 'Gavin' ?
Post by: AMuppInTime on May 13, 2013, 10:38:34 PM
I vote for

1btc = 1000 gavins or the minium fee at the moment.
1 gavin = 1000 credits
1 credit = 100 satoshis  (as satoshis will not be used in our life-time)

the upside of this:
i can send 10000 bitcoin credits to my friend, he will be so happy!

so 1 million bitcoin credits= 1 bitcoin! fast and easy!



I like it - it simplifies and gives 3 bases depending on the scale of the economy you're dealing with.