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Author Topic: Meanwhile on Wikipedia...  (Read 9521 times)
FreeMoney
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December 13, 2012, 06:29:37 PM
 #21

. . . But absolutely it's legitimate to be in the table of currencies . . .
Most here would agree with you that Bitcoin is a currency, but there may be room for discussion as to what the "base" unit is and what the relative value is of that base unit.

If the "Satoshi" (the smallest integer unit of represented value in a transaction) is considered the base unit, then calling 1 BTC a "currency unit" would be like calling a Franklin (U.S. $100 bill) a "currency unit".  They are both just names for a multiple of the base unit.

If the "Satoshi" is the "currency unit", then it doesn't belong on that list. Yet.


That list isn't showing the smallest unit of other currencies.

It's a dumb page imo, and putting bitcoin at the top might be a good way to point that out, heh.

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December 13, 2012, 06:37:36 PM
 #22

. . . But absolutely it's legitimate to be in the table of currencies . . .
Most here would agree with you that Bitcoin is a currency, but there may be room for discussion as to what the "base" unit is and what the relative value is of that base unit.

If the "Satoshi" (the smallest integer unit of represented value in a transaction) is considered the base unit, then calling 1 BTC a "currency unit" would be like calling a Franklin (U.S. $100 bill) a "currency unit".  They are both just names for a multiple of the base unit.

If the "Satoshi" is the "currency unit", then it doesn't belong on that list. Yet.


The base unit of a dollar is a cent, but the chart doesn't utilize that unit. It is listing the nominal unit of the currency. Bitcoin may be divisible to eight decimal places, but 1 btc is the standard currency unit, just as 1 usd.
As I said, I think there is room for discussion on that.  Perhaps the Satoshi is the nominal unit, and we simply use the "Bitcoin" nickname for ease of use when we are dealing with exceptionally large quantities.  If inflation drives prices up until every thing we buy costs over 1000 USD, and we all start talking in terms of "grand", ("Sure, you can have a diet coke, that'll be 3.5 grand.") does that make the "grand" the nominal unit?

No, Satoshi is not the nominal unit just as 1 cent is not the nominal unit of a dollar. 1 bitcoin is the nominal unit. If in ten years we all talk in terms of millibits, then perhaps that page should be updated. But today, 1 btc is a clearly defined and known unit of account.
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December 13, 2012, 06:41:30 PM
 #23

What was the forum that just recently introduced the ability to award someone "+X INTERNETS" and these would be awarded in bitcoin as increments of 0.01 BTC?

I kind of like the idea of 0.01 BTC being called "internets" in a tongue-in-cheek fashion.

To be honest, the word "bitcents" has a flaw few have probably thought about.  With the growth in 1 BTC's buying power, I am now starting to consider a coin for 0.5 BTC.  But the thought of using the word "BITCENTS" on a coin is scary in a Liberty Dollar sort of way - specifically because it contains the word "cents", a word that also is used commonly in fiat currency including US dollars.  I will not use a word containing "cents" on a coin.

Companies claiming they got hacked and lost your coins sounds like fraud so perfect it could be called fashionable.  I never believe them.  If I ever experience the misfortune of a real intrusion, I declare I have been honest about the way I have managed the keys in Casascius Coins.  I maintain no ability to recover or reproduce the keys, not even under limitless duress or total intrusion.  Remember that trusting strangers with your coins without any recourse is, as a matter of principle, not a best practice.  Don't keep coins online. Use paper or hardware wallets instead.
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December 13, 2012, 07:13:09 PM
 #24

What was the forum

http://www.reddit.com/
http://www.reddit.com/r/bitcointip/comments/13iykn/bitcointipdocumentation/

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December 13, 2012, 07:15:12 PM
 #25

What was the forum that just recently introduced the ability to award someone "+X INTERNETS" and these would be awarded in bitcoin as increments of 0.01 BTC?

I kind of like the idea of 0.01 BTC being called "internets" in a tongue-in-cheek fashion.

To be honest, the word "bitcents" has a flaw few have probably thought about.  With the growth in 1 BTC's buying power, I am now starting to consider a coin for 0.5 BTC.  But the thought of using the word "BITCENTS" on a coin is scary in a Liberty Dollar sort of way - specifically because it contains the word "cents", a word that also is used commonly in fiat currency including US dollars.  I will not use a word containing "cents" on a coin.
Call it 500mBTC then.
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December 13, 2012, 07:16:16 PM
 #26

What was the forum that just recently introduced the ability to award someone "+X INTERNETS" and these would be awarded in bitcoin as increments of 0.01 BTC?

I kind of like the idea of 0.01 BTC being called "internets" in a tongue-in-cheek fashion.

To be honest, the word "bitcents" has a flaw few have probably thought about.  With the growth in 1 BTC's buying power, I am now starting to consider a coin for 0.5 BTC.  But the thought of using the word "BITCENTS" on a coin is scary in a Liberty Dollar sort of way - specifically because it contains the word "cents", a word that also is used commonly in fiat currency including US dollars.  I will not use a word containing "cents" on a coin.

Then use the standard bitcoin denominations, 100 miliBitcoins = 0.10 cents or 10 miliBitcoins = 0.01 cent, hence 500 miliBitcoins = 0.50 cents

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December 13, 2012, 07:40:40 PM
 #27


Then use the standard bitcoin denominations, 100 miliBitcoins = 0.10 BTC or 10 miliBitcoins = 0.01 BTC, hence 500 miliBitcoins = 0.50 BTC

FTFY
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December 13, 2012, 08:06:50 PM
 #28

Call it 500mBTC then.

Then use the standard bitcoin denominations, 100 miliBitcoins = 0.10 cents or 10 miliBitcoins = 0.01 cent, hence 500 miliBitcoins = 0.50 cents

I understand and agree that I could use these... I am simply proposing that I consider "Internets" to be appealing.  I am not asking for anyone to simply tell me what to use.  I asking for opinions, but am anticipating "I like/don't like because" rather than "Do this/that".

The masses will probably see an appeal in names more so than SI units.  I notice that auto manufacturers with both regular and luxury brands of cars consistently give model numbers to their luxury brands, and model names to their regular ones.  There's surely a reason for this, and I'm invoking it here.

Companies claiming they got hacked and lost your coins sounds like fraud so perfect it could be called fashionable.  I never believe them.  If I ever experience the misfortune of a real intrusion, I declare I have been honest about the way I have managed the keys in Casascius Coins.  I maintain no ability to recover or reproduce the keys, not even under limitless duress or total intrusion.  Remember that trusting strangers with your coins without any recourse is, as a matter of principle, not a best practice.  Don't keep coins online. Use paper or hardware wallets instead.
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December 13, 2012, 08:15:16 PM
 #29

...

The masses will probably see an appeal in names more so than SI units.  I notice that auto manufacturers with both regular and luxury brands of cars consistently give model numbers to their luxury brands, and model names to their regular ones.  There's surely a reason for this, and I'm invoking it here.

Interesting concept, what do you have in mind?

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December 13, 2012, 08:18:22 PM
 #30

The central authority of Bitcoin is Mathematics!

Saying that you don't trust someone because of their behavior is completely valid.
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December 13, 2012, 08:20:29 PM
 #31

To get the value of a currency you need to multiply the value of each unit by the total amount of units in circulation.
That is the value that you need to compare in order to see how valued is a currency compared to others.
In the case of bitcoin, is immediate to know the amount of bitcoins in circulation and to multiply that by the value of each.
Altough bitcoin is very high valued in each unit, it has much less units in circulation compared to other currencies so the currency is much less valued than others.

Would be great there was a torrent file of all referenced materials of the paper: "How to Build Time-Lock Encryption" by Tibor Jager. And having its magnet link published on bitcoin blockchain!
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December 13, 2012, 08:20:59 PM
 #32

...

The masses will probably see an appeal in names more so than SI units.  I notice that auto manufacturers with both regular and luxury brands of cars consistently give model numbers to their luxury brands, and model names to their regular ones.  There's surely a reason for this, and I'm invoking it here.

Interesting concept, what do you have in mind?

Internets
1 Internet = 0.01 BTC

Of course, to coast on: http://knowyourmeme.com/memes/you-win-the-internet

They said you win the internet, and the internet delivered.

Companies claiming they got hacked and lost your coins sounds like fraud so perfect it could be called fashionable.  I never believe them.  If I ever experience the misfortune of a real intrusion, I declare I have been honest about the way I have managed the keys in Casascius Coins.  I maintain no ability to recover or reproduce the keys, not even under limitless duress or total intrusion.  Remember that trusting strangers with your coins without any recourse is, as a matter of principle, not a best practice.  Don't keep coins online. Use paper or hardware wallets instead.
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December 13, 2012, 08:28:07 PM
Last edit: December 13, 2012, 09:09:17 PM by paraipan
 #33

...

The masses will probably see an appeal in names more so than SI units.  I notice that auto manufacturers with both regular and luxury brands of cars consistently give model numbers to their luxury brands, and model names to their regular ones.  There's surely a reason for this, and I'm invoking it here.

Interesting concept, what do you have in mind?

Internets
1 Internet = 0.01 BTC

Of course, to coast on: http://knowyourmeme.com/memes/you-win-the-internet

They said you win the internet, and the internet delivered.

Nicee, +10 Internets to you sir for having such a great idea Smiley

Edit: Now I would really enjoy a tipping bot here on the forum, or something similar, to actually send you the Internets.

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December 13, 2012, 08:45:23 PM
 #34

...

The masses will probably see an appeal in names more so than SI units.  I notice that auto manufacturers with both regular and luxury brands of cars consistently give model numbers to their luxury brands, and model names to their regular ones.  There's surely a reason for this, and I'm invoking it here.

Interesting concept, what do you have in mind?

Internets
1 Internet = 0.01 BTC

Of course, to coast on: http://knowyourmeme.com/memes/you-win-the-internet

They said you win the internet, and the internet delivered.
I don't see "Internets" as a bad idea.  As for the 0.5 BTC coin, I'd probably just call it a "Half Bitcoin" (Like the "Half Dollar")  You are still using the largely recognized bitcoin name and clearly indicating the value.

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December 13, 2012, 09:34:17 PM
 #35


Internets
1 Internet = 0.01 BTC


I can imagine a lot of people people googling "what is 1 internet", and staying confused for a very long time...
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December 13, 2012, 09:38:34 PM
 #36


Internets
1 Internet = 0.01 BTC


I can imagine a lot of people people googling "what is 1 internet", and staying confused for a very long time...

Not really, if it ends up gaining widespread adoption, and the Wikipedia article for Internet ends up saying:

Quote
This article is about the public worldwide computer network system.  For the currency commonly referred to as Internets, see Bitcoin.

Companies claiming they got hacked and lost your coins sounds like fraud so perfect it could be called fashionable.  I never believe them.  If I ever experience the misfortune of a real intrusion, I declare I have been honest about the way I have managed the keys in Casascius Coins.  I maintain no ability to recover or reproduce the keys, not even under limitless duress or total intrusion.  Remember that trusting strangers with your coins without any recourse is, as a matter of principle, not a best practice.  Don't keep coins online. Use paper or hardware wallets instead.
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December 13, 2012, 09:44:26 PM
 #37

Well that was fun while it lasted.  Embarrassed

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December 13, 2012, 09:49:51 PM
 #38

Bitcoin is already difficult for non-techies to grasp, let's not add to the confusion by using a word already in very widespread use with very precise meaning (=Internet).  Grandmas and grandmas won't get the joke.

I think everyone of us, when writing here or anywhere else, calls 0.5 BTC "0.5 BTC", so therefore it should just say 0.5 BTC on the coin.  Simple as that!


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December 13, 2012, 10:09:07 PM
 #39

Bitcoin is already difficult for non-techies to grasp, let's not add to the confusion by using a word already in very widespread use with very precise meaning (=Internet).  Grandmas and grandmas won't get the joke.

I think everyone of us, when writing here or anywhere else, calls 0.5 BTC "0.5 BTC", so therefore it should just say 0.5 BTC on the coin.  Simple as that!




I agree, I think the coin should say "0.5 Bitcoin"
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December 13, 2012, 10:11:58 PM
 #40

Ah, it was edited out before I got a chance to see it Sad

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