Wall Observer BTC/USD - Bitcoin price movement tracking & discussion

[seanneko]

Why aren't businesses adopting bitcoin payments like crazy? we really should start with this now. Amazon, get on with it. We have to make this sustainable and not reliable on the fragile human psychology.

Because its still actually shit as a simple currency. Check reddit story of guy who buys a burito and has to wait an hour for confirmations, ends up paying them fiat aswell just to get home.

Uh, 0-confirm transactions are just fine for small purchases. Vendors need to get on with the program.

Yep. 4-6 confirmations are what exchanges wait for when transferring millions of dollars. Who gives a shit when it's a $1 coffee?

Also, have there ever ACTUALLY been any successful double spends (by that I mean someone lost their money/product)? I hear that they're possible and all, but I've never heard of someone doing one.

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[Aido]

embee sounds nice but embit maintains a closer attachment to bitcoin because of the bit part.

The logic being 100 cents in a Dollar/Euro but we don't say centidollar or centieuro, we just say cents.

Context!

[jojo69]

like I'm going to try and double spend for coffee 

grow the fuck up

[Patel]

Yep. 4-6 confirmations are what exchanges wait for when transferring millions of dollars. Who gives a shit when it's a $1 coffee?

Yup, when its the one dollar coffee, the merchant just needs to make sure a miners fee was sent. Otherwise the payment may be sent back to the originating address.

Confirmations don't really matter if there is a miners fee sent, speaking on behalf of small transactions.

[siggy]

Why not just mill or mills? Context would make it obvious that we mean mBTC.

I'll second the mils ... this also sets the precedent for when we need to switch to mics.

[600watt]

Hows about:

   Bitcoin         = Bits   = 1 unit
   cents   = cBits   = 0.01 units
   millis or mills      = mBits   = 0.001 units
   micros or mics      = μBits   = 0.000001 units
   Satoshi or sats            = 0.00000001 units
   nanos or nans   = nBits   = 0.000000001 units (for when 1 Bitcoin = 1 Mega dollar or BTC1 = M$1 = $1,000,000)

This has flawless logic, but I still wonder about that coffee being 'two mills' and we probably need the 'bit' in there to keep it connected to Bitcoin.

So 'millibit', or back to 'embit' for me..

millibit is cool. in metric countries (almost all over the world  ) everyone knows that a millimeter is 1/1000 meter, a milliliter is 1/1000 liter.


but what about...
milli vanilli !

[Davyd05]

700 sell wall at 1039.. were minting fiat millionaires.. lol  (I know its 1000x1000.. perhaps the wall was bigger before I looked)

I am dumb..its a buy wall...

[2_Thumbs_Up]

Hows about:

   Bitcoin         = Bits   = 1 unit
   cents   = cBits   = 0.01 units
   millis or mills      = mBits   = 0.001 units
   micros or mics      = μBits   = 0.000001 units
   Satoshi or sats            = 0.00000001 units
   nanos or nans   = nBits   = 0.000000001 units (for when 1 Bitcoin = 1 Mega dollar or BTC1 = M$1 = $1,000,000)

I never got why we actually have satoshis and not nanobits, the 64-bit signed integer is more than big enough to store >21M bitcoins even if it was divisible to nanos.

There are a lot of completely arbitrary choices in Bitcoin that bugs the perfectionist in me. Like why did Satoshi choose 21M as the cap in the first place. It's such a random number that makes a lot of the math in Bitcoin "ugly". A power of 2 would have been way more elegant and taken away all the rounding complications for block reward halvings etc.

[gandhibt]

700 sell wall at 1039.. were minting fiat millionaires.. lol  (I know its 1000x1000.. perhaps the wall was bigger before I looked)

Funny how much people want to invest in fiat. Not sure if that's so good investment...

[keewee]

Hows about:

   Bitcoin         = Bits   = 1 unit
   cents   = cBits   = 0.01 units
   millis or mills      = mBits   = 0.001 units
   micros or mics      = μBits   = 0.000001 units
   Satoshi or sats            = 0.00000001 units
   nanos or nans   = nBits   = 0.000000001 units (for when 1 Bitcoin = 1 Mega dollar or BTC1 = M$1 = $1,000,000)

This has flawless logic, but I still wonder about that coffee being 'two mills' and we probably need the 'bit' in there to keep it connected to Bitcoin.

So 'millibit', or back to 'embit' for me..

I like Bitcoin for full units (shortened to "coins" in common use), mBit for 0.001 units (shortened to "bits"), and Satoshi for 0.00000001 units (same term for common use)

[kurious]

embee sounds nice but embit maintains a closer attachment to bitcoin because of the bit part.

The logic being 100 cents in a Dollar/Euro but we don't say centidollar or centieuro, we just say cents.

Context!

Yep - but we will struggle to call a 10 mBTC denomination a 'cent' because it would be confusing.

'Millis' works, but would you not have to say 'Bitcoin?' first if the coffeeshop normally takes USD / Euros?

Not against it - but we need to focus on mBTC and smaller for currency use in situations where adoption is likely to start.

At dollar parity - it's a perfect place to start and get it out there.

Even if it won't last!

[Davyd05]

reward me for staring blankly at screens

Absolutely not!!! You will risk ie buy now!!! Invest in us! Invest in yourself! 

Personally I'd rather buy at 1000gox.. then buy right now at 970 gox.. or the cavirtex equiv of 910 or so

Alexeft.. I hope you see this today..I bought at 908 or so.. (920cad fees included) I dwelled on it for an hr after your post.. read some more bear bull reasoning.. and met half way ..and grabbed a coin. Had to take my grandparents to an appointment today..and the market corrected a bit during that time frame,but my buy orders down in the 890cad range were filled second coin I owe to you.

A tip of my hat to you sir.

[gandhibt]

Hows about:

   Bitcoin         = Bits   = 1 unit
   cents   = cBits   = 0.01 units
   millis or mills      = mBits   = 0.001 units
   micros or mics      = μBits   = 0.000001 units
   Satoshi or sats            = 0.00000001 units
   nanos or nans   = nBits   = 0.000000001 units (for when 1 Bitcoin = 1 Mega dollar or BTC1 = M$1 = $1,000,000)

This has flawless logic, but I still wonder about that coffee being 'two mills' and we probably need the 'bit' in there to keep it connected to Bitcoin.

So 'millibit', or back to 'embit' for me..

I like Bitcoin for full units (shortened to "coins" in common use), mBit for 0.001 units (shortened to "bits"), and Satoshi for 0.00000001 units (same term for common use)

+1

how about mB would be called bit/bits when B is bitcoin/bitcoins, "I paid just two bits for this coffee!"

[dasein]

Yep. 4-6 confirmations are what exchanges wait for when transferring millions of dollars. Who gives a shit when it's a $1 coffee?

Yup, when its the one dollar coffee, the merchant just needs to make sure a miners fee was sent. Otherwise the payment may be sent back to the originating address.

Confirmations don't really matter if there is a miners fee sent, speaking on behalf of small transactions.

Bitpay or another payment processor should offer merchants a credit account and/or insurance to provide instant transaction times, and make whatever adjustments might be necessary once the transaction is confirmed.

[mb300sd]

Yep. 4-6 confirmations are what exchanges wait for when transferring millions of dollars. Who gives a shit when it's a $1 coffee?

Yup, when its the one dollar coffee, the merchant just needs to make sure a miners fee was sent. Otherwise the payment may be sent back to the originating address.

Confirmations don't really matter if there is a miners fee sent, speaking on behalf of small transactions.

Bitpay or another payment processor should offer merchants a credit account and/or insurance to provide instant transaction times.

Bitpay already accepts 0-confirm transactions

[ScrapOfCat]

how about mB would be called bit/bits when B is bitcoin/bitcoins, "I paid just two bits for this coffee!"

Shave and a haircut, two bits!

[Davyd05]

700 sell wall at 1039.. were minting fiat millionaires.. lol  (I know its 1000x1000.. perhaps the wall was bigger before I looked)

Funny how much people want to invest in fiat. Not sure if that's so good investment...

A lot of them just assume fiat and btc will exists together for a time being. Not everyone is tech savvy and has a cool son or grandson ( cousins etc, the techno savvy family member or friend) and this will alienate some for a while but, I mean anyone born after me probably knows as much as I do at this point ( 87' - aka 26 ).

Also If I had a bunch.. I think I'd be inclined to take profits and buy a Lambo LOOL or a hockey rink.. not sure which just yet, the choices a Canadian has to make.. as both are only useful in opposite seasons( it'd be both if I had 10000btc) lol.

Silly me Gandhibt...it was a buy wall..apparently only the silly would sell their coins

[kurious]

Hows about:

   Bitcoin         = Bits   = 1 unit
   cents   = cBits   = 0.01 units
   millis or mills      = mBits   = 0.001 units
   micros or mics      = μBits   = 0.000001 units
   Satoshi or sats            = 0.00000001 units
   nanos or nans   = nBits   = 0.000000001 units (for when 1 Bitcoin = 1 Mega dollar or BTC1 = M$1 = $1,000,000)

This has flawless logic, but I still wonder about that coffee being 'two mills' and we probably need the 'bit' in there to keep it connected to Bitcoin.

So 'millibit', or back to 'embit' for me..

I like Bitcoin for full units (shortened to "coins" in common use), mBit for 0.001 units (shortened to "bits"), and Satoshi for 0.00000001 units (same term for common use)

+1

how about mB would be called bit/bits when B is bitcoin/bitcoins, "I paid just two bits for this coffee!"

Get a vote put up?

Nominees: 'bit' / 'embit' / 'milli'

We need to have a term - and imagine that coffee shop increasing the price in USD and putting it down in BTC often enough for people to realise what inflation REALLY means!

[beetcoin]

Hows about:

   Bitcoin         = Bits   = 1 unit
   cents   = cBits   = 0.01 units
   millis or mills      = mBits   = 0.001 units
   micros or mics      = μBits   = 0.000001 units
   Satoshi or sats            = 0.00000001 units
   nanos or nans   = nBits   = 0.000000001 units (for when 1 Bitcoin = 1 Mega dollar or BTC1 = M$1 = $1,000,000)

This has flawless logic, but I still wonder about that coffee being 'two mills' and we probably need the 'bit' in there to keep it connected to Bitcoin.

So 'millibit', or back to 'embit' for me..

I like Bitcoin for full units (shortened to "coins" in common use), mBit for 0.001 units (shortened to "bits"), and Satoshi for 0.00000001 units (same term for common use)

xCoin doesn't sound unique enough to bitcoin though, it could or would be confused with other cryptocurrencies. i think it should be xxxBTC.

so mBTC, sBTC, uBTC.

[dwdoc]

Hows about:

   Bitcoin         = Bits   = 1 unit
   cents   = cBits   = 0.01 units
   millis or mills      = mBits   = 0.001 units
   micros or mics      = μBits   = 0.000001 units
   Satoshi or sats            = 0.00000001 units
   nanos or nans   = nBits   = 0.000000001 units (for when 1 Bitcoin = 1 Mega dollar or BTC1 = M$1 = $1,000,000)

The logic being 100 cents in a Dollar/Euro but we don't say centidollar or centieuro, we just say cents.

"centi-bit" cBTC
"milli-bit"   mBTC
"micro-bit" µBTC
"satoshi"   sBTC

probably causes the least confusion

or

"centi-coin"
"milli-coin"
"micro-coin"

or

"ceebits" cBTC
"embits"  mBTC
"mybits"  µBTC