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Author Topic: A new Catchy name for 0.0001 BTC?  (Read 6279 times)
molecular
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May 14, 2013, 05:24:21 PM
 #81

How about 4bit? 

4 bits are called a "nibble"

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May 14, 2013, 05:25:09 PM
 #82

Yes.  Oops didn't notice the extra zero.  Yeah there is no reason to name the 0.0001.

I agree. And I suggest to call the millibit (mBTC) just "bit".

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May 14, 2013, 05:26:31 PM
 #83

I agree.  This is far too urgent to put off until people come up with their own slang terms, we must decide this now, once and for all.  It is also a matter too important to let languish in any of the hundred other threads, we should each make one new thread about it.

Exactly. We should also establish a central authority who prosecutes anyone using anything but the official nomenclature. Use weapons to enforce it.

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May 14, 2013, 05:27:28 PM
 #84


was it you in 2011 propangandizing on #bitcoin-dev to use it?

It would've killed bitcoin in it's roots.

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May 14, 2013, 05:30:26 PM
 #85

I agree.  This is far too urgent to put off until people come up with their own slang terms, we must decide this now, once and for all.  It is also a matter too important to let languish in any of the hundred other threads, we should each make one new thread about it.

Exactly. We should also establish a central authority who prosecutes anyone using anything but the official nomenclature. Use weapons to enforce it.

No, we should implement this in code.  Anybody using unofficial units will have demurrage taken from their Bitcoin addresses with each block generation.

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May 14, 2013, 05:33:04 PM
 #86

Naming denominations after people is the most asinine idea I've ever heard.  It's almost like you guys WANT bitcoin to bask in obscurity.

Yeah, it's definitely better to use names of landscape features, like "ridge", "hill", "cave", "mountain", or "tal", which is the origin of the name "dollar".

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May 14, 2013, 07:59:18 PM
 #87

Naming denominations after people is the most asinine idea I've ever heard.  It's almost like you guys WANT bitcoin to bask in obscurity.

Yeah, it's definitely better to use names of landscape features, like "ridge", "hill", "cave", "mountain", or "tal", which is the origin of the name "dollar".

You should obviously use names for weight (such as peso and pound).

An economy based on endless growth is unsustainable.
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May 15, 2013, 04:12:32 AM
 #88

Naming denominations after people is the most asinine idea I've ever heard.  It's almost like you guys WANT bitcoin to bask in obscurity.

Yeah, it's definitely better to use names of landscape features, like "ridge", "hill", "cave", "mountain", or "tal", which is the origin of the name "dollar".

You should obviously use names for weight (such as peso and pound).

Since weight was used because the monetary value was based on precious metal, maybe we should use names quantifying amounts of data like, "bit", "byte", "nibble".

1 BTC = 1000 bits
1 bit = 1000 nibbles
1 nibble = 100 satoshis

1 BTC = 1 bitcoin
1000 BTC = 1 kilobit
1000000 BTC = 1 megabit

as someone said before: some name will emerge from general use rather than us making one up

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May 15, 2013, 05:44:27 AM
 #89

Bob since we need a catchy nickname  Grin

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May 15, 2013, 05:49:52 AM
 #90

The name for 0.0001 BTC has been largely decided long ago, it's either a Millibit or a Gavin.  The smallest unit is a satoshi after the creator, and this one is after the second most important figure in the creation and development of Bitcoin; Gavin Andreson.  Much like how the most important presidents, according to someone, are presented on the currency of the US, the most important being the smallest denomination.

"The powers of financial capitalism had another far-reaching aim, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole. This system was to be controlled in a feudalist fashion by the central banks of the world acting in concert, by secret agreements arrived at in frequent meetings and conferences. The apex of the systems was to be the Bank for International Settlements in Basel, Switzerland, a private bank owned and controlled by the world's central banks which were themselves private corporations. Each central bank...sought to dominate its government by its ability to control Treasury loans, to manipulate foreign exchanges, to influence the level of economic activity in the country, and to influence cooperative politicians by subsequent economic rewards in the business world."

- Carroll Quigley, CFR member, mentor to Bill Clinton, from 'Tragedy And Hope'
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May 15, 2013, 07:31:57 AM
 #91

The name for 0.0001 BTC has been largely decided long ago

[citation needed]

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May 15, 2013, 07:35:25 AM
 #92

The name for 0.0001 BTC has been largely decided long ago, it's either a Millibit or a Gavin.  The smallest unit is a satoshi after the creator, and this one is after the second most important figure in the creation and development of Bitcoin; Gavin Andreson.  Much like how the most important presidents, according to someone, are presented on the currency of the US, the most important being the smallest denomination.

Surely that's a tenth of a milibitcoin?

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May 15, 2013, 10:36:57 AM
 #93

A Bitcoin is 10,000 bits.
A bit is 10,000 Satoshis.

Simple. Elegant. No mouthful of metric jumbles and eyesores. No list of 8 geeky multi-syllabic names.
What else should the acting base unit of Bitcoin be called other than a bit?

I like the idea of having units for 1 BTC, 0.0001 BTC and 1 satoshi rather than using SI units, but "bit" seems too ambiguous. Too much like bitcoin. People will say stuff like, "Send me 1 bit coin," which is confusing.
depends on whether you set the context or not.  eg.
 
seller says "how do you want to pay?"

buyer replies: "with Bitcoin".

seller: "ok, then that'll be 500 Bits"

there's no ambiguity because you've already established the transaction is Bitcoin.  

If the price was 1 Bitcoin, then you would say, "pay me in Bitcoin, the  price is 1 Bitcoin (meaning, 1 BTC or 10,000 Bits or BIT).

It's a similar thing with the Dollar and other fiat. You can say pay me in Dollar. Price is eg 35 Dollars. "Pay me in Dollar" does not mean "pay me one Dollar".

No ambiguity.

I don't think "Satoshi" should be used at all. It's too long for one thing - 3 syllables.  Plus it sounds kind of like a geeky in-joke.


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May 15, 2013, 01:32:10 PM
 #94

Anyway, I'd say 0.0001 BTC is called "a hundred microBit" or "point one milliBit".

In writing: 0.1 mBTC or 100 uBTC

Agreed.

0.1 milliBTC or milliBit / 0.1 mBTC / 0.1 millies

or

100 microBTC or microBit / 100 uBTC / 100 mickeys

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May 15, 2013, 05:59:34 PM
 #95

The name for 0.0001 BTC has been largely decided long ago, it's either a Millibit or a Gavin.
When was that decided? I've only heard it in threads discussing what names should denominations have, but not on actual usage.

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May 15, 2013, 06:31:24 PM
 #96

The name for 0.0001 BTC has been largely decided long ago, it's either a Millibit or a Gavin.

You fell in the same trap DeathAndTaxes fell in:

millicoin informally.

If I was pricing something in print I would just use mBTC.


Wouldn't millicoin imply 0.001 BTC?  (one less decimal place)

Yes.  Oops didn't notice the extra zero.  

(thinking 0.0001 = 0.001)

DeathAndTaxes next move was to assert:

Yeah there is no reason to name the 0.0001.

I think it's quite possible you'll do the same.

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May 15, 2013, 06:44:01 PM
 #97

What about an itsybit?
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May 15, 2013, 08:40:55 PM
 #98


I don't think "Satoshi" should be used at all. It's too long for one thing - 3 syllables.  Plus it sounds kind of like a geeky in-joke.



1) It's already in use in exactly this fashion....

2) It's not too long as a spoken word....

3) It IS a geeky in joke.

"The powers of financial capitalism had another far-reaching aim, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole. This system was to be controlled in a feudalist fashion by the central banks of the world acting in concert, by secret agreements arrived at in frequent meetings and conferences. The apex of the systems was to be the Bank for International Settlements in Basel, Switzerland, a private bank owned and controlled by the world's central banks which were themselves private corporations. Each central bank...sought to dominate its government by its ability to control Treasury loans, to manipulate foreign exchanges, to influence the level of economic activity in the country, and to influence cooperative politicians by subsequent economic rewards in the business world."

- Carroll Quigley, CFR member, mentor to Bill Clinton, from 'Tragedy And Hope'
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May 15, 2013, 08:44:07 PM
 #99


I think it's quite possible you'll do the same.


Indeed.  There is no real need to name that unit.

"The powers of financial capitalism had another far-reaching aim, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole. This system was to be controlled in a feudalist fashion by the central banks of the world acting in concert, by secret agreements arrived at in frequent meetings and conferences. The apex of the systems was to be the Bank for International Settlements in Basel, Switzerland, a private bank owned and controlled by the world's central banks which were themselves private corporations. Each central bank...sought to dominate its government by its ability to control Treasury loans, to manipulate foreign exchanges, to influence the level of economic activity in the country, and to influence cooperative politicians by subsequent economic rewards in the business world."

- Carroll Quigley, CFR member, mentor to Bill Clinton, from 'Tragedy And Hope'
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May 16, 2013, 01:59:12 PM
 #100


I think it's quite possible you'll do the same.


Indeed.  There is no real need to name that unit.

Just like there is no real reason to name 10000 btc, which is about halfway between 1 and 21000000; people do not write 2100 0000 total bitcoins, they write 21 000 000 total bitcoins.

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