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Author Topic: A proposal: Forget about mBTC and switch directly to Satoshis  (Read 16232 times)
sp4ke
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November 21, 2013, 09:35:48 AM
 #101

I totally agree to this idea. It's even more important considering the low value of many third world countries fiat currencies.

As an example, in my country 1$ = 80 local currency on the official gouvernement exchange and more than 100$ in the black market exchange ( which is the biggest exchange ). So people are more comfortable using big numbers instead of fractions.

I propose we should fix a date on which all the community agree to switch to satoshi units.
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November 21, 2013, 09:55:33 AM
 #102

I tend to agree that using satoshi's will inevitably become the word used but I think we are still long number of years away from this. 

If you don't believe me, try explaining to someone new how a physical note from monopoly is worth far more than 1 satoshi but they should care as someday it's going to be worth more... just watch how little interest they show in Bitcoin until you tell them they'll need over £400 for 1 bitcoin.

Also, slightly off topic, the word Bitcoin for the unit of currency is bloody confusing as it's the protocol name and indicates it's the atomic unit hence Satoshi is much better as this is the atomic unit.  So as the OP says I'm in agreement g,m,k Satoshi's are the way forward, just not for the next couple years please!

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November 21, 2013, 09:57:31 AM
 #103

Yes this idea is much better then mBTC.
It is much more future proof, because it is well known that a lot of people feel much more comfortable to deal with integer numbers than with decimal numbers.
I know that for most people here in the forum this is not the case, but you have to keep the average user in mind. I know that a lot of my friends are not comfortable with unit conversions.

Just ask yourself which of these numbers are easier to deal with when you think about your dumbest friend:
0.000123 BTC = 0.123 mBTC = 12.3 kSatoshi = 12 300 Satoshis

BM-2D9KqQQ9Fg864YKia8Yz2VTtcUPYFnHVBR
niothor
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November 21, 2013, 10:12:19 AM
 #104

Yes this idea is much better then mBTC.
It is much more future proof, because it is well known that a lot of people feel much more comfortable to deal with integer numbers than with decimal numbers.
I know that for most people here in the forum this is not the case, but you have to keep the average user in mind. I know that a lot of my friends are not comfortable with unit conversions.

Just ask yourself which of these numbers are easier to deal with when you think about your dumbest friend:
0.000123 BTC = 0.123 mBTC = 12.3 kSatoshi = 12 300 Satoshis


Your dumbest friend won't use btc , so problem solved.

neutrinox
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November 21, 2013, 10:43:22 AM
 #105

I like the idea of "coining" new terms for smaller denominations of BTC but I think the term "Satoshi" puts too much emphasis on the unknown identity of BTC's creator and may be unattractive and seem cult-like to newcomers. I like "Bitcents"

+1

Bitcent is a pretty nice term in my opinion!
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November 21, 2013, 10:46:36 AM
 #106

Yes this idea is much better then mBTC.
It is much more future proof, because it is well known that a lot of people feel much more comfortable to deal with integer numbers than with decimal numbers.
I know that for most people here in the forum this is not the case, but you have to keep the average user in mind. I know that a lot of my friends are not comfortable with unit conversions.

Just ask yourself which of these numbers are easier to deal with when you think about your dumbest friend:
0.000123 BTC = 0.123 mBTC = 12.3 kSatoshi = 12 300 Satoshis


Your dumbest friend won't use btc , so problem solved.

I think we agree, that we would like to change that, don't we?

BM-2D9KqQQ9Fg864YKia8Yz2VTtcUPYFnHVBR
niothor
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November 21, 2013, 10:49:46 AM
 #107

Yes this idea is much better then mBTC.
It is much more future proof, because it is well known that a lot of people feel much more comfortable to deal with integer numbers than with decimal numbers.
I know that for most people here in the forum this is not the case, but you have to keep the average user in mind. I know that a lot of my friends are not comfortable with unit conversions.

Just ask yourself which of these numbers are easier to deal with when you think about your dumbest friend:
0.000123 BTC = 0.123 mBTC = 12.3 kSatoshi = 12 300 Satoshis


Your dumbest friend won't use btc , so problem solved.

I think we agree, that we would like to change that, don't we?

I already did that , I got no dumb people for friends Cheesy

Vigil
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November 21, 2013, 03:27:05 PM
 #108

We need to name a unit which is two or three decimal places to the left of BTC1 and use that as standard.

There was an article somewhere regarding the psychological effects of the nominal value of a currency. Will people be reluctant to buy BTC.1 for $100 or $1000 or more?

The problem is that "Bitcoin" is already established as the name of the "currency".
vane91
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November 21, 2013, 07:35:38 PM
 #109

1BTC should be 1 million coins, and 0.01 coin a satoshi !!!!   Cheesy

we're all millionaires !  Tongue


coin or credits!
tspacepilot
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November 22, 2013, 12:13:13 AM
 #110

Warning: rant below.

[rant]
I hate to be a troll, but I really think this thread is quite silly.  I mean, there's really no conflict.  Why on earth should there be some proclaimation that on a given date "we starting using the word Satoshis".  All correct terms can be in use at the same time.  People will naturally use the most relevant demarcation.  Jeesus, if I have 25 cents, I can refer to that as 0.25 dollars, and likewise if I have 1Kdollars, I can refer to that as 100Kcents.  I don't understand the hype here.  Please.
[/rant]

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November 22, 2013, 12:38:52 AM
 #111

There was a proposal on the dev mailing list (from Mark Friedenbach) that I quite like which doesn't seem to have been mentioned here.

Set XBT = 100 Satoshis = 1 uBTC = 0.000001 BTC

This should scale nicely for a little while at least.
This also intrinsically supports a standard unit of 1 uBTC.

Currently:
$700 ~ 1 BTC
$0.7 ~ 1 mBTC
$0.0007 ~ uBTC

$7 for a beer (here in Aus) should be like 10 mBTC or 10,000 uBTC / XBT, so XBT is a little cumbersome at the moment, but that might not last long.
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November 22, 2013, 10:29:24 AM
 #112

Warning: rant below.

[rant]
I hate to be a troll, but I really think this thread is quite silly.  I mean, there's really no conflict.  Why on earth should there be some proclaimation that on a given date "we starting using the word Satoshis".  All correct terms can be in use at the same time.  People will naturally use the most relevant demarcation.  Jeesus, if I have 25 cents, I can refer to that as 0.25 dollars, and likewise if I have 1Kdollars, I can refer to that as 100Kcents.  I don't understand the hype here.  Please.
[/rant]

because with a dollar you could only have 100 cents, it's either 10 dollars  or 10  *100 cents.
with one bitcoin , you can have 1000mB, 1000000uB , two possibilities.

MoonShadow
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November 22, 2013, 08:47:59 PM
 #113

There was a proposal on the dev mailing list (from Mark Friedenbach) that I quite like which doesn't seem to have been mentioned here.

Set XBT = 100 Satoshis

This is likely what's going to happen anyway.  The XBT standard must be fixed, and it would be wise for us to assume that we're going to end up with Satoshis with a near penny value anyway.  It shouldn't be an issue in the meantime, after all the Japanese are used to a very fine base currency 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'
Vigil
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November 22, 2013, 10:54:29 PM
 #114

Are we really going to refer to BTC .001 as millibitcoins or millibits or millis? There needs to be a different name.
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November 22, 2013, 10:55:11 PM
 #115

Are we really going to refer to BTC .001 as millibitcoins or millibits or millis? There needs to be a different name.
"Mill"
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November 22, 2013, 11:00:04 PM
 #116

Are we really going to refer to BTC .001 as millibitcoins or millibits or millis? There needs to be a different name.
"Mill"
BTC.01 can be called a centibit or 1 cent. That seems easy enough.

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Shave and a haircut, two bits.
Mondy
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November 22, 2013, 11:32:52 PM
 #117

Satoshi isnt powerful enough yet as a decimal...

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