Bitcoin Forum
December 14, 2017, 04:21:03 PM *
News: Latest stable version of Bitcoin Core: 0.15.1  [Torrent].
 
   Home   Help Search Donate Login Register  
Pages: « 1 2 3 4 [5] 6 »  All
  Print  
Author Topic: A proposal: Forget about mBTC and switch directly to Satoshis  (Read 16232 times)
beetcoin
Sr. Member
****
Offline Offline

Activity: 434


View Profile
November 15, 2013, 06:07:25 AM
 #81

FWIW I tried explaining bitcoins to a bank manager in Malaysia yesterday. All was going well until I told her what the current price was and you could tell she had lost interest. If BTC/XBT hits $1K then human psychology is going to kick in as a barrier to acceptance for the average Joe and Jane.

The satoshi idea is nice... but:

people keep on buying Berkshire Hathaway stock at around $100k a share

1 BTC becoming more and more expensive will turn it into a diamond like asset

keep BTC unique and let it flourish.

well, the problem is that people don't really "spend" diamonds; they just store it away. if that were to happen to BTC, it would be a predominantly speculative currency/commodity.
1513268463
Hero Member
*
Offline Offline

Posts: 1513268463

View Profile Personal Message (Offline)

Ignore
1513268463
Reply with quote  #2

1513268463
Report to moderator
1513268463
Hero Member
*
Offline Offline

Posts: 1513268463

View Profile Personal Message (Offline)

Ignore
1513268463
Reply with quote  #2

1513268463
Report to moderator
1513268463
Hero Member
*
Offline Offline

Posts: 1513268463

View Profile Personal Message (Offline)

Ignore
1513268463
Reply with quote  #2

1513268463
Report to moderator
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1513268463
Hero Member
*
Offline Offline

Posts: 1513268463

View Profile Personal Message (Offline)

Ignore
1513268463
Reply with quote  #2

1513268463
Report to moderator
mgio
Hero Member
*****
Offline Offline

Activity: 546


View Profile
November 15, 2013, 06:18:22 AM
 #82

No, mBTC makes far more sense right now.

If I am buying something that costs $50, I want to pay 125 mBTC, not 12,500,000 satoshis.

Using satoshis is just ridiculous and even worse than just staying with straight BTC.
tspacepilot
Legendary
*
Offline Offline

Activity: 1400


I may write code in exchange for bitcoins.


View Profile
November 15, 2013, 07:20:23 AM
 #83

I don't fully understand.  Don't people use both these units?  I mean I just use unit that's relevant for the amount I'm talking about.

MoonShadow
Legendary
*
Offline Offline

Activity: 1708



View Profile
November 15, 2013, 10:23:36 PM
 #84

I don't fully understand.  Don't people use both these units?  I mean I just use unit that's relevant for the amount I'm talking about.

Yes, most people have no problem using both of these unit standards where appropriate.  These guys just seem to think that they are important somehow.

"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'
hieroglyph
Member
**
Offline Offline

Activity: 70



View Profile
November 16, 2013, 02:02:05 PM
 #85

I also see no reason why both units can't be used.  It is understandable to use satoshi now that bitcoin is becoming more well known and using mbtc makes sense also so why not use them both and explain there meanings.

archangel689
Newbie
*
Offline Offline

Activity: 15


View Profile
November 16, 2013, 02:17:05 PM
 #86

If bitcoin becomes inflationary, I wouldn't hold btc for longer than it took to make a payment, and I would only make a payment using btc if it had some kind of utility over other mediums. I would simply save elsewhere. I would spend the same in either case.

"The contradictions and outlandish fictions of both the Lockean and the socialist solution disappear in thin air the instant we cease to maintain the arbitrary supposition that one needs a right to own valuable resources. This supposition originates in an atavistic belief that everything should belong to everybody or shared equally, and any departure from this norm requires a justification, an excuse of some kind." -- Anthony De Jasay
integrity42
Full Member
***
Offline Offline

Activity: 224


View Profile
November 20, 2013, 12:37:27 AM
 #87

No, mBTC makes far more sense right now.

If I am buying something that costs $50, I want to pay 125 mBTC, not 12,500,000 satoshis.

Using satoshis is just ridiculous and even worse than just staying with straight BTC.

Hi mgio, thanks for your feedback... You have just made a common mistake.

You would not pay 12,500,000 satoshis.  You would pay 12.5 Ms  (or 12.5 'Megas')

This sounds much better then 125 "millis" , and we never have to change units again for a long long time. Already mBTC is too big for small purchases.

Human psychology doesn't want a fraction of a big unit. They want a lot of a small unit.  Satoshi's are the smallest unit. Lets give them a lot of satoshis.

Thanks.
obeygiant
Jr. Member
*
Offline Offline

Activity: 42


View Profile
November 20, 2013, 01:26:56 AM
 #88

For some reason I like only Bitcoin or Satoshi.

I usually visualize Bitcoin amounts as a "fixed-point" number, always with eight decimal places. So that I can see both the Satoshi count and the Bitcoin count.

-- Obey

Hosted Bitcoin mining by Byteminr -- https://www.byteminr.com/register/5258fd15469a8
bryant.coleman
Legendary
*
Offline Offline

Activity: 1638


ALGORY.io Crowdsale starts on 8/12/2017


View Profile
November 20, 2013, 08:57:01 AM
 #89

It is absolute craziness to use Satoshi right now, considering the value.

.
            ▀███████████████▄▄
              █████████████████
               █████████████████
                █████████████████
                 █████████████████
                  █████████████████
        ▄▄▄▄       █████████████████
    ▄██████████▄    █████████████████
   ██████████████    █████████████████
  ████████████████    █████████████████
 ██████████████████    █████████████████
 ██████████████████     █████████████████
 ██████████████████      █████████████████
  ████████████████        █████████████████
   ██████████████          █████████████████
    ▀██████████▀            ▀████████████████▄
       ▀▀▀▀▀▀ 
ALGORY  Multifunctional Tool for Cryptocurrency Trading 
Join Whitelist and Get 20% Bonus┃CROWDSALE ON DEC. 8
           ░████████████▒
       ░████████████████████░
     ░████████████████████████▒
   ░████████████████████████████░
  ░██████████████████   █████████▒
 ░███████████████      ▒██████████░
 █████████████         ████████████
░██████████            ████████████░
░██████                ████████████▒
░█████████████▒▒      ▒████████████▒
 ████████████████     █████████████░
 ▒████████████████    ████████████▒
  ▒████████████████▒  ████████████
   ░█████████████████ ██████████▒
     ██████████████████████████░
       ▒█████████████████████
          ░██████████████▒
lindatess
Full Member
***
Offline Offline

Activity: 140


View Profile
November 20, 2013, 09:17:06 AM
 #90

Why don't we just leave it the same as it is now...

Just use blockchain's $ figure to trade and purchase items...

Click on the green BTC button and it turns to USD$.

integrity42
Full Member
***
Offline Offline

Activity: 224


View Profile
November 21, 2013, 02:21:12 AM
 #91

It is absolute craziness to use Satoshi right now, considering the value.

Hi,

Thank you for your comment, it is a common misconception that its crazy to use satoshi's.

For example, using satoshis is no harder then mBTC.  

You can write .01 BTC = 10 mBTC = 1Ms  

But it makes a lot more sense when you look at something like this:
.00000500 BTC = 0.005mBTC  = 500 s
99Percent
Full Member
***
Offline Offline

Activity: 190



View Profile
November 21, 2013, 03:22:38 AM
 #92

I think we need to find a name for an intermediate unit between 1 BTC and 1 Satoshi - 0.0001 BTC

mBTC or µBTC are just too awkward.

How about Nakamoto? or just Naka? or Moto?
MoonShadow
Legendary
*
Offline Offline

Activity: 1708



View Profile
November 21, 2013, 03:30:52 AM
 #93

I think we need to find a name for an intermediate unit between 1 BTC and 1 Satoshi - 0.0001 BTC

mBTC or µBTC are just too awkward.

How about Nakamoto? or just Naka? or Moto?


It's called a gavin.

"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'
DeathAndTaxes
Donator
Legendary
*
Offline Offline

Activity: 1218


Gerald Davis


View Profile
November 21, 2013, 04:05:43 AM
 #94

I think we need to find a name for an intermediate unit between 1 BTC and 1 Satoshi - 0.0001 BTC

mBTC or µBTC are just too awkward.

How about Nakamoto? or just Naka? or Moto?


A millie.  Like as Gavin showed me today the orphan cost for a miner is ~3.3 millies per kilobyte of block size.
integrity42
Full Member
***
Offline Offline

Activity: 224


View Profile
November 21, 2013, 04:09:51 AM
 #95

The problem with using a fractional unit, is that the average person can't wrap their head around the fact that something small like a 'milli-bitcoin' will be worth $100's of dollars.

'herp. derp.  why's it worth so much?  its has a small sounding name!'  'herp derp.'

Satoshis are the real base unit in bitcoin.  BTC doesn't even exist in the code, it was made up by satoshi arbitrarily.  a mBTC is a fraction of a non-SI unit of an arbitrarily made up amount. 
bryant.coleman
Legendary
*
Offline Offline

Activity: 1638


ALGORY.io Crowdsale starts on 8/12/2017


View Profile
November 21, 2013, 04:10:23 AM
 #96

I think we need to find a name for an intermediate unit between 1 BTC and 1 Satoshi - 0.0001 BTC

mBTC or µBTC are just too awkward.

How about Nakamoto? or just Naka? or Moto?


I 'd vote for Laszlo.

He was the first user who bartered the "virtual" BTCs for "real" stuff.

.
            ▀███████████████▄▄
              █████████████████
               █████████████████
                █████████████████
                 █████████████████
                  █████████████████
        ▄▄▄▄       █████████████████
    ▄██████████▄    █████████████████
   ██████████████    █████████████████
  ████████████████    █████████████████
 ██████████████████    █████████████████
 ██████████████████     █████████████████
 ██████████████████      █████████████████
  ████████████████        █████████████████
   ██████████████          █████████████████
    ▀██████████▀            ▀████████████████▄
       ▀▀▀▀▀▀ 
ALGORY  Multifunctional Tool for Cryptocurrency Trading 
Join Whitelist and Get 20% Bonus┃CROWDSALE ON DEC. 8
           ░████████████▒
       ░████████████████████░
     ░████████████████████████▒
   ░████████████████████████████░
  ░██████████████████   █████████▒
 ░███████████████      ▒██████████░
 █████████████         ████████████
░██████████            ████████████░
░██████                ████████████▒
░█████████████▒▒      ▒████████████▒
 ████████████████     █████████████░
 ▒████████████████    ████████████▒
  ▒████████████████▒  ████████████
   ░█████████████████ ██████████▒
     ██████████████████████████░
       ▒█████████████████████
          ░██████████████▒
faizaa123
Jr. Member
*
Offline Offline

Activity: 56


View Profile
November 21, 2013, 04:11:57 AM
 #97

I honestly think that Bitcoins will always be denominated in full "Bitcoins".

We have worked so hard to try and slip Bitcoin into mainstream society and we're right on the cusp, if we switch now I worry we would be undermining our efforts.
btcbible
Full Member
***
Offline Offline

Activity: 140

Coinality.com


View Profile WWW
November 21, 2013, 05:55:55 AM
 #98

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"

lebing
Legendary
*
Offline Offline

Activity: 1288

Enabling the maximal migration


View Profile
November 21, 2013, 06:11:58 AM
 #99

Too soon to switch.

We will hit millibit parity soon (2-4 weeks probably) and then it will be time.

Bro, do you even blockchain?
-E Voorhees
o3u
Sr. Member
****
Offline Offline

Activity: 372


Money comes, money goes


View Profile WWW
November 21, 2013, 06:13:12 AM
 #100

Why not just say 1 BTC is worth what 0.001 BTC was worth yesterday.

We just note it down in the blockchain somewhere so everyone can verify that and sync themselves Wink i mean way i see it the bockchain is one of the coolest features of bitcoin.

We can keep doing that everytime it multiplies by 1000x etc.

It sounds crazy, i wanted to say it as a joke but now that i think about it it might not be that bad if it was realistically possible?
Pages: « 1 2 3 4 [5] 6 »  All
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!