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mgio
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November 15, 2013, 06:18:22 AM |
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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.
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Every time a block is mined, a certain amount of BTC (called the
subsidy) is created out of thin air and given to the miner. The
subsidy halves every four years and will reach 0 in about 130 years.
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tspacepilot
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Activity: 1456
Merit: 1076
I may write code in exchange for bitcoins.
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November 15, 2013, 07:20:23 AM |
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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.
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MoonShadow
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Merit: 1007
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November 15, 2013, 10:23:36 PM |
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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'
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hieroglyph
Member
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Activity: 70
Merit: 10
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November 16, 2013, 02:02:05 PM |
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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.
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archangel689
Newbie
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November 16, 2013, 02:17:05 PM
Last edit: November 16, 2013, 02:27:51 PM by archangel689 |
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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.
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integrity42 (OP)
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November 20, 2013, 12:37:27 AM |
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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. |
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obeygiant
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November 20, 2013, 01:26:56 AM |
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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
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bryant.coleman
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Activity: 3654
Merit: 1217
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November 20, 2013, 08:57:01 AM |
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It is absolute craziness to use Satoshi right now, considering the value.
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lindatess
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November 20, 2013, 09:17:06 AM |
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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$.
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integrity42 (OP)
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November 21, 2013, 02:21:12 AM
Last edit: November 21, 2013, 02:49:15 AM by integrity42 |
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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 |
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99Percent
Full Member
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Activity: 402
Merit: 100
🦜| Save Smart & Win 🦜
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November 21, 2013, 03:22:38 AM |
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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?
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MoonShadow
Legendary
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Activity: 1708
Merit: 1007
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November 21, 2013, 03:30:52 AM |
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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'
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DeathAndTaxes
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Activity: 1218
Merit: 1079
Gerald Davis
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November 21, 2013, 04:05:43 AM |
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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. |
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integrity42 (OP)
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November 21, 2013, 04:09:51 AM |
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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.
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bryant.coleman
Legendary
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November 21, 2013, 04:10:23 AM |
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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. |
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faizaa123
Newbie
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November 21, 2013, 04:11:57 AM |
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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.
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btcbible
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Merit: 100
Coinality.com
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November 21, 2013, 05:55:55 AM |
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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"
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lebing
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Enabling the maximal migration
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November 21, 2013, 06:11:58 AM |
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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
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o3u
Sr. Member
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Activity: 393
Merit: 250
Money comes, money goes
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November 21, 2013, 06:13:12 AM |
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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  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? |
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sp4ke
Newbie
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November 21, 2013, 09:35:48 AM |
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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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