Bitcoin Forum
December 04, 2016, 04:00:36 AM *
News: To be able to use the next phase of the beta forum software, please ensure that your email address is correct/functional.
 
   Home   Help Search Donate Login Register  
Poll
Question: Let's say the value is 1 bitcoin : 20 dollars.
People won't mind trading in fraction of coins. - 37 (69.8%)
Most people will mind it. - 16 (30.2%)
Total Voters: 53

Pages: « 1 [2] 3 4 »  All
  Print  
Author Topic: If Bitcoins catch on, will people get used to having so few?  (Read 7424 times)
kiba
Legendary
*
Offline Offline

Activity: 980


View Profile
March 07, 2011, 03:36:55 PM
 #21

Hmm. Informal names.

Bitcents, and Satoshis.

1480824036
Hero Member
*
Offline Offline

Posts: 1480824036

View Profile Personal Message (Offline)

Ignore
1480824036
Reply with quote  #2

1480824036
Report to moderator
1480824036
Hero Member
*
Offline Offline

Posts: 1480824036

View Profile Personal Message (Offline)

Ignore
1480824036
Reply with quote  #2

1480824036
Report to moderator
1480824036
Hero Member
*
Offline Offline

Posts: 1480824036

View Profile Personal Message (Offline)

Ignore
1480824036
Reply with quote  #2

1480824036
Report to moderator
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1480824036
Hero Member
*
Offline Offline

Posts: 1480824036

View Profile Personal Message (Offline)

Ignore
1480824036
Reply with quote  #2

1480824036
Report to moderator
Dorphern
Newbie
*
Offline Offline

Activity: 21


View Profile
March 07, 2011, 03:47:25 PM
 #22

We could just use SI - mBTC, uBTC and nBTC, where the minimum is 10nBTC.

Yup, nice and simple idea :-)

Hi! I created BitVal - bitval.dorphern.dk, a live bitcoin monitor.
matonis
Sr. Member
****
Offline Offline

Activity: 301



View Profile WWW
March 07, 2011, 04:03:11 PM
 #23

The Japanese ¥en currently trades at $0.012190 to the dollar and people still use ¥ quite a bit.

In fact, when the ¥en was trading at 130 to the dollar in the good ol' days, it was 1¥ = $0.007692  (traders would just drop the first two zeros and trade it as 7692/7694).

Founding Director, Bitcoin Foundation
I also cover the bitcoin economy for Forbes, American Banker, PaymentsSource, and CoinDesk.
curator
Newbie
*
Offline Offline

Activity: 21


Wishing I could mine at work.


View Profile
March 07, 2011, 04:22:15 PM
 #24

I propose "bitties" over "bitcents".  This way I can say "Fitty bitties to join my committees".

Hobby mining since 03.01.11...The faucet only drips once.
MoonShadow
Legendary
*
Offline Offline

Activity: 1666



View Profile
March 07, 2011, 04:33:57 PM
 #25

Can 'we' really do this, just start yanking about with the numbers like maniac Bernanke's that have lost all sense of decorum?

If 'we' can suddenly decide to just shift the decimal point around, then I will sell what small amount of bitcoins I have and use the money to purchase a bottle of Żubrówka, then to lament long into the night for what might have been.

Shifting the decimal point does not create new coins, it only alters the representation of the coins in the client.  Every bitcoin is already divisible to 8 decimal places, shifting the decimal point over two places simply resulting is a trade unit that is accurate to 6 decimal places.  Everyone still has exactly the same measurement of value as they possessed before the shift.  The only effect is that it might be easier for people to understand.

"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'
barbarousrelic
Hero Member
*****
Offline Offline

Activity: 675


View Profile
March 07, 2011, 04:48:39 PM
 #26

The Japanese ¥en currently trades at $0.012190 to the dollar and people still use ¥ quite a bit.

In fact, when the ¥en was trading at 130 to the dollar in the good ol' days, it was 1¥ = $0.007692  (traders would just drop the first two zeros and trade it as 7692/7694).

That's the opposite situation. People have to deal in tens or hundreds of thousands of yen, not figures like .00006831


I suspect one of the reasons it's easier to deal with really large numbers than really small numbers is that we use commas (or periods for you Europeans) to make it easier to visually recognize the units.

$1,800,000 is easier to read than .0000018


edit: To further illustrate, it's far easier to tell the difference between $1,800,000 and $18,000,000  than it is to tell the difference between .0000018 and .000018

Do not waste your time debating whether Bitcoin can work. It does work.

"Early adopters will profit" is not a sufficient condition to classify something as a pyramid or Ponzi scheme. If it was, Apple and Microsoft stock are Ponzi schemes.

There is no such thing as "market manipulation." There is only buying and selling.
matonis
Sr. Member
****
Offline Offline

Activity: 301



View Profile WWW
March 07, 2011, 04:59:05 PM
 #27

The Japanese ¥en currently trades at $0.012190 to the dollar and people still use ¥ quite a bit.

In fact, when the ¥en was trading at 130 to the dollar in the good ol' days, it was 1¥ = $0.007692  (traders would just drop the first two zeros and trade it as 7692/7694).

That's the opposite situation. People have to deal in tens or hundreds of thousands of yen, not figures like .00006831


Not true.  It's only the opposite situation if looking at it from the ¥en-to-Dollar perspective.  When you look at it from Dollar-to-¥en (or future BTC-to-Dollar) perspective, then one Dollar would equal .0070 BTC in future.  Exchange rates are always different sides of the same 'coin'. Just inverted.

Founding Director, Bitcoin Foundation
I also cover the bitcoin economy for Forbes, American Banker, PaymentsSource, and CoinDesk.
jon_smark
Member
**
Offline Offline

Activity: 90


View Profile
March 07, 2011, 05:15:46 PM
 #28

I propose "bitties" over "bitcents".  This way I can say "Fitty bitties to join my committees".

"Bitties" is a nice name, though I would rather that 1 bitty = 1 milliBitcoin, and that the whole concept of "bitcent" be put to rest.
curator
Newbie
*
Offline Offline

Activity: 21


Wishing I could mine at work.


View Profile
March 07, 2011, 05:19:18 PM
 #29


"Bitties" is a nice name, though I would rather that 1 bitty = 1 milliBitcoin, and that the whole concept of "bitcent" be put to rest.

Nice!  I totally dig that.

Hobby mining since 03.01.11...The faucet only drips once.
barbarousrelic
Hero Member
*****
Offline Offline

Activity: 675


View Profile
March 07, 2011, 05:46:31 PM
 #30

The Japanese ¥en currently trades at $0.012190 to the dollar and people still use ¥ quite a bit.

In fact, when the ¥en was trading at 130 to the dollar in the good ol' days, it was 1¥ = $0.007692  (traders would just drop the first two zeros and trade it as 7692/7694).

That's the opposite situation. People have to deal in tens or hundreds of thousands of yen, not figures like .00006831


Not true.  It's only the opposite situation if looking at it from the ¥en-to-Dollar perspective.  When you look at it from Dollar-to-¥en (or future BTC-to-Dollar) perspective, then one Dollar would equal .0070 BTC in future.  Exchange rates are always different sides of the same 'coin'. Just inverted.

I don't think the awkwardness of the exchange rate to the USD is an issue. The issue is the awkwardness of prices people will be using when buying and selling goods and services.

Do not waste your time debating whether Bitcoin can work. It does work.

"Early adopters will profit" is not a sufficient condition to classify something as a pyramid or Ponzi scheme. If it was, Apple and Microsoft stock are Ponzi schemes.

There is no such thing as "market manipulation." There is only buying and selling.
grondilu
Legendary
*
Offline Offline

Activity: 1134


View Profile
March 07, 2011, 05:48:36 PM
 #31


Ask Zimbabwean people if there are happy with huge numbers on their bills.
barbarousrelic
Hero Member
*****
Offline Offline

Activity: 675


View Profile
March 07, 2011, 05:50:48 PM
 #32


Ask Zimbabwean people if there are happy with huge numbers on their bills.


Their problem is that the number of zeroes keeps increasing, not that there are many to begin with.

And there's surely a happy medium between having $100,000,000,000,000 notes, and dealing with units of .00000001

Do not waste your time debating whether Bitcoin can work. It does work.

"Early adopters will profit" is not a sufficient condition to classify something as a pyramid or Ponzi scheme. If it was, Apple and Microsoft stock are Ponzi schemes.

There is no such thing as "market manipulation." There is only buying and selling.
error
Hero Member
*****
Offline Offline

Activity: 574



View Profile
March 07, 2011, 05:53:18 PM
 #33

As I've said before, the decimal place is too far to the left and should be moved.

As far as future proofing goes... Any change in the decimal representation would need to place it even farther left.

Your OTHER left!

15UFyv6kfWgq83Pp3yhXPr8rknv9m6581W
foo
Sr. Member
****
Offline Offline

Activity: 409



View Profile
March 07, 2011, 07:30:32 PM
 #34

Hmm. Informal names.

Bitcents, and Satoshis.
Heh, I like that naming idea. Let's name the millibitcoin the Satoshi, and there's no need to move the decimal point. 1 Bitcoin would just be equal to 1000 Satoshis.

I know this because Tyler knows this.
Neereus
Newbie
*
Offline Offline

Activity: 28


View Profile
March 07, 2011, 07:42:04 PM
 #35

I'm so use to Engineering Notation, when I first started and got my .05 BTC from the faucet, I thought, "Woohoo, 50 mBits!"

Donate (even 0.01 BTC) to my Robot Fund:
18jXUmXEz3c8Ji3SqZMwGE6PYY3V7qyQ86
spenvo
Member
**
Offline Offline

Activity: 81


View Profile WWW
March 07, 2011, 07:53:25 PM
 #36

I like "bitchange," it's got a nice ring to it.  |  If bitchange becomes the world's currency in 100 years, each coin will represent 1/22,500,000 of the world's entire circulation.  Not likely, but still a crazy thought.

www.SpreadtheCoin.com - Free Printable Bitcoin Certificates.  A Transparent Company.

www.BitcoinBulletin.com - Reviews and Interviews.
Dobry Den
Jr. Member
*
Offline Offline

Activity: 41


View Profile
March 07, 2011, 08:49:05 PM
 #37

What happens in this sort of thing (in science, for example) is that the colloquial reference to the currency will be normalized so that trivial amounts can be expressed as though there were numbers to the left of the decimal.

For instance, .000001 BTC = 1 uBTC (microBTC). And often, the most common-use case can even replace the generic meaning of BTC. Lowercase "btc" could mean uBTC while "BTC" means formal .000001 BTC. Or alternative names are used altogether (as already discussed).

Convenient values usually displace formal values. Another example: "Calorie" vs "calorie" vs "kcal". Nutritional data chops off three orders of magnitude and still arbitrarily calls it a "calorie".
db
Sr. Member
****
Offline Offline

Activity: 279



View Profile
March 07, 2011, 09:43:40 PM
 #38

Convenient values usually displace formal values. Another example: "Calorie" vs "calorie" vs "kcal". Nutritional data chops off three orders of magnitude and still arbitrarily calls it a "calorie".

Now we have a golden opportunity to avoid such horrors (say "kcal" if you mean kcal but even if you do, always use kJ and MJ) by doing it right from the start. Calling a megagram a "tonne" is fine but calling it a "gram" is confusing. So is calling a millibitcoin or microbitcoin a "bitcoin".
grondilu
Legendary
*
Offline Offline

Activity: 1134


View Profile
March 07, 2011, 09:49:36 PM
 #39

Calling a megagram a "tonne" is fine but calling it a "gram" is confusing. So is calling a millibitcoin or microbitcoin a "bitcoin".

Who on Earth has been silly enough to suggest that?

A bitcoin is a bitcoin, it's 21 000 times less than the total amount of the quantity that the sofware called bitcoin deals with.

I confess however that we miss a name for the "thing" that bitcoin measures.  "second" is a unit of time, "meter" is a unit of length, Octet is a unit of information data.   So, what "bitcoin" is the unit of?


I guess it's the unit of "Satoshi Nakamoto's crytocurrency".
db
Sr. Member
****
Offline Offline

Activity: 279



View Profile
March 07, 2011, 10:11:28 PM
 #40

I confess however that we miss a name for the "thing" that bitcoin measures.  "second" is a unit of time, "meter" is a unit of length, Octet is a unit of information data.   So, what "bitcoin" is the unit of?

A "bitcoin" is the unit of Bitcoin (Satoshi Nakamoto's cryptocurrency). Often we can just say "money".
Pages: « 1 [2] 3 4 »  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!