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Question: Should we make a decision as a community to support mBTC or µBTC
We should encourage all to use mBTC
We should encourage all to use µBTC
We should encourage all to keep BTC
We should move to satoshi as the basic unit
It is not so important as to try to force anything

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Author Topic: The only way forward is to split it.  (Read 2552 times)
jubalix
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April 30, 2014, 01:31:56 PM
 #41

satoshis

people are already using satoshis, lets go straight to that, its pretty common now, Doge User base complete familiar with satoshis .

Satoshis now,
it differentiates,
cements the BTC history in,
set BTC as the bar,
works nicely to 1satoshi = 1 cent
feels good to own 10K satoshi

saves this argument at mbit , ubit etc

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Peter R
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April 30, 2014, 03:09:05 PM
 #42

satoshis

+1

Migrating to "satoshis" solves two perceived problems simultaneously, while mBTC, uBTC, etc solve only one:

   1.  The price today could be quoted on the news as "$4.46 per million satoshis" making bitcoin sound affordable;

   2.  It makes the public automatically aware of the resolution of bitcoin's unit of account:
              Q: "what's smaller than a satoshi?"
              A: "nothing."

Many people who are familiar with bitcoin still don't know that 1 BTC is composed of 100,000,000 credits that we call "satoshis."  Discussing satoshis more commonly would simultaneously make bitcoin appear more affordable and educate the public about its pricing resolution. 




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Malin Keshar
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April 30, 2014, 04:04:09 PM
 #43

I agree. The psychologic effect of having full or more is better than having fractions, whole numbers + small fractions are easier to read than tiny fractions like 0,004546, and if btc skyrockets to 10000+, the trasaction costs will start to become significative
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April 30, 2014, 04:12:56 PM
 #44

At present the active Bitcoin usage is trailing far behind the ownership. We have 1 million+ owners, but, in my estimation, perhaps only 50,000 people make transactions regularly. To get new active users, we must get new owners.

I disagree, that is not an incentive. To get new active users, they must benefit significantly more than they do currently. I am a bitcoin owner and I shop at an online store that accepts bitcoin. I will not be spending my bitcoin there, because I have to pay a 9% premium to do so. Yes, you read that correctly.

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I would use it - if those places that accept Painpal would simply accept BTC.

EVEN COINWARZ DOES NOT ACCEPT BTC, DUH!!!

what do you buy from them the only thing I do there is look up market cap  http://www.coinwarz.com/cryptocurrency

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paulsonnumismatics
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April 30, 2014, 04:31:06 PM
 #45

satoshis

people are already using satoshis, lets go straight to that, its pretty common now, Doge User base complete familiar with satoshis .

Satoshis now,
it differentiates,
cements the BTC history in,
set BTC as the bar,
works nicely to 1satoshi = 1 cent
feels good to own 10K satoshi

saves this argument at mbit , ubit etc

+1 for me.

Ive always sensed that the moment for Bitcoin "Winning" will be with 1 satoshi= 1 USD cent. In that moment, the BTC will be completely spreaded throughout the world. And anyone will be able to use it in everyday lives. The goal value of 1 satoshi= 1 us cent also puts the value of a whole Bitcoin where it deserves if it gets adopted worldwide and as an everyday money vehicle.
Also, ive been using satoshis for a while too, the push of the DOGE community is really big atm.

This space is for lease, apparently.
jubalix
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April 30, 2014, 04:32:17 PM
 #46

I agree. The psychologic effect of having full or more is better than having fractions, whole numbers + small fractions are easier to read than tiny fractions like 0,004546, and if btc skyrockets to 10000+, the trasaction costs will start to become significative

which will force transaction costs down, and make btc even more compedative

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April 30, 2014, 04:34:48 PM
 #47

I'm fully in support of changing to mBTC or µBTC. Either is significantly better than what we have now, we just need consensus and action.

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blatchcorn
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April 30, 2014, 04:42:47 PM
 #48

mBTC and uBTC are complicated.  "Oh so x amount of a fraction of a bitcoin" is what mainstream adopters will think.

Much better for them to say I have 100 satoshis, simple.
werrindor
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April 30, 2014, 05:54:22 PM
 #49

I voted for keeping BTC. I don't trust other cryptocurrencies
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April 30, 2014, 06:11:26 PM
 #50

mBTC and uBTC are complicated.  "Oh so x amount of a fraction of a bitcoin" is what mainstream adopters will think.

Much better for them to say I have 100 satoshis, simple.

Well the problem is you won't be saying you have 100 Satoshis.

Lets price some common items in satoshis.

A $8.99 domain name from namecheap
$8.99 USD
0.01997778 BTC
19.97778 mBTC
1,997,778 sat

Ouch well they are all ugly.  if we round to 0.00001 BTC (1/2 cent in value)
0.01998000 BTC
19.98 mBTC
1,998,000 sat

$399.95 GPU from tiger direct.
0.88877778 BTC
888.77778  mBTC
88,877,778 sat

Or rounded
0.88978000 BTC
888.78 mBTC
88,878,000 sat

$5,000 mining rig
11.11111000 BTC
11,111.11 mBTC
1,111,111,000  sat

A satoshi has so little value that you end up with equally "long" values.

Right now mBTC is ~ $0.45 in value.  Rounding to two decimal places (pretty common in currencies) gives you 0.00001 BTC precision (~ 1/2 US cent).  Even at $5,000 USD:BTC exchange rate that gives you 5 cent precision. 



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