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Question: Should "bits" become the standard for merchant pricing, wallets and general usage.
Bitcoin best as the common unit. 0.001234 is ok - 108 (14.1%)
milliBitcoins (thousandths) are best - 90 (11.7%)
Bits (millionths) are best - 570 (74.2%)
Total Voters: 768

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Author Topic: 1,000,000 bits = 1 bitcoin. Future-proofing Bitcoin for common usage? VOTE  (Read 56189 times)
zimmah
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May 24, 2014, 11:02:09 PM
 #341

Your arguments are week Zimmah. Stop twisting the facts.

I cannot wait until the people who have a large vested interest in bringing bitcoin to the masses (i.e. the bitcoin businesses) move to the standard "bit". Your pathetic attempts a forcing the community into your terrible choice of "mike" will have been for nothing. Any person who has the ability to put themselves in other people's shoes (e.g. successful business people and designers, among others) understand the importance of having a name that provides the least resistance to getting into bitcoin for as many people as possible.

and that name is clearly not bit

maybe ubit, but not bit.
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May 24, 2014, 11:06:02 PM
 #342

I agree with your statements BUT, right now I much prefer decimal fractions. Its just what im used to.

The bit would still be a decimal fraction, such that if you wanted to you could do 1.30 bits. It'd be just like cash (you don't go say "this costs $99.391838923").


 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 




















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Biodom
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May 24, 2014, 11:09:31 PM
 #343

I agree with your statements BUT, right now I much prefer decimal fractions. Its just what im used to.

The bit would still be a decimal fraction, such that if you wanted to you could do 1.30 bits. It'd be just like cash (you don't go say "this costs $99.391838923").

funny, but sometimes it does when you buy/sell order is filled by high frequency trading at the online brokerage (well, maybe few less integers to the right of the decimal, but much more than 2).  Smiley
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May 24, 2014, 11:10:45 PM
 #344

I agree with your statements BUT, right now I much prefer decimal fractions. Its just what im used to.

The bit would still be a decimal fraction, such that if you wanted to you could do 1.30 bits. It'd be just like cash (you don't go say "this costs $99.391838923").

funny, but sometimes it does when you buy/sell order is filled by high frequency trading at the online brokerage (well, maybe few less integers to the right of the decimal, but much more than 2).  Smiley

Well in that case, why not update the main QT to support bits? Just simply make it so that in the setttings, if you choose bits it just converts the BTC into bits form...

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May 24, 2014, 11:21:46 PM
 #345

It is now clear that this poll misrepresented all options, so results presented here are skewed.
Another poll shows 15% approval of bit coin/bits/satoshi naming convention vs much more for other options.
https://bitcointalk.org/index.php?topic=349579.0

your link proves that this debate has been going on for 9 months now.
we have gone through:
1. polls talking about top down. (starting from 1bitcoin and then having names for divisible's)
2. polls talking about bottom up. (starting from 1satoshi and then having names for multiples)
3. polls to actually name both medium points of top down and bottom up
4. polls to debate, should 1bitcoin actually be 100satoshi to bring billions more "bitcoins" into existance
5. polls that relaunch th debate of points 1-4.

and after all of that these are the decisions that seem most popular if you collate the data together

1. bitcoin in a few years will be so expensive that it will be common place and easier to manage 100satoshi amounts rather then 100million satoshi amounts day to day
2. common man prefers bottom-up, where they only have to deal with 100 decimals and a multitude of whole numbers.
3. that people prefer to keep the name bitcoin for 100,000,000 satoshis and not to 'cheapen' bitcoin to being worth only pennies. to instead give a different name to 100 satoshi's
4. that the term xbt should be reserved for formal forex/stock exchanges much like how USD/GBP is, and a common name should also be given such as where USD=dollar, bucks. GBP=pound, quid.

and this topics poll is the biggest amount of votes in 1 poll that after all the 9 months of debating shows well over 70% of over 500 voters are agreeing that 100satoshi should be the bases of common man useage.

so can we please not open any more polls that are simple repeat polls of the last 9 months. and only opn new polls if:
1. there are NEW!!!! insiring idea's worthy of mentioning.
2. that the new polls do not ignore previous winning vote idea's out of biased.
3. that the lame brains of new polls dont bitch that their poll is better unless it has over 500 voters.

which i hope means that unless something big and radical changes in the mindset of atleast 500 voters.. then this topics poll should be the deciding and end result of the 9 month debate.

analogy
there is no point rehashing the same block (argument) over and over again if its already been solved... move on and accept the solution provided


I DO NOT TRADE OR ACT AS ESCROW ON THIS FORUM EVER.
Don't take any information given on this forum on face value. Please do your own due diligence & respect what is written here as both opinion & information gleaned from experience. If you wish to seek legal FACTUAL advice, then seek the guidance of a LEGAL specialist.
ranlo
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May 24, 2014, 11:26:33 PM
 #346

I agree with your statements BUT, right now I much prefer decimal fractions. Its just what im used to.

The bit would still be a decimal fraction, such that if you wanted to you could do 1.30 bits. It'd be just like cash (you don't go say "this costs $99.391838923").

funny, but sometimes it does when you buy/sell order is filled by high frequency trading at the online brokerage (well, maybe few less integers to the right of the decimal, but much more than 2).  Smiley

Well in that case, why not update the main QT to support bits? Just simply make it so that in the setttings, if you choose bits it just converts the BTC into bits form...

You already can (or at least you can with the other coins). There should be an option for BTC, mBTC and uBTC. uBTC is bits.


 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 




















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Biodom
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May 24, 2014, 11:37:39 PM
 #347

It is now clear that this poll misrepresented all options, so results presented here are skewed.
Another poll shows 15% approval of bit coin/bits/satoshi naming convention vs much more for other options.
https://bitcointalk.org/index.php?topic=349579.0

your link proves that this debate has been going on for 9 months now.
we have gone through:
1. polls talking about top down. (starting from 1bitcoin and then having names for divisible's)
2. polls talking about bottom up. (starting from 1satoshi and then having names for multiples)
3. polls to actually name both medium points of top down and bottom up
4. polls to debate, should 1bitcoin actually be 100satoshi to bring billions more "bitcoins" into existance
5. polls that relaunch th debate of points 1-4.

and after all of that these are the decisions that seem most popular if you collate the data together

1. bitcoin in a few years will be so expensive that it will be common place and easier to manage 100satoshi amounts rather then 100million satoshi amounts day to day
2. common man prefers bottom-up, where they only have to deal with 100 decimals and a multitude of whole numbers.
3. that people prefer to keep the name bitcoin for 100,000,000 satoshis and not to 'cheapen' bitcoin to being worth only pennies. to instead give a different name to 100 satoshi's
4. that the term xbt should be reserved for formal forex/stock exchanges much like how USD/GBP is, and a common name should also be given such as where USD=dollar, bucks. GBP=pound, quid.

and this topics poll is the biggest amount of votes in 1 poll that after all the 9 months of debating shows well over 70% of over 500 voters are agreeing that 100satoshi should be the bases of common man useage.

so can we please not open any more polls that are simple repeat polls of the last 9 months. and only opn new polls if:
1. there are NEW!!!! insiring idea's worthy of mentioning.
2. that the new polls do not ignore previous winning vote idea's out of biased.
3. that the lame brains of new polls dont bitch that their poll is better unless it has over 500 voters.

which i hope means that unless something big and radical changes in the mindset of atleast 500 voters.. then this topics poll should be the deciding and end result of the 9 month debate.

analogy
there is no point rehashing the same block (argument) over and over again if its already been solved... move on and accept the solution provided



tl;dr

cannot have bitcoin, bits, and satoshi denominations, can have only two official denominations.
You, personally, can make a little program that have a multitude of those, but you can have only TWO in ISO 4217.
franky1
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May 24, 2014, 11:52:30 PM
 #348


tl;dr

cannot have bitcoin, bits, and satoshi denominations, can have only two official denominations.
You, personally, can make a little program that have a multitude of those, but you can have only TWO in ISO 4217.

your trying to meander the conversation off topic and has no relevance to what i just said... so lets bring you back into focus

the ISO denomination for bitcoin once officially registered (i dont think its official just yet) will be XBT which by the time the common measurement debate is over, xbt would be used on official institutional forex/stocks exchanges as the measure of either 100satoshi or 100,000,000 satoshi

but this topic is talking about common man (slang)

analogy
much like we are not talking about GBP or USD. we are talking about bucks quids.

or a better analogy
we are not talking about XAU (oz of gold). we are talking about bars, ingots, coins and dust

I DO NOT TRADE OR ACT AS ESCROW ON THIS FORUM EVER.
Don't take any information given on this forum on face value. Please do your own due diligence & respect what is written here as both opinion & information gleaned from experience. If you wish to seek legal FACTUAL advice, then seek the guidance of a LEGAL specialist.
BenAnh
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May 24, 2014, 11:54:56 PM
 #349

Bits is a great unit but still the average Joe won't be able to grasp that right away! We need a quick exchange to Fiat and billions will understand what it all means and how much it's worth.
Biodom
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May 24, 2014, 11:57:14 PM
 #350


tl;dr

cannot have bitcoin, bits, and satoshi denominations, can have only two official denominations.
You, personally, can make a little program that have a multitude of those, but you can have only TWO in ISO 4217.

your trying to meander the conversation off topic and has no relevance to what i just said... so lets bring you back into focus

the ISO denomination for bitcoin once officially registered (i dont think its official just yet) will be XBT which by th time the common measurement debate is over, xbt would be used on official institutional forex/stocks exchanges as the measure of either 100satosi or 100,000,000 satoshi

but this topic is talking about common man (slang)

analogy
much like we are not talking about GBP or USD. we are talking about bucks quids.

or a better analogy
we are not talking about GLDXAU (oz of gold). we are talking about bars, ingots, coins dust

yep, don't care if you call your bitcoin greens or bucks, quids, bits or millibits. Not relevant to me.
I care about making transactions smoother and integrate into current accounting and money flow system.
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May 25, 2014, 09:52:18 AM
 #351

No the millionth bit is best.

You don't know how many bad trades I've made in the past due to incorrect decimal placements

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teukon
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May 25, 2014, 11:56:10 AM
 #352

It is now clear that this poll misrepresented all options, so results presented here are skewed.
Another poll shows 15% approval of bit coin/bits/satoshi naming convention vs much more for other options.
https://bitcointalk.org/index.php?topic=349579.0

your link proves that this debate has been going on for 9 months now.
we have gone through:
1. polls talking about top down. (starting from 1bitcoin and then having names for divisible's)
2. polls talking about bottom up. (starting from 1satoshi and then having names for multiples)
3. polls to actually name both medium points of top down and bottom up
4. polls to debate, should 1bitcoin actually be 100satoshi to bring billions more "bitcoins" into existance
5. polls that relaunch th debate of points 1-4.

and after all of that these are the decisions that seem most popular if you collate the data together

1. bitcoin in a few years will be so expensive that it will be common place and easier to manage 100satoshi amounts rather then 100million satoshi amounts day to day
2. common man prefers bottom-up, where they only have to deal with 100 decimals and a multitude of whole numbers.
3. that people prefer to keep the name bitcoin for 100,000,000 satoshis and not to 'cheapen' bitcoin to being worth only pennies. to instead give a different name to 100 satoshi's
4. that the term xbt should be reserved for formal forex/stock exchanges much like how USD/GBP is, and a common name should also be given such as where USD=dollar, bucks. GBP=pound, quid.

and this topics poll is the biggest amount of votes in 1 poll that after all the 9 months of debating shows well over 70% of over 500 voters are agreeing that 100satoshi should be the bases of common man useage.

so can we please not open any more polls that are simple repeat polls of the last 9 months. and only opn new polls if:
1. there are NEW!!!! insiring idea's worthy of mentioning.
2. that the new polls do not ignore previous winning vote idea's out of biased.
3. that the lame brains of new polls dont bitch that their poll is better unless it has over 500 voters.

which i hope means that unless something big and radical changes in the mindset of atleast 500 voters.. then this topics poll should be the deciding and end result of the 9 month debate.

analogy
there is no point rehashing the same block (argument) over and over again if its already been solved... move on and accept the solution provided

Firstly, notice that your points 1-4 don't distinguish "bit" from "mic", "zib", or even "fin" (in honour of Hal Finney).  Each of these have properties 1-4 and are simple short names for 100 satoshi.  More to the point, many of the 500+ voters are supporting "bit" because they don't like prices such as "0.000351 BTC" (check the comments of this thread).  Consequently, you can take the 500+ votes as some support on the idea of using the 100 satoshi unit instead of BTC, not as direct support for "bit" over other names for 100 satoshi.

Secondly, you do seem to be playing the "500+ voters" card over and over again, and I suspect this is mainly because it's the only real argument for "bit" over its rivals.  However there is a huge difference between these votes and actually being commonly used:
  • 500 votes for one option is practically unheard of in a bitcointalk.org poll.
  • There are far more than 500 people in the world that are using bitcoin.
  • One person would have been able to vote more than once using sock puppets.
  • Most of the 500 votes came in the first day.

I strongly suspect a flashmob tactic, probably from reddit (where "bit" was first suggested).  If you accept the result of such a poll as definitive you must also accept that the most popular character in the videogame universe is Draven.
molecular
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May 25, 2014, 02:47:02 PM
 #353

and that name is clearly not bit

"bit" is already in broad use on reddit with that tipbot. Average tip amounts seem to have fallen as a result, btw.

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May 25, 2014, 03:59:44 PM
 #354

and that name is clearly not bit

"bit" is already in broad use on reddit with that tipbot. Average tip amounts seem to have fallen as a result, btw.

Although tipping frequency seems to have increased.
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May 25, 2014, 06:00:40 PM
 #355

and that name is clearly not bit

"bit" is already in broad use on reddit with that tipbot. Average tip amounts seem to have fallen as a result, btw.

Although tipping frequency seems to have increased.

Maybe there's an influx from /r/dogecoin converts who discovered they can be bit-millionnaires Wink

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May 25, 2014, 06:09:31 PM
 #356

and that name is clearly not bit

"bit" is already in broad use on reddit with that tipbot. Average tip amounts seem to have fallen as a result, btw.


Average tips have fallen because most people use the random feature instead of choosing specific amounts. On top of this, Bitcoin has been in a sticky situation lately with the news coming out and people are afraid to let go of too much when the price could shoot up at any moment. It has nothing to do with changing to "bits."


 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 




















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May 25, 2014, 06:14:37 PM
 #357

I voted for bits because it makes the most sense to me to have up to 2 decimal points. However, does this mean that we have already decided to stick with the name "bits"?

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May 25, 2014, 06:23:04 PM
 #358

I voted for bits because it makes the most sense to me to have up to 2 decimal points. However, does this mean that we have already decided to stick with the name "bits"?

We are not in a position to decide this. Noone is.

Well, actually: everyone is.

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May 25, 2014, 06:23:18 PM
 #359

I voted for bits because it makes the most sense to me to have up to 2 decimal points. However, does this mean that we have already decided to stick with the name "bits"?

Nobody has decided on anything yet. This is just another poll by an individual (like the rest were as well). As of right now there are no plans to change anything at all. People are just trying to push towards change.


 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 




















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May 25, 2014, 06:28:20 PM
 #360

I voted for bits because it makes the most sense to me to have up to 2 decimal points. However, does this mean that we have already decided to stick with the name "bits"?

Nobody has decided on anything yet. This is just another poll by an individual (like the rest were as well). As of right now there are no plans to change anything at all. People are just trying to push towards change.
Ok, just making sure. I just wondered about it because this one poll received way more attention than other polls did.

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