Let's decide how much is 1 bit

[bg002h]

yet another thread..

1bit=100 satoshi

all those arguing that bit is either binary digit etc.

1 pound of beef is not a measurement of UK currency. yet they share the name.. so get over it
Apple is not only a fruit, but a technology company.. so get over it
AA is not only a known gold-fiat ranking standard, but also a place alcoholics go.. so get over it
hives is not only a skin condition, but also a home for honeybee's.. so get over it

we have already moved passed the arguments of what is a bit. the consensus is that it is 100satoshi's and people and businesses are already using it..

so get over it.

and have a nice day

Creating a new definition for a word with several definitions already isn't a problem for English. English handles overloading words elegantly via contextual disambiguation.  Do other languages do this? 

Example: "If I bit my drill bit and broke off a bit of my tooth, I might have to pay the dentist 100,000 bits to get it fixed."

This makes sense to native English speakers, but, do other languages permit such a sentence? I think we need to think about that...if, say, 1/2 the world's population speaks a language that doesn't have identical words with many different meanings, we might be putting up a barrier we don't realize. 

[1714891832]

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[1714891832]

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[DannyHamilton]

. . . the consensus is that it is 100satoshi's . . .

I don't think that word means what you think it means.

[franky1]

Creating a new definition for a word with several definitions already isn't a problem for English. English handles overloading words elegantly via contextual disambiguation.  Do other languages do this?  

Example: "If I bit my drill bit and broke off a bit of my tooth, I might have to pay the dentist 100,000 bits to get it fixed."

This makes sense to native English speakers, but, do other languages permit such a sentence? I think we need to think about that...if, say, 1/2 the world's population speaks a language that doesn't have identical words with many different meanings, we might be putting up a barrier we don't realize.  

no we are not.
bit is the english word for 100sat, other languages will choose their own

EG
dollar. in every other langage the dollar is a different word.
spanish=dólar (not spelled dollar)
russian=дoллap
greek=δoλάριo
korean=달러

so where in english basd countries its called the dollar and when hearing someone vocal cords vibrate to make the sound, it sounds like dollar. but in every other country the word for dollar does not look or sound the same.

so again other countries WILL make their own word that references 100sat

for instance you will not see a korean write the word bit, using the english alphabet. they would use 잔돈 meaning 'small change' or something else that uses the korean alphabet to describe 100 satoshi's

[btcton]

A bit is a 0 or a 1, nothing else. I see no need to use this confusing terminology when a perfectly good one exists.

[knightcoin]

sounds like programming paradigms 

Lecture 2 | Programming Paradigms (Stanford University)
@@ exactly that point of the video ...  4 minutes and 44 seconds

http://youtu.be/jTSvthW34GU?t=4m44s

[jbreher]

we have already moved passed the arguments of what is a bit.

This thread itself is ample evidence that we have not 'moved past the arguments'.

the consensus is ...

...still to come at some date in the future, as there is obviously no consensus upon 'bit'.

[DannyHamilton]

. . . there is obviously no consensus upon 'bit'.

Consensus?  LOL.

At this time the poll doesn't even indicate a majority yet.



We aren't anywhere near a consensus.

[phillipsjk]

I think 1bit==1 Satoshi.

That is how the computer actually represents the value of coins.

[BurtW]

I happen to like:

1 bitcoin|BTC = 1000 millibitcoins|mBTC = 1000000 microbitcoins|uBTC = 100000000 satoshis = 1000000 bits|XBT

1 bit|XBT = 100 satoshis = 0.000001 bitcoin|BTC

A very small part of a bitcoin is a bit.

Bit has already been used in the past as a measurement of money (1/8 of a dollar) so there is that.

Let's start selling bits to noobs.  They can get a lot of bits for a dollar(!) and when denominated in bits they get the familiar XXXX.XX form they are used to so they feel all warm and fuzzy.

I have a consensus of one!

[franky1]

the consensus has made apparent already
https://bitcointalk.org/index.php?topic=592691.0
read it

bit=100 satoshi (millionth of a bitcoin)
452 people out of 581 voted on it (77.8%)

so will people stop making new polls with the same arguments over and over and over again..

the first sign of insanity is people re doing the same thing over and over again hoping for a different result.

if the OP was at all smart he would come up with new names or new suggestions. not the same thing that has already be polled before

[phillipsjk]

the consensus has made apparent already
https://bitcointalk.org/index.php?topic=592691.0
read it

bit=100 satoshi (millionth of a bitcoin)
452 people out of 581 voted on it (77.8%)

That poll is on what order of magnitude should be used for common pricing. The term "bits" to represent 1µBTC does not appear to exist before May 2nd of this year (2014).

[Wary]

. . . there is obviously no consensus upon 'bit'.

Consensus?  LOL.

At this time the poll doesn't even indicate a majority yet.



We aren't anywhere near a consensus.

How did you manage to vote 5 times? 

[Snail2]

Never heard of it...why bit?

Probably "bit" is short enough for some guys with limited "storage capacity". They can store this world more easily than the much longer "bitcoin" without overloading something .

[zimmah]

the consensus has made apparent already
https://bitcointalk.org/index.php?topic=592691.0
read it

bit=100 satoshi (millionth of a bitcoin)
452 people out of 581 voted on it (77.8%)

That poll is on what order of magnitude should be used for common pricing. The term "bits" to represent 1µBTC does not appear to exist before May 2nd of this year (2014).

indeed that poll is very misleading, it looks like there is consensus on the name bit, but what the poll really is about is whether or not we should use bitcoin, millibitcoin or microbitcoin in everyday use.