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Question: Is it time to default to thousandth BTC pricing?
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Author Topic: Switch to thousandth BTC pricing?  (Read 3834 times)
bearbones
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May 13, 2011, 05:34:55 PM
 #1

We're inching up toward the first order of magnitude in the USD/BTC exchange rate.  Obviously, not everyone uses USD, but the same deflation should be seen across the board.  On bitmunchies, this is starting to make for some ridiculously small prices and significant differences between rounding options.  For instance, take a bag of popcorn.  With hundredths as the smallest unit displayed, a customer sees the price 0.07BTC.  However, the price is really 0.073BTC (calculated against USD to 8 digits), and if you buy three, it will add up to another 0.01BTC at checkout.  That isn't a lot, but I sure wouldn't want to lose 0.07USD due to hidden rounding costs every time I buy something.  I, for one, think it is time we added another digit to BTC transactions.

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May 13, 2011, 05:51:00 PM
 #2

You mean second order of magnitude. The display of two decimal places was decided long before BTC was at 0.10 USD.

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bearbones
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May 13, 2011, 06:03:44 PM
 #3

You mean second order of magnitude. The display of two decimal places was decided long before BTC was at 0.10 USD.

Quite correct.  I do mean the second order of magnitude.  Either way, I think the time has come!

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mewantsbitcoins
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May 13, 2011, 06:16:59 PM
 #4

Not quite yet, but yea - once we reach $10 it will mean people can only deal in $0.10s
ShadowOfHarbringer
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May 13, 2011, 06:29:38 PM
 #5

Yes, absolutely. The damn decimal point should be moved long ago.

FooDSt4mP
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May 13, 2011, 06:36:50 PM
 #6

You mean second order of magnitude. The display of two decimal places was decided long before BTC was at 0.10 USD.

Quite correct.  I do mean the second order of magnitude.  Either way, I think the time has come!

Then do it.  Set your pricing in millibitcoins with a tooltip that says 1 BTC = 1000 mBTC.

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FooDSt4mP
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May 13, 2011, 06:38:37 PM
 #7

Or are you talking about the client?  Version 0.3.21 has the full 8 decimal places available.

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May 13, 2011, 07:25:07 PM
 #8

Or are you talking about the client?  Version 0.3.21 has the full 8 decimal places available.

Yes, but they are not presently shown in the balance or in any transactions.

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bearbones
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May 13, 2011, 07:39:56 PM
 #9

Then do it.  Set your pricing in millibitcoins with a tooltip that says 1 BTC = 1000 mBTC.

I liked your idea for mBTC, and I made it a currency option on bitmunchies.  It takes more than just a little blurb of explanation, though.  Even the relatively sophisticated bitcoin crowd are subject to brand recognition.  If 10-20% of bitcoin users start making transactions in mBTC, it will cause some confusion.  Perhaps if we got a consensus and coordinated the transition, it would go much smoother.

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ShadowOfHarbringer
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May 13, 2011, 07:40:09 PM
 #10

Or are you talking about the client?  Version 0.3.21 has the full 8 decimal places available.

So i understand the server/daemon version allows the usage of all decimal places ?

gmaxwell
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May 13, 2011, 11:18:02 PM
 #11

So i understand the server/daemon version allows the usage of all decimal places ?

I use the CLI interface with the current software and I had no idea the GUI didn't display/accept full precision!

It works fine on the backend.


One problem with the current decimal point location is that after more deflation a typo wipes out your lifesavings.

Perhaps the client needs a maximum TX size setting? (that triggers a nasty warning if you exceed it?)


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bpd
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May 14, 2011, 01:10:23 AM
 #12

A very good idea. Fat finger mistakes in an irreversible transaction are very very bad.
graingert
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May 14, 2011, 01:13:07 AM
 #13

We could simply move the decimal point ie one decimal left shift.
such that instead of 0.10 BTC we have 1BTC

This would be very confusing unless everyone switched at once

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FooDSt4mP
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May 14, 2011, 12:03:03 PM
 #14

Or are you talking about the client?  Version 0.3.21 has the full 8 decimal places available.

Yes, but they are not presently shown in the balance or in any transactions.

That's not true.  My client shows me my full balance (which has nonzero digits all the way to the eighth decimal) and transactions with full precision.  Version 0.3.21 on 64 bit linux, although I wouldn't think the platform would matter.

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FooDSt4mP
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May 14, 2011, 12:07:59 PM
 #15

Then do it.  Set your pricing in millibitcoins with a tooltip that says 1 BTC = 1000 mBTC.

I liked your idea for mBTC, and I made it a currency option on bitmunchies.  It takes more than just a little blurb of explanation, though.  Even the relatively sophisticated bitcoin crowd are subject to brand recognition.  If 10-20% of bitcoin users start making transactions in mBTC, it will cause some confusion.  Perhaps if we got a consensus and coordinated the transition, it would go much smoother.

Thanks.  I, for one, will be using this when browsing bitmunchies.  I agree it could be a brand recognition problem, but probably only for nonscientific Americans (like most of the people I know Wink).  Everyone else will recognize the milli prefix and understand.

As we slide down the banister of life, this is just another splinter in our ass.
lacedwithkerosene
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May 14, 2011, 08:10:16 PM
 #16

Be sure to submit/vote for a standardized trade name at bitcoinbonus' thread (http://bitcointalk.org/index.php?topic=8282.0)

(feel free to upvote 'bitbit' 'tidbit' Grin)

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