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Author Topic: What to call 0.001 BTC? (5 BTC Bounty)  (Read 54244 times)
D.H.
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June 07, 2011, 05:10:33 PM
 #141

I think that instead of coming up with names for 0.001 and 0.000001 bitcoins we should seriously consider changing the value of 1 bitcoin. I propose that what now is 0.000001 bitcoins becomes the new bitcoin. If we want bitcoin to be widely used we have start thinking about how to make things simple for Average Joe. So, a couple of reasons why this would be better:

  • Bitcoin sounds like a small amount.
  • While milli- and micro- is very simple to understand for a scientific community, "a thousand" and "a million" is understood more intuitively by Average Joe. So instead of having "a microbitcoin", "a millibitcoin" and "a bitcoin" in everyday use it would be better to have "a bitcoin", "a thousand bitcoins" and "a million bitcoins".
  • No currency that I have used have smaller amounts than 0.01 main units. Using the new definition of a bitcoin the smallest possible amount would be just that, 0.01 bitcoins.

I don't think that it's too late to make a change like this.

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MoonShadow
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June 07, 2011, 05:42:10 PM
 #142

I think that instead of coming up with names for 0.001 and 0.000001 bitcoins we should seriously consider changing the value of 1 bitcoin. I propose that what now is 0.000001 bitcoins becomes the new bitcoin. If we want bitcoin to be widely used we have start thinking about how to make things simple for Average Joe. So, a couple of reasons why this would be better:

  • Bitcoin sounds like a small amount.
  • While milli- and micro- is very simple to understand for a scientific community, "a thousand" and "a million" is understood more intuitively by Average Joe. So instead of having "a microbitcoin", "a millibitcoin" and "a bitcoin" in everyday use it would be better to have "a bitcoin", "a thousand bitcoins" and "a million bitcoins".
  • No currency that I have used have smaller amounts than 0.01 main units. Using the new definition of a bitcoin the smallest possible amount would be just that, 0.01 bitcoins.

I don't think that it's too late to make a change like this.

I would have to agree, but if we are going to move the decimal point, we need to do it sooner rather than later.

"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'
mobydick
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June 07, 2011, 07:47:55 PM
 #143

Instead of milbit, what about: milfbit
MoonShadow
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June 07, 2011, 07:48:48 PM
 #144

Instead of milbit, what about: milfbit

The standard going rate, then?

"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'
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June 07, 2011, 07:56:12 PM
 #145

While milli- and micro- is very simple to understand for a scientific community, "a thousand" and "a million" is understood more intuitively by Average Joe.

I hate having to agree with you, but the recent accident in Fukushima is a good example. Both mass media and the general public were completely unable to understand and communicate the difference between micro and milli - leading to headlines that there had been increases in radiation because TEPCO stated "14 microsievert" when they had previously said "0.6 millisievert" etc.

Falkvinge expressed similar views:

{amount}[k|m|u]

The amount 0.00141 could have been better written as 1.41m (1.41 millibitcoin), or 1410u for those who prefer (1,410 microbitcoin). It makes it much more readable. Readability is strongly preferable. (The k prefix works similarly for kilo and will probably only be used to buy mansions and luxury sports cars. I do not foresee a need for a mega prefix.)


http://falkvinge.net/2011/06/06/bitcoins-four-hurdles-part-two-transactions/
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June 07, 2011, 09:51:30 PM
 #146

0.000001 old btc = 1 btc (so we'll still use "bitcoin", we'll just have  1e6 times more bitcoins)
0.001 old btc  =  1 000 btc = 1K bt = kilobit
1 old btc = 1 000 000 btc  = 1M bt =  megabit
1 000 old btc = 1 000 000 000 btc = 1G bt = gigabit
1 000 000 old btc = 1 000 000 000 000 btc= 1T bt = terabit

You use bitCOINS when it's a small number, but when it's a big number you don't use coins.









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spiccioli
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June 07, 2011, 10:32:22 PM
 #147

I think that instead of coming up with names for 0.001 and 0.000001 bitcoins we should seriously consider changing the value of 1 bitcoin. I propose that what now is 0.000001 bitcoins becomes the new bitcoin. If we want bitcoin to be widely used we have start thinking about how to make things simple for Average Joe. So, a couple of reasons why this would be better:

  • Bitcoin sounds like a small amount.
  • While milli- and micro- is very simple to understand for a scientific community, "a thousand" and "a million" is understood more intuitively by Average Joe. So instead of having "a microbitcoin", "a millibitcoin" and "a bitcoin" in everyday use it would be better to have "a bitcoin", "a thousand bitcoins" and "a million bitcoins".
  • No currency that I have used have smaller amounts than 0.01 main units. Using the new definition of a bitcoin the smallest possible amount would be just that, 0.01 bitcoins.

I don't think that it's too late to make a change like this.


I'm completely with D.H.

all these prefixes and suffixes are a mess to handle by average Joe.

I've never seen a currency with more than two decimal places; how are you supposed to pay for you daily loaf of bread or newspaper?

How much for that .... (you name it)? 

You need to answer such a question with something which can be spelled easily; try to ask your grandma for some coins, are you going to ask her a few milli/nano something (not to mention a few btches)?

So, the bitcoin HAS to be equivalent to 100 satoshis (or 1000, if we want to use some of those decimal places), and from there we simply go up until we reach 1 million (new) bitcoins where we simply remove the decimal place which is there now and keep going up.

1 billion new bitcoins == 1,000.00 current bitcoins
1 trillion new bitcoins == 1,000,000.00 current bitcoins

and so on .

my 2s  (satoshis) Smiley
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June 07, 2011, 10:38:13 PM
 #148

0.000001 old btc = 1 btc (so we'll still use "bitcoin", we'll just have  1e6 times more bitcoins)
0.001 old btc  =  1 000 btc = 1K bt = kilobit
1 old btc = 1 000 000 btc  = 1M bt =  megabit
1 000 old btc = 1 000 000 000 btc = 1G bt = gigabit
1 000 000 old btc = 1 000 000 000 000 btc= 1T bt = terabit

You use bitCOINS when it's a small number, but when it's a big number you don't use coins.



I'm sure that's what the guy who bought the 10K BTC pizza was thinking, too.

"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'
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June 08, 2011, 04:03:45 AM
 #149


2.1 quadrillion satoshis is a lot of supply ... what if we have inflation? (just kidding folks)

my money is on the satoshi ... 100 satoshis to the bitbuck and go from there.

Although it doesn't really matter what joe average thinks or if he eve needs to, the computer does it all for him.

d.james
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June 08, 2011, 09:15:59 AM
 #150

1 Coin = 10 bents = 100 cents = 1,000 dents = 10,000 fents = 100,000 gents

You can not roll a BitCoin, but you can rollback some. Cheesy
Roll me back: 1NxMkvbYn8o7kKCWPsnWR4FDvH7L9TJqGG
Urquan
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June 08, 2011, 10:43:05 AM
 #151

Bitbit.
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June 08, 2011, 10:46:10 AM
 #152

Bitbit.

thanks for the vote of confidence. As I said when I posted it, it has the advantage of sounding like toddler food or a baby dinosaur.

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June 08, 2011, 10:49:55 AM
 #153

Bitbit.

thanks for the vote of confidence. As I said when I posted it, it has the advantage of sounding like toddler food or a baby dinosaur.

yeah. It' s also very simple.
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June 08, 2011, 04:02:26 PM
 #154

throwing my hat in the ring: bitprom. or bithou.

(cause it's a thousandth)

just my 00.2 btc's (;





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June 08, 2011, 04:06:20 PM
 #155

I think that instead of coming up with names for 0.001 and 0.000001 bitcoins we should seriously consider changing the value of 1 bitcoin. I propose that what now is 0.000001 bitcoins becomes the new bitcoin. If we want bitcoin to be widely used we have start thinking about how to make things simple for Average Joe. So, a couple of reasons why this would be better:

  • Bitcoin sounds like a small amount.
  • While milli- and micro- is very simple to understand for a scientific community, "a thousand" and "a million" is understood more intuitively by Average Joe. So instead of having "a microbitcoin", "a millibitcoin" and "a bitcoin" in everyday use it would be better to have "a bitcoin", "a thousand bitcoins" and "a million bitcoins".
  • No currency that I have used have smaller amounts than 0.01 main units. Using the new definition of a bitcoin the smallest possible amount would be just that, 0.01 bitcoins.

I don't think that it's too late to make a change like this.


D.H. nailed it here.  This should be the new standard.

+1
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June 08, 2011, 04:17:54 PM
 #156

Just call it what it is -- a tenth of a Bitcent.  Why does it have to be dumbed down?  I don't want to trade in BTC with morons anyway.  If you can't understand decimal places, gtfo imho.
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June 10, 2011, 10:37:44 PM
 #157

I think that instead of coming up with names for 0.001 and 0.000001 bitcoins we should seriously consider changing the value of 1 bitcoin. I propose that what now is 0.000001 bitcoins becomes the new bitcoin. If we want bitcoin to be widely used we have start thinking about how to make things simple for Average Joe. So, a couple of reasons why this would be better:

  • Bitcoin sounds like a small amount.
  • While milli- and micro- is very simple to understand for a scientific community, "a thousand" and "a million" is understood more intuitively by Average Joe. So instead of having "a microbitcoin", "a millibitcoin" and "a bitcoin" in everyday use it would be better to have "a bitcoin", "a thousand bitcoins" and "a million bitcoins".
  • No currency that I have used have smaller amounts than 0.01 main units. Using the new definition of a bitcoin the smallest possible amount would be just that, 0.01 bitcoins.

I don't think that it's too late to make a change like this.


D.H. nailed it here.  This should be the new standard.

+1

Perhaps the Wiki should be updated to reflect this approach? https://en.bitcoin.it/wiki/FAQ#What_do_I_call_the_various_denominations_of_Bitcoins?

Bitcoin enthusiast and Java programmer contributing to https://multibit.org and http://bitcoin.stackexchange.com
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June 10, 2011, 11:32:17 PM
 #158

It should be called an "ibbit" or "ibit".

Pronounced ib-et, rhymes with ribbit - the sound a frog makes.

I'll keep my politics out of your economics if you keep your economics out of my politics.

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June 10, 2011, 11:37:53 PM
 #159

No! It should be called litllebit
http://www.youtube.com/watch?v=GllEDACUbNo

Damn baby all I need is just a littlebit
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June 17, 2011, 09:57:15 PM
 #160

"cent" or "milli" sound like something small. People may feel uncomfortable buying 1 bit"cent" for 5 dollars, for example.
I like "Gavin" (not "Gav", Gav sounds a little funny in Russian). Or maybe think about some other human names. First of all, it must be beautiful and human-oriented, not necessarily compared with some bitcoiner.
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