Topic: 1 Millibitcoin = 1 Millibit, 1 Bitcoin = 1 Bit, How could that be wrong? (Read 2257 times)

1 bitcoin = 1M bit[coin]s. Do we need both units as currency/symbol? If not, then there's no problem.

Going back to the topic, I see that these redditors also realised the problem:

http://www.reddit.com/r/Bitcoin/comments/24m3nb/disliking_the_word_bits_does_not_mean_favouring/ch8gkyj


My point still holds that 1 bitcoin = 1 bit, everything else would be confusing.

And about µBTC, we will need to pick a new word for it. It has to sound sufficiently different, yet familiar.

You are right:

1 zib = 100 satoshis
1 000 000 zibs = 1 bitcoin

It's really just a new unit for bitcoin, and not an altcoin!


Edit:

Also, the thread is placed in the "technical discussion / alternate clients" section, just to make clear that there's nothing to buy, it's just a new word.

I did never try to scam anyone!!! I just want to make Bitcoin more usable.

Bitcoin for everyone, that's the slogan.

Scamming people into buying Zibs?
AFAIK, the so-called Zibs OP "created" is exactly bitcoin with just a different base unit and name. Or am I understanding it wrong?

Well, hopefully the transition won't take 5 years because I don't like millibits, just like you (did I already mention this?).

And I agree, we definitely should transition to 100 satoshi measurements.

However, even if the transition takes only one year, there shouldn't be any ambiguous terms during the transition.
There's just to much money at risk to have any ambiguities about units.

And yes: The idea of millibit = 1k bit will definitely create ambiguities. And that's why I don't want to say "bits".


The word "zib" is unambiguous.

" there needs to be a transition without inconsistencies"

after 5 years people still ask "what is a bitcoin"

imagine the next 5 years

trying to transition to mbtc (knowing it will take 5 years to fully transition)

yet before the 5th year people will be transitioning to bits(100sats)

which is not going to help the consistency

so no one should be trying to promote mbtc or talk about the advantages of mbtc as its old before its new and useless before its useful. much easier and much more consistent long term to just transition straight to 100sat measurements

This "millibit is only temporary" doesn't prove anything. Here's why:

Any written document will last for a while.
It takes time until documents are updated and some documents are never updated because they have historic value, or are in some kind of archive (i.e. like web.archive.org).

It's never possible to update all documents at once, there has to be a smooth transition.

So, from this point of view, "millibit" is already permanent in that it is mentioned in many documents that won't be updated.



Just to get the record staight:
I'd don't like millibits at all. It's an ugly word. I'd like to switch as well.

However, I've realised that it can't be ignored and there needs to be a transition without inconsistencies, i.e. without things like "kilobit = millibit".
We need to have a consistent transition plan without risk of ambiguities.

That's what I'm promoting:
1 zib = 100 satoshis

your links to those sites are ones that only in the last few weeks been using mbtc... even with a reach of thousands of users.. still does not make it common. my rabbit coin example was to point out that just mentioning a word does not make it instantly recognised. it takes time.

and again mbtc is only temporary so why are you even fighting that mbtc should be made common, you have to realise that by the time all sites adopt it and had a few months to get used to it. that it will be replaced again.. making it a pointless chore

this is why there are many many many threads where the consensus is saying to got to sats and bits, due to the fact that in the few months/years for something becomes universally accepted and understood. it will still be around.... unlike mbtc

It's not common across the world, but it's common across bitcoinland, and that's the audience that would be most affected by a switch.

EDIT: And about "recently" moving to millibits: It's true that the default unit was switched only recently; however, millibits were offered as an option since a long time ago.


Bitcoinity is more than purely a website, it's also a userbase.

Your "puzzlecoin" website would be purely a website, nothing else. There'd be no years-old userbase.

I dunno Franky.

While I agree its not common as in "common knowledge",
its getting MORE common.

for example:

www.coins.ph

your not proving anything.
you also realise that a game called dragon's tales has been using the term bitmills for 4 years to reference 0.0001btc.. yet its not common across the world.
so purely because bitcoinity RECENTLY moved to a temporary name. does not mean its internationally recognised and commonly used.

hell ill start up a website and call a bitcoin a "puzzlecoin" or a rabbitcoin.. and then people can shout to the world that its common purely because they seen it somewhere.

millibit is not common. and people IF YOU READ, will realise that making it common by consensus, changing all services to use mbtc measure, is pointless.. due to it being a temporary measure

bitcoinity tried to jump the fence early. but ended up landing in limbo, soon they will realise the changing of its measurement as being just a temporary thing and will move onto bits soon enough. but there is no point in getting everyone to use mBTC, just to confuse them more a few months later changing the measurements again to something smaller later. its much easier to just move to the smaller denomination and allow people to get accustomed to the smaller denomination without confusion or turmoil having to keep changing things due to temporary measurements.

Oops, sorry. I thought it was inferred when you said that "bit" (as a currency unit) should mean something small.

Edit: I just read your post again. My apologies.

The point that you miss is that "millibit" is already popular, because it reached dollar parity.

Bitcoinity.org even switched to millibits as the default unit.

It's called "millibits" and not "kilobits".

*I* never said a bit should be 100 satoshis...(others have suggested that).
But you're right as far as , whatever system you use needs to be internally consistent.
 

many people keep thinking bit as in binary when referencing bitcoin. yet bitcoin is not talking about binary coins or anything.. bitcoin is purely bitcoin
again
bitcoin does not mean binary digit coin.. bitcoin is just bitcoin.. it is a name of its own. its not a formation of words. bitcoin is just bitcoin

ok ill give up on the analogies of previous posts and pretend some people have some form of english education.

bitcoin = noun (a name, a brand)
binary digit coin = an adjective (describing it)

bitcoin is a single word brandname not a description.

and as for the millibit, mBTC, uBTC... arguments. will everyone please read the other threads.. the consensus so far is to not use mBTC, uBTC as they are only temporary and will need to be replaced with smaller denominations. thus moving straight to sats and bits is the higher voted choice by many. making millibit a word that people wont use.. and making kbits the dominant use of numbers.

so get with the program.. there are bitcoins and satoshi's and in the future there will be satoshi's, bits and bitcoins.. the mBTC argument is just a flash in the pan that wont happen as it would cause confusion and will be changed to lower denominations by the time people get used to it.. so basically worthless even trying to make mBTC/millibits popular

I can see what you mean. The problem is, that if I try to follow your logic, I'm getting very confusing results:

You say that 1 bit = 100 satoshis, so 1k bit (pronounced: "one kilobit") would be 100 000 satoshis, i.e. the very same thing like a millibit.

So, then we would end up with having 1 kilobit = 1 millibit, which is definitely confusing.

Call I that ever you want.  I will.

Yeah, on the surface you have some logic there,
but in this case it doesn't really work.

Here's why:

A Bitcoin is a LARGE unit of currency, with many smaller
units under it.  However, a "bit" is the smallest unit of
digital information possible (either a 0 or 1 in binary terms).
Plus, in colloquial, a "bit" is a SMALL amount of something.

See what I mean?
 

Your proposal wouldn't have anything to do with wanting to scam people into buying 'zibs' would it? https://bitcointalk.org/index.php?topic=522958.20

1BTC = 1 000 000 bits. Nice try but no one wants zibs