Topic: 1,000,000 bits = 1 bitcoin. Future-proofing Bitcoin for common usage? VOTE - page 10. (Read 57144 times)

It received more attention because it was linked to by a half-way popular r/Bitcoin Reddit thread.

http://www.reddit.com/r/Bitcoin/comments/24ju3q/1000000_bits_1_bitcoin_futureproofing_bitcoin_for/

The extreme number of votes for "bit" here is most likely the consequence of the poll being exposed to a larger number of people than normal, people accustomed to upvoting.

Ok, just making sure. I just wondered about it because this one poll received way more attention than other polls did.

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.

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

Well, actually: everyone is.

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"?

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."

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

Although tipping frequency seems to have increased.

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

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

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.

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.

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

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.

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

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...

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).  

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").