I honestly think that Bitcoins will always be denominated in full "Bitcoins".
We have worked so hard to try and slip Bitcoin into mainstream society and we're right on the cusp, if we switch now I worry we would be undermining our efforts.
Topic: A proposal: Forget about mBTC and switch directly to Satoshis - page 2. (Read 16384 times)
November 21, 2013, 12:11:57 AM
November 21, 2013, 12:10:23 AM
I think we need to find a name for an intermediate unit between 1 BTC and 1 Satoshi - 0.0001 BTC
mBTC or µBTC are just too awkward.
How about Nakamoto? or just Naka? or Moto?
mBTC or µBTC are just too awkward.
How about Nakamoto? or just Naka? or Moto?
I 'd vote for Laszlo.
He was the first user who bartered the "virtual" BTCs for "real" stuff.
November 21, 2013, 12:09:51 AM
The problem with using a fractional unit, is that the average person can't wrap their head around the fact that something small like a 'milli-bitcoin' will be worth $100's of dollars.
'herp. derp. why's it worth so much? its has a small sounding name!' 'herp derp.'
Satoshis are the real base unit in bitcoin. BTC doesn't even exist in the code, it was made up by satoshi arbitrarily. a mBTC is a fraction of a non-SI unit of an arbitrarily made up amount.
'herp. derp. why's it worth so much? its has a small sounding name!' 'herp derp.'
Satoshis are the real base unit in bitcoin. BTC doesn't even exist in the code, it was made up by satoshi arbitrarily. a mBTC is a fraction of a non-SI unit of an arbitrarily made up amount.
November 21, 2013, 12:05:43 AM
I think we need to find a name for an intermediate unit between 1 BTC and 1 Satoshi - 0.0001 BTC
mBTC or µBTC are just too awkward.
How about Nakamoto? or just Naka? or Moto?
mBTC or µBTC are just too awkward.
How about Nakamoto? or just Naka? or Moto?
A millie. Like as Gavin showed me today the orphan cost for a miner is ~3.3 millies per kilobyte of block size.
November 20, 2013, 11:30:52 PM
I think we need to find a name for an intermediate unit between 1 BTC and 1 Satoshi - 0.0001 BTC
mBTC or µBTC are just too awkward.
How about Nakamoto? or just Naka? or Moto?
mBTC or µBTC are just too awkward.
How about Nakamoto? or just Naka? or Moto?
It's called a gavin.
November 20, 2013, 11:22:38 PM
I think we need to find a name for an intermediate unit between 1 BTC and 1 Satoshi - 0.0001 BTC
mBTC or µBTC are just too awkward.
How about Nakamoto? or just Naka? or Moto?
mBTC or µBTC are just too awkward.
How about Nakamoto? or just Naka? or Moto?
November 20, 2013, 10:21:12 PM
It is absolute craziness to use Satoshi right now, considering the value.
Hi,
Thank you for your comment, it is a common misconception that its crazy to use satoshi's.
For example, using satoshis is no harder then mBTC.
You can write .01 BTC = 10 mBTC = 1Ms
But it makes a lot more sense when you look at something like this:
.00000500 BTC = 0.005mBTC = 500 s
November 20, 2013, 05:17:06 AM
Why don't we just leave it the same as it is now...
Just use blockchain's $ figure to trade and purchase items...
Click on the green BTC button and it turns to USD$.
Just use blockchain's $ figure to trade and purchase items...
Click on the green BTC button and it turns to USD$.
November 20, 2013, 04:57:01 AM
It is absolute craziness to use Satoshi right now, considering the value.
November 19, 2013, 09:26:56 PM
For some reason I like only Bitcoin or Satoshi.
I usually visualize Bitcoin amounts as a "fixed-point" number, always with eight decimal places. So that I can see both the Satoshi count and the Bitcoin count.
-- Obey
I usually visualize Bitcoin amounts as a "fixed-point" number, always with eight decimal places. So that I can see both the Satoshi count and the Bitcoin count.
-- Obey
November 19, 2013, 08:37:27 PM
No, mBTC makes far more sense right now.
If I am buying something that costs $50, I want to pay 125 mBTC, not 12,500,000 satoshis.
Using satoshis is just ridiculous and even worse than just staying with straight BTC.
If I am buying something that costs $50, I want to pay 125 mBTC, not 12,500,000 satoshis.
Using satoshis is just ridiculous and even worse than just staying with straight BTC.
Hi mgio, thanks for your feedback... You have just made a common mistake.
You would not pay 12,500,000 satoshis. You would pay 12.5 Ms (or 12.5 'Megas')
This sounds much better then 125 "millis" , and we never have to change units again for a long long time. Already mBTC is too big for small purchases.
Human psychology doesn't want a fraction of a big unit. They want a lot of a small unit. Satoshi's are the smallest unit. Lets give them a lot of satoshis.
Thanks.
November 16, 2013, 10:17:05 AM
If bitcoin becomes inflationary, I wouldn't hold btc for longer than it took to make a payment, and I would only make a payment using btc if it had some kind of utility over other mediums. I would simply save elsewhere. I would spend the same in either case.
November 16, 2013, 10:02:05 AM
I also see no reason why both units can't be used. It is understandable to use satoshi now that bitcoin is becoming more well known and using mbtc makes sense also so why not use them both and explain there meanings.
November 15, 2013, 06:23:36 PM
I don't fully understand. Don't people use both these units? I mean I just use unit that's relevant for the amount I'm talking about.
Yes, most people have no problem using both of these unit standards where appropriate. These guys just seem to think that they are important somehow.
November 15, 2013, 03:20:23 AM
I don't fully understand. Don't people use both these units? I mean I just use unit that's relevant for the amount I'm talking about.
November 15, 2013, 02:18:22 AM
No, mBTC makes far more sense right now.
If I am buying something that costs $50, I want to pay 125 mBTC, not 12,500,000 satoshis.
Using satoshis is just ridiculous and even worse than just staying with straight BTC.
If I am buying something that costs $50, I want to pay 125 mBTC, not 12,500,000 satoshis.
Using satoshis is just ridiculous and even worse than just staying with straight BTC.
November 15, 2013, 02:07:25 AM
FWIW I tried explaining bitcoins to a bank manager in Malaysia yesterday. All was going well until I told her what the current price was and you could tell she had lost interest. If BTC/XBT hits $1K then human psychology is going to kick in as a barrier to acceptance for the average Joe and Jane.
The satoshi idea is nice... but:
people keep on buying Berkshire Hathaway stock at around $100k a share
1 BTC becoming more and more expensive will turn it into a diamond like asset
keep BTC unique and let it flourish.
well, the problem is that people don't really "spend" diamonds; they just store it away. if that were to happen to BTC, it would be a predominantly speculative currency/commodity.
November 15, 2013, 01:04:06 AM
Again, it doesn't matter what we decide to do here. Literally no one, inside or outside of this forum, gives a flying f##k what our opinion on the proper bitcoin unit may be.
Including me.
Including me.
November 15, 2013, 12:35:34 AM
FWIW I tried explaining bitcoins to a bank manager in Malaysia yesterday. All was going well until I told her what the current price was and you could tell she had lost interest. If BTC/XBT hits $1K then human psychology is going to kick in as a barrier to acceptance for the average Joe and Jane.
The satoshi idea is nice... but:
people keep on buying Berkshire Hathaway stock at around $100k a share
1 BTC becoming more and more expensive will turn it into a diamond like asset
keep BTC unique and let it flourish.
November 15, 2013, 12:11:52 AM
True, but I'm not worried about bitcoins being too valuable; I'd like that a lot in fact. But at the moment for most buyers, BTC is an investment and speculation vehicle, not a parallel way for everyday people to buy and sell stuff. Widespread acceptance requires that the average user and merchant/seller feel at least as comfortable as buying something at Amazon or Ebay. And first they have to buy some bitcoins. And that will require something that they can easily understand. I like the intent of this thread (thanks OP) and hopefully the BTC gods are also thinking this through. If I had been able to tell the bank manager that she could buy a (fractional) BTC for a few bucks, the veil may have stayed up.
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