Good news! Gavin Andresen: I think everybody should switch to talking in "bits" - page 3.

BADecker

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One important thing is that the language is agreed on. If we call it "bits," that's great, if we all agree.

The IMPORTANT thing is that we start to talk in millionths of a bitcoin. Why? Because the fiat system is about to crash, at least regarding the USD. Bitcoin will jump shortly after, and multitudes of folks attempting to get "in" after the crash, will cause the price to soar. And THAT on top of the reduction in the availability, or desirability, worldwide, of the dollar.

Sure, current bitcoin holders will be rich. But the use of Bitcoin will spread. Supply and demand will bring the price up so high that we will ALL need to start talking in "bits" just to use Bitcoin with the general public, because of the high price.

pawel7777

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Quote from: turvarya on October 22, 2014, 07:25:41 AM

Quote from: p2pbucks on October 22, 2014, 05:19:28 AM

yes , gavin is right , if we want more ppl use bitcoin , the unit(1 bitcoin) might be too large for normal users .
satoshi (10^-8) is too small , so changing to bits sounds a good idea .

Are you sarcastic or do you really think, that 1 bit=0.00038183 USD is better than 1 Satoshi=0.0000038183 respectively 1 USD= 2,618.97 bits is better than 1 USD= 261,897 Satoshi?

Agree. If the goal is to make bitcoin easier for the masses to use it (especially new people), than 'bit' doesn't really do the trick. More intuitive would be something close (in value) to $1, therefore 1mBTC (BTC0.001) makes more sense.

PenAndPaper

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Maybe it's a little early but bits is the way to go for sure. Companies like coinbase etc. are already testing/using bits internally.

turvarya

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Quote from: Waramp22 on October 22, 2014, 06:44:56 AM

Quote from: bitcoin_purist on October 22, 2014, 04:37:53 AM

Why switch to bits when there is already "satoshi" as a unit?

The reason he wants to switch to bits is because it allows us to drop the confusing decimal places.
example:
.000386 bitcoin - 386 bits

This simplifies things for the time being, and lets us use satoshis when we need to be even more specific
example: instead of .00038619 bitcoin it will be 386 bits and 19 satoshis (or sats)

This will help in the adoption of bitcoin as it has the same familiar layout that the USD has. Dollars and cents.

I am just wondering if we really need 2 Units(bits and satoshi). I am not sure, if "the USD also has 2 units and people are used to it" is really a good argument.

Quote from: p2pbucks on October 22, 2014, 05:19:28 AM

yes , gavin is right , if we want more ppl use bitcoin , the unit(1 bitcoin) might be too large for normal users .
satoshi (10^-8) is too small , so changing to bits sounds a good idea .

Are you sarcastic or do you really think, that 1 bit=0.00038183 USD is better than 1 Satoshi=0.0000038183 respectively 1 USD= 2,618.97 bits is better than 1 USD= 261,897 Satoshi?

btckold24

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★Bitvest.io★ Play Plinko or Invest!

its a great idea in my opinion. My friend started getting into bitcoin and I explained it all. I sent him .02 to his cell phone wallet to get him started. He was like wow a whole .02 lol (not realizing that its around 8 bucks) using bits is much better and easier to understand.

Waramp22

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Quote from: bitcoin_purist on October 22, 2014, 04:37:53 AM

Why switch to bits when there is already "satoshi" as a unit?

The reason he wants to switch to bits is because it allows us to drop the confusing decimal places.
example:
.000386 bitcoin - 386 bits

This simplifies things for the time being, and lets us use satoshis when we need to be even more specific
example: instead of .00038619 bitcoin it will be 386 bits and 19 satoshis (or sats)

This will help in the adoption of bitcoin as it has the same familiar layout that the USD has. Dollars and cents.

BTCIndia

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Activity: 686

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vini, vedi, no vici.

I suggest same to Gavin and community in Jan, 2013. Thereafter month back KnC and Bitpay accepted my suggestion.

Now, Gavin is saying same on AMA! But, didn't reply me anything. A**hole co-inventor!

http://www.coindesk.com/knc-wallet-bitcoin-price-bits/http://www.coindesk.com/knc-wallet-bitcoin-price-bits/

OP: https://bitcointalksearch.org/topic/bitpay-knc-accepts-bits-as-visioned-by-btcindia-420058

franky1

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Quote from: bitcoin_purist on October 22, 2014, 04:37:53 AM

Why switch to bits when there is already "satoshi" as a unit?

why have nickels and dimes if we have cents
why have grams and ounces when we can use microtonnes
why have babies toddlers and teenagers when we can use "biologically combined omni-clones at pre-mature status"

answer... because it makes life easier

Febo

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Quote from: duke1839 on October 22, 2014, 05:13:59 AM

Quote from: bitcoin_purist on October 22, 2014, 04:37:53 AM

Why switch to bits when there is already "satoshi" as a unit?

satoshi
bit
millibit
bitcoin

I think the good news is that by switching to bits many of us become multi-millionaires instantly Grin

satoshi
~~bit~~ = mike
millibit
bitcoin

p2pbucks

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Evolution is the only way to survive

yes , gavin is right , if we want more ppl use bitcoin , the unit(1 bitcoin) might be too large for normal users .
satoshi (10^-8) is too small , so changing to bits sounds a good idea .

duke1839

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Quote from: bitcoin_purist on October 22, 2014, 04:37:53 AM

Why switch to bits when there is already "satoshi" as a unit?

satoshi
bit
millibit
bitcoin

I think the good news is that by switching to bits many of us become multi-millionaires instantly Grin

bitcoin_purist

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Fearless, except for those who are fearless

Why switch to bits when there is already "satoshi" as a unit?

Q7

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Well it's ironic that i was reading through the topic talking about standardization with ISO. Adoption of bits will align with this requirement. Maybe that is what Gavin saw or trying to relate to

Fat Ronaldo

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When he says bits does he mean a satoshi or some other denomination. I really prefer just satoshi for the smallest amount.

101111

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Quote from: turvarya on October 22, 2014, 03:45:24 AM

Quote from: 101111 on October 22, 2014, 03:09:28 AM

Quote from: KingOfTrolls on October 22, 2014, 02:14:42 AM

So what?

Gavin is an expert on technology, not language.

https://yourlogicalfallacyis.com/appeal-to-authority

Nice try, but you need to brush up a bit. Gavin is one of the top thought leaders in the Bitcoin space; as well as Chief Scientist, he's also a published writer and entrepreneur.

And what do you mean, 'so what'? That your own opinion counts for more than his? (That's what it sounds like). You think you can so easily dismiss his opinion? I got news for you, compared to him no one cares what you think.

Furthermore, this is not about something that is or is not true, it's about an opinion.

Appeal to Authority Fallacy: because an authority thinks something, it must therefore be true.

It's important to note that this fallacy should not be used to dismiss the claims of experts, or scientific consensus. Appeals to authority are not valid arguments, but nor is it reasonable to disregard the claims of experts who have a demonstrated depth of knowledge unless one has a similar level of understanding and/or access to empirical evidence. However it is, entirely possible that the opinion of a person or institution of authority is wrong; therefore the authority that such a person or institution holds does not have any intrinsic bearing upon whether their claims are true or not.

Consider yourself fortunate to get educated on something you did not know (I've got a soft spot for all bitcoiners no matter how recalcitrant), but by all means keep to your own opinion about bits if you wish.

What part of

Quote from: KingOfTrolls on October 22, 2014, 02:14:42 AM

Gavin is an expert on technology, not language.

didn't you understand?

What's your point?

turvarya

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Activity: 714

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Quote from: madmat on October 22, 2014, 03:58:40 AM

I like the idea of using bits. But i am french, and in french "bit" and "bits" are pronounced as "bite", which means "cock"

Avez-vous un bit à part?

Aswan

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Activity: 1734

Merit: 1015

Using a 100 satoshi denomination might work, but I don't think it should be called "bits".

Towlie

member

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Quote from: madmat on October 22, 2014, 03:58:40 AM

I like the idea of using bits. But i am french, and in french "bit" and "bits" are pronounced as "bite", which means "cock"

So how do you pronounce Bitcoins? Bitecoins, which means cockcoins? Cheesy

madmat

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Activity: 966

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I like the idea of using bits. But i am french, and in french "bit" and "bits" are pronounced as "bite", which means "cock"

turvarya

hero member

Activity: 714

Merit: 500

Quote from: 101111 on October 22, 2014, 03:09:28 AM

Quote from: KingOfTrolls on October 22, 2014, 02:14:42 AM

So what?

Gavin is an expert on technology, not language.

https://yourlogicalfallacyis.com/appeal-to-authority

Nice try, but you need to brush up a bit. Gavin is one of the top thought leaders in the Bitcoin space; as well as Chief Scientist, he's also a published writer and entrepreneur.

And what do you mean, 'so what'? That your own opinion counts for more than his? (That's what it sounds like). You think you can so easily dismiss his opinion? I got news for you, compared to him no one cares what you think.

Furthermore, this is not about something that is or is not true, it's about an opinion.

Appeal to Authority Fallacy: because an authority thinks something, it must therefore be true.

It's important to note that this fallacy should not be used to dismiss the claims of experts, or scientific consensus. Appeals to authority are not valid arguments, but nor is it reasonable to disregard the claims of experts who have a demonstrated depth of knowledge unless one has a similar level of understanding and/or access to empirical evidence. However it is, entirely possible that the opinion of a person or institution of authority is wrong; therefore the authority that such a person or institution holds does not have any intrinsic bearing upon whether their claims are true or not.

Consider yourself fortunate to get educated on something you did not know (I've got a soft spot for all bitcoiners no matter how recalcitrant), but by all means keep to your own opinion about bits if you wish.

What part of

Quote from: KingOfTrolls on October 22, 2014, 02:14:42 AM

Gavin is an expert on technology, not language.

didn't you understand?

Topic: Good news! Gavin Andresen: I think everybody should switch to talking in "bits" - page 3. (Read 3913 times)