Topic: is this a coincidence? (Read 2031 times)

You're implying that the average consumer is numerically challenged.
This will work itself out eventually. If they want to use your 'new system' in the future, they'll just call it Satoshi -> kiloSatoshi -> MegaSatoshi -> GigaSatoshi. No need to change the existing names.

Because it's been called that for years.

your post dont make much sense tbh.

you saying the smallest amount should be called satoshi? why?

The names are completely nuts, we should only use

Bitcoin

Mili bitcoin 0.001btc or 100000 satoshi's

micro bitcoin 0.000001 or 100 satoshi's

satoshi.


Actually, someone check if my maths are right , please!

are you kidding? are you gonna slap that list in the average consmers face? he is going to run away screaming, he will never use bitcoin. Atm. no one really cares what the smallest amount is called, but in the future it is going to change. So sooner, rather than later, stop calling the smallest amount satoshi and just call it bitcoin. that was the idea, because it is easier to relate to. Its possible the smallest amount will just be called bitcoin because its more natural but time will tell once the smallest amount becomes worth anything.

so i hope you understand the reasons why im making this thread. for one i dont like the current look and feel of currency. 8 decimal places is just wrong. no successful currency has had 8 decimal places. 2 is maximum imo. thats why its important to move away from the BTC denomination because that is the cause for the 8 decimal places it seems. So instead of the smallest atomic amount being 0,00000001 BTC why not just have it be 1. Then build the new demoniations on that. Fair enough people for some reason agreed the smallest amount should be called satoshi, but i dont agree with this decision, fair enough people dont like change, lets keep it that way. However the "new" denominations should build on the smallest atomic amount. This means you would end up with Kilo,Giga,Mega version of it......... at least that seems to be the most rational, as its very easy for people to relate to.......... more so than mili, micro which also is going to sound wierd in the future when you buy a PC monitor for 10 mili bitcoin etc., due to the currencys deflationary nature.


In fact lets put some estimates on when we will be using the different denominations from your schema.

.00000001 BTC = 1 satoshi -------  2017/18
.000001 BTC = 1 uBTC (micro) ---2015
.001 BTC = 1 mBTC (milli) ----- 2013/2014
1 BTC = 1 BTC ------- 2012/13


So you see as time progress, and people take the currently proposed denominations into use due to the currency deflating, people will of a sudden be using mili bitcoins, then micro bitcoins.. then all of a sudden satoshis? cant you see a problem with this? Imagine your favorite webshop having prices in mBTC one day and then the other day they decide to begin using Satoshis.. it is going to be confusing for everyone.

So let me reitirate. The smallest amount should be called bitcoin, because we will eventually be using it. Larger amounts should then be called Kilo, Mega, Giga versions of that. It will allow for a much more natural or smooth progression through the currencys deflation.

here is a comparative chart for the denominations time use

Bitcoin ---- 2018
Kilobitcoin ---- 2016
Megabitcoin ---- 2013/14
Gigabitcoin ---- 2013

so as you see, if we adopted this we will be calling the currency bitcoin in the future, not milibitcoin or satoshis, and for example wont feel unsatisfied when spending money for example since kilobitcoin sounds better than Microbitcoin and megabitcoin sounds better than Milibitcoin etc. Just food for thought....

I think those cooler names will form with time as bitcoins become more commonplace. Same with the special names for the old Dutch 'gulden'. No need to force official names imho.

I do believe that there should be some more commonly adopted 'cool' names for the uBTC and mBTC.

My votes are for:
mic or mike for uBTC
and
millie or mini for mBTC

Satoshi for the smallest denomination is pretty much in stone and for good reason.

Anything over 1 BTC is simply a BTC times thousands, millions, billions etc.

.00000001 BTC = 1 satoshi
.0000001 BTC = 10 satoshi
.000001 BTC = 1 uBTC (micro)
.00001 BTC = 10 uBTC
.0001 BTC = 100 uBTC
.001 BTC = 1 mBTC (milli)
.01 BTC = 10 mBTC
.1 BTC = 100 mBTC
1 BTC = 1 BTC
10 BTC = 10 BTC
100 BTC = 100 BTC
1.000 BTC = 1 kBTC (kilo)
10.000 BTC = 10 kBTC
100.000 BTC = 100 kBTC
1.000.000 BTC = 1 MBTC (mega)
10.000.000 BTC = 10 MBTC

Then why do you insist on reinventing the wheel? What is so hard to grasp about this system? People who aren't familiar with this system can easily learn it. And if they can't learn it, they can just use 'thousand' and 'million' like they do with other currency now.
Do you want to change the existing system of kilo, mega, giga system to go from 1000x to 100x and change the value of a bitcoin to become a satoshi, just because you think it sounds cooler? I don't think that will be very good for the coin itself. Especially when outsiders see that the new BTC that you're proposing is only worth 0,00000001 old BTC, it won't change anything for the people inside, but imagine how scary it looks from the outside.

My car gets 40 rods to the hogshead, and that's the way I likes it! ~ Abe "Grampa" Simpson.

I think the purpose of the OP's idea is that you wouldn't need to if people adopt other names and based on seeing someone posting the symbol for Satoshis... there would be corresponding symbols for those names.

Instead of seeing .0002 you would see ¤20,000 or ¤20k

maybe my eye's arent as good as they used to be, but I often can't tell the difference between .002 and .0002 at a glance....   I think when 1=BTC is $10,000 USD this will be more of a problem!

I didn't notice coin-cidence but that's great. ;p  I guess I'm not too deep into Bitcoin yet lol..

1.  Megasatoshi is just uber.
2.  I'm a couple weeks into dealing with BTC, and milli and microbitcoin etc. works for me.  Just visit some bitcoin faucets for a couple weeks.  You'll get used to mBTC and μBTC in no time.
3.  When you solve a block, you aren't awarded 2,500,000,000 satoshis (by name anyway), you get BTC25.  Seriously, the system is great the way it is.
4(20).  Bong-Bitcoin = ᵇTBC = BTC42.94967296  That is just full of win.

I might just be a nerd, but 8 decimal places fits well for me.  You can visually split it into two groups of 0000 easily.  I can look at .00005000 and think, hey that's a pretty good faucet just for clicking something.  Or, "Bitcoinfaucet.at just gave me .00036000 (or 360 μBTC)‽  No wai!" 

I've memorized a μBTC as having six 0's.  Then again I've been obsessing on Bitcoin ever since I got back into it for real this time.  mBTC is half that, three 0's.  Eight 0's, oddly enough, fits perfectly if BTC1 was $1,000,000.. or one megadollar.. >.>

If BTC1 was $1mil, you'd have the last two 0's as the USD cents.  So at that point, call it bitcents, or bitdust, or cents, or whatever the noosphere has settled upon as a name by then.

Millies sounds cool.  I'm gonna use it.  I like millibit and microbit too.  On the macro scale it conflicts with the current kilobit etc. BUT that won't ever be a problem since only the rich will have KBTC and MBTC.

Btw, the symbol for satoshi, ¤, is equally cool.  It looks like a shuriken. xD

i dont think you are getting the point. there is no need to reinvent the wheel and come up with (random?) denominations. we should use the kilo, mega, giga system because people can already easily relate to that
[/quote]

I don't know many people who would feel comfortable using kilo, mega, giga for coins... average people....

Anyone else here see the word "coincidence" and think "coin" first?

these damn bitcoins man...screwing with my mind

i dont think you are getting the point. there is no need to reinvent the wheel and come up with (random?) denominations. we should use the kilo, mega, giga system because people can already easily relate to that

another idea:

0.00000099 = 99 bitcents

0.00000100 = 1 bitnote

0.90000000 = 900,000.00 ( nine hundred thousand bitnotes )

0.01 BTC = 10,000.00 ( ten thousand bitnotes )

I agree, the sub-1btc names are terrible.

I like calling .00000001 a satoshi, so .99999999 would be 99 megasatoshi just as 99999999 bytes is 99.9 megabytes

So a transaction fee of 0.0005 BTC could be called 50KS or "kilosatoshi"

0.01 BTC is 1MS

etc

Haha that's a good one. Have a crumb.

Really....?

One satoshi is the smallest divisible unit of a Bitcoin in the current protocol. It is 10^-8 Bitcoin. There are 100 million satoshis in one Bitcoin. It's not too hard to grasp.

What you're saying about kilo/mega/giga/etc doesn't really make sense. Do you really say that your car cost you 10 decadollars, or do you say that your car cost you 100 dollars? Do you say that a company made 5 megadollars last year, or do you say 5 million dollars?

I think the same will be done with Bitcoins. For example, when 1 Bitcoin is worth about $1000, most people will use "millibitcoins" or "bitmills" or "millies" (or some other variation) as the base denomination. So a soda will cost about 1 millie. A car will cost about 10 thousand millies. A stadium will cost one billion millies. Yes, you could instead say that a car costs 10 bitcoins and a stadium costs one megabitcoin, but using different unit prefixes like that does not happen like this with "real" currencies, so I don't see most people doing it with bitcoins either.

A couple of things...

Your way suggests the same as using 'cents' for everything... $1 = 100 cents $100 = 10,000 cents  Then I am supposed to come up with nifty names for all those cents... it just doesn't make sense.

Also with the comment about seeing prices like $0.00003 at the grocery store... You must not travel outside the USA. I go to South America and a few countries have currency that is $2,000.00 COP = $1.00 USD So when I got to buy a 2 liter bottle of soda I pay like $7,500.00 pesos, which they refer to as 7.5 mil (thousand) pesos.

A cheap car costs $16,000,000 pesos, or as they say, 16 million pesos.

To make it even worse they don't use the comma... they use the decimal so they will write it $16.000.000.000 and yes there's a 3rd zero at the end for some reason.

So it's not about just us Americans... even the rest of the world are already using a system you want to rearrange.