It's bits. | Bitcointalksearch.org

x86Daddy

full member

Activity: 216

Merit: 250

This is one of the better "modifications" to Bitcoin I've seen suggested lately. It requires no fundamental change to the protocol or anything other than some labeling changes. The psychological barriers to using a currency where most transactions are for 0.00nnn are going to add up, and the satoshi as a unit is going to be too small and cumbersome as a word as well. Also, it puts us back in the situation we were in a few years ago... the popular denomination of this currency is equivalent to a fraction of a penny, with all the psychological advantages towards continued growth mirroring what we just witnessed. Time to buy a 10,000 bit pizza?

That said, I do like the reddit suggestion of throwing "credits" in there somewhere because this is the future.

If you like this, spread the word; hit the poll:

Quote from: Aido on November 29, 2013, 09:02:08 AM

There's a poll on it over here: https://bitcointalksearch.org/topic/bitcoin-denominations-and-naming-conventions-349579

je1p7u7

newbie

Activity: 52

Merit: 0

1. "I lost a bit of money" will become ambiguous

2. People the geniuses that they are will think their internet connections are mining devices that generate bitcoins; per second!

3. Bit could be an abreviation for bitcoin once it goes mainstream

4. IT crowd associate bit with one eighth => confusion

That said, I like the idea but maybe we should get a couple more candidates.

Blueberry408

member

Activity: 97

Merit: 10

One American Sumbitch Which Love 8

I just don't think bitcoin will end up being tied to the value of one-eighth of a U.S. dollar.

Quote from: 2_Thumbs_Up on November 29, 2013, 03:39:26 AM

Quote from: Blueberry408 on November 29, 2013, 02:33:27 AM

Quote from: Blueberry408 on November 29, 2013, 02:31:25 AM

Quote from: 12648430 on November 28, 2013, 08:59:19 PM

Spending thousands of bits on small things will remind people of currencies that have been hyperinflated.
...

That might be a good thing.

Though the idea of using bit for something other than info seems like a two bit idea to me.

But that's just your two bits.

2_Thumbs_Up

sr. member

Activity: 323

Merit: 251

Quote from: Aido on November 29, 2013, 09:02:08 AM

There's a poll on it over here: https://bitcointalksearch.org/topic/bitcoin-denominations-and-naming-conventions-349579

Thank you for adding 'bits' to the poll.

Aido

sr. member

Activity: 248

Merit: 252

1. Collect underpants 2. ? 3. Profit

There's a poll on it over here: https://bitcointalksearch.org/topic/bitcoin-denominations-and-naming-conventions-349579

solomon

full member

Activity: 120

Merit: 100

The price being volatile is more of an argument for bits than against it.

if a t-shirt is 3000 bits one day and 330 bits the next, it's very easy to see it costs about 10x less than it did yesterday

But a 3 mBTC coffee that becomes 330 uBTC the next day, although for many people this calculation is trivial, for many more people it isn't.

Regardless of what is used, the 1BTC = 1 000 000 ratio is right.

Someone put in that thread of denoting bits as bitz or some other written way if it would cause confusion when buying phone time. (I'm not sure how big of a problem that is though tbh. Where I'm from phone data is purchased in Mb and Gb)

alikim

member

Activity: 80

Merit: 11

Satoshi is just fine.

The only other name that might get in use IRL is the equivalent of a dollar or euro in coins.

There is no point in naming any mid amount until price stabilizes and people will use, say, 0.001234 btc as an equivalent of a dollar for years.

Right now it's meaningless, price jumps up and down wildly, so you never know.

deisik

legendary

Activity: 3514

Merit: 1280

English ⬄ Russian Translation Services

Quote from: Siegfried on November 29, 2013, 02:46:29 AM

The British use pound for weight and pound for currency, the Chinese use the word yuan for currency and many other things, without confusion.

Can't say anything about yuan, but a British pound (currency) derives its name from the value of a pound (weight) of sterling silver (a grade of silver). Actually, we need a proper name (something like Satoshi) for bigger units to avoid confusion and possible adverse connotations...

2_Thumbs_Up

sr. member

Activity: 323

Merit: 251

Quote from: Blueberry408 on November 29, 2013, 02:33:27 AM

Quote from: Blueberry408 on November 29, 2013, 02:31:25 AM

Quote from: 12648430 on November 28, 2013, 08:59:19 PM

Spending thousands of bits on small things will remind people of currencies that have been hyperinflated.
...

That might be a good thing.

Though the idea of using bit for something other than info seems like a two bit idea to me.

But that's just your two bits.

Ravocado

newbie

Activity: 28

Merit: 0

I like the idea...but also think that once bitcoin becomes really widely accepted through general public, people will make up a lot of new names and then we will see what will really catch up. Maybe something completely different.

Mike Christ

legendary

Activity: 1078

Merit: 1003

Quote from: Siegfried on November 29, 2013, 02:46:29 AM

The British use pound for weight and pound for currency, the Chinese use the word yuan for currency and many other things, without confusion.

Yeah; if we're smart enough to handle allegories and allusions, we can figure out if someone's asking for data or currency.

Siegfried

sr. member

Activity: 266

Merit: 250

Quote from: dvide on November 28, 2013, 11:33:41 PM

Quote from: solomon on November 28, 2013, 10:51:05 PM

Quote from: 12648430 on November 28, 2013, 08:59:19 PM

Spending thousands of bits on small things will remind people of currencies that have been hyperinflated.

Besides, we already send plenty of bits and kbits over the internet; it would be confusing to try to reappropriate such a word.

In what way? What is an example of how bitcoin bits could be confused with informational bits?

A data plan priced in bits, like "Unlimited downloads for only 2k bits per kbit", could be pretty confusing. 2kbit / kbit? Huh? Though I like the idea. I just think a nice easy term for a millionth of a bitcoin would be good. And a bitcent could be reappropriated to be the same as a satoshi now, aka 0.01 bits. That way, like with most currencies you use every day, you would only have to deal with at most 2 figures after the decimal place. Unless the protocol is changed in the future to divide bitcoins up even more.

The British use pound for weight and pound for currency, the Chinese use the word yuan for currency and many other things, without confusion.

Siegfried

sr. member

Activity: 266

Merit: 250

Quote from: 12648430 on November 28, 2013, 08:59:19 PM

Spending thousands of bits on small things will remind people of currencies that have been hyperinflated.

Besides, we already send plenty of bits and kbits over the internet; it would be confusing to try to reappropriate such a word.

But then people will notice that the prices of things in bits will be decreasing over time, while dollar prices will increase.

Mike Christ

legendary

Activity: 1078

Merit: 1003

A million bits to a coin; I like it.

Blueberry408

member

Activity: 97

Merit: 10

One American Sumbitch Which Love 8

Quote from: Blueberry408 on November 29, 2013, 02:31:25 AM

Quote from: 12648430 on November 28, 2013, 08:59:19 PM

Spending thousands of bits on small things will remind people of currencies that have been hyperinflated.
...

That might be a good thing.

Though the idea of using bit for something other than info seems like a two bit idea to me.

Blueberry408

member

Activity: 97

Merit: 10

One American Sumbitch Which Love 8

Quote from: 12648430 on November 28, 2013, 08:59:19 PM

Spending thousands of bits on small things will remind people of currencies that have been hyperinflated.
...

That might be a good thing.

wannasurf

newbie

Activity: 17

Merit: 0

USA Today will decide. I like mils and mikes. If I were writing a sci-fi book that has a cool factor. "Satoshis" is DOA, no way a guy drinking beer with his buds is going to use that term.

dvide

newbie

Activity: 59

Merit: 0

Quote from: solomon on November 28, 2013, 10:51:05 PM

Quote from: 12648430 on November 28, 2013, 08:59:19 PM

Spending thousands of bits on small things will remind people of currencies that have been hyperinflated.

Besides, we already send plenty of bits and kbits over the internet; it would be confusing to try to reappropriate such a word.

In what way? What is an example of how bitcoin bits could be confused with informational bits?

A data plan priced in bits, like "Unlimited downloads for only 2k bits per kbit", could be pretty confusing. 2kbit / kbit? Huh? Though I like the idea. I just think a nice easy term for a millionth of a bitcoin would be good. And a bitcent could be reappropriated to be the same as a satoshi now, aka 0.01 bits. That way, like with most currencies you use every day, you would only have to deal with at most 2 figures after the decimal place. Unless the protocol is changed in the future to divide bitcoins up even more.

kwoody

sr. member

Activity: 454

Merit: 250

Technology and Women. Amazing.

At this stage it would be wiser to determine a name for 0.0001BTC; which would be about 12 US cents at current 'gox price. If BTC reaches $10,000/BTC, then 0.0001 = $1

SeanArce

full member

Activity: 182

Merit: 100

Sounds better really

Topic: It's bits. (Read 1950 times)