Let's change to milli bitcoin already!

ZephramC

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Quote from: Brangdon on March 13, 2014, 05:04:15 PM

Quote from: ZephramC on March 13, 2014, 08:11:52 AM

People should get used to it and calculate more. People are buing gold even if they own "fraction of kilogram".

Actually I think of my gold in grams. I don't own a whole kilogram yet.

And I agree with the original poster. If I were to write an example using bitcoin, I'd use mBTC. 1 mBTC is worth about £4.

And then the price of USD drops even more and what then? Another change to microbits?
I think that if the price stabilizes above 1000 USD/BTC, exchanges and merchants will be using mBTC. It is not hard to use prefixed unit as the "standard one". We use kilograms instead of grams.
But I am against redefining basic "bitcoin unit". So 1 BTC = 1 kilosomething.

Brangdon

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Quote from: ZephramC on March 13, 2014, 08:11:52 AM

People should get used to it and calculate more. People are buing gold even if they own "fraction of kilogram".

Actually I think of my gold in grams. I don't own a whole kilogram yet.

And I agree with the original poster. If I were to write an example using bitcoin, I'd use mBTC. 1 mBTC is worth about £4.

Luno

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1/1 is also a fraction. Deflationary currencies needs a new mind set. Whole Bitcoins just make the Dollar look less valuable.

cr1776

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Quote from: thms on March 13, 2014, 11:45:41 AM

Quote from: ZephramC on March 13, 2014, 08:11:52 AM

Quote from: exponential on March 12, 2014, 11:23:52 PM

People don't want to feel like they own a fraction of something. I'm all for the move to Milli even if I'm not 100% fond of the name.

People should get used to it and calculate more. People are buing gold even if they own "fraction of kilogram".
This is like stupid posting "price per kg" on the packages of different weighted goods. Anyone should be able to do this math by himself and compare.

if you want widespread adoption you don't make people calculate more.. that's a poor business plan and a narrow minded approach.. you have to make them calculate less..

Besides, comparing with gold makes no sense... people don't use gold to buy coffee

This.

Yes, those who can do math will do it, but people do not want to do math and many people think better in whole units. The difference is marketing vs technical arguments about math and using a calculator. It is a lot easier for the majority of people to miss a zero when entering 0.00005 and 0.000005.

But, as said above there is no standards body to impose standard units. Setting a date in the future, and convincing a majority of large bitcoin exchanges/payment processors/web sites/developers etc to switch the default view to something else on that day is about the best you can hope for.

thms

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Quote from: podyx on March 12, 2014, 06:16:42 PM

God, why is nobody doing this...

It's retarded to pay 0.0005 bitcoin for a coke can Cool

I usually talk in milli bitcoin myself and ecourage others to do so too

it's retarded and seems like the core developers are good with code but fail to understand the average person way of thinking.. Probably the devs are unfamiliar with inflation/deflation because most of them live in countries with stable currency and have trouble grasping the concept of a volatile currency.

shifting the decimal place could be implemented in the reference client and all other exchanges and clients would follow like they followed the current decimal place value

I heard that one of the main advantages of Bitcoin is that it's programmable money, so where is that if we can't even change something simple like this through code.

thms

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Quote from: ZephramC on March 13, 2014, 08:11:52 AM

Quote from: exponential on March 12, 2014, 11:23:52 PM

People don't want to feel like they own a fraction of something. I'm all for the move to Milli even if I'm not 100% fond of the name.

People should get used to it and calculate more. People are buing gold even if they own "fraction of kilogram".
This is like stupid posting "price per kg" on the packages of different weighted goods. Anyone should be able to do this math by himself and compare.

if you want widespread adoption you don't make people calculate more.. that's a poor business plan and a narrow minded approach.. you have to make them calculate less..

Besides, comparing with gold makes no sense... people don't use gold to buy coffee

x86Daddy

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Consider Bits! http://www.reddit.com/r/Bitcoin/comments/1rmto3/its_bits/

ZephramC

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Merit: 255

Quote from: exponential on March 12, 2014, 11:23:52 PM

People don't want to feel like they own a fraction of something. I'm all for the move to Milli even if I'm not 100% fond of the name.

People should get used to it and calculate more. People are buing gold even if they own "fraction of kilogram".
This is like stupid posting "price per kg" on the packages of different weighted goods. Anyone should be able to do this math by himself and compare.

jadehorse

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Activity: 107

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satoshis is more convinient to count, as for me. but maybe I just need time to get used to

keithers

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This is the land of wolves now & you're not a wolf

The decimals do make it confusing to count when spending, you always need a calculator handy, but millibits would take a lot to get used to as well. I haven't spent any btc so i am good for now. One thing is for sure, switching to millibits make your balance look much more baller.

exponential

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Quote from: niniyo on March 13, 2014, 12:04:56 AM

Quote from: exponential on March 12, 2014, 11:23:52 PM

People don't want to feel like they own a fraction of something. I'm all for the move to Milli even if I'm not 100% fond of the name.

"Milli" implies it is a fraction (1/1000th). So moving to milli's doesn't totally solve that psychological problem. That's why I think counting up from satoshis is better.

I do like your idea a lot.

niniyo

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Quote from: exponential on March 12, 2014, 11:23:52 PM

People don't want to feel like they own a fraction of something. I'm all for the move to Milli even if I'm not 100% fond of the name.

"Milli" implies it is a fraction (1/1000th). So moving to milli's doesn't totally solve that psychological problem. That's why I think counting up from satoshis is better.

pungopete468

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It's still too soon to change anything...

Any change in such an early stage of acceptance would be viewed negatively IMHO.

niniyo

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It's not a millibit, it's 100 kilotoshis!

10 "millibits" = 1 megatoshi

exponential

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People don't want to feel like they own a fraction of something. I'm all for the move to Milli even if I'm not 100% fond of the name.

God

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Quote from: _tenletters on March 12, 2014, 07:00:47 PM

It's a bigger problem than that. Bitcoin needs a semantic overhaul. https://bitcointalksearch.org/topic/a-proposal-for-the-mitigation-of-bitcoins-linguistic-transaction-costs-511676

Yes, there's suggestions we use mBTC as base unit, but uBTC would be even better as it has two decimals like most other currencies. XUB could be the currency code.

_tenletters

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