Let's decide how much is 1 bit | Bitcointalksearch.org

zimmah

legendary

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Quote from: phillipsjk on May 21, 2014, 11:00:55 PM

Quote from: franky1 on May 21, 2014, 10:54:24 PM

the consensus has made apparent already
https://bitcointalksearch.org/topic/1000000-bits-1-bitcoin-future-proofing-bitcoin-for-common-usage-vote-592691
read it

bit=100 satoshi (millionth of a bitcoin)
452 people out of 581 voted on it (77.8%)

That poll is on what order of magnitude should be used for common pricing. The term "bits" to represent 1µBTC does not appear to exist before May 2nd of this year (2014).

indeed that poll is very misleading, it looks like there is consensus on the name bit, but what the poll really is about is whether or not we should use bitcoin, millibitcoin or microbitcoin in everyday use.

Snail2

legendary

Activity: 1512

Merit: 1000

Quote from: DubFX on May 21, 2014, 02:21:48 AM

Never heard of it...why bit?

Probably "bit" is short enough for some guys with limited "storage capacity". They can store this world more easily than the much longer "bitcoin" without overloading something

.

Wary

hero member

Activity: 798

Merit: 1000

Who's there?

Quote from: DannyHamilton on May 21, 2014, 09:27:13 PM

Quote from: jbreher on May 21, 2014, 09:19:50 PM

. . . there is obviously no consensus upon 'bit'.

Consensus? LOL.

At this time the poll doesn't even indicate a majority yet.

We aren't anywhere near a consensus.

How did you manage to vote 5 times? Grin

phillipsjk

legendary

Activity: 1008

Merit: 1001

Let the chips fall where they may.

Quote from: franky1 on May 21, 2014, 10:54:24 PM

the consensus has made apparent already
https://bitcointalksearch.org/topic/1000000-bits-1-bitcoin-future-proofing-bitcoin-for-common-usage-vote-592691
read it

bit=100 satoshi (millionth of a bitcoin)
452 people out of 581 voted on it (77.8%)

That poll is on what order of magnitude should be used for common pricing. The term "bits" to represent 1µBTC does not appear to exist before May 2nd of this year (2014).

franky1

legendary

Activity: 4424

Merit: 4794

the consensus has made apparent already
https://bitcointalksearch.org/topic/1000000-bits-1-bitcoin-future-proofing-bitcoin-for-common-usage-vote-592691
read it

bit=100 satoshi (millionth of a bitcoin)
452 people out of 581 voted on it (77.8%)

so will people stop making new polls with the same arguments over and over and over again..

the first sign of insanity is people re doing the same thing over and over again hoping for a different result.

if the OP was at all smart he would come up with new names or new suggestions. not the same thing that has already be polled before

BurtW

legendary

Activity: 2646

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All paid signature campaigns should be banned.

I happen to like:

1 bitcoin|BTC = 1000 millibitcoins|mBTC = 1000000 microbitcoins|uBTC = 100000000 satoshis = 1000000 bits|XBT

1 bit|XBT = 100 satoshis = 0.000001 bitcoin|BTC

A very small part of a bitcoin is a bit.

Bit has already been used in the past as a measurement of money (1/8 of a dollar) so there is that.

Let's start selling bits to noobs. They can get a lot of bits for a dollar(!) and when denominated in bits they get the familiar XXXX.XX form they are used to so they feel all warm and fuzzy.

I have a consensus of one!

phillipsjk

legendary

Activity: 1008

Merit: 1001

Let the chips fall where they may.

I think 1bit==1 Satoshi.

That is how the computer actually represents the value of coins.

DannyHamilton

legendary

Activity: 3472

Merit: 4801

Quote from: jbreher on May 21, 2014, 09:19:50 PM

. . . there is obviously no consensus upon 'bit'.

Consensus? LOL.

At this time the poll doesn't even indicate a majority yet.

We aren't anywhere near a consensus.

jbreher

legendary

Activity: 3038

Merit: 1660

lose: unfind ... loose: untight

Quote from: franky1 on May 21, 2014, 03:50:23 PM

we have already moved passed the arguments of what is a bit.

This thread itself is ample evidence that we have not 'moved past the arguments'.

Quote

the consensus is ...

...still to come at some date in the future, as there is obviously no consensus upon 'bit'.

knightcoin

full member

Activity: 238

Merit: 100

Stand on the shoulders of giants

sounds like programming paradigms Roll Eyes

Lecture 2 | Programming Paradigms (Stanford University)
@@ exactly that point of the video ... 4 minutes and 44 seconds

http://youtu.be/jTSvthW34GU?t=4m44s

btcton

legendary

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A bit is a 0 or a 1, nothing else. I see no need to use this confusing terminology when a perfectly good one exists.

franky1

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Merit: 4794

Quote from: bg002h on May 21, 2014, 04:20:44 PM

Creating a new definition for a word with several definitions already isn't a problem for English. English handles overloading words elegantly via contextual disambiguation. Do other languages do this?

Example: "If I bit my drill bit and broke off a bit of my tooth, I might have to pay the dentist 100,000 bits to get it fixed."

This makes sense to native English speakers, but, do other languages permit such a sentence? I think we need to think about that...if, say, 1/2 the world's population speaks a language that doesn't have identical words with many different meanings, we might be putting up a barrier we don't realize.

no we are not.
bit is the english word for 100sat, other languages will choose their own

EG
dollar. in every other langage the dollar is a different word.
spanish=dólar (not spelled dollar)
russian=дoллap
greek=δoλάριo
korean=달러

so where in english basd countries its called the dollar and when hearing someone vocal cords vibrate to make the sound, it sounds like dollar. but in every other country the word for dollar does not look or sound the same.

so again other countries WILL make their own word that references 100sat

for instance you will not see a korean write the word bit, using the english alphabet. they would use 잔돈 meaning 'small change' or something else that uses the korean alphabet to describe 100 satoshi's

DannyHamilton

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Quote from: franky1 on May 21, 2014, 03:50:23 PM

. . . the consensus is that it is 100satoshi's . . .

I don't think that word means what you think it means.

bg002h

donator

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I outlived my lifetime membership:)

Quote from: franky1 on May 21, 2014, 03:50:23 PM

yet another thread..

1bit=100 satoshi

all those arguing that bit is either binary digit etc.

1 pound of beef is not a measurement of UK currency. yet they share the name.. so get over it
Apple is not only a fruit, but a technology company.. so get over it
AA is not only a known gold-fiat ranking standard, but also a place alcoholics go.. so get over it
hives is not only a skin condition, but also a home for honeybee's.. so get over it

we have already moved passed the arguments of what is a bit. the consensus is that it is 100satoshi's and people and businesses are already using it..

so get over it.

and have a nice day

Creating a new definition for a word with several definitions already isn't a problem for English. English handles overloading words elegantly via contextual disambiguation. Do other languages do this?

Example: "If I bit my drill bit and broke off a bit of my tooth, I might have to pay the dentist 100,000 bits to get it fixed."

This makes sense to native English speakers, but, do other languages permit such a sentence? I think we need to think about that...if, say, 1/2 the world's population speaks a language that doesn't have identical words with many different meanings, we might be putting up a barrier we don't realize.

franky1

legendary

Activity: 4424

Merit: 4794

yet another thread..

1bit=100 satoshi

all those arguing that bit is either binary digit etc.

1 pound of beef is not a measurement of UK currency. yet they share the name.. so get over it
Apple is not only a fruit, but a technology company.. so get over it
AA is not only a known gold-fiat ranking standard, but also a place alcoholics go.. so get over it
hives is not only a skin condition, but also a home for honeybee's.. so get over it

we have already moved passed the arguments of what is a bit. the consensus is that it is 100satoshi's and people and businesses are already using it..

so get over it.

and have a nice day

DannyHamilton

legendary

Activity: 3472

Merit: 4801

Quote from: Wary on May 21, 2014, 02:02:04 PM

Quote from: DannyHamilton on May 21, 2014, 07:46:08 AM

Note, this poll won't accomplish anything.

You are saying this because you are outvoted Grin

Of course. Wink

Mr Tea

sr. member

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Merit: 250

Definitly not 1 whole bitcoin. It needs to be for a smaller denomination.

Wary

hero member

Activity: 798

Merit: 1000

Who's there?

Quote from: DannyHamilton on May 21, 2014, 07:46:08 AM

Note, this poll won't accomplish anything.

You are saying this because you are outvoted Grin

(Just joking).

grahvity

full member

Activity: 150

Merit: 100

1
1 bit = ----------- X 1 BTC
1,000,000

Razick

legendary

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1 bit is a unit in computer science that has nothing to do with Bitcoin (as a unit of measure). Because we use mB (millibitcoins or "em-bits" for short) the best thing to call a bit would be one Bitcoin, which I think we should just call one Bitcoin. Using bit for anything else could be confusing and messy.

Topic: Let's decide how much is 1 bit (Read 1601 times)