People should use MBITS/mBTC/Millibits already .........

Biodom

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Quote from: maku on December 24, 2016, 07:42:23 PM

Quote from: Biodom on December 24, 2016, 07:21:53 PM

Breadwallet default is bits already, wait until blockchain.info and coinbase do the same.
Honestly, in my opinion, making a sidechain with the two way peg to bitcoin at 1:000 one way and 1000X the other, would do the trick.
Let's say, it would be called "coiny", "b-buck", 'bitty" or something else entirely.
you buy a cup of coffee with "coiny" on the sidechain, but you do investments, buy a car, a house, etc on the main chain (bitcoin).

Interesting ideas, but I don't agree with having strange denominations like pegs. It is way to unintuitive system.
Stick to metric system and just came up with a name for 1/1000, 1/100, and 1/10 etc. of BTC.
Sidechains, pegs and slang names will complicate everything even more.

well, US and UK don't use metric system in almost anything, except money.
unless you are a scientist, millimeter or centimeter tells most US inhabitants very little.
the best bitcoin people come up with is "bits", but they are currently too small, coffee would be 4000-5000 bits.

CoinCidental

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Quote from: Huge Black Woman on December 24, 2016, 07:48:43 PM

I jist call 100 satoshi that or I write the thang out as 0.000001. Why y'all gotta make up silly little sucker-ass units when you all can write up the exact quantity. My brain don' work thata way.

what is your first language ? maybe someone can explain it in a way your brain "works" Roll Eyes

Huge Black Woman

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I jist call 100 satoshi that or I write the thang out as 0.000001. Why y'all gotta make up silly little sucker-ass units when you all can write up the exact quantity. My brain don' work thata way.

Vlad2Vlad

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Quote from: Biodom on December 24, 2016, 07:38:33 PM

because it would be close to a coiny=$1 then
people (not computers or mathematicians/computer scientists) have difficulty in dealing with numbers that include zeroes, like 0.000101 BTC vs 0.0000999 btc. This phenomenon is well known as a distaste for fractions beyond 0.01.
If bitcoin goes to $10000, coffee would be , say, 0.0004 BTC, which is not good from a typical human perspective.

I see your point but that's why shitbits like Doge are for.

I think there is a need for a high txs, zero confirmation daily use Bitcoin twin which would demand a 1:1 ratio.

But I am biased so...

maku

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Quote from: Biodom on December 24, 2016, 07:21:53 PM

Breadwallet default is bits already, wait until blockchain.info and coinbase do the same.
Honestly, in my opinion, making a sidechain with the two way peg to bitcoin at 1:000 one way and 1000X the other, would do the trick.
Let's say, it would be called "coiny", "b-buck", 'bitty" or something else entirely.
you buy a cup of coffee with "coiny" on the sidechain, but you do investments, buy a car, a house, etc on the main chain (bitcoin).

Interesting ideas, but I don't agree with having strange denominations like pegs. It is way to unintuitive system.
Stick to metric system and just came up with a name for 1/1000, 1/100, and 1/10 etc. of BTC.
Sidechains, pegs and slang names will complicate everything even more.

Biodom

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Quote from: Vlad2Vlad on December 24, 2016, 07:32:51 PM

Quote from: Biodom on December 24, 2016, 07:27:54 PM

re coinbase-not for my wallet.

1btc=1000 "coinies" (1:1000)
1000 "coinies"=1btc (1000:1)

that's what I meant
I realise that coiny sounds corny, it is just an example.

Why 1:1,000 ratio? If the sidechain is a Bitcoin twin with 21 million hardcap why not keep it simple at 1:1?

because it would be close to a coiny=$1 then
people (not computers or mathematicians/computer scientists) have difficulty in dealing with numbers that include zeroes, like 0.0001 BTC vs 0.0000999 btc. This phenomenon is well known as a distaste for fractions beyond 0.01.
If bitcoin goes to $10000, coffee would be , say, 0.0004 BTC, which is not good from a typical human perspective.

Vlad2Vlad

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Quote from: Biodom on December 24, 2016, 07:27:54 PM

re coinbase-not for my wallet.

1btc=1000 "coinies" (1:1000)
1000 "coinies"=1btc (1000:1)

that's what I meant
I realise that coiny sounds corny, it is just an example.

Why 1:1,000 ratio? If the sidechain is a Bitcoin twin with 21 million hardcap why not keep it simple at 1:1?

Biodom

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Quote from: Vlad2Vlad on December 24, 2016, 07:25:02 PM

Quote from: Biodom on December 24, 2016, 07:21:53 PM

Breadwallet default is bits already, wait until blockchain.info and coinbase do the same.
Honestly, in my opinion, making a sidechain with the two way peg to bitcoin at 1:000 one way and 1000X the other, would do the trick.
Let's say, it would be called "coiny", "b-buck", 'bitty" or something else entirely.
you buy a cup of coffee with "coiny" on the sidechain, but you do investments, buy a car, a house, etc on the main chain.

I believe coinbase switched to bits long ago.

How exactly would the 2 way peg value work? I would think it would be set to the same value both ways. Whether 1:1 or 1:1,000.

re coinbase-not for my wallet.

1btc=1000 "coinies" (1:1000)
1000 "coinies"=1btc (1000:1)

that's what I meant
I realise that coiny sounds corny, it is just an example.

Vlad2Vlad

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Quote from: Biodom on December 24, 2016, 07:21:53 PM

Breadwallet default is bits already, wait until blockchain.info and coinbase do the same.
Honestly, in my opinion, making a sidechain with the two way peg to bitcoin at 1:000 one way and 1000X the other, would do the trick.
Let's say, it would be called "coiny", "b-buck", 'bitty" or something else entirely.
you buy a cup of coffee with "coiny" on the sidechain, but you do investments, buy a car, a house, etc on the main chain.

I believe coinbase switched to bits long ago.

How exactly would the 2 way peg value work? I would think it would be set to the same value both ways. Whether 1:1 or 1:1,000.

Biodom

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Breadwallet default is bits already, wait until blockchain.info and coinbase do the same.
Honestly, in my opinion, making a sidechain with the two way peg to bitcoin at 1:000 one way and 1000X the other, would do the trick.
Let's say, it would be called "coiny", "b-buck", 'bitty" or something else entirely.
you buy a cup of coffee with "coiny" on the sidechain, but you do investments, buy a car, a house, etc on the main chain (bitcoin).

rogerwilco

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This is all because Satoshi was being too cute with the coin denominations when he set it up.

The cap is 21 million coins, that's 8 digits. So by making each coin divisible by 8 digits, the decimal point gets placed right in the middle. That's elegant on paper, but awkward in the economy.

The initial 50-coins-per-block era was to represent the era in which 50% of the coins were mined, the 25-coin era for the next 25%, etc. Again, elegant on paper, but not so practical when blocks are worth such an odd number of coins in future eras.

It would be really nice if we all could indeed agree to use a smaller unit denomination, especially if the mBTC reaches dollar parity. But a change in convention tends to lag behind in decentralized systems. It's a minor downside and we're still much better off than centralized systems overall, but it is a downside nonetheless.

Yakamoto

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It might be a good idea to start using mBTC once w get passed $1k consistently and we stop dipping back $20-$40, but for now anything under $1k isn't too expensive for most people in the first world, or even where there are a lot of markets for Bitcoin and users of it.

mBTC would be at $1 a piece once we get to that point, though. Don't know how well that would resonate with a lot of people.

CoinCidental

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Quote from: 400actforsale on December 24, 2016, 07:08:15 AM

I assume the 'MBITS' means mBTC...?

Yes

A millibitcoin is now approaching 1 USD in value, so something like 0.01 mBTC would be like 1 cent, so as something for 9.99 USD would be converted to 11.07 mBTC, just like 9.99 USD would be converted to 9.56 EUR. Using mBTC as the price expressing unit would be much more convenient

Yes sir, that's what I meant

Mbits, mBTC, millibits, millies .... And whatever else they maybe called, one thousandth of one bitcoin

If everyone switches it makes bitcoin "seem" less expensive and we will have to switch anyways when btc goes into the 4 and then 5 figure range and most people will not be dealing in whole coins when they're worth 10k+ etc ....

Vlad2Vlad

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Quote from: 400actforsale on December 24, 2016, 07:08:15 AM

I assume the 'MBITS' means mBTC...?

Yes

A millibitcoin is now approaching 1 USD in value, so something like 0.01 mBTC would be like 1 cent, so as something for 9.99 USD would be converted to 11.07 mBTC, just like 9.99 USD would be converted to 9.56 EUR. Using mBTC as the price expressing unit would be much more convenient

Yes, what you just explained right there would surely go mainstream in a heartbeat [especially in America].

Bahahahaaa.

400actforsale

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BTC will drop

I assume the 'MBITS' means mBTC...?

Yes

A millibitcoin is now approaching 1 USD in value, so something like 0.01 mBTC would be like 1 cent, so as something for 9.99 USD would be converted to 11.07 mBTC, just like 9.99 USD would be converted to 9.56 EUR. Using mBTC as the price expressing unit would be much more convenient

CoinCidental

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Quote from: Xester on December 24, 2016, 06:18:26 AM

Quote from: CoinCidental on December 24, 2016, 06:03:05 AM

Quote from: NorrisK on December 24, 2016, 05:42:35 AM

I like the examples you show! Clearly, the times where you would buy 1 whole bitcoin are slowly going away.

mbits are very likely going to be the denominator that people are going to use, especially if we manage to break the 1000 usd barrier again (and the potential rally this will cause).

bitcoin is infinately divisible ,there will always be someone richer than you and others less fortunate
(no matter what youre investing in )

If i cant afford a whole bitcoin because its $1000 and i only have $100
i can still invest and get 100 Mbits .........

probably next year those 100 Mbits will be worth $300 anyway so
its still an equally good investment as the rich guy who can invest $300,000 .......
you both get the exact same % returns.........so there is no barrier of entry thats "too expensive"
except in your own mind

I just wish people would think about it using common sense already

Well I have been saving for that moment that bitcoin reaches a huge price. If we use mbits due to the high value of bitcoin, for example it reaches 100k$ then my mbits that I have saved in my wallet is a big asset already and I will be able to finally purchase a house and lot in my own. But the question is when will that happen.

I don't know when you got into btc but it's already happening right now in front of your eyes!
Btc is up 140% in a year or so....if you only joined the club in the last few months you probably made a bit less than that but the sooner you start investing a little bit at a time you will have a substantial amount when the next moon comes and then we're off to the Mars.... Cool

talkbitcoin

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All I know is that I know nothing.

that is completely right but also usually when people are complaining about not being able to afford 1 whole bitcoin in fact they are complaining about missing out because of being ignorant. in other words they are complaining to themselves for missing the chance to buy bitcoin when the rest of us were thinking ahead and buying cheap.

Vlad2Vlad

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Oh please, are we back to pushing metric on everyone?

Bits. 1 million bits in 1 Bitcoin, and yeah, people will be thinking in bits very soon as few will be able to afford buying whole Bitcoins.

Tanic

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I think it's just people's psychology to wish to buy a whole bitcoin or to wait to bitcoin rise to 1000$ to cash out. People just love round numbers and that's it. But those things that you are saying are really smart. Little by little and one day you will be feed.

lumeire

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Haven't we been using that for years already. I'm not sure about other countries but exchanges here in my country use mBits.

Topic: People should use MBITS/mBTC/Millibits already ......... (Read 1186 times)