Quick, answer! Is BTC 0.000152 big or small? - page 3.

Akka

legendary

Activity: 1232

Merit: 1001

Quote from: bobitza on October 07, 2012, 11:25:16 AM

Quote from: DeathAndTaxes on October 07, 2012, 11:08:56 AM

0.000152 BTC = 0.152 mBTC or 152 uBTC. The reference client already supports this.

Then we should refer to the mBTC as THE BTC coin and the wallet should list the mBTC as the coins contained. Meaning if you have 0.5 BTC you see 500 in your wallet.

But this is missing my point. Do not think about this issue from a pure technical or mathematical solution. Yes, I am aware we can go down to 8 digits.

Think about it from a Bitcoin mass-adoption perspective. Businesses, merchants, "regular" buyers and sellers are not used in calculating and dealing with 0.00xxx prices. I strongly believe that it would help Bitcoin adoption if most of the transactions will be priced in that sweet spot range of 10^-2-10⁴.

If you are using the standard client, you can already set it to display mBTC or even μBTC. So just set it in the way that you are the most comfortable with.

Solved!

bobitza

sr. member

Activity: 560

Merit: 256

Quote from: DeathAndTaxes on October 07, 2012, 11:08:56 AM

0.000152 BTC = 0.152 mBTC or 152 uBTC. The reference client already supports this.

Then we should refer to the mBTC as THE BTC coin and the wallet should list the mBTC as the coins contained. Meaning if you have 0.5 BTC you see 500 in your wallet.

But this is missing my point. Do not think about this issue from a pure technical or mathematical solution. Yes, I am aware we can go down to 8 digits.

Think about it from a Bitcoin mass-adoption perspective. Businesses, merchants, "regular" buyers and sellers are not used in calculating and dealing with 0.00xxx prices. I strongly believe that it would help Bitcoin adoption if most of the transactions will be priced in that sweet spot range of 10^-2-10⁴.

DeathAndTaxes

donator

Activity: 1218

Merit: 1079

Gerald Davis

Quote from: bobitza on October 07, 2012, 10:33:12 AM

The human mind is accustomed with the powers of 10 system for quick daily calculations:
- distance 1mm, 1cm, 1m, 1 km

Well you just pointed out the solution (and no it isn't something as dubious as a 100:1 split).

mBTC. ("millibits") & uBTC. ("microbits")

0.000152 BTC = 0.152 mBTC or 152 uBTC. The reference client already supports this.

kjj

legendary

Activity: 1302

Merit: 1026

152 uBTC. Very small.

dree12

legendary

Activity: 1246

Merit: 1077

Quote from: bobitza on October 07, 2012, 10:33:12 AM

The human mind is accustomed with the powers of 10 system for quick daily calculations:
- money 1 cent, $1, $1k
- distance 1mm, 1cm, 1m, 1 km
- weight 1g, 1kg, 1t
- math (1%, 100%, easy to divide, multiply, add by 10 or 100, etc.)
- human behaviour (on a scale of 1 to 10, how would rate ...)

... sorry for imperial folks :p

The common ground of all the examples above is that we can easily "visualize" and calculate values between 10^-3 and 10³ for things.

How is this related to Bitcoin?

The same way as Zimbabwe dollars (they had a 100 trillion dollar note) distorted the concept we have about $1k or $1mil as money, the deflationary BTC will make it harder for people to comprehend the meaning of a 0.000152 BTC transaction fee for example. When you start counting the zeros no matter in which direction, something is not right.

Assuming that BTC eventually gains in value because is a limited quantity, why use the BTC 10⁰-10^-8 range and not the 10⁴-10^-4 BTC range for what is expected to be the bulk of the transactions made.

Solution: implement a 1:100 split.

The real problem here is that splitting is impractical and not forcible. It will cause too much confusion. What we need to do is, add on as many decimal points as possible ASAP, so people can get accustomed to using whatever is the unit that creates integer values. Widespread usage of "Satoshi" as the unit for 10 nBTC is a horrible thing due to the inevitable confusion.

bobitza

sr. member

Activity: 560

Merit: 256

The human mind is accustomed with the powers of 10 system for quick daily calculations:
- money 1 cent, $1, $1k
- distance 1mm, 1cm, 1m, 1 km
- weight 1g, 1kg, 1t
- math (1%, 100%, easy to divide, multiply, add by 10 or 100, etc.)
- human behaviour (on a scale of 1 to 10, how would rate ...)

... sorry for imperial folks :p

The common ground of all the examples above is that we can easily "visualize" and calculate values between 10^-3 and 10³ for things.

How is this related to Bitcoin?

The same way as Zimbabwe dollars (they had a 100 trillion dollar note) distorted the concept we have about $1k or $1mil as money, the deflationary BTC will make it harder for people to comprehend the meaning of a 0.000152 BTC transaction fee for example. When you start counting the zeros no matter in which direction, something is not right.

Assuming that BTC eventually gains in value because is a limited quantity, why use the BTC 10⁰-10^-8 range and not the 10⁴-10^-4 BTC range for what is expected to be the bulk of the transactions made.

Solution: implement a 1:100 split.

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