The whole unit change seems so disruptive and difficult to coordinate now -- do we really want to have to deal with another one later when there are way more people to try to coordinate? I really think we should look to the endgame and figure out where we want to be.
I'd propose moving to uB (micro-bitcoin = 1e-6) as the standard unit now and forever. For now, it can be referred to as uB or uBTC, but over time, once it's ubiquitous, it should just be called a bitcoin. Because the smallest unit is the satoshi (1e-8), this means uB-denominated prices would get 2 decimal places maximum, which is the most that any consumer wants to deal with anyway.
At the same time, I'd propose inverting the exchange rate, so instead of quoting uB/USD = .00013, it would be quoted as USD/uB = 7692. This is exactly the same way Yen are quoted relative to USD (USDJPY = 100.66), and is also the same way other private virtual currencies such as WoW gold are quoted.
Topic: Start Using mBTC as Standard Denomination? - page 5. (Read 30892 times)
wtf? Should we switch to $ct.? I mean people do if it applies and use $1M if it applies. Same with bitcoin. Please stop making problems where there are no problems.
(I met several people that did not understand that bitcoins are divisible and that is a problem. not the use of BTC or mBTC. Explain it well and assume people will miss the divisibility point.)
(I met several people that did not understand that bitcoins are divisible and that is a problem. not the use of BTC or mBTC. Explain it well and assume people will miss the divisibility point.)
XBT to mean uBTC (or was it mBTC) is the worst idea ever. There is nothing useful in the name that is going to help you remember what portion of a bitcoin it is.
I think we should use mBTC for 1/1000 of a BTC. and it can be abbreviated in speech as "millcoin".
Transition should occur sometime after 1 BTC = $1000.
I think we should use mBTC for 1/1000 of a BTC. and it can be abbreviated in speech as "millcoin".
Transition should occur sometime after 1 BTC = $1000.
LSD is worth 30,000$ per gram, doesn't stop people from "investing" into it even though they are buying 0.00005 of a gram for 20 bucks. Are drug users more enlightened than the average Bitcoin user?
They don't measure them in grams, but in "hits" (according to random internet searches), which is exactly the point being made here.
LSD is worth 30,000$ per gram, doesn't stop people from "investing" into it even though they are buying 0.00005 of a gram for 20 bucks. Are drug users more enlightened than the average Bitcoin user?
They don't measure them in grams, but in "hits" (according to random internet searches), which is exactly the point being made here.
You will get the first one for free, after that you are addicted. No need for more tricks here.
Hello my name is Casinobit and I am the Bitcoin addict, have been stacking since the first hit on Bitcoin-OTC in early 11'
LSD is worth 30,000$ per gram, doesn't stop people from "investing" into it even though they are buying 0.00005 of a gram for 20 bucks. Are drug users more enlightened than the average Bitcoin user?
There's a difference between investing and moving product you know will sell at a higher price.--- ANYWAY, we all have preferences and I for one will remain 6 feet tall and 135 lbs instead of 1.288 Meters and 61,235 grams. Back on topic.
I can see your metric conversions are working most excellently. 
What makes you think that BTC will not sell at a "higher price"?
Also, stop with your "funny-dates". YYYY-MM-DD is the ONLY correct way to type dates. STANDARDS!
Haha, I certainly agree that it is appropriate here, but MM-DD-YYYY is the U.S. standard and I will continue to use it when appropriate.
Are you only trying to get USians to switch to mBTC?
Quote
It's like how everyone got obsessed with the metric system: It works great for special fields but sucks for everyday use.
Seriously? As compared to the English system, where no one can remember all the conversions?
The problem with the metric system is that the base measurements were poorly chosen, and the system isn't a huge improvement to begin with.
Standard units are just so convenient. Why is a meter so darn huge and a gram so small?
Is it really that hard to remember a few simple ratios?
Besides the mile, 5,280 feet, it's all simple. As for celsius, do we really need a whole new system just to make it easier to remember the temperatures at which water boils and freezes? Really? 32, 212, that simple!
I guess I don't know why I don't like metric, I just don't.
Why fix what isn't broken? No one complains that there are 60 seconds in a minute, 60 minutes in an hour, 24 hours in a day, 30-31 days in a month, and 365 days in a year. Life is full of things you have to remember.
--- ANYWAY, we all have preferences and I for one will remain 6 feet tall and 135 lbs instead of 1.288 Meters and 61,235 grams. Back on topic.
Actually, kg is the standard unit for weight, not g. It's the only standard unit with a prefix.
You should not use the term "Standard units" about your imperial system, that's just fail...
I used grams tongue in cheek, I do understand metric and for some purposes use it.
Actually, in thee US it is referred to as the Standard System. There is a difference too, as I student pilot if I was to fly to the UK, I would have to convert from Imperial gallons to Standard/US gallons.
LSD is worth 30,000$ per gram, doesn't stop people from "investing" into it even though they are buying 0.00005 of a gram for 20 bucks. Are drug users more enlightened than the average Bitcoin user?
There's a difference between investing and moving product you know will sell at a higher price.--- ANYWAY, we all have preferences and I for one will remain 6 feet tall and 135 lbs instead of 1.288 Meters and 61,235 grams. Back on topic.
I can see your metric conversions are working most excellently. 
LSD is worth 30,000$ per gram, doesn't stop people from "investing" into it even though they are buying 0.00005 of a gram for 20 bucks. Are drug users more enlightened than the average Bitcoin user?
You will get the first one for free, after that you are addicted. No need for more tricks here. 
Also, stop with your "funny-dates". YYYY-MM-DD is the ONLY correct way to type dates. STANDARDS!
Haha, I certainly agree that it is appropriate here, but MM-DD-YYYY is the U.S. standard and I will continue to use it when appropriate.
Are you only trying to get USians to switch to mBTC?
Quote
It's like how everyone got obsessed with the metric system: It works great for special fields but sucks for everyday use.
Seriously? As compared to the English system, where no one can remember all the conversions?
The problem with the metric system is that the base measurements were poorly chosen, and the system isn't a huge improvement to begin with.
Standard units are just so convenient. Why is a meter so darn huge and a gram so small?
Is it really that hard to remember a few simple ratios?
Besides the mile, 5,280 feet, it's all simple. As for celsius, do we really need a whole new system just to make it easier to remember the temperatures at which water boils and freezes? Really? 32, 212, that simple!
I guess I don't know why I don't like metric, I just don't.
Why fix what isn't broken? No one complains that there are 60 seconds in a minute, 60 minutes in an hour, 24 hours in a day, 30-31 days in a month, and 365 days in a year. Life is full of things you have to remember.
--- ANYWAY, we all have preferences and I for one will remain 6 feet tall and 135 lbs instead of 1.288 Meters and 61,235 grams. Back on topic.
Actually, kg is the standard unit for weight, not g. It's the only standard unit with a prefix.
You should not use the term "Standard units" about your imperial system, that's just fail...
Also, stop with your "funny-dates". YYYY-MM-DD is the ONLY correct way to type dates. STANDARDS!
Haha, I certainly agree that it is appropriate here, but MM-DD-YYYY is the U.S. standard and I will continue to use it when appropriate.
Are you only trying to get USians to switch to mBTC?
Quote
It's like how everyone got obsessed with the metric system: It works great for special fields but sucks for everyday use.
Seriously? As compared to the English system, where no one can remember all the conversions?
The problem with the metric system is that the base measurements were poorly chosen, and the system isn't a huge improvement to begin with.
Standard units are just so convenient. Why is a meter so darn huge and a gram so small?
Is it really that hard to remember a few simple ratios?
Besides the mile, 5,280 feet, it's all simple. As for celsius, do we really need a whole new system just to make it easier to remember the temperatures at which water boils and freezes? Really? 32, 212, that simple!
I guess I don't know why I don't like metric, I just don't.
Why fix what isn't broken? No one complains that there are 60 seconds in a minute, 60 minutes in an hour, 24 hours in a day, 30-31 days in a month, and 365 days in a year. Life is full of things you have to remember.
--- ANYWAY, we all have preferences and I for one will remain 6 feet tall and 135 lbs instead of 1.288 Meters and 61,235 grams. Back on topic.
It amazes me to an extent just how much people are motivated by such trivial psychological factors.
Yes, it's amazing(/scary) how much effect it has.It amazes me to an extent just how much people are motivated by such trivial psychological factors.
This much?
Which one is better half banana, quarter banana or 60 bananas?
Me too, but it is a very real psychological phenomenon, and far from trivial. This is a legitimate conversation to have if we want to see mass adoption of Bitcoin.This much?
Which one is better half banana, quarter banana or 60 bananas?
You know why they have stock splits? 100% because of the psychological barrier of people not wanting to invest in stock valued much higher per share than comparable stocks in the same industry.
Bitcoin needs a stock split. It is far too overvalued per unit for the average person to feel good about investing in it.
LSD is worth 30,000$ per gram, doesn't stop people from "investing" into it even though they are buying 0.00005 of a gram for 20 bucks. Are drug users more enlightened than the average Bitcoin user?
How can one hope to keep such obscure conversion ratios straight? It is MUCH easier to use feet, pounds, and gallons!
This was irony, right? Since I am not 100% fluent in English, irony can sometimes pass me by as someone making a serious argument.
Metrics is the standard. The minority that uses other systems should adapt as quickly as possible.
The metric system brings up a good point. With distance, for example, you have a meter at a reasonable length and then you can go up or down from there 1,000xmeter = kilometer, 1/1000xmeter=millimeter. But with Bitcoin, we started at the top and are having to work our way down from there. It's like saying 1 meter equals the distance from the Earth to the moon and then we have to break down meters smaller and smaller. Maybe we need a standard unit of measure somewhere between 1 BTC and 1 Satoshi where we can go up or down from that. We kind of already do that with dollars, obviously dimes and pennies in the downward direction, but also everyone knows what is "a Grand" or "10 Grand". That's easier than saying "Ten-thousand dollars".
Also, stop with your "funny-dates". YYYY-MM-DD is the ONLY correct way to type dates. STANDARDS!
Haha, I certainly agree that it is appropriate here, but MM-DD-YYYY is the U.S. standard and I will continue to use it when appropriate.
Are you only trying to get USians to switch to mBTC?
Quote
It's like how everyone got obsessed with the metric system: It works great for special fields but sucks for everyday use.
Seriously? As compared to the English system, where no one can remember all the conversions?
I voted Yes, but I should have voted this option:
Switch to XBT. An XBT is 100 satoshi (or 1/1,000,000 BTC). This allows us to have $21,000,000,000,000 units of the base unit of currency, and an exchange rate much less threatening to newcomers.
I like the idea of allowing for more price growth in Bitcoin, and also complying with international standards for having only two decimal places of fractionality.
Switch to XBT. An XBT is 100 satoshi (or 1/1,000,000 BTC). This allows us to have $21,000,000,000,000 units of the base unit of currency, and an exchange rate much less threatening to newcomers.
I like the idea of allowing for more price growth in Bitcoin, and also complying with international standards for having only two decimal places of fractionality.
This makes sense.
I voted Yes, but I should have voted this option:
Switch to XBT. An XBT is 100 satoshi (or 1/1,000,000 BTC). This allows us to have $21,000,000,000,000 units of the base unit of currency, and an exchange rate much less threatening to newcomers.
I like the idea of allowing for more price growth in Bitcoin, and also complying with international standards for having only two decimal places of fractionality.
Switch to XBT. An XBT is 100 satoshi (or 1/1,000,000 BTC). This allows us to have $21,000,000,000,000 units of the base unit of currency, and an exchange rate much less threatening to newcomers.
I like the idea of allowing for more price growth in Bitcoin, and also complying with international standards for having only two decimal places of fractionality.
I like this. XBT should get more attention!
Also, stop with your "funny-dates". YYYY-MM-DD is the ONLY correct way to type dates. STANDARDS!
Haha, I certainly agree that it is appropriate here, but MM-DD-YYYY is the U.S. standard and I will continue to use it when appropriate.
It's like how everyone got obsessed with the metric system: It works great for special fields but sucks for everyday use.
It amazes me to an extent just how much people are motivated by such trivial psychological factors.
Yes, it's amazing(/scary) how much effect it has.It amazes me to an extent just how much people are motivated by such trivial psychological factors.
This much?
Which one is better half banana, quarter banana or 60 bananas?
Me too, but it is a very real psychological phenomenon, and far from trivial. This is a legitimate conversation to have if we want to see mass adoption of Bitcoin.This much?
Which one is better half banana, quarter banana or 60 bananas?
You know why they have stock splits? 100% because of the psychological barrier of people not wanting to invest in stock valued much higher per share than comparable stocks in the same industry.
Bitcoin needs a stock split. It is far too overvalued per unit for the average person to feel good about investing in it.
It amazes me to an extent just how much people are motivated by such trivial psychological factors.
This much?
Which one is better half banana, quarter banana or 60 bananas?
This much?
Which one is better half banana, quarter banana or 60 bananas?
Jump to: