Topic: Start Using mBTC as Standard Denomination? - page 8. (Read 30872 times)
I created this thread a couple days ago: https://bitcointalksearch.org/topic/one-of-the-problems-i-see-preventing-mass-adoption-216175 . So obviously I am in favor of this change.
Agree with OP though maybe Jun 2 is too soon.
It's irrational but true: people are happy to buy ripple or other alts because they're so cheap, but not buy bitcoin because it is too expensive.
It's irrational but true: people are happy to buy ripple or other alts because they're so cheap, but not buy bitcoin because it is too expensive.
I actually think this idea doesn't go far enough. We should switch to microbitcoins (0.000001 BTC = 1 uBTC = 100 Satoshi) as the basic unit (equivalent of the dollar, pound or euro) as soon as possible.
21 million basic units isn't psychologically enough for a global currency. 21 billion is better. But 21 trillion is even better as we start talking about the GDPs/deficits/QE programs of very sizeable countries in terms of 'trillions' of currency units.
Which naturally begs the question, why not go the whole hog and make the satoshi the basic unit? Well, we're all accustomed to having our basic currency unit divisible into 100 cents or pence. So this way we think of a satoshi as equivalent to a cent, a microbitcoin as equivalent to a 'bitdollar'. And a whole bitcoin is a million 'bitdollars'. Anyone who has a whole bitcoin is a millionaire.
That might seem a little ludicrous NOW, It'll mean a 'bitdollar' is currently only worth 0.01 'real' (
) cents, and you need maybe 100,000 bitdollars to buy a decent pizza. But it will help to highlight even more how bitcoins are a store of value, and your bitdollars are only going to get more valuable with time. And if you currently have a whole bitcoin, you SHOULD think of yourself as a millionaire IMO. You may not be right now, but give it maybe 20 years.
Anyway I currently have around 200 million bitdollars worth of assets - some actual bitdollars, some as ASICminer stock. I'm going to be a millionaire soon. And so are most of you.
21 million basic units isn't psychologically enough for a global currency. 21 billion is better. But 21 trillion is even better as we start talking about the GDPs/deficits/QE programs of very sizeable countries in terms of 'trillions' of currency units.
Which naturally begs the question, why not go the whole hog and make the satoshi the basic unit? Well, we're all accustomed to having our basic currency unit divisible into 100 cents or pence. So this way we think of a satoshi as equivalent to a cent, a microbitcoin as equivalent to a 'bitdollar'. And a whole bitcoin is a million 'bitdollars'. Anyone who has a whole bitcoin is a millionaire.
That might seem a little ludicrous NOW, It'll mean a 'bitdollar' is currently only worth 0.01 'real' (
) cents, and you need maybe 100,000 bitdollars to buy a decent pizza. But it will help to highlight even more how bitcoins are a store of value, and your bitdollars are only going to get more valuable with time. And if you currently have a whole bitcoin, you SHOULD think of yourself as a millionaire IMO. You may not be right now, but give it maybe 20 years.Anyway I currently have around 200 million bitdollars worth of assets - some actual bitdollars, some as ASICminer stock. I'm going to be a millionaire soon. And so are most of you.
+1
But we don't need a cheasy name like bitdollar...
100 satoshis = 1 Bitcoin , 1 satoshi = well still 1 satoshi but also a bitcoin cent to help non geeks to adapt easier...
I actually think this idea doesn't go far enough. We should switch to microbitcoins (0.000001 BTC = 1 uBTC = 100 Satoshi) as the basic unit (equivalent of the dollar, pound or euro) as soon as possible.
21 million basic units isn't psychologically enough for a global currency. 21 billion is better. But 21 trillion is even better as we start talking about the GDPs/deficits/QE programs of very sizeable countries in terms of 'trillions' of currency units.
Which naturally begs the question, why not go the whole hog and make the satoshi the basic unit? Well, we're all accustomed to having our basic currency unit divisible into 100 cents or pence. So this way we think of a satoshi as equivalent to a cent, a microbitcoin as equivalent to a 'bitdollar'. And a whole bitcoin is a million 'bitdollars'. Anyone who has a whole bitcoin is a millionaire.
That might seem a little ludicrous NOW, It'll mean a 'bitdollar' is currently only worth 0.01 'real' () cents, and you need maybe 100,000 bitdollars to buy a decent pizza. But it will help to highlight even more how bitcoins are a store of value, and your bitdollars are only going to get more valuable with time. And if you currently have a whole bitcoin, you SHOULD think of yourself as a millionaire IMO. You may not be right now, but give it maybe 20 years.
Anyway I currently have around 200 million bitdollars worth of assets - some actual bitdollars, some as ASICminer stock. I'm going to be a millionaire soon. And so are most of you.
21 million basic units isn't psychologically enough for a global currency. 21 billion is better. But 21 trillion is even better as we start talking about the GDPs/deficits/QE programs of very sizeable countries in terms of 'trillions' of currency units.
Which naturally begs the question, why not go the whole hog and make the satoshi the basic unit? Well, we're all accustomed to having our basic currency unit divisible into 100 cents or pence. So this way we think of a satoshi as equivalent to a cent, a microbitcoin as equivalent to a 'bitdollar'. And a whole bitcoin is a million 'bitdollars'. Anyone who has a whole bitcoin is a millionaire.
That might seem a little ludicrous NOW, It'll mean a 'bitdollar' is currently only worth 0.01 'real' (
) cents, and you need maybe 100,000 bitdollars to buy a decent pizza. But it will help to highlight even more how bitcoins are a store of value, and your bitdollars are only going to get more valuable with time. And if you currently have a whole bitcoin, you SHOULD think of yourself as a millionaire IMO. You may not be right now, but give it maybe 20 years.Anyway I currently have around 200 million bitdollars worth of assets - some actual bitdollars, some as ASICminer stock. I'm going to be a millionaire soon. And so are most of you.
Just rename them credits!
The future is here
I actually think this idea doesn't go far enough. We should switch to microbitcoins (0.000001 BTC = 1 uBTC = 100 Satoshi) as the basic unit (equivalent of the dollar, pound or euro) as soon as possible.
21 million basic units isn't psychologically enough for a global currency. 21 billion is better. But 21 trillion is even better as we start talking about the GDPs/deficits/QE programs of very sizeable countries in terms of 'trillions' of currency units.
Which naturally begs the question, why not go the whole hog and make the satoshi the basic unit? Well, we're all accustomed to having our basic currency unit divisible into 100 cents or pence. So this way we think of a satoshi as equivalent to a cent, a microbitcoin as equivalent to a 'bitdollar'. And a whole bitcoin is a million 'bitdollars'. Anyone who has a whole bitcoin is a millionaire.
That might seem a little ludicrous NOW, It'll mean a 'bitdollar' is currently only worth 0.01 'real' () cents, and you need maybe 100,000 bitdollars to buy a decent pizza. But it will help to highlight even more how bitcoins are a store of value, and your bitdollars are only going to get more valuable with time. And if you currently have a whole bitcoin, you SHOULD think of yourself as a millionaire IMO. You may not be right now, but give it maybe 20 years.
Anyway I currently have around 200 million bitdollars worth of assets - some actual bitdollars, some as ASICminer stock. I'm going to be a millionaire soon. And so are most of you.
21 million basic units isn't psychologically enough for a global currency. 21 billion is better. But 21 trillion is even better as we start talking about the GDPs/deficits/QE programs of very sizeable countries in terms of 'trillions' of currency units.
Which naturally begs the question, why not go the whole hog and make the satoshi the basic unit? Well, we're all accustomed to having our basic currency unit divisible into 100 cents or pence. So this way we think of a satoshi as equivalent to a cent, a microbitcoin as equivalent to a 'bitdollar'. And a whole bitcoin is a million 'bitdollars'. Anyone who has a whole bitcoin is a millionaire.
That might seem a little ludicrous NOW, It'll mean a 'bitdollar' is currently only worth 0.01 'real' (
) cents, and you need maybe 100,000 bitdollars to buy a decent pizza. But it will help to highlight even more how bitcoins are a store of value, and your bitdollars are only going to get more valuable with time. And if you currently have a whole bitcoin, you SHOULD think of yourself as a millionaire IMO. You may not be right now, but give it maybe 20 years.Anyway I currently have around 200 million bitdollars worth of assets - some actual bitdollars, some as ASICminer stock. I'm going to be a millionaire soon. And so are most of you.
A Satoshi is the smallest division. It seems logical to continue the tradition and name the decimal shifts after developers. Gavin is appropriate.
"Send me 27 gavins"
"your total is 7.9 gavins"
"Send me 27 gavins"
"your total is 7.9 gavins"
Mate please add a additonal "A" in gavins. So i can change it to vaginas.
As I said in another thread, the word "coin" here is the problem. People see coins as small, semi-worthless denominations of a larger unit,
Ever heard of gold coins, cretin?
I guess they need rebrand them too...
I even started using it
It feels good to see some extra numbers in coins
It feels good to see some extra numbers in coins
A Satoshi is the smallest division. It seems logical to continue the tradition and name the decimal shifts after developers. Gavin is appropriate.
"Send me 27 gavins"
"your total is 7.9 gavins"
"Send me 27 gavins"
"your total is 7.9 gavins"
My contribution.
Let's use standards. Please.
It is standard but not usual for currencies.
I mean how many times have you heard about giga-dollars or peta-euros...
Since we don't have a central authority to decide what to call smaller denominations, it's only logical to fall back on standard units.
Often orders for small items in my store are priced in the mBTC range. I have orders down to 16 mBTC SHIPPED for a set of QR stickers for example.
Let's use standards. Please.
It is standard but not usual for currencies.
I mean how many times have you heard about giga-dollars or peta-euros...
However, what you prefer to call it in casual conversation is another discussion. There you have my vote for "millibit", short for "millibitcoin".
What do you prefer?
10 mbc (milibitcoin)
10 mBTC
10 milis
10 milcoins
Other...
I really like 1 mbc, in lowercase also indicates that it's a subunit.
10 mbc (milibitcoin)
10 mBTC
10 milis
10 milcoins
Other...
I really like 1 mbc, in lowercase also indicates that it's a subunit.
mBTC! It's not a matter of what you like or not. mX is the standard way to say it.
https://en.wikipedia.org/wiki/Milli
Let's use standards. Please.
+1, does anyone know how to propose a software change to QT?
Fork the repository, commit your change, and submit a pull request.
First of all, I'm not familiar with Github, second, I'm not qualified to make the programming or configuration change. For those reasons someone else will have to do it.
EDIT: I don't mean that rudely at all, I'm just saying that I can't do it.
The easiest way to force adoption of such a change would be to simply change the default units in the next bitcoin-qt release from BTC to mBTC.
Most people would not change the default and get used to dealing with mBTC.
Most people would not change the default and get used to dealing with mBTC.
This would require the developers okay. You'd need to be able to convince them. I would say that you would also have to convince all users but unfortunately that is not the case anymore seeing as to how easily Gavin was able to make changes to the client and simply tell everyone you either get with the new or stay behind. Of course I'm referring to the exclusion of certain transactions from the blockchain. Now, whether you thought that the change to the new client version was good or not does not matter the point is that a change was easily made by elite members. So there's your answer convince them that your proposed change has positive outcome and the rest of us that use the Bitcoin-qt client will have no choice but to accept it.
Of course it was no problem to make this patch then.
1 bitcarat = 1 carat bitcoin = 1/100 BTC, still gives a feeling of expensive
The psychological factor is important... 1 XRP is trading at $0.02, sounds cheap right? Well, since there are 100 Billions XRP, the price is about same as Bitcoin today. So if we can get exchanges to talk in mBTC and price becomes $0.13 instead of $130 it will be a great thing for Bitcoin.
The easiest way to force adoption of such a change would be to simply change the default units in the next bitcoin-qt release from BTC to mBTC.
Most people would not change the default and get used to dealing with mBTC.
Most people would not change the default and get used to dealing with mBTC.
This would require the developers okay. You'd need to be able to convince them. I would say that you would also have to convince all users but unfortunately that is not the case anymore seeing as to how easily Gavin was able to make changes to the client and simply tell everyone you either get with the new or stay behind. Of course I'm referring to the exclusion of certain transactions from the blockchain. Now, whether you thought that the change to the new client version was good or not does not matter the point is that a change was easily made by elite members. So there's your answer convince them that your proposed change has positive outcome and the rest of us that use the Bitcoin-qt client will have no choice but to accept it.
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