Obviously its because ♫ We put the bit in bitcoin ♪
Way too funny...do we make Steve Gutenberg a star too? (Different episode) 
Topic: The "bit" in Bitcoin (Read 2755 times)
Obviously its because ♫ We put the bit in bitcoin ♪
I think it's an obvious reference to bittorrent because of p2p structure. Thought this since I first read about bitcoin
One bit
Two Bits
Three Bits
A dollar
All for Satoshi
...
You get the idea. I remember this during the prep rallies in high school--100 years ago.
~Bruno~
Two Bits
Three Bits
A dollar
All for Satoshi
...
You get the idea. I remember this during the prep rallies in high school--100 years ago.
~Bruno~
1/8
1/4
3/8
1
I don't get that progression, it must be some form of ancient math.
Perhaps I was hunting camel toes instead of listening to the cheer back in the day, for I believe I got it wrong. The progression is 2, 4, 6, 8, a dollar. Here's a 12 second video showing the cheer: http://www.youtube.com/watch?v=79ZgYM6gL9Y
~Bruno~
Drop the 8 and I'll accept it.
JFC! That's twice I got this wrong, and I'm setting here on the shitter crying, and musing why 13+ of my friends are ignoring me.
Now an image in the spirit of Team Gavin:
"Bits" were eighths of a dollar in the "New World" before the US created the current coins. Consequently, quarters were often referred to as "two-bits", hence, the phrase, "shave and a haircut: two-bits" meant the cost of a shave and a haircut was $0.25.
Ya, and what does a shave and haircut cost now? $15 or more maybe. Oh ya, go fiat go. 
"Bits" were eighths of a dollar in the "New World" before the US created the current coins. Consequently, quarters were often referred to as "two-bits", hence, the phrase, "shave and a haircut: two-bits" meant the cost of a shave and a haircut was $0.25.
One bit
Two Bits
Three Bits
A dollar
All for Satoshi
...
You get the idea. I remember this during the prep rallies in high school--100 years ago.
~Bruno~
Two Bits
Three Bits
A dollar
All for Satoshi
...
You get the idea. I remember this during the prep rallies in high school--100 years ago.
~Bruno~
1/8
1/4
3/8
1
I don't get that progression, it must be some form of ancient math.
Perhaps I was hunting camel toes instead of listening to the cheer back in the day, for I believe I got it wrong. The progression is 2, 4, 6, 8, a dollar. Here's a 12 second video showing the cheer: http://www.youtube.com/watch?v=79ZgYM6gL9Y
~Bruno~
Drop the 8 and I'll accept it.
One bit
Two Bits
Three Bits
A dollar
All for Satoshi
...
You get the idea. I remember this during the prep rallies in high school--100 years ago.
~Bruno~
Two Bits
Three Bits
A dollar
All for Satoshi
...
You get the idea. I remember this during the prep rallies in high school--100 years ago.
~Bruno~
1/8
1/4
3/8
1
I don't get that progression, it must be some form of ancient math.
Perhaps I was hunting camel toes instead of listening to the cheer back in the day, for I believe I got it wrong. The progression is 2, 4, 6, 8, a dollar. Here's a 12 second video showing the cheer: http://www.youtube.com/watch?v=79ZgYM6gL9Y
~Bruno~
Are you American? I'm guess no, because the term bit hasn't been used here in about 100 years.
So the slang "two-bit" (such as a "two-bit company") is not used in the US (thought I'd read some joke about Microsoft Windows years ago that had that term in it)?
Yes, that specific phrase is used occasionally to mean something cheap/worthless, but that's the only usage I've ever heard,
"i'm feeling a bit tired".
bit/bit/
Noun:
1. A small piece, part, or quantity of something.
2. A mouthpiece, typically made of metal, that is attached to a bridle and used to control a horse.
3. A unit of information expressed as either a 0 or 1 in binary notation.
I think "two-bit" company does refer to the monetary "bit", but that's the only usage in that sense I can think of too. It's just a bit further obviously refers to "a small piece".
FWIW I think the 'bit' in bitcoin is strictly to indicate something technical. Most people think of "bits" to be the things used by computers, as in definition #3.
One bit
Two Bits
Three Bits
A dollar
All for Satoshi
...
You get the idea. I remember this during the prep rallies in high school--100 years ago.
~Bruno~
Two Bits
Three Bits
A dollar
All for Satoshi
...
You get the idea. I remember this during the prep rallies in high school--100 years ago.
~Bruno~
1/8
1/4
3/8
1
I don't get that progression, it must be some form of ancient math.
Or maybe Bitcoin was spelled incorrectly: Bitchin
And if a relic collector: BitChen
~Cackling Bear~
And if a relic collector: BitChen
~Cackling Bear~
It could refer to the bit in the horse's mouth allowing you to take control of the unruly beast.
Perhaps simply that bits make up one of the foundations of digital data? ByteCoin doesn't sound as cool anyway...
It is possible that no double entendre was intended. As others have pointed out, the phrase is so uncommon people don't even recognize it when they use it ("two bit" being a phrase that pre-dates computers meaning small for its small monetary value ... A quarter). Perhaps Satoshi didn't think about how very appropriate the name was, but I'd like to think he did 
Captain Obvious here: for me bit means like byte, in the informatic sense
http://en.wikipedia.org/wiki/Bit_(money)
Quote
The New York Stock Exchange continued to list stock prices in eighths of a dollar until June 24, 1997, at which time it started listing in sixteenths. It did not fully implement decimal listing until January 29, 2001.
Are you American? I'm guess no, because the term bit hasn't been used here in about 100 years.
Quote from: Roger Miller
Ah but, two hours of pushing broom
Buys an eight by twelve four-bit room.
Buys an eight by twelve four-bit room.
King of the Road, written and recorded in 1964.
One bit
Two Bits
Three Bits
A dollar
All for Satoshi
...
You get the idea. I remember this during the prep rallies in high school--100 years ago.
~Bruno~
Two Bits
Three Bits
A dollar
All for Satoshi
...
You get the idea. I remember this during the prep rallies in high school--100 years ago.
~Bruno~
Are you American? I'm guess no, because the term bit hasn't been used here in about 100 years.
So the slang "two-bit" (such as a "two-bit company") is not used in the US (thought I'd read some joke about Microsoft Windows years ago that had that term in it)?
Yes, that specific phrase is used occasionally to mean something cheap/worthless, but that's the only usage I've ever heard,
"i'm feeling a bit tired".
Try "I'm as tired as a two bit hooker" instead.
Perhaps simply that bits make up one of the foundations of digital data? ByteCoin doesn't sound as cool anyway...
Are you American? I'm guess no, because the term bit hasn't been used here in about 100 years.
So the slang "two-bit" (such as a "two-bit company") is not used in the US (thought I'd read some joke about Microsoft Windows years ago that had that term in it)?
Yes, that specific phrase is used occasionally to mean something cheap/worthless, but that's the only usage I've ever heard,
"i'm feeling a bit tired".
That's just means small.... I was referring to using it as a monetary term, but I suppose only the OP said that, not me.
Jump to: