Topic: Why I'm switching to mXBT — and why you should too - page 2. (Read 24707 times)
Also, this is basically a form of mentally inflating the currency, even though it's real value is un-inflatable.
I posted this on another thread that was trying to get people to stop calling bitcoin a "virtual" or "digital" currency because it makes ignorant people write it off as somehow not real or of imaginary value. The same point applies to this argument.
quote:
Getting all riled up over semantics like this is the most useless expenditure of mental energy. The same goes for those working diligently to figure out what we should call fractions of a Bitcoin (mBTC vs. satoshis vs. whatever they've come up with now). We don't need to spoon-feed sanitized and PR packaged Bitcoin to those who are unwilling or incapable of understanding what it is. Those who do understand its power should be the ones that reap the benefits of early adoption. The mental energy that's being spent to try and figure out how to re-package Bitcoin for these people would be better spent teaching them what it ACTUALLY is. A virtual currency, backed by the power of cryptographic protocols and a p2p network that maintains its legitimacy. Maybe I just have too much faith in humanity...
quote:
Getting all riled up over semantics like this is the most useless expenditure of mental energy. The same goes for those working diligently to figure out what we should call fractions of a Bitcoin (mBTC vs. satoshis vs. whatever they've come up with now). We don't need to spoon-feed sanitized and PR packaged Bitcoin to those who are unwilling or incapable of understanding what it is. Those who do understand its power should be the ones that reap the benefits of early adoption. The mental energy that's being spent to try and figure out how to re-package Bitcoin for these people would be better spent teaching them what it ACTUALLY is. A virtual currency, backed by the power of cryptographic protocols and a p2p network that maintains its legitimacy. Maybe I just have too much faith in humanity...
There're pros and cons for this but I'm not sure it's time to do it yet.
We're still in period where loads and loads of people don't have idea what's bitcoin or they've heard about it once, twice or many times but never paid attention. Changing it would lead to another confusion as they would suddenly start to listen about some other thing and bitcoin would lose lot of it's brand marketing vaule. I mean, I still haven't being used to Miscrosoft's Live brand. I want my hotmail back
The other thing is that "There is going to be only 21 millions of them" was a big selling point in recent weeks. There's no article that is basic bitcoin introduction that does not include this one. And when I put myself to average consumer body that one sounds attractive.
It's certainly valid discussion and times might come when it might be needed but I'm not sure we are there yet though I do understand why some people tend to think different.
And on the end, if it would be done I'd be keen on both bit and satoshi rather than millibitcoin that sounds awful and is not brandable at all.
We're still in period where loads and loads of people don't have idea what's bitcoin or they've heard about it once, twice or many times but never paid attention. Changing it would lead to another confusion as they would suddenly start to listen about some other thing and bitcoin would lose lot of it's brand marketing vaule. I mean, I still haven't being used to Miscrosoft's Live brand. I want my hotmail back
The other thing is that "There is going to be only 21 millions of them" was a big selling point in recent weeks. There's no article that is basic bitcoin introduction that does not include this one. And when I put myself to average consumer body that one sounds attractive.
It's certainly valid discussion and times might come when it might be needed but I'm not sure we are there yet though I do understand why some people tend to think different.
And on the end, if it would be done I'd be keen on both bit and satoshi rather than millibitcoin that sounds awful and is not brandable at all.
just to clarify, 1 millibit would be 0.000001 BTC?
The "mill" is perfectly acceptable as a short form for mXBT. If millibitcoin or bitmill are too difficult to say, simply using "mill" is enough. (e.g. in Europe, they sometimes say cent instead of eurocent).
The "bit" is obtuse and is a neologism. This is compounded by disagreement as to what "bit" means, as some argue it should be the nonsensical 0.0001 unit. Moreover, "bit" is already used to measure information—this will cause confusion when quoting prices for internet connections ("5 Gb/s for only 3 bits/month").
The "bit" is obtuse and is a neologism. This is compounded by disagreement as to what "bit" means, as some argue it should be the nonsensical 0.0001 unit. Moreover, "bit" is already used to measure information—this will cause confusion when quoting prices for internet connections ("5 Gb/s for only 3 bits/month").
Two things are necessary for the switch to mBTC to happen I think:
The Bitcoin-QT client needs to make mBTC the default unit and MtGox needs to price bitcoin in terms of mBTC.
Regarding the latter, ideally a smaller exchange would switch to mBTC first, so MtGox can see how it affects trading volumes, and if there are no adverse effects, it can make the change itself.
The Bitcoin-QT client needs to make mBTC the default unit and MtGox needs to price bitcoin in terms of mBTC.
Regarding the latter, ideally a smaller exchange would switch to mBTC first, so MtGox can see how it affects trading volumes, and if there are no adverse effects, it can make the change itself.
Just because you are not used to it, doesn't mean no one will be able grasp it. Millions of people use the word kilogram in every day's talk and are happy with it as a very convenient unit.
Too true. It's not like "buck" is an official term for the dollar, either.
Just because you are not used to it, doesn't mean no one will be able grasp it. Millions of people use the word kilogram in every day's talk and are happy with it as a very convenient unit.
Same way no one says "I bought 1 kg [kilogram] of sugar"?
As one of the metric system's "lost boys" (I'm canadian), I buy sugar by the pound.
If I had to use metric weights, I guess I'd say I bought "a kay" of sugar.
I likely wouldn't say I bought "eight ems worth" of candy
Nobody's going to ever say the word "millibitcoin" in conversation. Even "millibits" is cumbersome: three full syllables.
Same way no one says "I bought 1 kg [kilogram] of sugar"?
the problem with micro and milli is that its one letter. 50mBTC and 50uBTC can be misspelled and you have two different values here. with XBT (as 100 satoshi) its not that simple.
The other problem is that the average person will be very confused when you tell them that m = milli and u = micro.
1.234
1 coin
23 cents
4 bits
1 usb block erupter: 2 coins
1 dozen beer: 20 cents
1 bag of candy: 8 bits
Nobody's going to ever say the word "millibitcoin" in conversation. Even "millibits" is cumbersome: three full syllables.
There's a reason why people call dollars "bucks".
1 coin
23 cents
4 bits
1 usb block erupter: 2 coins
1 dozen beer: 20 cents
1 bag of candy: 8 bits
Nobody's going to ever say the word "millibitcoin" in conversation. Even "millibits" is cumbersome: three full syllables.
There's a reason why people call dollars "bucks".
The transition will have to take place and develop itself organically. People's psychological thresholds may differ. For me, I'd still rather think and operate primarily in full bitcoins until the exchange passes 250 USD or so. After that, mBTC makes a lot of sense.
the problem with micro and milli is that its one letter. 50mBTC and 50uBTC can be misspelled and you have two different values here. with XBT (as 100 satoshi) its not that simple.
The transition will have to take place and develop itself organically. People's psychological thresholds may differ. For me, I'd still rather think and operate primarily in full bitcoins until the exchange passes 250 USD or so. After that, mBTC makes a lot of sense.
we need to change naming of bitcoin but to be honest im getting confused. there is many threads and many propositions, is there any chance someone will create a consolidated thread maybe with poll with all options. i know it was somewhere too but dont know if it included all options.
to me best idea would be to use 100satoshi = 1XBT since that would be most natural to people who are already using nomination of $1.99 for example, in btc it would be 1.99XBT (100 satoshi).
btw could we somehow convince mtgox and others to change their denomination also, for example:
1.00000000 btc = $130
10,000.00 XBT = $1.3
its psychological difference and much better to read.
to me best idea would be to use 100satoshi = 1XBT since that would be most natural to people who are already using nomination of $1.99 for example, in btc it would be 1.99XBT (100 satoshi).
btw could we somehow convince mtgox and others to change their denomination also, for example:
1.00000000 btc = $130
10,000.00 XBT = $1.3
its psychological difference and much better to read.
I tend to agree.
But, as long as you're redefining stuff...
Why stop there?
Redefine the regular BTC as the HectoBTC, and redefine the .01 BTC as the regular BTC.
Presto ! Now there will be 210 million BTC in the world !
But, as long as you're redefining stuff...
Why stop there?
Redefine the regular BTC as the HectoBTC, and redefine the .01 BTC as the regular BTC.
Presto ! Now there will be 210 million BTC in the world !
There are only 2.1 quadrillion "base units" that will exist, ever. This is clearly not enough in a growth situation as you suggest, so the base unit will have to be changed anyways. Better deal with fixed-value units than volatile-value ones.
What? 2.1 quadrillion not enough? You're crazy: That's 300,000 satoshis for every single person on earth.
I don't understand what's wrong with "millibitcoin".
Are USians so afraid of the metric system?
Are USians so afraid of the metric system?
No, we're not (although for most things, but not Bitcoin, I prefer Standard), millibitcoins is just a mouthfull. I use em-bits in real life conversation, and mBTC in text.
I think this is a good post. I hope this continues
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