Topic: Why I'm switching to mXBT — and why you should too - page 3. (Read 24707 times)
I hate comparing bitcoin to gold, but when the price of gold shot up. People still quoted it in the per troy ounce gram, yet still understood that they could own a couple grams of gold and that it would have value even if they could not afford an entire ounce.
so suddenly we become millionares 
No this is just discussion about moving a decimal point. It's better to pay in 500 uBTC than 0.0005 BTC
so suddenly we become millionares
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.
You are incorrect here as we can actually break bitcoin infinitely smaller fractions. Just needs a software patch
Bitcoin is complicated enough as it is. Why not merely say that on may buy 100 million Satoshis for 100 dollars? 1 dollar = 1 million Satoshis. Later, 1 dollar = 100,000 Satoshis. And so one until 1 dollar = 1 Satoshi.
hero member
Activity: 756
Merit: 500
It's all fun and games until somebody loses an eye
I would like to give my opinion about the issue. I think we should stop using Bitcoin as the name of the coin and just leave that term for naming the protocol or network. And then we should use independent names for the different current Bitcoin, milliBitcoin, microBitcon and so on.
For me, to start using mBTC to get people more confident just because they are dealing with smaller numbers does not make much sense. After all, people are stupid , but not THAT stupid. And I do not see why someone who is dubious about jumping into the wagon if 1 BTC = 130 $ would start buying if we display 1 mBTC = 0.13 $ instead.
However, I do believe people would be more confident if we actually go one step further and use independent names and drop the whole milli and micro terminology.
So, for example, we have 1 alpha = 1 000 betas = 1 000 000 gammas.
"Would you like to buy some Bitcoin? At the moment 1 beta is 0.5 $" .
" You can pay in Bitcoin if you like. This hardrive is 350 gammas"
...
The names alpha, beta and gamma are just examples for potential names. What I want to emphasize is that to use the term Bitcoin (and derivatives) for both the network and the units is, in my opinion , a bad idea.
For me, to start using mBTC to get people more confident just because they are dealing with smaller numbers does not make much sense. After all, people are stupid , but not THAT stupid. And I do not see why someone who is dubious about jumping into the wagon if 1 BTC = 130 $ would start buying if we display 1 mBTC = 0.13 $ instead.
However, I do believe people would be more confident if we actually go one step further and use independent names and drop the whole milli and micro terminology.
So, for example, we have 1 alpha = 1 000 betas = 1 000 000 gammas.
"Would you like to buy some Bitcoin? At the moment 1 beta is 0.5 $" .
" You can pay in Bitcoin if you like. This hardrive is 350 gammas"
...
The names alpha, beta and gamma are just examples for potential names. What I want to emphasize is that to use the term Bitcoin (and derivatives) for both the network and the units is, in my opinion , a bad idea.
i agree that in the long run we need names, not milli and micro.
and as said here the first name should be of the middle unit between satoshi and bitcoin... 0.00001 bitcoins should have a name first because it makes more sense.
In the US we measure lengths in feet and inches and miles, we have names for each of these things and converting between them is a bitch. Elsewhere, people use millimeters and meters and kilometers, and converting between them can easily be done in your head.
Now you want to name something (0.00001) that is not the middle between bitcoins (1.0) and satoshis (0.00000001), the actual middle would be what some people above want to call bits (0.0001), but is also not millibits (0.001) or microbits (0.000001)? What you typed (0.00001) I guess could be a millibitcent, there were some people trying to name it that a while back, or you could call it a kilosatoshi. I would call it either 0.01 mB or 10 uB.
I would like to give my opinion about the issue. I think we should stop using Bitcoin as the name of the coin and just leave that term for naming the protocol or network. And then we should use independent names for the different current Bitcoin, milliBitcoin, microBitcon and so on.
For me, to start using mBTC to get people more confident just because they are dealing with smaller numbers does not make much sense. After all, people are stupid , but not THAT stupid. And I do not see why someone who is dubious about jumping into the wagon if 1 BTC = 130 $ would start buying if we display 1 mBTC = 0.13 $ instead.
However, I do believe people would be more confident if we actually go one step further and use independent names and drop the whole milli and micro terminology.
So, for example, we have 1 alpha = 1 000 betas = 1 000 000 gammas.
"Would you like to buy some Bitcoin? At the moment 1 beta is 0.5 $" .
" You can pay in Bitcoin if you like. This hardrive is 350 gammas"
...
The names alpha, beta and gamma are just examples for potential names. What I want to emphasize is that to use the term Bitcoin (and derivatives) for both the network and the units is, in my opinion , a bad idea.
For me, to start using mBTC to get people more confident just because they are dealing with smaller numbers does not make much sense. After all, people are stupid , but not THAT stupid. And I do not see why someone who is dubious about jumping into the wagon if 1 BTC = 130 $ would start buying if we display 1 mBTC = 0.13 $ instead.
However, I do believe people would be more confident if we actually go one step further and use independent names and drop the whole milli and micro terminology.
So, for example, we have 1 alpha = 1 000 betas = 1 000 000 gammas.
"Would you like to buy some Bitcoin? At the moment 1 beta is 0.5 $" .
" You can pay in Bitcoin if you like. This hardrive is 350 gammas"
...
The names alpha, beta and gamma are just examples for potential names. What I want to emphasize is that to use the term Bitcoin (and derivatives) for both the network and the units is, in my opinion , a bad idea.
i agree that in the long run we need names, not milli and micro.
and as said here the first name should be of the middle unit between satoshi and bitcoin... 0.00001 bitcoins should have a name first because it makes more sense.
But rational and human together form an oxymoron. Whereas my friends were easily corrected on the ability to purchase fewer than one bitcoin, the psychological barrier cannot be ignored. People do not consider using something unless they have at least one of them. Nobody buys half a car, or 0.25 houses. We can't eat 0.03 apples, and we would reject a gift of 0.007 trees.
Do these friends also get confused about say, a 0.25c phone call or a $100 bill?
hero member
Activity: 756
Merit: 500
It's all fun and games until somebody loses an eye
I happen to fully agree with this: we should start using mBTC
Psychological factor is VERY important. I'm sure that a lot of people would be eager to jump on the train if we started using mBTC, because +$100 for one unit of a currency, virtual or not, sounds way too expensive for the average Joe - even if technically is irrelevant.
Psychological factor is VERY important. I'm sure that a lot of people would be eager to jump on the train if we started using mBTC, because +$100 for one unit of a currency, virtual or not, sounds way too expensive for the average Joe - even if technically is irrelevant.
Maybe we should just start pricing things in satoshis, or sat? Currently 1 USD = 885000 sat.
I happen to fully agree with this: we should start using mBTC
Psychological factor is VERY important. I'm sure that a lot of people would be eager to jump on the train if we started using mBTC, because +$100 for one unit of a currency, virtual or not, sounds way too expensive for the average Joe - even if technically is irrelevant.
Psychological factor is VERY important. I'm sure that a lot of people would be eager to jump on the train if we started using mBTC, because +$100 for one unit of a currency, virtual or not, sounds way too expensive for the average Joe - even if technically is irrelevant.
not until BTC reaches 1 grand
I would like to give my opinion about the issue. I think we should stop using Bitcoin as the name of the coin and just leave that term for naming the protocol or network. And then we should use independent names for the different current Bitcoin, milliBitcoin, microBitcon and so on.
For me, to start using mBTC to get people more confident just because they are dealing with smaller numbers does not make much sense. After all, people are stupid , but not THAT stupid. And I do not see why someone who is dubious about jumping into the wagon if 1 BTC = 130 $ would start buying if we display 1 mBTC = 0.13 $ instead.
However, I do believe people would be more confident if we actually go one step further and use independent names and drop the whole milli and micro terminology.
So, for example, we have 1 alpha = 1 000 betas = 1 000 000 gammas.
"Would you like to buy some Bitcoin? At the moment 1 beta is 0.5 $" .
" You can pay in Bitcoin if you like. This hardrive is 350 gammas"
...
The names alpha, beta and gamma are just examples for potential names. What I want to emphasize is that to use the term Bitcoin (and derivatives) for both the network and the units is, in my opinion , a bad idea.
For me, to start using mBTC to get people more confident just because they are dealing with smaller numbers does not make much sense. After all, people are stupid , but not THAT stupid. And I do not see why someone who is dubious about jumping into the wagon if 1 BTC = 130 $ would start buying if we display 1 mBTC = 0.13 $ instead.
However, I do believe people would be more confident if we actually go one step further and use independent names and drop the whole milli and micro terminology.
So, for example, we have 1 alpha = 1 000 betas = 1 000 000 gammas.
"Would you like to buy some Bitcoin? At the moment 1 beta is 0.5 $" .
" You can pay in Bitcoin if you like. This hardrive is 350 gammas"
...
The names alpha, beta and gamma are just examples for potential names. What I want to emphasize is that to use the term Bitcoin (and derivatives) for both the network and the units is, in my opinion , a bad idea.
sr. member
Activity: 294
Merit: 250
This bull will try to shake you off. Hold tight!
Nice post, I like mB, I have 1000 mB, is like having 1000 USD. And it's 10 bitcoins. Easy to remember.
Now that the price has been stable at ~0.1 USD/mBTC, everyone should be thinking in terms of mBTC (or mXBT if you like that more). If we think bitcoin is here to stay, there is just no reason to stick to the old BTC unit.
Oh and I like being a µBTC millionaire!
Oh and I like being a µBTC millionaire!
Here is what we use
1 drop of bitcoins = 1 satoshi = 0.00001 mBTC = 0.00000001 BTC
1 teaspoon of bitcoins = 120 satoshi = 0.0012 mBTC = 0.00000120 BTC
1 dessertspoon of bitcoins = 240 satoshi = 0.0024 mBTC = 0.00000240 BTC
1 tablespoon of bitcoins = 360 satoshi = 0.0036 mBTC = 0.00000360 BTC
1 cup of bitcoins = 5400 satoshi = 0.054 mBTC = 0.00005400 BTC
1 pint of bitcoins = 10800 satoshi = 0.108 mBTC = 0.00010800 BTC
1 quart of bitcoins = 21600 satoshi = 0.216 mBTC = 0.00021600 BTC
1 peck of (dry) bitcoins = 172800 satoshi = 1.728 mBTC = 0.00172800 BTC
1 hand-full of bitcoins = 20736000 satoshi = 207.36 mBTC = 0.20736000 BTC
1 piggy bank of bitcoins = 44375040 satoshi = 443.7504 mBTC = 0.4437504 BTC
1 black leather case (german made) of bitcoins = 995328000 satoshi = 9953.28 mBTC = 9.95328 BTC
1 shovel of bitcoins = 2388787200 satoshi = 23887.87 mBTC = 23.88787 BTC
1 bag of bitcoins = 7882997760 satoshi = 78829.9776 mBTC = 78.8299776 BTC
1 wheelbarrow of bitcoins = 33108590592 satoshi = 331085.90592 mBTC = 331.08590592 BTC
1 double cherry truck of bitcoins = 960149127168 satoshi = 9601491.27168 mBTC = 9601.49127168 BTC
mBTC conversion for tortilla.
1 drop of bitcoins = 1 satoshi = 0.00001 mBTC = 0.00000001 BTC
1 teaspoon of bitcoins = 120 satoshi = 0.0012 mBTC = 0.00000120 BTC
1 dessertspoon of bitcoins = 240 satoshi = 0.0024 mBTC = 0.00000240 BTC
1 tablespoon of bitcoins = 360 satoshi = 0.0036 mBTC = 0.00000360 BTC
1 cup of bitcoins = 5400 satoshi = 0.054 mBTC = 0.00005400 BTC
1 pint of bitcoins = 10800 satoshi = 0.108 mBTC = 0.00010800 BTC
1 quart of bitcoins = 21600 satoshi = 0.216 mBTC = 0.00021600 BTC
1 peck of (dry) bitcoins = 172800 satoshi = 1.728 mBTC = 0.00172800 BTC
1 hand-full of bitcoins = 20736000 satoshi = 207.36 mBTC = 0.20736000 BTC
1 piggy bank of bitcoins = 44375040 satoshi = 443.7504 mBTC = 0.4437504 BTC
1 black leather case (german made) of bitcoins = 995328000 satoshi = 9953.28 mBTC = 9.95328 BTC
1 shovel of bitcoins = 2388787200 satoshi = 23887.87 mBTC = 23.88787 BTC
1 bag of bitcoins = 7882997760 satoshi = 78829.9776 mBTC = 78.8299776 BTC
1 wheelbarrow of bitcoins = 33108590592 satoshi = 331085.90592 mBTC = 331.08590592 BTC
1 double cherry truck of bitcoins = 960149127168 satoshi = 9601491.27168 mBTC = 9601.49127168 BTC
mBTC conversion for tortilla.
I lol'd
especially @ "1 peck of (dry) " ... BAHAHAHAHA
This old chestnut ... ... in computing age most people using computer are now familiar with kilo, mega and giga ... RAM, cpu HZ, networkspeeds, HD capacities, etc ... (millis, micros, nanos only specifically used)
==>
1 bitcoin = 100 megasatoshi
0.01 bitcoin = 1 megasatoshi
0.00001 bitcoin = 1 kilosatoshi
0.00000001 bitcoin = 1 satoshi
If we start using the base unit now then scaling down will enable using the familiar scientific positive exponent order of magnitude nomenclature ...
Also I just like the sound MEGAsatoshi
and just for Vladimir:
(NB : 10 bitcoin = 1 gigasatoshi ... )
... in computing age most people using computer are now familiar with kilo, mega and giga ... RAM, cpu HZ, networkspeeds, HD capacities, etc ... (millis, micros, nanos only specifically used)==>
1 bitcoin = 100 megasatoshi
0.01 bitcoin = 1 megasatoshi
0.00001 bitcoin = 1 kilosatoshi
0.00000001 bitcoin = 1 satoshi
If we start using the base unit now then scaling down will enable using the familiar scientific positive exponent order of magnitude nomenclature ...
Also I just like the sound MEGAsatoshi
and just for Vladimir:
(NB : 10 bitcoin = 1 gigasatoshi ... )
I created a new thread where I'd like to discuss the use of a 'Gavin' as a substitute name for 0.01BTC (or 'BitCent') at https://bitcointalksearch.org/topic/denominating-a-bitcent-as-a-gavin-198618
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