[Bitcoin-development] "bits": Unit of account

Alan Reiner etotheipi at gmail.com
Sun Apr 20 15:50:55 UTC 2014


I've been a staunch supporter of "microbitcoin" and would like to do
anything I can to make sure that we jump directly to it if we're going
to promote changing the default units.  And I'm happy to integrate it
into Armory as a default (with appropriate explanations and
settings/options).  I'm not so convinced about the "bits" name though --
I do like it, but I do also think that word is too overloaded.  Though,
I think we could get away with it. 

(Sadly, I still use "microbes" occasionally (as in *microb*itcoin) when
I'm talking to coworkers, because it slips off the tongue and is
actually a good combination of brevity and self-explanatory -- it just
doesn't instill the right visuals...)

We started integrating alternative units into Armory.  But, of course,
there were a few more loose ends than I expected, which will require
some work.   We want to put it in but not necessarily change the default
right away.  I'd /prefer/ we get some commitments from some other wallet
developers, so we can make a unified push for it.  I'm happy to lead
that and make it default as long as I'm not the only one in the world
doing it.

-Alan



On 04/20/2014 11:05 AM, Tamas Blummer wrote:
> Here is an earlier reference to bits:
>
> https://www.mail-archive.com/bitcoin-development%40lists.sourceforge.net/msg04248.html
> <https://www.mail-archive.com/bitcoin-development@lists.sourceforge.net/msg04248.html>
>
> I forgot that Alan Reiner was also supporting a unit equals to bits :
>
> https://www.mail-archive.com/bitcoin-development%40lists.sourceforge.net/msg04264.html
> <https://www.mail-archive.com/bitcoin-development@lists.sourceforge.net/msg04264.html>
>
> and here the earlier going back to March 2013 and a poll at that time
> pushing for XBT being 1 bit
>
> https://www.mail-archive.com/bitcoin-development%40lists.sourceforge.net/msg04256.html
> <https://www.mail-archive.com/bitcoin-development@lists.sourceforge.net/msg04256.html>
>
> Regards,
>
> Tamas Blummer
> http://bitsofproof.com
>
> On 20.04.2014, at 16:53, Pieter Wuille <pieter.wuille at gmail.com
> <mailto:pieter.wuille at gmail.com>> wrote:
>
>> I told him specifically to bring it here (on a pull request for
>> Bitcoin Core), as there is no point in making such convention changes
>> to just one client.
>>
>> I wasn't aware of any discussion about the "bits" proposal here before.
>>
>> On Sun, Apr 20, 2014 at 4:28 PM, Tamas Blummer <tamas at bitsofproof.com
>> <mailto:tamas at bitsofproof.com>> wrote:
>>> People on this list are mostly engineers who have no problem dealing
>>> with
>>> magnitudes and have rather limited empathy for people who have a problem
>>> with them.
>>> They also tend to think, that because they invented money 2.0 they
>>> would not
>>> need to care of finance's or people's current customs.
>>>
>>> The importance of their decisions in these questions will fade as people
>>> already use wallets other than the core.
>>>
>>> Bring this particular discussion elsewhere, to the wallet developer.
>>>
>>> BTW the topic was discussed here several times, you have my support
>>> and Jeff
>>> Garzik's.
>>>
>>> Regards,
>>>
>>> Tamas Blummer
>>> http://bitsofproof.com
>>>
>>> On 20.04.2014, at 15:15, Rob Golding <rob.golding at astutium.com> wrote:
>>>
>>> The average person is not going to be confident that the prefix they
>>> are using is the correct one,
>>>
>>>
>>> The use of any 'prefix' is one of choice and entirely unnecessary,
>>> and there
>>> are already established 'divisions' in u/mBTC for those that feel
>>> they need
>>> to use such things.
>>>
>>> people WILL send 1000x more or less than
>>> intended if we go down this road,
>>>
>>>
>>> Exceptionally unlikely - I deal every day with currencies with 0, 2
>>> and 3
>>> dp's in amount ranging from 'under 1 whole unit' to tens of
>>> thousands - Not
>>> once in 20 years has anyone ever 'sent' more or less than intended - oh,
>>> they've 'intended' to underpay just fine, but never *unintended*.
>>>
>>> I propose that users are offered a preference to denominate the
>>> Bitcoin currency in a unit called a bit. Where one bitcoin (BTC)
>>> equals one million bits (bits) and one bit equals 100 satoshis.
>>>
>>>
>>> I propose that for people unable to understand what a bitcoin is,
>>> they can
>>> just use satoshi's and drop this entire proposal.
>>>
>>> Rob
>>>
>>>
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>>
>
>
>
> ------------------------------------------------------------------------------
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> applications. Written by three acclaimed leaders in the field,
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> http://p.sf.net/sfu/NeoTech
>
>
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