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

Chris D'Costa chris.dcosta at meek.io
Wed Apr 23 11:48:14 UTC 2014


I have a rather off-beat suggestion. Perhaps decimal was not satoshi's intention.

In old English money 1 guinea is 21 shillings. I wonder if 1 million guineas is more or less the total number of bitcoins = 21 million shillings. There was also the notion of bits (two bob bits = 1 florin = 2 shillings). I quite like the idea as it's absolutely not expected.

Old English money is a funny mix of decimal and imperial (base12) measures but may have some interesting properties, one of which would be to have multiple names for overlapping "layers" not just the 2 or 3 that has been mentioned here and elsewhere.

I wonder in the long run if this will not just naturally occur anyway.

Regards

Chris D'Costa

Email: chris_dcosta at meek.io

Sent from my iPhone

> On 23 Apr 2014, at 11:56, Tamas Blummer <tamas at bitsofproof.com> wrote:
> 
> The problem is µBTC that bit tries to solve. 
> 
> BTC, mBTC and µBTC are just too similiar for enyone else than engineers. The mixed use of them leads to misunderstanding. 
> I think adoption would benefit of a single unit with easily remembered and associated name that has no smaller than 1/100 fractions called satoshis.
> 
> Regards,
> 
> Tamás Blummer
> Founder, CEO
> <email.png>
> http://bitsofproof.com
> 
>> On 23.04.2014, at 11:44, Danny Hamilton <danny.hamilton at gmail.com> wrote:
>> 
>> It seems to me that xbit is no more distinct or intuitive than µbit. In either case it's simply an arbitrary character in front of the word "bit".  Of course, for the majority of the world familiar with SI, the µ actually adds additional meaning that is lost with the x.
>> 
>> Furthermore, given the multiple concerns voiced about the overuse of the word "bit", µBTC seems to solve the problem.
>> 
>> Since we are talking about how it would be displayed in software, we don't need to be concerned about how people will pronounce it, or what the nickname will be.  If most of the wallets start displaying amounts in µBTC quantities, it will be obvious that a µBTC is a different magnitude than a BTC.  Nobody is going to look at their 100,000 µBTC balance and think they have 100,000 BTC. People will immediately make the mental adjustment to the new order of magnitude even if they don't specifically know that µ means micro, or that micro means 1e-6.
>> 
>> Nicknames will form organically (much like buck, fin, large, k, grand, and benny for U.S. currency), I've always been partial to milly (or millie) and mike (or micky) as nicknames for mBTC and µBTC.  I've personally used those when speaking with people, and they seem to catch on pretty quickly.
>> 
>> As has already been mentioned, you're going to be hard pressed to find software that denotes U.S. balances in "bucks".  There isn't any good reason to be coding a nickname like "bit", "xbit", or "mike" into wallet software.
>> 
>> -  Danny Hamilton
>> 
>> 
>>> On Tue, Apr 22, 2014 at 8:51 AM, Aaron Axvig <aaron at axvigs.com> wrote:
>>> That piece of horse equipment is called a bit in the US too.  But the point
>>> stands: most people don't use "bit" on a daily basis other than referring to
>>> "a little bit of <something>."
>>> 
>>> -----Original Message-----
>>> From: Wladimir [mailto:laanwj at gmail.com]
>>> Sent: Sunday, April 20, 2014 11:27 AM
>>> To: Chris Pacia
>>> Cc: Bitcoin Dev
>>> Subject: Re: [Bitcoin-development] "bits": Unit of account
>>> 
>>> On Sun, Apr 20, 2014 at 6:19 PM, Chris Pacia <ctpacia at gmail.com> wrote:
>>> > The term bit is really only overloaded for those who are techy. 95% of
>>> > the population never uses the term bit in their daily lives and I
>>> > doubt most could even name one use of the term.
>>> > Plus bit used to be a unit of money way back when, so this is kind of
>>> > reclaiming it. I think it's a great fit.
>>> 
>>> That's a very anglocentric way of thinking.
>>> 
>>> Here in the Netherlands, a "bit" is something you put in a horses's mouth.
>>> It's also used as imported word (in the information sense).
>>> We've never used the term for money.
>>> 
>>> Wladimir
>>> 
>>> ----------------------------------------------------------------------------
>>> --
>>> Learn Graph Databases - Download FREE O'Reilly Book "Graph Databases" is the
>>> definitive new guide to graph databases and their applications. Written by
>>> three acclaimed leaders in the field, this first edition is now available.
>>> Download your free book today!
>>> http://p.sf.net/sfu/NeoTech
>>> _______________________________________________
>>> Bitcoin-development mailing list
>>> Bitcoin-development at lists.sourceforge.net
>>> https://lists.sourceforge.net/lists/listinfo/bitcoin-development
>>> 
>>> ------------------------------------------------------------------------------
>>> Start Your Social Network Today - Download eXo Platform
>>> Build your Enterprise Intranet with eXo Platform Software
>>> Java Based Open Source Intranet - Social, Extensible, Cloud Ready
>>> Get Started Now And Turn Your Intranet Into A Collaboration Platform
>>> http://p.sf.net/sfu/ExoPlatform
>>> _______________________________________________
>>> Bitcoin-development mailing list
>>> Bitcoin-development at lists.sourceforge.net
>>> https://lists.sourceforge.net/lists/listinfo/bitcoin-development
>> 
>> ------------------------------------------------------------------------------
>> Start Your Social Network Today - Download eXo Platform
>> Build your Enterprise Intranet with eXo Platform Software
>> Java Based Open Source Intranet - Social, Extensible, Cloud Ready
>> Get Started Now And Turn Your Intranet Into A Collaboration Platform
>> http://p.sf.net/sfu/ExoPlatform_______________________________________________
>> Bitcoin-development mailing list
>> Bitcoin-development at lists.sourceforge.net
>> https://lists.sourceforge.net/lists/listinfo/bitcoin-development
> 
> ------------------------------------------------------------------------------
> Start Your Social Network Today - Download eXo Platform
> Build your Enterprise Intranet with eXo Platform Software
> Java Based Open Source Intranet - Social, Extensible, Cloud Ready
> Get Started Now And Turn Your Intranet Into A Collaboration Platform
> http://p.sf.net/sfu/ExoPlatform
> _______________________________________________
> Bitcoin-development mailing list
> Bitcoin-development at lists.sourceforge.net
> https://lists.sourceforge.net/lists/listinfo/bitcoin-development
-------------- next part --------------
An HTML attachment was scrubbed...
URL: <http://lists.linuxfoundation.org/pipermail/bitcoin-dev/attachments/20140423/9fdf8596/attachment.html>


More information about the bitcoin-dev mailing list