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

[Chris Pacia <ctpacia@gmail.com>]

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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.
On Apr 20, 2014 11:52 AM, "Alan Reiner" <etotheipi@gmail.com> wrote:

>  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@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@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@astutium.com><rob.golding@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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