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[2a00:1450:4864:20::630]) by gmr-mx.google.com with ESMTPS id 5b1f17b1804b1-4361e32d3ecsi3840815e9.0.2024.12.13.07.09.53 for (version=TLS1_3 cipher=TLS_AES_128_GCM_SHA256 bits=128/128); Fri, 13 Dec 2024 07:09:53 -0800 (PST) Received-SPF: pass (google.com: domain of gb@geoburke.com designates 2a00:1450:4864:20::630 as permitted sender) client-ip=2a00:1450:4864:20::630; Received: by mail-ej1-x630.google.com with SMTP id a640c23a62f3a-aa6a38e64e4so33170666b.0 for ; Fri, 13 Dec 2024 07:09:53 -0800 (PST) X-Gm-Gg: ASbGncutiIxs2L+IYwgr63E1dMrIt+NrvOd0rIbqwG3Od4qufcbf68Nm7s/uq1BZL15 t4vc7NiBIt4Y9oFPDGsWGCuzFPH1jOTtTRD9saA== X-Received: by 2002:a17:906:794e:b0:aa6:ac90:8658 with SMTP id a640c23a62f3a-aab778d5726mr109089166b.3.1734102592605; Fri, 13 Dec 2024 07:09:52 -0800 (PST) MIME-Version: 1.0 References: In-Reply-To: From: George Burke Date: Fri, 13 Dec 2024 11:09:16 -0400 Message-ID: Subject: Re: [bitcoindev] [BIP Proposal] Redefinition of the Bitcoin Unit to the Base Denomination To: Bitcoin Error Log Cc: bitcoindev@googlegroups.com Content-Type: multipart/alternative; boundary="0000000000000969e00629283912" X-Original-Sender: gb@geoburke.com X-Original-Authentication-Results: gmr-mx.google.com; dkim=pass header.i=@geoburke.com header.s=google header.b=hzdvqHNK; spf=pass (google.com: domain of gb@geoburke.com designates 2a00:1450:4864:20::630 as permitted sender) smtp.mailfrom=gb@geoburke.com; dara=pass header.i=@googlegroups.com Precedence: list Mailing-list: list bitcoindev@googlegroups.com; contact bitcoindev+owners@googlegroups.com List-ID: X-Google-Group-Id: 786775582512 List-Post: , List-Help: , List-Archive: , List-Unsubscribe: , X-Spam-Score: -0.7 (/) --0000000000000969e00629283912 Content-Type: text/plain; charset="UTF-8" Content-Transfer-Encoding: quoted-printable Interesting proposal John. While I understand the normie adoption psychology behind redenominating in inexpensive smaller units, what are the global mindshare ramifications of REDEFINING 1 BTC? The concern is the entire body of knowledge amassed through today (social posts, articles, books, videos etc) with references to existing denominal units bifurcates. -- *George Burke * *Co-founder, Portal * Silicon Valley Bitcoin , Organizer Co-founder, FounderPool San Juan, PR / San Francisco, CA Keybase || OneName *For security, encrypt with my PGP key * On Fri, Dec 13, 2024 at 10:50=E2=80=AFAM Bitcoin Error Log < bitcoinerrorlog@gmail.com> wrote: > Dear Bitcoin Community, > > I=E2=80=99d like to introduce a new BIP that aims to redefine the "bitcoi= n" unit > to match Bitcoin=E2=80=99s fundamental integer-based accounting. Under th= is > proposal, what has traditionally been called "1 BTC" (100,000,000 base > units) would instead be represented directly as 100 million bitcoins, whi= le > the smallest indivisible unit becomes the unit of reference=E2=80=94simpl= y "one > bitcoin." This change removes the complexity and confusion of representin= g > values with eight decimal places. > > *Key points:* > > - Redefines the "bitcoin" to the smallest indivisible unit tracked by > the protocol. > - Eliminates the need for decimal points, aligning displayed values, > and community understanding, with the integral nature of Bitcoin=E2=80= =99s > accounting. > - Simplifies mental arithmetic and reduces user confusion associated > with decimal-based representations. > - Future-proofs the display format by preventing the need for new > fractional denominations as Bitcoin adoption and valuation evolve. > - Has other various perks like mitigating unit bias, preventing > miseducation about Bitcoin's divisibility. > > This proposal also addresses alternative suggestions such as BIP=E2=80=AF= 176 > ("bits"), explaining why introducing another sub-unit still forces users = to > think in decimals and multiple denominations. By adopting an integer-only > display, we can provide a clearer, more intuitive, and ultimately more > durable representation of Bitcoin=E2=80=99s value. > > > *Full draft BIP Text:* > https://github.com/BitcoinAndLightningLayerSpecs/balls/blob/main/BIP%2021= Q.md > > Please share your comments here on the mailing list. I look forward to > refining this proposal based on community input. > > Thank you for your consideration, > > John Carvalho > bitcoinerrorlog@gmail.com > > -- > You received this message because you are subscribed to the Google Groups > "Bitcoin Development Mailing List" group. > To unsubscribe from this group and stop receiving emails from it, send an > email to bitcoindev+unsubscribe@googlegroups.com. > To view this discussion visit > https://groups.google.com/d/msgid/bitcoindev/CAE2fw6tjVQQT4mpvec2kQg45eLS= 7VemzQgUfW7Pghdk_Si3PpA%40mail.gmail.com > > . > --=20 You received this message because you are subscribed to the Google Groups "= Bitcoin Development Mailing List" group. To unsubscribe from this group and stop receiving emails from it, send an e= mail to bitcoindev+unsubscribe@googlegroups.com. To view this discussion visit https://groups.google.com/d/msgid/bitcoindev/= CAHYx7BuHHgYwCx%3D56Nmw%3D2-95c32WDAf8GKc8auoAbqp8JS8fw%40mail.gmail.com. --0000000000000969e00629283912 Content-Type: text/html; charset="UTF-8" Content-Transfer-Encoding: quoted-printable
Interesting proposal John. While I understand the nor= mie adoption psychology behind redenominating in inexpensive smaller units,= what are the global mindshare ramifications of REDEFINING 1 BTC? The conce= rn is the entire body of knowledge amassed through today (social posts, art= icles, books, videos etc) with references to existing denominal units bifur= cates.=C2=A0

--

G= eorge Burke=C2=A0
Co-founder,=C2=A0Portal=C2=A0
Silicon Valley Bitcoin, Organizer=C2=A0
Co-found= er,=C2=A0FounderPool=C2=A0

Sa= n Juan, PR / San Francisco, CA=C2=A0
Keybase= =C2=A0||=C2=A0OneName=C2=A0

For securi= ty, encrypt with my=C2=A0PGP key

=C2=A0


On Fri, D= ec 13, 2024 at 10:50=E2=80=AFAM Bitcoin Error Log <bitcoinerrorlog@gmail.com> wrote:
<= blockquote class=3D"gmail_quote" style=3D"margin:0px 0px 0px 0.8ex;border-l= eft:1px solid rgb(204,204,204);padding-left:1ex">

D= ear Bitcoin Community,

I=E2=80=99d like to introduce a new BIP that a= ims to redefine the "bitcoin" unit to match Bitcoin=E2=80=99s fun= damental integer-based accounting. Under this proposal, what has traditiona= lly been called "1 BTC" (100,000,000 base units) would instead be= represented directly as 100 million bitcoins, while the smallest indivisib= le unit becomes the unit of reference=E2=80=94simply "one bitcoin.&quo= t; This change removes the complexity and confusion of representing values = with eight decimal places.

Key points:

  • Re= defines the "bitcoin" to the smallest indivisible unit tracked by= the protocol.
  • Eliminates the need for decimal points, aligning dis= played values, and community understanding, with the integral nature of Bit= coin=E2=80=99s accounting.
  • Simplifies mental arithmetic and reduces= user confusion associated with decimal-based representations.
  • Futu= re-proofs the display format by preventing the need for new fractional deno= minations as Bitcoin adoption and valuation evolve.
  • Has other vario= us perks like mitigating unit bias, preventing miseducation about Bitcoin&#= 39;s divisibility.

This proposal also addresses alternative sug= gestions such as BIP=E2=80=AF176 ("bits"), explaining why introdu= cing another sub-unit still forces users to think in decimals and multiple = denominations. By adopting an integer-only display, we can provide a cleare= r, more intuitive, and ultimately more durable representation of Bitcoin=E2= =80=99s value.

Full draft BIP Text:
https://github.com/BitcoinAndLightningLayerSpecs/balls/blob/mai= n/BIP%2021Q.md

Please share your comments here on the mailing lis= t. I look forward to refining this proposal based on community input.

Thank you for your consideration,

John Carvalho
bitcoinerrorlog@gmail.com=

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