Re: [Bitcoin-development] moving the default display to mbtc

[Allen Piscitello <allen.piscitello@gmail.com>]

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Obviously the answer is to just display all fees and trading rates as BTC
or MBTC (.0000005 MBTC fee? how cheap!).  On a more serious note, the
transition should definitely be thought out well as it could be very
damaging to have this confusion, but I would prefer to do it only once
rather than twice.


On Thu, Nov 14, 2013 at 4:00 PM, Alan Reiner <etotheipi@gmail.com> wrote:

>  Just keep in mind it will be a little awkward that 54.3 uBTC is the
> smallest unit that can be transferred [easily] and the standard fees are
> 500 uBTC.    It's not a deal breaker, it's just something that needs to be
> taken into consideration when it comes to user perception (which is one of
> the reasons we would make such a change in the first place).
>
> "Holy crap these fees are huge!  I thought Bitcoin didn't have fees!"
>
>
>
> On 11/14/2013 04:55 PM, Allen Piscitello wrote:
> > I also would prefer to go straight to uBTC as the "standard wallet
> unit".    It works out perfectly with Satoshi's being the decimal units.
> Something that costs $10USD would be 25000uBTC.  This isn't a problem for a
> place like South Korea, where 10USD is about 10,000 Won, so we aren't even
> off on a scale of usable currencies in major economies.
> >
> > The downsides are obviously confusion (causing mistakes resulting in
> lost coins), and possibly from a psychological perspective on price (uBTC
> are worthless!).  On the other hand, it also might help people feel like
> they are getting in on the ground floor still (I own 100,000 uBTC!), and
> reduce the perception the Bitcoins are not divisible (I have heard several
> people worry that 21 million is not enough units).
> >
> > Alan's ideas for compatibility with multiple fields will also be helpful
> to solving the confusion issue.
> >
> >
> >
> > On Thu, Nov 14, 2013 at 3:15 PM, Mark Friedenbach <mark@monetize.io
> <mailto:mark@monetize.io> <mark@monetize.io>> wrote:
> >
>
> For this reason I'm in favor of skipping mBTC and moving straight to
> uBTC. Having eight, or even five decimal places is not intuitive to
> the average user. Two decimal places is becoming standard for new
> national currencies, and we wouldn't be too far from human scale
> everyday numbers: 25.00uBTC ~= $0.01 currently. And I don't think very
> many people on this list would consider bitcoin overvalued in the long
> term perspective.
>
> Better to go through a confusing renumbering only once.
>
> Mark
>
> On 11/14/13 12:01 PM, Alan Reiner wrote:
> > ... I'm also of the opinion that it's freakin' hard to change the
> > base unit in such an established system.  There is no easy way to
> > do this that doesn't cause more heartache than it's worth...
>
> >
>
> >
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