📅 Original date posted:2015-05-10 📝 Original message:> ...

2023-06-07T17:34:01+02:00

In reply to nevent1q…kqh5
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📅 Original date posted:2015-05-10
📝 Original message:> How much will that cost me?
> The network is hashing at 310PetaHash/sec right now.
> Takes 600 seconds to find a block, so 186,000PH per block
> 186,000 * 0.00038 = 70 extra PH
>
> If it takes 186,000 PH to find a block, and a block is worth 25.13 BTC
> (reward plus fees), that 70 PH costs:
> (25.13 BTC/block / 186,000 PH/block) * 70 PH = 0.00945 BTC
> or at $240 / BTC: $2.27
>
> ... so average transaction fee will have to be about ten cents ($2.27
> spread across 23 average-sized transactions) for miners to decide to
> stay at 600K blocks

Surely that's an *extra* $2.27 as you've already included .13BTC
($31.20) in fees in the calculation ?

Rob

📅 Original date posted:2014-04-20 📝 Original message:> ...

2023-06-07T17:18:53+02:00

In reply to nevent1q…4gms
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📅 Original date posted:2014-04-20
📝 Original message:> 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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📅 Original date posted:2015-05-10 📝 Original message:> ...

📅 Original date posted:2014-04-20 📝 Original message:> ...