📅 Original date posted:2014-03-14 📝 Original ...

2023-06-07T15:15:31Z

In reply to nevent1q…jmav
_________________________

📅 Original date posted:2014-03-14
📝 Original message:>You give them a hard to interpret thing like mBTC and then wonder why
>they rather look at local currency. Because the choices you gave them are
bad.

I don't think this is particularly true. The options people are given are
all good in this case and all have their merits. The reason people are
converting to fiat using the exchange rates is because right now the
exchanges define its value. People have no intuitive idea that a loaf of
bread cost X BTC. This isn't going to change anytime soon.

In my opinion it doesn't really matter what denomination you use. If we
switched to micro we would have 3 extra digits we would be working with on
a daily basis which have very little significance. But thats just a western
point of view and people could adapt.

The real problems are that millibitcoin and microbitcoin are hard to say
loud and the both start with 'm' not too many people have a mu key on their
keyboard. Even Bitcoin is not nice to say. it has two very hard sounds
together in the middle of the word.

It would be far easier if we had a system like one ham is 1000 bits, one
bacon is 1000 hams.

Clearly a ridiculous example but try saying and you'll realize how much
easier it is to describe things not that they are clearly differentiable
words that are easy to say.

I like bits as the lowest one. But its not something you can decide. The
common names will have to develop naturally and in all likelihood will
differ between regions (I know I know we must keep it standardized but what
might be easy to say in North America probably isn't as easy elsewhere.)

So give people the options (Let them transact on their own terms). I would
say restrict it to BTC milli and micro in the settings that will help nudge
people towards even different regions simply having different names for the
same quantity as opposed to some place having 10 hams as a pixie.

On 14 March 2014 10:14, Tamas Blummer <tamas at bitsofproof.com> wrote:

> You give them a hard to interpret thing like mBTC and then wonder why
> they rather look at local currency. Because the choices you gave them are
> bad.
>
> I think Bitcoin would have a better chance to be percieved as a currency
> of its own if it had prices and fractions like currencies do.
>
> 3.558 mBTC or 0.003578 BTC will never be as accepted as 3558 bits would be.
>
>
> Tamas Blummer
> Bits of Proof
>
> On 14.03.2014, at 15:05, Andreas Schildbach <andreas at schildbach.de> wrote:
>
> > btw. None of Bitcoin Wallet's users complained about confusion because
> > of the mBTC switch. In contrast, I get many mails and questions if
> > exchange rates happen to differ by >10%.
> >
> > I suspect nobody looks at the Bitcoin price. It's the amount in local
> > currency that matters to the users.
> >
> >
> > On 03/13/2014 02:40 PM, Andreas Schildbach wrote:
> >> Indeed. And users were crying for mBTC. Nobody was asking for µBTC.
> >>
> >> I must admit I was not aware if this thread. I just watched other
> >> wallets and at some point decided its time to switch to mBTC.
> >>
> >>
> >> On 03/13/2014 02:31 PM, Mike Hearn wrote:
> >>> The standard has become mBTC and that's what was adopted. It's too late
> >>> to try and sway this on a mailing list thread now.
> >>>
> >>>
> >>> On Thu, Mar 13, 2014 at 2:29 PM, Gary Rowe <g.rowe at froot.co.uk
> >>> <mailto:g.rowe at froot.co.uk>> wrote:
> >>>
> >>> The MultiBit HD view is that this is a locale-sensitive presentation
> >>> issue. As a result we offer a simple configuration panel giving
> >>> pretty much every possible combination: icon, m+icon, μ+icon, BTC,
> >>> mBTC, μBTC, XBT, mXBT, μXBT, sat along with settings for
> >>> leading/trailing symbol, commas, spaces and points. This allows
> >>> anyone to customise to meet their own needs beyond the offered
> default.
> >>>
> >>> We apply the NIST guidelines for representation of SI unit symbols
> >>> (i.e no conversion to native language, no RTL giving icon+m etc).
> >>>
> >>> Right now MultiBit HD is configured to use m+icon taken from the
> >>> Font Awesome icon set. However reading earlier posts it seems
> >>> that μ+icon is more sensible.
> >>>
> >>> Let us know what you'd like.
> >>>
> >>> Links:
> >>> m+icon screenshot: http://imgur.com/a/WCDoG
> >>> Font Awesome icon:
> http://fortawesome.github.io/Font-Awesome/icon/btc/
> >>> NIST SI guidelines: http://physics.nist.gov/Pubs/SP811/sec07.html
> >>>
> >>>
> >>> On 13 March 2014 12:56, Jeff Garzik <jgarzik at bitpay.com
> >>> <mailto:jgarzik at bitpay.com>> wrote:
> >>>
> >>> Resurrecting this topic. Bitcoin Wallet moved to mBTC several
> weeks
> >>> ago, which was disappointing -- it sounded like the consensus
> was
> >>> uBTC, and moving to uBTC later --which will happen-- may result
> in
> >>> additional user confusion, thanks to yet another decimal place
> >>> transition.
> >>>
> >>>
> >>>
> >>> On Sun, Nov 17, 2013 at 9:28 PM, Wendell <w at grabhive.com
> >>> <mailto:w at grabhive.com>> wrote:
> >>>> We're with uBTC too. Been waiting for the signal to do this,
> >>> let's do it right after the fee system is improved.
> >>>>
> >>>> -wendell
> >>>>
> >>>> grabhive.com <http://grabhive.com>; | twitter.com/hivewallet
> >>> <http://twitter.com/hivewallet>; | gpg: 6C0C9411
> >>>>
> >>>> On Nov 15, 2013, at 6:03 AM, Jeff Garzik wrote:
> >>>>
> >>>>> Go straight to uBTC. Humans and existing computer systems
> >>> handle numbers to
> >>>>> the left of the decimals just fine (HK Dollars, Yen). The
> >>> opposite is
> >>>>> untrue (QuickBooks really does not like 3+ decimal places).
> >>>>
> >>>
> >>>
> >>>
> >>> --
> >>> Jeff Garzik
> >>> Bitcoin core developer and open source evangelist
> >>> BitPay, Inc. https://bitpay.com/
> >>>
> >>>
> ------------------------------------------------------------------------------
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> >>> _______________________________________________
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> >>>
> https://lists.sourceforge.net/lists/listinfo/bitcoin-development
> >>>
> >>>
> >>>
> >>>
> ------------------------------------------------------------------------------
> >>> 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/13534_NeoTech
> >>> _______________________________________________
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> >>>
> >>>
> >>>
> >>>
> >>>
> ------------------------------------------------------------------------------
> >>> 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/13534_NeoTech
> >>>
> >>>
> >>>
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> >>>
> >>
> >>
> >>
> >>
> ------------------------------------------------------------------------------
> >> 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/13534_NeoTech
> >> _______________________________________________
> >> Bitcoin-development mailing list
> >> Bitcoin-development at lists.sourceforge.net
> >> https://lists.sourceforge.net/lists/listinfo/bitcoin-development
> >>
> >
> >
> >
> >
> ------------------------------------------------------------------------------
> > 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/13534_NeoTech
> > _______________________________________________
> > Bitcoin-development mailing list
> > Bitcoin-development at lists.sourceforge.net
> > https://lists.sourceforge.net/lists/listinfo/bitcoin-development
>
>
>
> ------------------------------------------------------------------------------
> 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/13534_NeoTech
> _______________________________________________
> Bitcoin-development mailing list
> Bitcoin-development at lists.sourceforge.net
> https://lists.sourceforge.net/lists/listinfo/bitcoin-development
>
>

--
Tyler Jackson
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📅 Original date posted:2014-03-14 📝 Original ...