Ben Davenport [ARCHIVE] on Nostr: 📅 Original date posted:2014-03-13 📝 Original message:Another vote in support of ...
📅 Original date posted:2014-03-13
📝 Original message:Another vote in support of uBTC. I made my position clear in May of last
year. Since then, Dogecoin has essentially PROVEN the psychological value
of a low-valued large-balance currency.
(From: https://bitcointalk.org/index.php?topic=220322.msg2334059#msg2334059)
"The whole unit change seems so disruptive and difficult to coordinate now
-- do we really want to have to deal with another one later when there are
way more people to try to coordinate? I really think we should look to the
endgame and figure out where we want to be.
"I'd propose moving to uB (micro-bitcoin = 1e-6) as the standard unit now
and forever. For now, it can be referred to as uB or uBTC, but over time,
once it's ubiquitous, it should just be called a bitcoin. Because the
smallest unit is the satoshi (1e-8), this means uB-denominated prices would
get 2 decimal places maximum, which is the most that any consumer wants to
deal with anyway.
"At the same time, I'd propose inverting the exchange rate, so instead of
quoting uB/USD = .00013, it would be quoted as USD/uB = 7692. This is
exactly the same way Yen are quoted relative to USD (USDJPY = 100.66), and
is also the same way other private virtual currencies such as WoW gold are
quoted."
On Thu, Mar 13, 2014 at 11:29 AM, Mike Hearn <mike at plan99.net> wrote:
> You would only need to change it if there was a sub-satoshi hardfork,
>> which doesn't seem necessary anytime soon.
>>
>
> +
>
> We shouldn't make any assumptions about the future price of bitcoin to
>> make the decision.
>>
>
> Hmmm ;) Didn't you just make an assumption about the future price?
>
>
>> This sounds very US-centric to me. Aren't you thinking in usd?
>>
>
> The currencies I'm familiar with are CHF, USD, EUR and GBP, which all have
> roughly similar values. I guess such currencies make up the bulk of the
> Bitcoin userbase at the moment.
>
>
>> "People seem to like mBTC" is just an ad populum fallacy: millions of
>> flies can actually be wrong. Also you haven't showed them micros,
>> maybe they like it too.
>
>
> Saying "it's already popular and would take work to change" is not really
> a fallacy now, is it?
>
> But anyway, this is getting silly. You don't have to convince me. Go visit
> all the services I listed above, plus all the ones I didn't find in my five
> minutes of searching, and convince them they're wrong like the flies and
> switching is the best use of their time :o
>
>
> ------------------------------------------------------------------------------
> 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
>
>
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📝 Original message:Another vote in support of uBTC. I made my position clear in May of last
year. Since then, Dogecoin has essentially PROVEN the psychological value
of a low-valued large-balance currency.
(From: https://bitcointalk.org/index.php?topic=220322.msg2334059#msg2334059)
"The whole unit change seems so disruptive and difficult to coordinate now
-- do we really want to have to deal with another one later when there are
way more people to try to coordinate? I really think we should look to the
endgame and figure out where we want to be.
"I'd propose moving to uB (micro-bitcoin = 1e-6) as the standard unit now
and forever. For now, it can be referred to as uB or uBTC, but over time,
once it's ubiquitous, it should just be called a bitcoin. Because the
smallest unit is the satoshi (1e-8), this means uB-denominated prices would
get 2 decimal places maximum, which is the most that any consumer wants to
deal with anyway.
"At the same time, I'd propose inverting the exchange rate, so instead of
quoting uB/USD = .00013, it would be quoted as USD/uB = 7692. This is
exactly the same way Yen are quoted relative to USD (USDJPY = 100.66), and
is also the same way other private virtual currencies such as WoW gold are
quoted."
On Thu, Mar 13, 2014 at 11:29 AM, Mike Hearn <mike at plan99.net> wrote:
> You would only need to change it if there was a sub-satoshi hardfork,
>> which doesn't seem necessary anytime soon.
>>
>
> +
>
> We shouldn't make any assumptions about the future price of bitcoin to
>> make the decision.
>>
>
> Hmmm ;) Didn't you just make an assumption about the future price?
>
>
>> This sounds very US-centric to me. Aren't you thinking in usd?
>>
>
> The currencies I'm familiar with are CHF, USD, EUR and GBP, which all have
> roughly similar values. I guess such currencies make up the bulk of the
> Bitcoin userbase at the moment.
>
>
>> "People seem to like mBTC" is just an ad populum fallacy: millions of
>> flies can actually be wrong. Also you haven't showed them micros,
>> maybe they like it too.
>
>
> Saying "it's already popular and would take work to change" is not really
> a fallacy now, is it?
>
> But anyway, this is getting silly. You don't have to convince me. Go visit
> all the services I listed above, plus all the ones I didn't find in my five
> minutes of searching, and convince them they're wrong like the flies and
> switching is the best use of their time :o
>
>
> ------------------------------------------------------------------------------
> 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
>
>
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