📅 Original date posted:2014-03-13
📝 Original message:On Thu, Mar 13, 2014 at 04:50:14PM +0100, Mike Hearn wrote:
> On Thu, Mar 13, 2014 at 3:32 PM, Jeff Garzik <jgarzik at bitpay.com> wrote:
>
> > Such hand-wavy, data-free logic is precisely why community
> > coordination is preferred to random apps making random decisions in
> > this manner.
> >
>
> That ship sailed months ago. If you wanted a big push for uBTC, then would
> have been the time. Though given that it'd have made lots of normal
> balances incredibly huge, perhaps it's a good thing that didn't happen.
> Also "milli" is a unit people encounter in daily life whereas micro isn't.
> Is it milli / micro / nano or milli / nano / micro? I bet a lot of people
> would get that wrong.
I think the ship of hand-wavy, data-free logic sailed with
'money supply == 21 million', so why not enjoy the ride? If we care about
real people and real use cases, then let's talk about indexing the money
supply to some blockchain-observable value and add demurrage instead of
of bikeshedding the color of the latest coat of paint.
>
> If you have to export to financial packages that can't handle fractional
> pennies, then by all means represent prices in whatever units you like for
> that purpose, but in software designed for ordinary people in everyday life
> mBTC is a pretty good fit.
>
> Besides, fractional pennies crop up in existing currencies too (the famous
> Verizon Math episode showed this), so if a financial package insists on
> rounding to 2dp then I guess it may sometimes do the wrong thing in some
> business cases already.
>
> Fundamentally, more than two decimal places tends to violate the
> > Principle Of Least Astonishment with many humans, and as a result,
> > popular software systems have been written with that assumption.
>
>
> Lots of people use currencies that don't have any fractional components at
> all ! So perhaps all prices should be denominated in satoshis to ensure
> that they're not surprised :)
I'm surprised every time I pull up to a gas pump and the price is 3.249999
per gallon. But I don't really care what the price is, as long as there's
an e85 pump. If I could pay at the pump with bitcoin, I wouldn't even look
at the price, I'd only care if my tank got filled up or if I have to drive
slower to get better mileage.
Hell, I'd have an app that would tell me what gas station to go to that got
me the best miles per bitcoin based on where I actually wanted to go.
Troy Benjegerdes [ARCHIVE] /
npub1m6…rdjn5
2023-06-07 15:15:33
in reply to nevent1q…fmjn
Author Public Key
npub1m6p5kgcd428x6pxyfege98zjmlwrdhp0gyz6pdnsvrvalscddnxqurdjn5Published at
2023-06-07 15:15:33Event JSON
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"content": "📅 Original date posted:2014-03-13\n📝 Original message:On Thu, Mar 13, 2014 at 04:50:14PM +0100, Mike Hearn wrote:\n\u003e On Thu, Mar 13, 2014 at 3:32 PM, Jeff Garzik \u003cjgarzik at bitpay.com\u003e wrote:\n\u003e \n\u003e \u003e Such hand-wavy, data-free logic is precisely why community\n\u003e \u003e coordination is preferred to random apps making random decisions in\n\u003e \u003e this manner.\n\u003e \u003e\n\u003e \n\u003e That ship sailed months ago. If you wanted a big push for uBTC, then would\n\u003e have been the time. Though given that it'd have made lots of normal\n\u003e balances incredibly huge, perhaps it's a good thing that didn't happen.\n\u003e Also \"milli\" is a unit people encounter in daily life whereas micro isn't.\n\u003e Is it milli / micro / nano or milli / nano / micro? I bet a lot of people\n\u003e would get that wrong.\n\nI think the ship of hand-wavy, data-free logic sailed with \n'money supply == 21 million', so why not enjoy the ride? If we care about\nreal people and real use cases, then let's talk about indexing the money \nsupply to some blockchain-observable value and add demurrage instead of \nof bikeshedding the color of the latest coat of paint.\n\n\u003e \n\u003e If you have to export to financial packages that can't handle fractional\n\u003e pennies, then by all means represent prices in whatever units you like for\n\u003e that purpose, but in software designed for ordinary people in everyday life\n\u003e mBTC is a pretty good fit.\n\u003e \n\u003e Besides, fractional pennies crop up in existing currencies too (the famous\n\u003e Verizon Math episode showed this), so if a financial package insists on\n\u003e rounding to 2dp then I guess it may sometimes do the wrong thing in some\n\u003e business cases already.\n\u003e \n\u003e Fundamentally, more than two decimal places tends to violate the\n\u003e \u003e Principle Of Least Astonishment with many humans, and as a result,\n\u003e \u003e popular software systems have been written with that assumption.\n\u003e \n\u003e \n\u003e Lots of people use currencies that don't have any fractional components at\n\u003e all ! So perhaps all prices should be denominated in satoshis to ensure\n\u003e that they're not surprised :)\n\nI'm surprised every time I pull up to a gas pump and the price is 3.249999\nper gallon. But I don't really care what the price is, as long as there's \nan e85 pump. If I could pay at the pump with bitcoin, I wouldn't even look\nat the price, I'd only care if my tank got filled up or if I have to drive\nslower to get better mileage.\n\nHell, I'd have an app that would tell me what gas station to go to that got\nme the best miles per bitcoin based on where I actually wanted to go.",
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