📅 Original date posted:2014-03-13
📝 Original message:On 13 March 2014 16:50, Mike Hearn <mike at plan99.net> 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.
>
> 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 :)
>
> The (number) line has to be drawn somewhere. Wallets are free to suppress
> more than 2dp of precision and actually Andreas' app lets you choose your
> preferred precision. So I think in the end it won't matter a whole lot, if
> the defaults end up being wrong people can change them until wallet authors
> catch up.
>
+1 agree with Mike on everything
A couple of points:
1. bitcoinity already switched to mbtc aka millitbits (
https://en.bitcoin.it/wiki/MilliBit ) and it was positively recieved, they
got quite a few donations
2. If you watch Gavin's talk at the CFR he suggests the community comes to
a consensus through implementations rather than top down decision making
(If I understood correctly)
I think it's up to wallet maintainers whether to switch the default.
>
>
> ------------------------------------------------------------------------------
> 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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>
>
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Melvin Carvalho [ARCHIVE] /
npub1uv…saxrt
2023-06-07 15:15:34
in reply to nevent1q…d3ss
Author Public Key
npub1uvtfvcegcn9kds68r8he57emc480vqtx8t22kpsctxgjxae44gvsksaxrtSeen on
wss://relay.nostr.bandPublished at
2023-06-07 15:15:34Event JSON
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"content": "📅 Original date posted:2014-03-13\n📝 Original message:On 13 March 2014 16:50, Mike Hearn \u003cmike at plan99.net\u003e wrote:\n\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\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\u003e\n\u003e The (number) line has to be drawn somewhere. Wallets are free to suppress\n\u003e more than 2dp of precision and actually Andreas' app lets you choose your\n\u003e preferred precision. So I think in the end it won't matter a whole lot, if\n\u003e the defaults end up being wrong people can change them until wallet authors\n\u003e catch up.\n\u003e\n\n+1 agree with Mike on everything\n\nA couple of points:\n\n1. bitcoinity already switched to mbtc aka millitbits (\nhttps://en.bitcoin.it/wiki/MilliBit ) and it was positively recieved, they\ngot quite a few donations\n\n2. If you watch Gavin's talk at the CFR he suggests the community comes to\na consensus through implementations rather than top down decision making\n(If I understood correctly)\n\nI think it's up to wallet maintainers whether to switch the default.\n\n\n\n\u003e\n\u003e\n\u003e ------------------------------------------------------------------------------\n\u003e Learn Graph Databases - Download FREE O'Reilly Book\n\u003e \"Graph Databases\" is the definitive new guide to graph databases and their\n\u003e applications. Written by three acclaimed leaders in the field,\n\u003e this first edition is now available. Download your free book today!\n\u003e http://p.sf.net/sfu/13534_NeoTech\n\u003e _______________________________________________\n\u003e Bitcoin-development mailing list\n\u003e Bitcoin-development at lists.sourceforge.net\n\u003e https://lists.sourceforge.net/lists/listinfo/bitcoin-development\n\u003e\n\u003e\n-------------- next part --------------\nAn HTML attachment was scrubbed...\nURL: \u003chttp://lists.linuxfoundation.org/pipermail/bitcoin-dev/attachments/20140313/8d9f087b/attachment.html\u003e",
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