📅 Original date posted:2014-03-13
📝 Original message:On 03/13/2014 10:32 AM, Jeff Garzik wrote:
> On Thu, Mar 13, 2014 at 9:53 AM, Mike Hearn <mike at plan99.net> wrote:
>> BitPay should use mBTC as well. Unless you can point to any major wallets,
>> exchanges or price watching sites that use uBTC by default?
>>
>> I think it is highly optimistic to assume we'll need another 1000x shift any
>> time soon. By now Bitcoin isn't obscure anymore. Lots of people have heard
> Such hand-wavy, data-free logic is precisely why community
> coordination is preferred to random apps making random decisions in
> this manner.
>
> mBTC is problematic because you do not need 1000x shift in value to
> produce annoyances for major accounting packages that are hard-limited
> to two decimal places. Further, spreadsheets hide information if
> formatting is configured naively -- that is, if formatting is
> configured for bitcoin the way it is configured for other currencies.
>
> 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.
>
I whole-heartedly agree with Jeff. micro-BTC was the way to go to end
user confusion and make things easier for software systems which are
designed to handle money (i.e. two decimal places). I also echo the
sentiment about people being able to handle large numbers well.
We've been working with Marty Zigman who's creating a Bitcoin plugin for
NetSuite accounting platform, and he was already forced to switch
micro-BTC long ago for exactly the reasons described above. I think the
system will track up to 3 decimal places without causing all sorts of
heartache and automatic rounding.
Of course, as Mike said, this ship may have already sailed, but if
there's any way to revisit this, I'm there. We're just about to do
another Armory release and could support this very easily.
Alan Reiner [ARCHIVE] /
npub1sm…mnq7h
2023-06-07 15:15:35
in reply to nevent1q…4zj3
Author Public Key
npub1sm6zhjmk5scuz294jmpkw99wwwjzetjgwp4fu4gn6utqgdz87hkqamnq7hSeen on
wss://relay.nostr.bandPublished at
2023-06-07 15:15:35Event JSON
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"content": "📅 Original date posted:2014-03-13\n📝 Original message:On 03/13/2014 10:32 AM, Jeff Garzik wrote:\n\u003e On Thu, Mar 13, 2014 at 9:53 AM, Mike Hearn \u003cmike at plan99.net\u003e wrote:\n\u003e\u003e BitPay should use mBTC as well. Unless you can point to any major wallets,\n\u003e\u003e exchanges or price watching sites that use uBTC by default?\n\u003e\u003e\n\u003e\u003e I think it is highly optimistic to assume we'll need another 1000x shift any\n\u003e\u003e time soon. By now Bitcoin isn't obscure anymore. Lots of people have heard\n\u003e Such hand-wavy, data-free logic is precisely why community\n\u003e coordination is preferred to random apps making random decisions in\n\u003e this manner.\n\u003e\n\u003e mBTC is problematic because you do not need 1000x shift in value to\n\u003e produce annoyances for major accounting packages that are hard-limited\n\u003e to two decimal places. Further, spreadsheets hide information if\n\u003e formatting is configured naively -- that is, if formatting is\n\u003e configured for bitcoin the way it is configured for other currencies.\n\u003e\n\u003e Fundamentally, more than two decimal places tends to violate the\n\u003e Principle Of Least Astonishment with many humans, and as a result,\n\u003e popular software systems have been written with that assumption.\n\u003e\n\nI whole-heartedly agree with Jeff. micro-BTC was the way to go to end\nuser confusion and make things easier for software systems which are\ndesigned to handle money (i.e. two decimal places). I also echo the\nsentiment about people being able to handle large numbers well. \n\nWe've been working with Marty Zigman who's creating a Bitcoin plugin for\nNetSuite accounting platform, and he was already forced to switch\nmicro-BTC long ago for exactly the reasons described above. I think the\nsystem will track up to 3 decimal places without causing all sorts of\nheartache and automatic rounding.\n\nOf course, as Mike said, this ship may have already sailed, but if\nthere's any way to revisit this, I'm there. We're just about to do\nanother Armory release and could support this very easily.",
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