📅 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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Ben Davenport [ARCHIVE] /
npub1qa…wrrvp
2023-06-07 15:15:39
in reply to nevent1q…7fhd
Author Public Key
npub1qa67gm2kyrqt7sldhzeppu5hq2ajx80y8f5rs9z6f34pjce03lms4wrrvpPublished at
2023-06-07 15:15:39Event JSON
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"content": "📅 Original date posted:2014-03-13\n📝 Original message:Another vote in support of uBTC. I made my position clear in May of last\nyear. Since then, Dogecoin has essentially PROVEN the psychological value\nof a low-valued large-balance currency.\n\n(From: https://bitcointalk.org/index.php?topic=220322.msg2334059#msg2334059)\n\n\"The whole unit change seems so disruptive and difficult to coordinate now\n-- do we really want to have to deal with another one later when there are\nway more people to try to coordinate? I really think we should look to the\nendgame and figure out where we want to be.\n\n\"I'd propose moving to uB (micro-bitcoin = 1e-6) as the standard unit now\nand forever. For now, it can be referred to as uB or uBTC, but over time,\nonce it's ubiquitous, it should just be called a bitcoin. Because the\nsmallest unit is the satoshi (1e-8), this means uB-denominated prices would\nget 2 decimal places maximum, which is the most that any consumer wants to\ndeal with anyway.\n\n\"At the same time, I'd propose inverting the exchange rate, so instead of\nquoting uB/USD = .00013, it would be quoted as USD/uB = 7692. This is\nexactly the same way Yen are quoted relative to USD (USDJPY = 100.66), and\nis also the same way other private virtual currencies such as WoW gold are\nquoted.\"\n\n\n\n\n\nOn Thu, Mar 13, 2014 at 11:29 AM, Mike Hearn \u003cmike at plan99.net\u003e wrote:\n\n\u003e You would only need to change it if there was a sub-satoshi hardfork,\n\u003e\u003e which doesn't seem necessary anytime soon.\n\u003e\u003e\n\u003e\n\u003e +\n\u003e\n\u003e We shouldn't make any assumptions about the future price of bitcoin to\n\u003e\u003e make the decision.\n\u003e\u003e\n\u003e\n\u003e Hmmm ;) Didn't you just make an assumption about the future price?\n\u003e\n\u003e\n\u003e\u003e This sounds very US-centric to me. Aren't you thinking in usd?\n\u003e\u003e\n\u003e\n\u003e The currencies I'm familiar with are CHF, USD, EUR and GBP, which all have\n\u003e roughly similar values. I guess such currencies make up the bulk of the\n\u003e Bitcoin userbase at the moment.\n\u003e\n\u003e\n\u003e\u003e \"People seem to like mBTC\" is just an ad populum fallacy: millions of\n\u003e\u003e flies can actually be wrong. Also you haven't showed them micros,\n\u003e\u003e maybe they like it too.\n\u003e\n\u003e\n\u003e Saying \"it's already popular and would take work to change\" is not really\n\u003e a fallacy now, is it?\n\u003e\n\u003e But anyway, this is getting silly. You don't have to convince me. Go visit\n\u003e all the services I listed above, plus all the ones I didn't find in my five\n\u003e minutes of searching, and convince them they're wrong like the flies and\n\u003e switching is the best use of their time :o\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/20140313/9a96164a/attachment.html\u003e",
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