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Date: Thu, 13 Mar 2014 10:18:51 -0700
From: Mark Friedenbach <mark@monetize.io>
Organization: Monetize.io Inc.
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Subject: Re: [Bitcoin-development] moving the default display to mbtc
Precedence: list

This ship may have already sailed, but...

Using milli- and micro- notation for currency units is also not very
well supported. Last time this thread was active, I believe there was a
suggestion to use 1 XBT == 1 uBTC. This would bring us completely within
the realm of supported behavior in accounting applications.

On 03/13/2014 09:29 AM, Jeff Garzik wrote:
> On Thu, Mar 13, 2014 at 12:14 PM, Alan Reiner <etotheipi@gmail.com> wrote:
>> 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.
> 
> mBTC now just means the issue -will- be revisited in the future.  Just
> a question of when, not if.
> 
> People and software in various nations handle big numbers for small
> values (e.g. Yen) just fine.
> People and software do -not- handle extra decimal places well, field
> experience shows.
> 
> <vendor hat: on>  To roll out QuickBooks support --without converting
> any numbers, a key financial attribute-- mBTC is simply insufficient
> today, not in the future.
> 
> I also argue that it is a security risk, as follows:  To support
> accounting packages limited to 2 decimal places, decimal point
> conversion must be performed.  This produces a situation where your
> accounting system shows numbers that do not visually match the numbers
> in the bitcoin software.  That, in turn, making auditing more
> difficult, particularly for outsiders.
> 
> Shipping with mBTC defaults was decidedly unwise, considering that --
> like BTC -- it fails to solve existing, known problems that uBTC can
> solve, and considering the inevitable mBTC->uBTC switch.
>