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Date: Thu, 14 Nov 2013 17:00:29 -0500
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Subject: Re: [Bitcoin-development] moving the default display to mbtc
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Just keep in mind it will be a little awkward that 54.3 uBTC is the
smallest unit that can be transferred [easily] and the standard fees are
500 uBTC. It's not a deal breaker, it's just something that needs to
be taken into consideration when it comes to user perception (which is
one of the reasons we would make such a change in the first place).
"Holy crap these fees are huge! I thought Bitcoin didn't have fees!"
On 11/14/2013 04:55 PM, Allen Piscitello wrote:
> I also would prefer to go straight to uBTC as the "standard wallet unit". It works out
perfectly with Satoshi's being the decimal units. Something that costs
$10USD would be 25000uBTC. This isn't a problem for a place like South
Korea, where 10USD is about 10,000 Won, so we aren't even off on a scale
of usable currencies in major economies.
>
> The downsides are obviously confusion (causing mistakes resulting in
lost coins), and possibly from a psychological perspective on price
(uBTC are worthless!). On the other hand, it also might help people
feel like they are getting in on the ground floor still (I own 100,000
uBTC!), and reduce the perception the Bitcoins are not divisible (I have
heard several people worry that 21 million is not enough units).
>
> Alan's ideas for compatibility with multiple fields will also be
helpful to solving the confusion issue.
>
>
>
> On Thu, Nov 14, 2013 at 3:15 PM, Mark Friedenbach <mark@monetize.io
<mailto:mark@monetize.io>> wrote:
>
> For this reason I'm in favor of skipping mBTC and moving straight to
> uBTC. Having eight, or even five decimal places is not intuitive to
> the average user. Two decimal places is becoming standard for new
> national currencies, and we wouldn't be too far from human scale
> everyday numbers: 25.00uBTC ~= $0.01 currently. And I don't think very
> many people on this list would consider bitcoin overvalued in the long
> term perspective.
>
> Better to go through a confusing renumbering only once.
>
> Mark
>
> On 11/14/13 12:01 PM, Alan Reiner wrote:
> > ... I'm also of the opinion that it's freakin' hard to change the
> > base unit in such an established system. There is no easy way to
> > do this that doesn't cause more heartache than it's worth...
>
>
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Just keep in mind it will be a little awkward that 54.3 uBTC is the
smallest unit that can be transferred [easily] and the standard fees
are 500 uBTC. It's not a deal breaker, it's just something that
needs to be taken into consideration when it comes to user
perception (which is one of the reasons we would make such a change
in the first place). <br>
<br>
"Holy crap these fees are huge! I thought Bitcoin didn't have
fees!"<br>
<br>
<br>
On 11/14/2013 04:55 PM, Allen Piscitello wrote:<br>
<span style="white-space: pre;">> I also would prefer to go
straight to uBTC as the "standard wallet unit". It works out
perfectly with Satoshi's being the decimal units. Something that
costs $10USD would be 25000uBTC. This isn't a problem for a place
like South Korea, where 10USD is about 10,000 Won, so we aren't
even off on a scale of usable currencies in major economies.<br>
><br>
> The downsides are obviously confusion (causing mistakes
resulting in lost coins), and possibly from a psychological
perspective on price (uBTC are worthless!). On the other hand, it
also might help people feel like they are getting in on the ground
floor still (I own 100,000 uBTC!), and reduce the perception the
Bitcoins are not divisible (I have heard several people worry that
21 million is not enough units).<br>
><br>
> Alan's ideas for compatibility with multiple fields will also
be helpful to solving the confusion issue.<br>
><br>
><br>
><br>
> On Thu, Nov 14, 2013 at 3:15 PM, Mark Friedenbach
<<a class="moz-txt-link-abbreviated" href="mailto:mark@monetize.io">mark@monetize.io</a> <a class="moz-txt-link-rfc2396E" href="mailto:mark@monetize.io"><mailto:mark@monetize.io></a>> wrote:<br>
></span><br>
<blockquote type="cite">For this reason I'm in favor of skipping
mBTC and moving straight to<br>
uBTC. Having eight, or even five decimal places is not intuitive
to<br>
the average user. Two decimal places is becoming standard for new<br>
national currencies, and we wouldn't be too far from human scale<br>
everyday numbers: 25.00uBTC ~= $0.01 currently. And I don't think
very<br>
many people on this list would consider bitcoin overvalued in the
long<br>
term perspective.<br>
<br>
Better to go through a confusing renumbering only once.<br>
<br>
Mark<br>
<br>
On 11/14/13 12:01 PM, Alan Reiner wrote:<br>
> ... I'm also of the opinion that it's freakin' hard to change
the<br>
> base unit in such an established system. There is no easy
way to<br>
> do this that doesn't cause more heartache than it's worth...<br>
</blockquote>
<span style="white-space: pre;">><br>
>
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>
<a class="moz-txt-link-freetext" href="https://lists.sourceforge.net/lists/listinfo/bitcoin-development">https://lists.sourceforge.net/lists/listinfo/bitcoin-development</a><br>
><br>
><br>
><br>
><br>
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