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Date: Sun, 20 Apr 2014 12:30:55 -0400
From: Alan Reiner <etotheipi@gmail.com>
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To: Erik Garrison <erik.garrison@gmail.com>
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Cc: bitcoin-development@lists.sourceforge.net
Subject: Re: [Bitcoin-development] "bits": Unit of account
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Btw, I should clarify my email: I'm a staunch supporter of moving to
1e-6 BTC as the default unit for wallet applications, not necessarily
any particular name.  I would be fine with "bits" as I think this
context is sufficiently different that it won't be confused by regular
consumers.  But it wouldn't be my first choice.  I don't know what my
first choice would be.

While writing this email, I asked my wife (who's been tired of hearing
about Bitcoin for two years), what she thinks of "bits", "microbes",
"micros".  She said she is fine with any of them.  Apparently microbes
reminders her of biology, not "germs".  But she's also well-educated, so
she fine with milli, micro, kilo, etc... and apparently biology...

Whatever we call it. I'm happy to support it as long as it's 1e-6.


On 04/20/2014 12:23 PM, Erik Garrison wrote:
>
> The world is rapidly becoming a place in which a solid grasp of orders
> of magnitude could be considered a basic mathematical skill.  People
> are very likely to learn what mBTC and µBTC are simply because they
> risk their money if they do not.  This is not a bad thing and I think
> stands only to help people who learn about these monikers for orders
> of magnitude this way.
>
> Any appropriate nicknames for these denominations is sure to develop
> in due course.  Promoting an already-overloaded term that could just
> as easily be applied colloquially to refer to a small amount of value
> in any currency seems problematic.
>
> I've been a staunch supporter of "microbitcoin" and would like to do
> anything I can to make sure that we jump directly to it if we're going
> to promote changing the default units.  And I'm happy to integrate it
> into Armory as a default (with appropriate explanations and
> settings/options).  I'm not so convinced about the "bits" name though
> -- I do like it, but I do also think that word is too overloaded. 
> Though, I think we could get away with it. 
>
> (Sadly, I still use "microbes" occasionally (as in *microb*itcoin)
> when I'm talking to coworkers, because it slips off the tongue and is
> actually a good combination of brevity and self-explanatory -- it just
> doesn't instill the right visuals...)
>
> We started integrating alternative units into Armory.  But, of course,
> there were a few more loose ends than I expected, which will require
> some work.   We want to put it in but not necessarily change the
> default right away.  I'd /prefer/ we get some commitments from some
> other wallet developers, so we can make a unified push for it.  I'm
> happy to lead that and make it default as long as I'm not the only one
> in the world doing it.
>
> -Alan
>
>
>
> On 04/20/2014 11:05 AM, Tamas Blummer wrote:
>> Here is an earlier reference to bits:
>>
>> https://www.mail-archive.com/bitcoin-development%40lists.sourceforge.net/msg04248.html
>> <https://www.mail-archive.com/bitcoin-development@lists.sourceforge.net/msg04248.html>
>>
>> I forgot that Alan Reiner was also supporting a unit equals to bits :
>>
>> https://www.mail-archive.com/bitcoin-development%40lists.sourceforge.net/msg04264.html
>> <https://www.mail-archive.com/bitcoin-development@lists.sourceforge.net/msg04264.html>
>>
>> and here the earlier going back to March 2013 and a poll at that time
>> pushing for XBT being 1 bit
>>
>> https://www.mail-archive.com/bitcoin-development%40lists.sourceforge.net/msg04256.html
>> <https://www.mail-archive.com/bitcoin-development@lists.sourceforge.net/msg04256.html>
>>
>> Regards,
>>
>> Tamas Blummer
>> http://bitsofproof.com
>>
>> On 20.04.2014, at 16:53, Pieter Wuille <pieter.wuille@gmail.com
>> <mailto:pieter.wuille@gmail.com>> wrote:
>>
>>> I told him specifically to bring it here (on a pull request for
>>> Bitcoin Core), as there is no point in making such convention changes
>>> to just one client.
>>>
>>> I wasn't aware of any discussion about the "bits" proposal here before.
>>>
>>> On Sun, Apr 20, 2014 at 4:28 PM, Tamas Blummer
>>> <tamas@bitsofproof.com <mailto:tamas@bitsofproof.com>> wrote:
>>>> People on this list are mostly engineers who have no problem
>>>> dealing with
>>>> magnitudes and have rather limited empathy for people who have a
>>>> problem
>>>> with them.
>>>> They also tend to think, that because they invented money 2.0 they
>>>> would not
>>>> need to care of finance's or people's current customs.
>>>>
>>>> The importance of their decisions in these questions will fade as
>>>> people
>>>> already use wallets other than the core.
>>>>
>>>> Bring this particular discussion elsewhere, to the wallet developer.
>>>>
>>>> BTW the topic was discussed here several times, you have my support
>>>> and Jeff
>>>> Garzik's.
>>>>
>>>> Regards,
>>>>
>>>> Tamas Blummer
>>>> http://bitsofproof.com
>>>>
>>>> On 20.04.2014, at 15:15, Rob Golding <rob.golding@astutium.com>
>>>> <mailto:rob.golding@astutium.com> wrote:
>>>>
>>>> The average person is not going to be confident that the prefix they
>>>> are using is the correct one,
>>>>
>>>>
>>>> The use of any 'prefix' is one of choice and entirely unnecessary,
>>>> and there
>>>> are already established 'divisions' in u/mBTC for those that feel
>>>> they need
>>>> to use such things.
>>>>
>>>> people WILL send 1000x more or less than
>>>> intended if we go down this road,
>>>>
>>>>
>>>> Exceptionally unlikely - I deal every day with currencies with 0, 2
>>>> and 3
>>>> dp's in amount ranging from 'under 1 whole unit' to tens of
>>>> thousands - Not
>>>> once in 20 years has anyone ever 'sent' more or less than intended
>>>> - oh,
>>>> they've 'intended' to underpay just fine, but never *unintended*.
>>>>
>>>> I propose that users are offered a preference to denominate the
>>>> Bitcoin currency in a unit called a bit. Where one bitcoin (BTC)
>>>> equals one million bits (bits) and one bit equals 100 satoshis.
>>>>
>>>>
>>>> I propose that for people unable to understand what a bitcoin is,
>>>> they can
>>>> just use satoshi's and drop this entire proposal.
>>>>
>>>> Rob
>>>>
>>>>
>>>> ------------------------------------------------------------------------------
>>>> 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/NeoTech
>>>> _______________________________________________
>>>> Bitcoin-development mailing list
>>>> Bitcoin-development@lists.sourceforge.net
>>>> <mailto:Bitcoin-development@lists.sourceforge.net>
>>>> https://lists.sourceforge.net/lists/listinfo/bitcoin-development
>>>>
>>>>
>>>>
>>>> ------------------------------------------------------------------------------
>>>> 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/NeoTech
>>>> _______________________________________________
>>>> Bitcoin-development mailing list
>>>> Bitcoin-development@lists.sourceforge.net
>>>> <mailto:Bitcoin-development@lists.sourceforge.net>
>>>> https://lists.sourceforge.net/lists/listinfo/bitcoin-development
>>>>
>>>
>>
>>
>>
>> ------------------------------------------------------------------------------
>> 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/NeoTech
>>
>>
>> _______________________________________________
>> Bitcoin-development mailing list
>> Bitcoin-development@lists.sourceforge.net <mailto:Bitcoin-development@lists.sourceforge.net>
>> https://lists.sourceforge.net/lists/listinfo/bitcoin-development
>
>
> ------------------------------------------------------------------------------
> 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/NeoTech
> _______________________________________________
> Bitcoin-development mailing list
> Bitcoin-development@lists.sourceforge.net
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  <body bgcolor="#FFFFFF" text="#000000">
    Btw, I should clarify my email: I'm a staunch supporter of moving to
    1e-6 BTC as the default unit for wallet applications, not
    necessarily any particular name.  I would be fine with "bits" as I
    think this context is sufficiently different that it won't be
    confused by regular consumers.  But it wouldn't be my first choice. 
    I don't know what my first choice would be.<br>
    <br>
    While writing this email, I asked my wife (who's been tired of
    hearing about Bitcoin for two years), what she thinks of "bits",
    "microbes", "micros".  She said she is fine with any of them. 
    Apparently microbes reminders her of biology, not "germs".  But
    she's also well-educated, so she fine with milli, micro, kilo,
    etc... and apparently biology...<br>
    <br>
    Whatever we call it. I'm happy to support it as long as it's 1e-6.<br>
    <br>
    <br>
    <div class="moz-cite-prefix">On 04/20/2014 12:23 PM, Erik Garrison
      wrote:<br>
    </div>
    <blockquote
cite="mid:CALykB6n0PFwRU1gvP+KXdN2ONkOfWZPwhmP-A1fmrAJ_M3iB6A@mail.gmail.com"
      type="cite">
      <p dir="ltr">The world is rapidly becoming a place in which a
        solid grasp of orders of magnitude could be considered a basic
        mathematical skill.  People are very likely to learn what mBTC
        and µBTC are simply because they risk their money if they do
        not.  This is not a bad thing and I think stands only to help
        people who learn about these monikers for orders of magnitude
        this way.</p>
      <p dir="ltr">Any appropriate nicknames for these denominations is
        sure to develop in due course.  Promoting an already-overloaded
        term that could just as easily be applied colloquially to refer
        to a small amount of value in any currency seems problematic.</p>
      <div class="gmail_quot&lt;blockquote class=" style="margin:0 0 0
        .8ex;border-left:1px #ccc solid;padding-left:1ex">
        <div bgcolor="#FFFFFF" text="#000000"> I've been a staunch
          supporter of "microbitcoin" and would like to do anything I
          can to make sure that we jump directly to it if we're going to
          promote changing the default units.  And I'm happy to
          integrate it into Armory as a default (with appropriate
          explanations and settings/options).  I'm not so convinced
          about the "bits" name though -- I do like it, but I do also
          think that word is too overloaded.  Though, I think we could
          get away with it.  <br>
          <br>
          (Sadly, I still use "microbes" occasionally (as in <b>microb</b>itcoin)

          when I'm talking to coworkers, because it slips off the tongue
          and is actually a good combination of brevity and
          self-explanatory -- it just doesn't instill the right
          visuals...)<br>
          <br>
          We started integrating alternative units into Armory.  But, of
          course, there were a few more loose ends than I expected,
          which will require some work.   We want to put it in but not
          necessarily change the default right away.  I'd <i>prefer</i>
          we get some commitments from some other wallet developers, so
          we can make a unified push for it.  I'm happy to lead that and
          make it default as long as I'm not the only one in the world
          doing it.<br>
          <br>
          -Alan<br>
          <br>
          <br>
          <br>
          <div>On 04/20/2014 11:05 AM, Tamas Blummer wrote:<br>
          </div>
          <blockquote type="cite">
            <div>Here is an earlier reference to bits:</div>
            <div><br>
            </div>
            <div><a moz-do-not-send="true"
href="https://www.mail-archive.com/bitcoin-development@lists.sourceforge.net/msg04248.html"
                target="_blank">https://www.mail-archive.com/bitcoin-development%40lists.sourceforge.net/msg04248.html</a></div>
            <div><br>
            </div>
            <div>I forgot that Alan Reiner was also supporting a unit
              equals to bits :</div>
            <div>
              <div><br>
              </div>
              <div><a moz-do-not-send="true"
href="https://www.mail-archive.com/bitcoin-development@lists.sourceforge.net/msg04264.html"
                  target="_blank">https://www.mail-archive.com/bitcoin-development%40lists.sourceforge.net/msg04264.html</a></div>
              <div><br>
              </div>
            </div>
            <div>and here the earlier going back to March 2013 and a
              poll at that time pushing for XBT being 1 bit</div>
            <div><br>
            </div>
            <div><a moz-do-not-send="true"
href="https://www.mail-archive.com/bitcoin-development@lists.sourceforge.net/msg04256.html"
                target="_blank">https://www.mail-archive.com/bitcoin-development%40lists.sourceforge.net/msg04256.html</a></div>
            <div><br>
            </div>
            <div><span
style="text-indent:0px;letter-spacing:normal;font-variant:normal;text-align:-webkit-auto;font-style:normal;display:inline!important;font-weight:normal;float:none;line-height:normal;text-transform:none;font-size:12px;white-space:normal;font-family:Helvetica;word-spacing:0px">Regards,</span><br
style="text-indent:0px;letter-spacing:normal;font-variant:normal;text-align:-webkit-auto;font-style:normal;font-weight:normal;line-height:normal;text-transform:none;font-size:12px;white-space:normal;font-family:Helvetica;word-spacing:0px">
              <br
style="text-indent:0px;letter-spacing:normal;font-variant:normal;text-align:-webkit-auto;font-style:normal;font-weight:normal;line-height:normal;text-transform:none;font-size:12px;white-space:normal;font-family:Helvetica;word-spacing:0px">
              <span
style="text-indent:0px;letter-spacing:normal;font-variant:normal;text-align:-webkit-auto;font-style:normal;display:inline!important;font-weight:normal;float:none;line-height:normal;text-transform:none;font-size:12px;white-space:normal;font-family:Helvetica;word-spacing:0px">Tamas
                Blummer</span><span
style="text-indent:0px;letter-spacing:normal;font-variant:normal;text-align:start;font-style:normal;font-weight:normal;line-height:normal;text-transform:none;font-size:12px;white-space:normal;font-family:Helvetica;word-spacing:0px"><br
style="text-indent:0px;letter-spacing:normal;font-variant:normal;text-align:-webkit-auto;font-style:normal;font-weight:normal;line-height:normal;text-transform:none;font-size:12px;white-space:normal;font-family:Helvetica;word-spacing:0px">
                <span
style="text-indent:0px;letter-spacing:normal;font-variant:normal;text-align:-webkit-auto;font-style:normal;display:inline!important;font-weight:normal;float:none;line-height:normal;text-transform:none;font-size:12px;white-space:normal;font-family:Helvetica;word-spacing:0px"><a
                    moz-do-not-send="true" href="http://bitsofproof.com"
                    target="_blank">http://bitsofproof.com</a></span> </span></div>
            <br>
            <div>
              <div>On 20.04.2014, at 16:53, Pieter Wuille &lt;<a
                  moz-do-not-send="true"
                  href="mailto:pieter.wuille@gmail.com" target="_blank">pieter.wuille@gmail.com</a>&gt;

                wrote:</div>
              <br>
              <blockquote type="cite">I told him specifically to bring
                it here (on a pull request for<br>
                Bitcoin Core), as there is no point in making such
                convention changes<br>
                to just one client.<br>
                <br>
                I wasn't aware of any discussion about the "bits"
                proposal here before.<br>
                <br>
                On Sun, Apr 20, 2014 at 4:28 PM, Tamas Blummer &lt;<a
                  moz-do-not-send="true"
                  href="mailto:tamas@bitsofproof.com" target="_blank">tamas@bitsofproof.com</a>&gt;

                wrote:<br>
                <blockquote type="cite">People on this list are mostly
                  engineers who have no problem dealing with<br>
                  magnitudes and have rather limited empathy for people
                  who have a problem<br>
                  with them.<br>
                  They also tend to think, that because they invented
                  money 2.0 they would not<br>
                  need to care of finance's or people's current customs.<br>
                  <br>
                  The importance of their decisions in these questions
                  will fade as people<br>
                  already use wallets other than the core.<br>
                  <br>
                  Bring this particular discussion elsewhere, to the
                  wallet developer.<br>
                  <br>
                  BTW the topic was discussed here several times, you
                  have my support and Jeff<br>
                  Garzik's.<br>
                  <br>
                  Regards,<br>
                  <br>
                  Tamas Blummer<br>
                  <a moz-do-not-send="true"
                    href="http://bitsofproof.com" target="_blank">http://bitsofproof.com</a><br>
                  <br>
                  On 20.04.2014, at 15:15, Rob Golding <a
                    moz-do-not-send="true"
                    href="mailto:rob.golding@astutium.com"
                    target="_blank">&lt;rob.golding@astutium.com&gt;</a>
                  wrote:<br>
                  <br>
                  The average person is not going to be confident that
                  the prefix they<br>
                  are using is the correct one,<br>
                  <br>
                  <br>
                  The use of any 'prefix' is one of choice and entirely
                  unnecessary, and there<br>
                  are already established 'divisions' in u/mBTC for
                  those that feel they need<br>
                  to use such things.<br>
                  <br>
                  people WILL send 1000x more or less than<br>
                  intended if we go down this road,<br>
                  <br>
                  <br>
                  Exceptionally unlikely - I deal every day with
                  currencies with 0, 2 and 3<br>
                  dp's in amount ranging from 'under 1 whole unit' to
                  tens of thousands - Not<br>
                  once in 20 years has anyone ever 'sent' more or less
                  than intended - oh,<br>
                  they've 'intended' to underpay just fine, but never
                  *unintended*.<br>
                  <br>
                  I propose that users are offered a preference to
                  denominate the<br>
                  Bitcoin currency in a unit called a bit. Where one
                  bitcoin (BTC)<br>
                  equals one million bits (bits) and one bit equals 100
                  satoshis.<br>
                  <br>
                  <br>
                  I propose that for people unable to understand what a
                  bitcoin is, they can<br>
                  just use satoshi's and drop this entire proposal.<br>
                  <br>
                  Rob<br>
                  <br>
                  <br>
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Learn Graph Databases - Download FREE O'Reilly Book
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