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Subject: Re: [bitcoin-dev] BIP Proposal: Utilization of bits denomination
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An alternative to "training" users to understand SI prefixes could be to
make 100 satoshi = 1 mu, spelling out the Greek letter.
Although the Units <https://en.bitcoin.it/wiki/Units> page on the wiki has
been brought up to argue against naming 10,000 satoshi = 1 finney, I would
like to support this designation. It seems to be gaining some popular
support on Twitter & podcasts. So at $10,000 BTC/USD, 1 finney = $1.00. The
smallest unit of value would be 0.0001 finney = 1 satoshi. Finney has a
natural abbreviation as fin, and 100 mu = 1 finney.
The Units page also refers to "bitcent" as 0.01 BTC, but if a "bit" is 100
satoshi, then what is a "bitcent" in that context?
/bikeshed
@Natanael you're exactly right. There are already multiple uses of "bits"
within bitcoin itself.
@Sjors I don't think a redefinition of 'satoshi' is going to happen ;-)
-Clark
On Thu, Dec 14, 2017 at 4:01 PM, Natanael via bitcoin-dev <
bitcoin-dev@lists.linuxfoundation.org> wrote:
>
> Reposting /u/BashCo's post on reddit here, for visibility:
>
> ---8<---------------------------------------------------------------
>
> > Before anyone says 'bits' are too confusing because it's a computer
> science term, here's a list of homonyms [https://en.wikipedia.org/wiki
> /List_of_true_homonyms] that you use every day. Homonyms are fine because
> our brains are able to interpret language based on context, so it's a
> non-argument.
>
>
> This ignores the fact that there exists multiple meanings of bits *within
> the same context*, and that beginners likely can't tell them apart.
>
> Feel free to try it yourself - talk about Bitcoin "bits" of a particular
> value with somebody who doesn't understand Bitcoin. Then explain that the
> cryptography uses 256 bit keys. I would be surprised if you could find
> somebody who would not be confused by that.
>
> Let's say a website says a song is 24 bits. Was that 24 bit audio
> resolution or 24 bit price? Somebody writes about 256 bit keys, are that
> their size or value?
>
> You guys here can probably tell the difference. Can everybody...? Bits
> will cause confusion, because plenty of people will not be able to tell
> these apart. They will not know WHEN to apply one definition or the other.
>
> https://www.reddit.com/r/bitcoin/comments/24m3nb/_/ch8gua7
>
>
>
> _______________________________________________
> bitcoin-dev mailing list
> bitcoin-dev@lists.linuxfoundation.org
> https://lists.linuxfoundation.org/mailman/listinfo/bitcoin-dev
>
>
--f4030436096e2c63530560550228
Content-Type: text/html; charset="UTF-8"
Content-Transfer-Encoding: quoted-printable
<div dir=3D"ltr"><div class=3D"gmail_default" style=3D"font-family:tahoma,s=
ans-serif;font-size:small;color:rgb(0,0,0)">An alternative to "trainin=
g" users to understand SI prefixes could be to make 100 satoshi =3D 1 =
mu, spelling out the Greek letter.</div><div class=3D"gmail_default" style=
=3D"font-family:tahoma,sans-serif;font-size:small;color:rgb(0,0,0)"><br></d=
iv><div class=3D"gmail_default" style=3D"font-family:tahoma,sans-serif;font=
-size:small;color:rgb(0,0,0)">Although the <a href=3D"https://en.bitcoin.it=
/wiki/Units">Units</a> page on the wiki has been brought up to argue agains=
t naming 10,000 satoshi =3D 1 finney, I would like to support this designat=
ion. It seems to be gaining some popular support on Twitter & podcasts.=
So at $10,000 BTC/USD, 1 finney =3D $1.00. The smallest unit of value woul=
d be 0.0001 finney =3D 1 satoshi. Finney has a natural abbreviation as fin,=
and 100 mu =3D 1 finney.<br></div><div class=3D"gmail_default" style=3D"fo=
nt-family:tahoma,sans-serif;font-size:small;color:rgb(0,0,0)"><br></div><di=
v class=3D"gmail_default" style=3D"font-family:tahoma,sans-serif;font-size:=
small;color:rgb(0,0,0)">The Units page also refers to "bitcent" a=
s 0.01 BTC, but if a "bit" is 100 satoshi, then what is a "b=
itcent" in that context?</div><div class=3D"gmail_default" style=3D"fo=
nt-family:tahoma,sans-serif;font-size:small;color:rgb(0,0,0)"><br></div><di=
v class=3D"gmail_default" style=3D"font-family:tahoma,sans-serif;font-size:=
small;color:rgb(0,0,0)">/bikeshed</div><div class=3D"gmail_default" style=
=3D"font-family:tahoma,sans-serif;font-size:small;color:rgb(0,0,0)"><br></d=
iv><div class=3D"gmail_default" style=3D"font-family:tahoma,sans-serif;font=
-size:small;color:rgb(0,0,0)">@Natanael you're exactly right. There are=
already multiple uses of "bits" within bitcoin itself.<br></div>=
<div class=3D"gmail_default" style=3D"font-family:tahoma,sans-serif;font-si=
ze:small;color:rgb(0,0,0)"><br></div><div class=3D"gmail_default" style=3D"=
font-family:tahoma,sans-serif;font-size:small;color:rgb(0,0,0)">@Sjors I do=
n't think a redefinition of 'satoshi' is going to happen ;-)</d=
iv></div><div class=3D"gmail_extra"><br clear=3D"all"><div><div class=3D"gm=
ail_signature" data-smartmail=3D"gmail_signature"><div><br></div><div><br><=
/div><div>-Clark</div><div></div></div></div>
<br><div class=3D"gmail_quote">On Thu, Dec 14, 2017 at 4:01 PM, Natanael vi=
a bitcoin-dev <span dir=3D"ltr"><<a href=3D"mailto:bitcoin-dev@lists.lin=
uxfoundation.org" target=3D"_blank">bitcoin-dev@lists.linuxfoundation.org</=
a>></span> wrote:<br><blockquote class=3D"gmail_quote" style=3D"margin:0=
0 0 .8ex;border-left:1px #ccc solid;padding-left:1ex"><div dir=3D"auto"><s=
pan class=3D""><div><div class=3D"gmail_extra"><div class=3D"gmail_quote"><=
blockquote class=3D"m_2106111443997545734quote" style=3D"margin:0 0 0 .8ex;=
border-left:1px #ccc solid;padding-left:1ex"><div class=3D"m_21061114439975=
45734quoted-text"><br>
</div>Reposting /u/BashCo's post on reddit here, for visibility:<br>
<br>
---8<-------------------------<wbr>------------------------------<wbr>--=
------<br>
<br>
> Before anyone says 'bits' are too confusing because it's a=
computer science term, here's a list of homonyms [<a href=3D"https://e=
n.wikipedia.org/wiki/List_of_true_homonyms" rel=3D"noreferrer" target=3D"_b=
lank">https://en.wikipedia.org/wiki<wbr>/List_of_true_homonyms</a>] that yo=
u use every day. Homonyms are fine because our brains are able to interpret=
language based on context, so it's a non-argument.=C2=A0</blockquote><=
/div></div></div><div dir=3D"auto"><br></div></span><div dir=3D"auto">This =
ignores the fact that there exists multiple meanings of bits *within the sa=
me context*, and that beginners likely can't tell them apart.=C2=A0</di=
v><div dir=3D"auto"><br></div><div dir=3D"auto">Feel free to try it yoursel=
f - talk about Bitcoin "bits" of a particular value with somebody=
who=C2=A0 doesn't understand Bitcoin. Then explain that the cryptograp=
hy uses 256 bit keys. I would be surprised if you could find somebody who w=
ould not be confused by that.=C2=A0</div><div dir=3D"auto"><br></div><div d=
ir=3D"auto">Let's say a website says a song is 24 bits. Was that 24 bit=
audio resolution or 24 bit price? Somebody writes about 256 bit keys, are =
that their size or value?=C2=A0</div><div dir=3D"auto"><br></div><div dir=
=3D"auto">You guys here can probably tell the difference. Can everybody...?=
Bits will cause confusion, because plenty of people will not be able to te=
ll these apart. They will not know WHEN to apply one definition or the othe=
r.=C2=A0</div><div dir=3D"auto"><br></div><div dir=3D"auto"><a href=3D"http=
s://www.reddit.com/r/bitcoin/comments/24m3nb/_/ch8gua7" target=3D"_blank">h=
ttps://www.reddit.com/r/<wbr>bitcoin/comments/24m3nb/_/<wbr>ch8gua7</a></di=
v><div dir=3D"auto"><br></div><div dir=3D"auto"><br></div><div dir=3D"auto"=
></div></div>
<br>______________________________<wbr>_________________<br>
bitcoin-dev mailing list<br>
<a href=3D"mailto:bitcoin-dev@lists.linuxfoundation.org">bitcoin-dev@lists.=
<wbr>linuxfoundation.org</a><br>
<a href=3D"https://lists.linuxfoundation.org/mailman/listinfo/bitcoin-dev" =
rel=3D"noreferrer" target=3D"_blank">https://lists.linuxfoundation.<wbr>org=
/mailman/listinfo/bitcoin-<wbr>dev</a><br>
<br></blockquote></div><br></div>
--f4030436096e2c63530560550228--
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