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Date: Thu, 14 Nov 2013 15:55:35 -0600
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Cc: Bitcoin Development <bitcoin-development@lists.sourceforge.net>
Subject: Re: [Bitcoin-development] moving the default display to mbtc
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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> wrote:
> -----BEGIN PGP SIGNED MESSAGE-----
> Hash: SHA1
>
> 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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--001a1134d2da35a32f04eb2a24dd
Content-Type: text/html; charset=ISO-8859-1
Content-Transfer-Encoding: quoted-printable
<div dir=3D"ltr">I also would prefer to go straight to uBTC as the "st=
andard wallet unit". =A0 =A0It works out perfectly with Satoshi's =
being the decimal units. =A0Something that costs $10USD would be 25000uBTC.=
=A0This isn't a problem for a place like South Korea, where 10USD is a=
bout 10,000 Won, so we aren't even off on a scale of usable currencies =
in major economies.<div>
<br>The downsides are obviously confusion (causing mistakes resulting in lo=
st coins), and possibly from a psychological perspective on price (uBTC are=
worthless!). =A0On the other hand, it also might help people feel like the=
y are getting in on the ground floor still (I own 100,000 uBTC!), and reduc=
e the perception the Bitcoins are not divisible (I have heard several peopl=
e worry that 21 million is not enough units).</div>
<div><br></div><div>Alan's ideas for compatibility with multiple fields=
will also be helpful to solving the confusion issue.</div><div><br></div><=
/div><div class=3D"gmail_extra"><br><br><div class=3D"gmail_quote">On Thu, =
Nov 14, 2013 at 3:15 PM, Mark Friedenbach <span dir=3D"ltr"><<a href=3D"=
mailto:mark@monetize.io" target=3D"_blank">mark@monetize.io</a>></span> =
wrote:<br>
<blockquote class=3D"gmail_quote" style=3D"margin:0 0 0 .8ex;border-left:1p=
x #ccc solid;padding-left:1ex">-----BEGIN PGP SIGNED MESSAGE-----<br>
Hash: SHA1<br>
<br>
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 ~=3D $0.01 currently. And I don't think ver=
y<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 cha=
nge the<br>
<div class=3D"im">> base unit in such an established system. =A0There is=
no easy way to<br>
</div>> do this that doesn't cause more heartache than it's wort=
h...<br>
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<div class=3D"HOEnZb"><div class=3D"h5"><br>
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velopment</a><br>
</div></div></blockquote></div><br></div>
--001a1134d2da35a32f04eb2a24dd--
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