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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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Obviously the answer is to just display all fees and trading rates as BTC
or MBTC (.0000005 MBTC fee? how cheap!). On a more serious note, the
transition should definitely be thought out well as it could be very
damaging to have this confusion, but I would prefer to do it only once
rather than twice.
On Thu, Nov 14, 2013 at 4:00 PM, Alan Reiner <etotheipi@gmail.com> wrote:
> 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> <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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>
> >
> >
> >
> >
> >
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>
>
>
>
>
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--047d7b5d5710850d4304eb2a5097
Content-Type: text/html; charset=ISO-8859-1
Content-Transfer-Encoding: quoted-printable
<div dir=3D"ltr">Obviously the answer is to just display all fees and tradi=
ng rates as BTC or MBTC (.0000005 MBTC fee? how cheap!). =A0On a more serio=
us note, the transition should definitely be thought out well as it could b=
e very damaging to have this confusion, but I would prefer to do it only on=
ce rather than twice.</div>
<div class=3D"gmail_extra"><br><br><div class=3D"gmail_quote">On Thu, Nov 1=
4, 2013 at 4:00 PM, Alan Reiner <span dir=3D"ltr"><<a href=3D"mailto:eto=
theipi@gmail.com" target=3D"_blank">etotheipi@gmail.com</a>></span> wrot=
e:<br>
<blockquote class=3D"gmail_quote" style=3D"margin:0 0 0 .8ex;border-left:1p=
x #ccc solid;padding-left:1ex">
=20
=20
=20
<div bgcolor=3D"#FFFFFF" text=3D"#000000">
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.=A0=A0=A0 It's not a deal breaker, it's just somet=
hing 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).=A0 <br>
<br>
"Holy crap these fees are huge!=A0 I thought Bitcoin didn't ha=
ve
fees!"<div class=3D"im"><br>
<br>
<br>
On 11/14/2013 04:55 PM, Allen Piscitello wrote:<br>
</div><span style=3D"white-space:pre-wrap"><div class=3D"im">> I als=
o would prefer to go
straight to uBTC as the "standard wallet unit".=A0=A0=A0 It=
works out
perfectly with Satoshi's being the decimal units.=A0 Something th=
at
costs $10USD would be 25000uBTC.=A0 This isn't a problem for a pl=
ace
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!).=A0 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 als=
o
be helpful to solving the confusion issue.<br>
><br>
><br>
><br></div><div class=3D"im">
> On Thu, Nov 14, 2013 at 3:15 PM, Mark Friedenbach
<<a href=3D"mailto:mark@monetize.io" target=3D"_blank">mark@moneti=
ze.io</a> <a href=3D"mailto:mark@monetize.io" target=3D"_blank"><mailto:=
mark@monetize.io></a>> wrote:<br>
></div></span><div class=3D"im"><br>
<blockquote type=3D"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 ~=3D $0.01 currently. And I don't thi=
nk
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.=A0 There is no easy
way to<br>
> do this that doesn't cause more heartache than it's wort=
h...<br>
</blockquote>
</div><span style=3D"white-space:pre-wrap">><div class=3D"im"><br>
>=A0=A0=A0=A0
---------------------------------------------------------------------------=
---<br>
>=A0=A0=A0=A0 DreamFactory - Open Source REST & JSON Services =
for
HTML5 & Native Apps<br>
>=A0=A0=A0=A0 OAuth, Users, Roles, SQL, NoSQL, BLOB Storage and
External API Access<br>
>=A0=A0=A0=A0 Free app hosting. Or install the open source package=
on
any LAMP server.<br>
>=A0=A0=A0=A0 Sign up and see examples for AngularJS, jQuery, Senc=
ha
Touch and Native!<br>
>=A0=A0=A0=A0
<a href=3D"http://pubads.g.doubleclick.net/gampad/clk?id=3D63469471&iu=
=3D/4140/ostg.clktrk" target=3D"_blank">http://pubads.g.doubleclick.net/gam=
pad/clk?id=3D63469471&iu=3D/4140/ostg.clktrk</a><br>
>=A0=A0=A0=A0 _______________________________________________<br>
>=A0=A0=A0=A0 Bitcoin-development mailing list<br></div>
>=A0=A0=A0=A0 <a href=3D"mailto:Bitcoin-development@lists.sourcefo=
rge.net" target=3D"_blank">Bitcoin-development@lists.sourceforge.net</a>
<a href=3D"mailto:Bitcoin-development@lists.sourceforge.net" target=
=3D"_blank"><mailto:Bitcoin-development@lists.sourceforge.net></a><br=
>
>=A0=A0=A0=A0
<a href=3D"https://lists.sourceforge.net/lists/listinfo/bitcoin-devel=
opment" target=3D"_blank">https://lists.sourceforge.net/lists/listinfo/bitc=
oin-development</a><div class=3D"im"><br>
><br>
><br>
><br>
><br>
>
---------------------------------------------------------------------------=
---<br>
> DreamFactory - Open Source REST & JSON Services for HTML5
& Native Apps<br>
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and Native!<br>
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pad/clk?id=3D63469471&iu=3D/4140/ostg.clktrk</a><br>
><br>
><br>
> _______________________________________________<br>
> Bitcoin-development mailing list<br>
> <a href=3D"mailto:Bitcoin-development@lists.sourceforge.net" tar=
get=3D"_blank">Bitcoin-development@lists.sourceforge.net</a><br>
>
<a href=3D"https://lists.sourceforge.net/lists/listinfo/bitcoin-devel=
opment" target=3D"_blank">https://lists.sourceforge.net/lists/listinfo/bitc=
oin-development</a></div></span><br>
<br>
<br>
</div>
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>
Sign up and see examples for AngularJS, jQuery, Sencha Touch and Native!<br=
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____________________________<br>
Bitcoin-development mailing list<br>
<a href=3D"mailto:Bitcoin-development@lists.sourceforge.net">Bitcoin-develo=
pment@lists.sourceforge.net</a><br>
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" target=3D"_blank">https://lists.sourceforge.net/lists/listinfo/bitcoin-de=
velopment</a><br>
<br></blockquote></div><br></div>
--047d7b5d5710850d4304eb2a5097--
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