Here is one to please those looking for a “fully qualified” slang word, that
links with the official XBT:
xbit (spoken: ex-bit) would rationalise XBT (where X comes from supranational
use) and is unique.
I personally associate from x to six also supporting the 1e-6 divisor of
Bitcoin.
Regardi
Not a bad idea. Semantics of the word abuse not withstanding.
I don't want to become the self appointed mailing list cop, but I notice it
maybe more than others because I almost exclusively read this mailing list
on a mobile device. Hence my asking for feedback without publicly calling
anyone out.
I think we have two very good candidates both substantiated with arguments for
their use in their context:
bit - the word for everyday use
XBT - the acronym to fit into the ISO currency set.
both meaning 100 satoshis or 1e-6 Bitcoin.
I am glad that I erred, and this list finaly cares of fina
On Mon, Apr 21, 2014 at 6:58 AM, Rodney Morris wrote:
> What is the procedure for dealing with it? Is it considered abuse to reply
> to and quote the entire digest for the sake of a few lines of content? Am I
> the only one annoyed by this (if so I'll just shut right up).
I would not go as far as
On Apr 21, 2014 3:37 AM, "Un Ix" wrote:
>
> Something tells me this would be reduced to a single syllable in common
usage I.e. bit.
What units will be called colloquially is not something developers will
determine. It will vary, depend on language and culture, and is not
relevant to this discussi
What is the procedure for dealing with it? Is it considered abuse to reply
to and quote the entire digest for the sake of a few lines of content? Am I
the only one annoyed by this (if so I'll just shut right up).
Rodney
--
> Of course, in reality smaller miners can just mine on top of block headers
> and include no transactions and do no validation, but that is extremely
> harmful to the security of Bitcoin.
If it's only during the few seconds that it takes to to verify the block,
then would this really be that big
Bit is simple phonetically, I'm for it.
On Mon, Apr 21, 2014 at 1:34 PM, Mike Caldwell wrote:
> If bit had to be preceded by a letter I would nominate "ebit" or "xbit"
> (which could still be XBT)
>
> Those needing a definition for x could define it as "coin/100".
>
> That said, I am still m
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That is mistaken: you can't mine on top of just a block header, leaving small
miners disadvantaged as they are earning no profit while they wait for the
information to validate the block and update their UTXO sets. This results in
the same problem
As soon as we switch to headers
first - which will be soon - there will be no difference in propagation
time no matter how large the block is. Only 80 bites will be required to
propagate the block header which establishes priority for when the block is
fully validated.
On Apr 20, 2014 6:56 PM, "Jon
If bit had to be preceded by a letter I would nominate "ebit" or "xbit" (which
could still be XBT)
Those needing a definition for x could define it as "coin/100".
That said, I am still more in favor of "bit". Xbit would just solve the
problems others cite about ambiguity if they had to be s
Hi all,
I am a post-graduate economist writing a paper on the incentives of mining.
Even though this issue has been debated in the forums, I think it is important
to get a sense of the magnitude of the incentives at play and determine what
implications this has for the transaction fee market.
Something tells me this would be reduced to a single syllable in common usage
I.e. bit.
My 2 cents goes for "bit".
Because: Bitcoin is a digital currency, BTC starts with "bit", "bit" refers to
a small amount of something in its regular english usage and lastly 99.9876543%
of people on the pl
My impression:
Good because it is short, memorable, and pronounceable by speakers of most
languages (though to most of the world that would be oo-bit, as "u" being "yu"
is mostly an English thing)
Downsides include the fact that μ is not a U, it just resembles one. It is a
lowercase M in Greek
What about "ubit", pronounced "YOU-bit", representing 1e-6 bitcoin? Easy to
say, tied in a visual way to the metric micro, leaves the required 2
decimal places for the marginally numerate.. What more could one want?
Also, hi. My first post; plan to get involved over the southern hemisphere
win
By culturally neutral I mean we avoid deliberately invoking a cultural
reference in the name. For example "satoshi" would be a reference to Japanese
culture just for being a common Japanese name regardless of who Satoshi turns
out to be.
Mike
Sent from my iPhone
> On Apr 20, 2014, at 1:20 P
People in the Bitcoin community are sometimes resistant to the idea of using
the word "credit" as a unit of Bitcoin, because Bitcoin is not a credit-based
system.
However, given that the average person has close to no understanding of what
"credit" means, and probably no concern for the distin
Culturally neutral? "bit" in French phonetically collides with slang
for phallus ("bitte", with a silent "e"). Apparently it means "louse"
in Turkish as well.
Not that this really would be avoidable with any short word (all the
short possible words are usually taken), but it's not neutral.
On Sun
Hello,
just my two 'cents':
Terms arises by itself. Just as most people speak of coins when they
mean bitcoins. I do not see that bitcoin is currently in common use
except for speculation. Therefore no term for smaller units has
established yet. No problem in my eyes. Time will tell.
- oliver
Mainly because it is short, memorable, effectively leads the listener to infer
the proper meaning, is culturally neutral, is easy to say by speakers of just
about any language, and many other reasons.
Mike
Sent from my iPhone
> On Apr 20, 2014, at 12:23 PM, "Arne Brutschy" wrote:
>
> agree
I agree that overloading isn't an issue when necessary, but my point was
that the necessity is lacking. If we're free to pick anything, why pick
something that is overloaded?
Moreover, "bit" is an abbreviation of bitcoin and might be confused with
it. Most currencies use a work that is phonetical
On 04/20/2014 06:56 PM, Mike Caldwell wrote:
> I consider overload/conflict with existing meanings of "bit" as a non-issue
> for typical population at large.
So far I have not seen any reasonable name except for "bit". I also
tried to come up with something else (e.g.naka, toshi, etc.) to avoid
It is a paradigm that is easy to explain and grasp for neurotypical people.
The average mind has no problem overloading words and distinguishing the
intended meaning from context. For most people, overloading a single syllable
word with a new meaning is much less complicated than using a unique
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I agree that a unit based on 1e-6 BTC is easier to use in practice
than BTC. The name microbitcoin is ok-ish. Nearly all countries
officially use the SI-system, but that doesn't mean that the average
citizen knows all the SI prefixes. Mega, kilo and mi
Hello,
> While SI units are great for people well versed in them, there is a
> very good reason people aren't asking for 100 micro dollars in change.
> The average person is not going to be confident that the prefix they
> are using is the correct one, people WILL send 1000x more or less than
> in
As someone who has put a lot of thought into how to best help typical everyday
people understand bitcoin, I strongly favor 1 bit = 1e-6 BTC as being very
straightforward to explain to non technical types, and also XBT as one "bit".
"There are a million bits in a bit coin" is highly intelligible
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 woul
You're correct, my impression of the term is based of what I experience in
the US. If it is more widely used in other cultures that should be a
consideration.
On Apr 20, 2014 12:27 PM, "Wladimir" wrote:
> On Sun, Apr 20, 2014 at 6:19 PM, Chris Pacia wrote:
> > The term bit is really only overloa
On Sun, Apr 20, 2014 at 6:19 PM, Chris Pacia wrote:
> The term bit is really only overloaded for those who are techy. 95% of the
> population never uses the term bit in their daily lives and I doubt most
> could even name one use of the term.
> Plus bit used to be a unit of money way back when, so
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
p
The term bit is really only overloaded for those who are techy. 95% of the
population never uses the term bit in their daily lives and I doubt most
could even name one use of the term.
Plus bit used to be a unit of money way back when, so this is kind of
reclaiming it. I think it's a great fit.
On
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 s
Here is an earlier reference to bits:
https://www.mail-archive.com/bitcoin-development%40lists.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
and here the
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 wrote:
> People on this
If you absolutely want a name for some small unit (which may be
valuable, not knocking that part of the idea), please use anything
other than "bits", which is already a massively overloaded term that
will confuse the hell out of people:
Harddrive costs measured in "bits per gigabyte"?
An itunes mo
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
> 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 1
The usefulness of a "bitcoin" unit will decrease as the value of the
network increases. Today, a majority of transactions are denominated
in fractions of a bitcoin. As a consequence, millibitcoin (mBTC) and
microbitcoin (uBTC) units have been introduced to alleviate the
decimal problem.
While SI u
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