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Subject: Re: [bitcoin-dev] BIP Proposal: Utilization of bits denomination
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As much as I love SI standards, "trains users to understand SI prefixes, =
allowing them to
easily migrate from one prefix to the next" seems unrealistic. The =
metric system is about to
have its 220th birthday and people in the US still don't use it.
It makes sense to embrace terms that stick. "bits" as a =
formal-yet-informal alias for =C2=B5BTC makes sense to me, unless =
someone can point to another term that's already commonly used.
I'm not too worried about the word bit having other meanings in common =
language. The word "bit coin" was introduced in the English language =
without a problem. A "bit" being 1 millionth of a "bit coin" doesn't =
seem too difficult. It will give a while new meaning to the expression =
"a bit expensive" :-)
Rather than nano-bitcoin, I would suggest milli bits.
It's rather unfortunate that 1 satoshi was defined as 10^-8 BTC instead =
of 10^-9. We could redefine satoshi to 10^-9 BTC. Then we can use =
kilo-satoshi instead of bits. Then the next step can be satoshi, =
followed by millisatoshi (you never know).
The smallest amount that can be handled by bitcoin software under this =
redefinition would be 10 satoshi rather than 1; mostly a matter of =
changing some source code comments.
The only place where I've seen the unit "satoshi" used is fee =
estimators. I think it's still early enough that people aren't terribly =
attached to the numbers shown on those sites (most people express fees =
in fiat terms, especially when complaining). We could switch from vbytes =
to weight units at the same time.
Sjors
> Op 13 dec. 2017, om 22:36 heeft David A. Harding via bitcoin-dev =
<bitcoin-dev@lists.linuxfoundation.org> het volgende geschreven:
>=20
> On Wed, Dec 13, 2017 at 01:46:09PM -0600, Jimmy Song via bitcoin-dev =
wrote:
>> Hey all,
>>=20
>> I am proposing an informational BIP to standardize the term "bits". =
The
>> term has been around a while, but having some formal informational =
standard
>> helps give structure to how the term is used.
>>=20
>> =
https://github.com/jimmysong/bips/blob/unit-bias/bip-unit-bias.mediawiki
>=20
> Wallets and other software is already using this term, so I think it's =
a
> good idea to ensure its usage is normalized.
>=20
> That said, I think the term is unnecessary and confusing given that
> microbitcoins provides all of the same advantages and at least two
> additional advantages:
>=20
> - Microbitcoins is not a homonym for any other word in English (and
> probably not in any other language), whereas "bit" and "bits" have
> more than a dozen homonyms in English---some of which are quite =
common
> in general currency usage, Bitcoin currency usage, or Bitcoin
> technical usage.
>=20
> - Microbitcoins trains users to understand SI prefixes, allowing them =
to
> easily migrate from one prefix to the next. This will be important
> when bitcoin prices rise to $10M USD[1] and the bits denomination has
> the same problems the millibitcoin denomination has now, but it's =
also
> useful in the short term when interacting with users who make very
> large payments (bitcoin-scale) or very small payments
> (nanobitcoin-scale).[2] Maybe a table of scale can emphasize this
> point:
>=20
> Wrong (IMO): Right (IMO):
> --------------- --------------
> BTC BTC
> mBTC mBTC
> bits =C2=B5BTC
> nBTC nBTC
>=20
> [1] A rise in price to $10M doesn't require huge levels of growth---it
> only requires time under the assumption that a percentage of bitcoins =
will
> be lost every year due to wallet mishaps, failure to inherit bitcoins,
> and other issues that remove bitcoins from circulation. In other =
words,
> it's important to remember that Bitcoin is expected to become a
> deflationary currency and plan accordingly.
>=20
> [2] Although Bitcoin does not currently support committed
> nanobitcoin-scale payments in the block chain, it can be supported in =
a
> variety of ways by offchain systems---including (it is hypothesized)
> trustless systems based on probabilistic payments.
>=20
> Thanks,
>=20
> -Dave
> _______________________________________________
> bitcoin-dev mailing list
> bitcoin-dev@lists.linuxfoundation.org
> https://lists.linuxfoundation.org/mailman/listinfo/bitcoin-dev
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