Quote from: Sander on April 06, 2013, 09:55:14 PM

Quote from: blacksmithtm on April 06, 2013, 03:15:22 AM

i dont think you are getting the point. there is no need to reinvent the wheel and come up with (random?) denominations. we should use the kilo, mega, giga system because people can already easily relate to that

.00000001 BTC = 1 satoshi
.0000001 BTC = 10 satoshi
.000001 BTC = 1 uBTC (micro)
.00001 BTC = 10 uBTC
.0001 BTC = 100 uBTC
.001 BTC = 1 mBTC (milli)
.01 BTC = 10 mBTC
.1 BTC = 100 mBTC
1 BTC = 1 BTC
10 BTC = 10 BTC
100 BTC = 100 BTC
1.000 BTC = 1 kBTC (kilo)
10.000 BTC = 10 kBTC
100.000 BTC = 100 kBTC
1.000.000 BTC = 1 MBTC (mega)
10.000.000 BTC = 10 MBTC

Then why do you insist on reinventing the wheel? What is so hard to grasp about this system? People who aren't familiar with this system can easily learn it. And if they can't learn it, they can just use 'thousand' and 'million' like they do with other currency now.
Do you want to change the existing system of kilo, mega, giga system to go from 1000x to 100x and change the value of a bitcoin to become a satoshi, just because you think it sounds cooler? I don't think that will be very good for the coin itself. Especially when outsiders see that the new BTC that you're proposing is only worth 0,00000001 old BTC, it won't change anything for the people inside, but imagine how scary it looks from the outside.

are you kidding? are you gonna slap that list in the average consmers face? he is going to run away screaming, he will never use bitcoin. Atm. no one really cares what the smallest amount is called, but in the future it is going to change. So sooner, rather than later, stop calling the smallest amount satoshi and just call it bitcoin. that was the idea, because it is easier to relate to. Its possible the smallest amount will just be called bitcoin because its more natural but time will tell once the smallest amount becomes worth anything.

so i hope you understand the reasons why im making this thread. for one i dont like the current look and feel of currency. 8 decimal places is just wrong. no successful currency has had 8 decimal places. 2 is maximum imo. thats why its important to move away from the BTC denomination because that is the cause for the 8 decimal places it seems. So instead of the smallest atomic amount being 0,00000001 BTC why not just have it be 1. Then build the new demoniations on that. Fair enough people for some reason agreed the smallest amount should be called satoshi, but i dont agree with this decision, fair enough people dont like change, lets keep it that way. However the "new" denominations should build on the smallest atomic amount. This means you would end up with Kilo,Giga,Mega version of it......... at least that seems to be the most rational, as its very easy for people to relate to.......... more so than mili, micro which also is going to sound wierd in the future when you buy a PC monitor for 10 mili bitcoin etc., due to the currencys deflationary nature.

In fact lets put some estimates on when we will be using the different denominations from your schema.

.00000001 BTC = 1 satoshi ------- 2017/18
.000001 BTC = 1 uBTC (micro) ---2015
.001 BTC = 1 mBTC (milli) ----- 2013/2014
1 BTC = 1 BTC ------- 2012/13

So you see as time progress, and people take the currently proposed denominations into use due to the currency deflating, people will of a sudden be using mili bitcoins, then micro bitcoins.. then all of a sudden satoshis? cant you see a problem with this? Imagine your favorite webshop having prices in mBTC one day and then the other day they decide to begin using Satoshis.. it is going to be confusing for everyone.

So let me reitirate. The smallest amount should be called bitcoin, because we will eventually be using it. Larger amounts should then be called Kilo, Mega, Giga versions of that. It will allow for a much more natural or smooth progression through the currencys deflation.

here is a comparative chart for the denominations time use

Bitcoin ---- 2018
Kilobitcoin ---- 2016
Megabitcoin ---- 2013/14
Gigabitcoin ---- 2013

so as you see, if we adopted this we will be calling the currency bitcoin in the future, not milibitcoin or satoshis, and for example wont feel unsatisfied when spending money for example since kilobitcoin sounds better than Microbitcoin and megabitcoin sounds better than Milibitcoin etc. Just food for thought....