Quote from: singularity on May 23, 2014, 04:53:48 PM

Quote

"well, if 1 bit means 1 bitcoin, and 1 millionth of a bitcoin, and a 100th of a millionth of a bitcoin, and 12.5 cents, and 1/8th of a bitcoin, than we start having a problem."

Your reasoning skills are terrible.

1 bit does not mean any of the things that you just said EXCEPT 1 millionth of a bitcoin.

I am perfectly willing to listen to reasonable arguments but I haven't heard a single one come from you.

that's what you say, but i have seen others swearing they would be that much, and https://en.wikipedia.org/wiki/Bit_(money) proves a bit is actually already 12.5 cents.

just because you think a bit means 1 millionth of a bitcoin does not make it so.

also, that article proves that 'bit' in the currency world also was used for different purposes, it also meant 6 pence. and a short bit was $0.10 and a long bit was $0.15

i have actually already quoted some persons who used bit to mean something other than 1 millionth of a bitcoin. and on top of that you can't deny you haven't heard some people use 'millibit' or 'microbit' before. And if microbit means 1/1000th of a bit(coin), than it implies that 1 bit = 1 bitcoin (even though very few people actually use 1 bit = 1 bitcoin directly, the very use of microbit/millibit and centibit imply 1 bit = 1 bitcoin. also since bit is an abbreviation of bitcoin, it only makes sense to use it to mean bitcoin.

What do we call 1/100th of a dollar? a cent, from the latin word centi (which means 1/100th)
what do we call 1/100th of a euro? a cent, from the latin word centi (which means 1/100th)
what do we call 1/100th of any other currency? a cent, from the latin word centi (which means 1/100th)
what would we name 1/100th of a bitcoin? A cent, (or a bitcent or a centibit)

what do we call 1/1000th of a dollar? (mostly used at gas stations and sometimes in finance?), a mill (https://en.wikipedia.org/wiki/Mill_(currency)), from the latin word 'milli' which mean 1/1000th
what should we name a 1/1000th of a bitcoin? a mill (or millibit, or bitmill even though the last one does not really sound all that great to me)

we don't really have 1/millionth of a dollar because the dollar is not valuable enough for that but if we apply the same logic we used above, what would we call 1 millionth of a bitcoin?
that's right, we create a name derived from the latin word for 1/millionth which is a micro. Hence, 'mike'

perfect logic.

Imagine if literally thousands of new members will sign up in the next couple of weeks/months (which could totally happen if bitcoin enters another bull run) and they see people use 'millibits' (1/1000 bit) they would immediately know they mean 1/1000th of a bit(coin) and immediately associate the word bit with bitcoin, meaning 1 bit = 1 bitcoin. Then, a while later they see someone talking about bits, now what value would they think a bit is? Most likely 1 bitcoin.