Re: rpietila Wall Observer - the Quality TA Thread ;)

Sir Richard is about to change bitcoin forever. Price to the moon!

https://bitcoinfoundation.org/press-releases/press-release-october-7-2014-bitcoin-foundation-financial-standards-working-group-leads-the-way-for-mainstream-bitcoin-adoption-2/

"Currencies today operate with two decimal spaces to the right ($1.00). In Bitcoin, there are currently eight so one could theoretically pay you 0.00000001 or one hundred-millionth of a Bitcoin. Not only is this confusing for consumers, it does not fit in existing systems and software for accounting practices."

So the standard would already have a rounding error of at least $1.80 (0.005 bitcoins). As soon as we go up again, that will only increase...

It seems that you are getting the unit wrong.

The author is NOT talking about going back 3 decimal places, but instead he is talking about going back 6 decimal places. Currently, if my calculations are correct, 6 decimal places would cause a $364.85 per BTC valuation to have an exchange price of $.00036485 per XBT - or $1 would buy you 274.09 XBTs which is 27,409 satoshis.

yep, this thread already had this discussion starting at page 278 and later
https://bitcointalk.org/index.php?topic=400235.msg9124067#msg9124067

Yes, I had already read through the earlier posts of this thread, but I was attempting to respond to the contents of mmortal03's above post... b/c it seems to me that when he referred to a "rounding error" (as bolded above) he seems to have gotten the calculations wrong and even the concept wrong - b/c moving to a smaller bitcoin unit should lessen, rather than increase, the severity of any rounding error that might exist.