Yah well, the IQ of a crowd is the sum of IQs divided by the square of the number of people.

Bit is well understood to be the smallest unit of the binary number system a single 1. It is also widely understood to mean 10 cents, but more historically 12.5 cents, being an 8th piece of an 8 real coin, the Spanish Dollar.

So calling something that is neither 1, 10, or 12.5 a bit is just fucking retarded.