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Re: 1,000,000 bits = 1 bitcoin. Future-proofing Bitcoin for common usage? VOTE
Ok 1 bitcoin @ current USD $585.00, you are losing $58.50 USD using this (.000001 or bit) idea, If you don't understand this, then may the force be with you.
This is flat out wrong and a lie.
Re: 1,000,000 bits = 1 bitcoin. Future-proofing Bitcoin for common usage? VOTE
Okay!! For some reason, it seems as if ignorance is the new profession!! Any centralized, organizational structure is irrelevant. Again, I care not about the names of values. For the laymen....Right now if you spend 1 bitcoin @ current USD $585.00, you are losing $58.50 USD using this (.000001 or bit) idea, If you don't understand this, then may the force be with you. The Bitcoin Foundation, Coinbase, Blockchain.info and Bitpay have all collaborated on this. Just remember to stay inside of the network and not out on the edges, where the wolves wait!! HODL, it will be over soon!!
You are deeply confused.
Apparently, you know more about semantics than I do...not really. While your focused on names 10% of your bitcoin is being siphoned as you make purchases. If you have Bitcoin Core QT 0.9.1 check out the display values ubtc or microbit.
Don't worry. Nothing gets "siphoned". This proposal is just a name convention change.
I am here to make it a point to point out wrongdoers, who's side are you on? I'm for protection of the True Bitcoin System.
Re: 1,000,000 bits = 1 bitcoin. Future-proofing Bitcoin for common usage? VOTE
Okay!! For some reason, it seems as if ignorance is the new profession!! Any centralized, organizational structure is irrelevant. Again, I care not about the names of values. For the laymen....Right now if you spend 1 bitcoin @ current USD $585.00, you are losing $58.50 USD using this (.000001 or bit) idea, If you don't understand this, then may the force be with you. The Bitcoin Foundation, Coinbase, Blockchain.info and Bitpay have all collaborated on this. Just remember to stay inside of the network and not out on the edges, where the wolves wait!! HODL, it will be over soon!!
You are deeply confused.
Apparently, you know more about semantics than I do...not really. While your focused on names 10% of your bitcoin is being siphoned as you make purchases. If you have Bitcoin Core QT 0.9.1 check out the display values ubtc or microbit.
Re: 1,000,000 bits = 1 bitcoin. Future-proofing Bitcoin for common usage? VOTE
Okay!! For some reason, it seems as if ignorance is the new profession!! Any centralized, organizational structure is irrelevant. Again, I care not about the names of values. For the laymen....Right now if you spend 1 bitcoin @ current USD $585.00, you are losing $58.50 USD using this (.000001 or bit) idea, If you don't understand this, then may the force be with you. The Bitcoin Foundation, Coinbase, Blockchain.info and Bitpay have all collaborated on this. Just remember to stay inside of the network and not out on the edges, where the wolves wait!! HODL, it will be over soon!!
Re: 1,000,000 bits = 1 bitcoin. Future-proofing Bitcoin for common usage? VOTE
1BTC = 1BTC
it makes no difference how you hard try to brainwash the world into thinking they own 'such-as-many' millibits; it will always be 1BTC = 1BTC.
if you do not already value 1BTC for the value it holds, then why make it look like more than it is?
I would have to disagree, Mass adoption will never see 1 BTC, let alone 100,000,000 million satoshi's. If the smallest usable unit is the Satoshi's then why wouldn't it be the standard. It's already established. My issue is those that know and are exploiting this matter are getting 10 mill extra satoshi's per bitcoin transaction. Who cares about the NAME or what you call an unrealistic value. One eighth of a dollar, cent or bitcoin is caled a bit, not this six decimal place bullshit. it makes no difference how you hard try to brainwash the world into thinking they own 'such-as-many' millibits; it will always be 1BTC = 1BTC.
if you do not already value 1BTC for the value it holds, then why make it look like more than it is?
Re: 1,000,000 bits = 1 bitcoin. Future-proofing Bitcoin for common usage? VOTE
It's not a proposal, It's already in the Bitcoin Core client.
Just to make sure I fired up my Bitcoin QT client and, sure enough, it displays BTC to 8 decimal places. So the Bitcoin QT client is displaying satoshis as described above (100,000,000 satoshis = 1 bitcoin). I do not have the very latest version of the Bitcoin QT client. Did they switch to displaying only six decimal places? Can someone with the latest client look into this and let me know if they changed something (especially related to the definition of the "satoshi").
I also went ahead and changed my display option on my Bitcoin QT wallet from BTC to microBTC and it still displays all 8 decimal places (satoshis) of precision so a 5 BTC transfer looks like this "5000000.00" microBTC. So you can see the satoshis in the "cents" - just as expected.
It's perplexing, mind boggling and concerning to hear the idea of "CENTS" in bitcoin, It makes No "SENSE", If you feel that it is OK to lose 10,000,000 Million Satoshi's or .1btc per 1 bitcoin with this idea. Only a con of the highest corruption would do such. This was a deliberate act!!!
Re: 1,000,000 bits = 1 bitcoin. Future-proofing Bitcoin for common usage? VOTE
Here is, by far, the best point in favor of calling one microbitcoin "one bit".
If we all agree to call 1 microBTC "one bit" then we can all really look forward to that glorious day when a shave and a haircut will once again cost two bits!
Even grandma will appreciate that.
If we all agree to call 1 microBTC "one bit" then we can all really look forward to that glorious day when a shave and a haircut will once again cost two bits!
Even grandma will appreciate that.
http://en.wikipedia.org/wiki/Bit_(money)
There has been an unraveling on this subject, the plot is thicker than I anticipated. There are a lot more involved than expected. Big names
We already have 1 microBTC and 1bit (both are the same), It's called the "Satoshi".
Re: 1,000,000 bits = 1 bitcoin. Future-proofing Bitcoin for common usage? VOTE
It's not a proposal, It's already in the Bitcoin Core client. No screaming necessary!! Honestly, BurtW I have Zero confidence in any member with a Post count as high as yours. Not that all are deceitful, just that those quick to jump and defend a ludicrous and damaging proposal given by other members with high post counts tend to lose credibilty. If you are on this forum, I would assume you are knowledgeable of the bitcoin environment. Having said that, to hear an agreement on such an idea from you and other high post personalities leads me to feeling you are in on it. You know this idea is wrong for the user, yet you approve of it!!
The name of the values are not as important as the usage for said values. That's to take 100 satoshi's for every so called "Bit".
Being in the bitcoin space for sometime has shown me that anyone looking to make a name for themselves are likely to be corrupted, but in the end bitcoin is for the people, Can't corrupt truth. Stand by for heavy losses!!
The name of the values are not as important as the usage for said values. That's to take 100 satoshi's for every so called "Bit".
Being in the bitcoin space for sometime has shown me that anyone looking to make a name for themselves are likely to be corrupted, but in the end bitcoin is for the people, Can't corrupt truth. Stand by for heavy losses!!
Re: 1,000,000 bits = 1 bitcoin. Future-proofing Bitcoin for common usage? VOTE
21 million bitcoins FOREVER!
Satoshi recognized that 21 million currency units are not enough for a global currency. His solution was to support eight decimal places on amounts, which also allows the reward halving process to continue for about 140 years. Internally the Bitcoin software recognizes 2,100 million million currency units (now known as satoshis) but they are divided by 100 million before presentation to users. So the block reward is currently 2,500 million satoshis or 25 bitcoins. Bitcoin units were fine for the first few years, but during the last 12 months the question keeps arising "Is another unit best for common usage?"
Inertia of existing systems
All modern fiat currencies have a major currency unit which has 100 minor units: e.g. $1 = 100 cents.
Everyone is used to this system from childhood. Many people are not comfortable with scientific notation or with small decimals such as 0.001234 which will be seen more and more often as the unit value of 1 bitcoin rises. Most people are happier dealing with 100,000 than 0.00001
Further, 99.99% of the world's financial and accounting systems do not support more than 2 decimal places on currencies, let alone as many as eight. It is arguable that Bitcoin has a very real handicap upon its growth by disregarding modern conventions in currencies.
Enter the "bit"
1 bitcoin = 1,000,000 bits
1 bit = 100 satoshis
User 101111 on reddit recommended this mock-up wallet. The current Bitcoin Core wallet does allow the selection of millibitcoins and microbitcoins but not with such a user friendly presentation, and not by default.
Is it time to consider using "bits" as standard? All balances become 1 million times larger, the block reward as 25 million bits, the exchange rate as 0.04 cents to a bit, a cup of coffee as 7000 bits instead of 0.007 BTC
Is this an improvement? If the bitcoin value increases into the thousands of dollars which unit is easiest to use for pricing goods and services?
http://i.imgur.com/JrDIgmv.jpg
I will repeat what I said earlier on this post. Satoshi or BIT is the only microbit. The world financial accounting system is irrelevant!!!. Have we forgotten that bitcoin is INFINITELY DIVISIBLE??? Sad thing is unfortunately the Dev's took it upon themselves to implement this Idea into the Bitcoin core QT. The bit is a SATOSHI and a satoshi is the micro!! Not this completely irrational idea to cut out the last two decimal places...My bad, you look to capitalize on the ignorance of the user. The satoshi is the micro or bit. Warning anyone spending bitcoins under these conditions are shorting themselves 100 satoshis for every one bit spent. (Your coffee will cost you 238 satoshis or 2.38 bits) It's a rip-off and as far as I'm concerned, those who promote it are scoundrels. Also, anyone who likes making appearances in public about bitcoin are scoundrels!! HODL until the satoshi is the unit in which we transact with. Fuck the rest. So says Satoshi!!!Satoshi recognized that 21 million currency units are not enough for a global currency. His solution was to support eight decimal places on amounts, which also allows the reward halving process to continue for about 140 years. Internally the Bitcoin software recognizes 2,100 million million currency units (now known as satoshis) but they are divided by 100 million before presentation to users. So the block reward is currently 2,500 million satoshis or 25 bitcoins. Bitcoin units were fine for the first few years, but during the last 12 months the question keeps arising "Is another unit best for common usage?"
Inertia of existing systems
All modern fiat currencies have a major currency unit which has 100 minor units: e.g. $1 = 100 cents.
Everyone is used to this system from childhood. Many people are not comfortable with scientific notation or with small decimals such as 0.001234 which will be seen more and more often as the unit value of 1 bitcoin rises. Most people are happier dealing with 100,000 than 0.00001
Further, 99.99% of the world's financial and accounting systems do not support more than 2 decimal places on currencies, let alone as many as eight. It is arguable that Bitcoin has a very real handicap upon its growth by disregarding modern conventions in currencies.
Enter the "bit"
1 bitcoin = 1,000,000 bits
1 bit = 100 satoshis
User 101111 on reddit recommended this mock-up wallet. The current Bitcoin Core wallet does allow the selection of millibitcoins and microbitcoins but not with such a user friendly presentation, and not by default.
Is it time to consider using "bits" as standard? All balances become 1 million times larger, the block reward as 25 million bits, the exchange rate as 0.04 cents to a bit, a cup of coffee as 7000 bits instead of 0.007 BTC
Is this an improvement? If the bitcoin value increases into the thousands of dollars which unit is easiest to use for pricing goods and services?
http://i.imgur.com/JrDIgmv.jpg
P.S. Satoshi also created Litecoin and Namecoin. Anonymity is key
Re: 1,000,000 bits = 1 bitcoin. Future-proofing Bitcoin for common usage? VOTE
"scam" is a bit harsh don't you think? Why is everything a "scam". If you use that to describe everything it loses all meaning. Kind of like "The marklar marklared the marklar". Anyway...
I happen to like:
1 bitcoin|BTC = 1000 millibitcoins|mBTC = 1000000 microbitcoins|uBTC = 100000000 satoshis = 1000000 bits|XBT
1 bit|XBT = 100 satoshis = 0.000001 bitcoin|BTC
A very small part of a bitcoin is a bit.
Bit has already been used in the past as a measurement of money (1/8 of a dollar) so there is that.
Let's start selling bits to noobs. They can get a lot of bits for a dollar(!) and when denominated in bits they get the familiar XXXX.XX form they are used to so they feel all warm and fuzzy. And that is all this about, making newbies feel warm and fuzzy inside.
I have a consensus of one!
Remember our new saying: Eventually a shave and a haircut will cost two bits!
I happen to like:
1 bitcoin|BTC = 1000 millibitcoins|mBTC = 1000000 microbitcoins|uBTC = 100000000 satoshis = 1000000 bits|XBT
1 bit|XBT = 100 satoshis = 0.000001 bitcoin|BTC
A very small part of a bitcoin is a bit.
Bit has already been used in the past as a measurement of money (1/8 of a dollar) so there is that.
Let's start selling bits to noobs. They can get a lot of bits for a dollar(!) and when denominated in bits they get the familiar XXXX.XX form they are used to so they feel all warm and fuzzy. And that is all this about, making newbies feel warm and fuzzy inside.
I have a consensus of one!
Remember our new saying: Eventually a shave and a haircut will cost two bits!
Maybe a noob to the forum, but certainly not to bitcoin, cryptography or common sense. As much as it may seem, like its a good idea to use bits, to help (increase adoption or whatever) , it's not. This idea has no other use or purpose other than getting people to transact in a unit above the standard unit, all while masking it as the standard unit -sounds to me like a scam!!
Since bitcoin can't be attacked, we will attack the minds of the people into believing this B.S. The satoshi or "bit" has been established already, it's in the protocol, and we will be using it for our transactions. No explanation further necessary.
One thing I've learned from Satoshi Nakamoto is that anonymity is closer to the truth than recognition.
Re: 1,000,000 bits = 1 bitcoin. Future-proofing Bitcoin for common usage? VOTE
None of this makes sense to me 
What I see are people losing satoshi's (You will lose those two decimal places) if they're transacted in bits, only to move to the standard unit which is the "satoshi"!! I guess it's a good thing that bitcoins increase in value exponentially, because I will hold onto them even if they go beyond the satoshi!
Summing it all up.....The idea of moving to bits is a scam on getting units from people before moving to the satoshi!!
What I see are people losing satoshi's (You will lose those two decimal places) if they're transacted in bits, only to move to the standard unit which is the "satoshi"!! I guess it's a good thing that bitcoins increase in value exponentially, because I will hold onto them even if they go beyond the satoshi! Summing it all up.....The idea of moving to bits is a scam on getting units from people before moving to the satoshi!!
Re: How to import btc wallet from usb into Bitcoin-qt using ubuntu 13.10
Yes, the wallet.dat file is from the bitcoin client. I did a rescan at the terminal and it said command not found.
First, close bitcoin-qt and stop bitcoind if it's running. If there is a wallet.dat in ~/.bitcoin, back it up and then replace it with the one from your USB drive. The restart bitcoin-qt (or bitcoind) with the --rescan flag, and give it a few hours (depending on your system) to rescan the blockchain for transactions in that wallet. Example: "bitcoin-qt --rescan". If that returns something along the lines of "bitcoin-qt: command not found", make sure you're in the same directory you compiled bitcoin in and run "./bitcoin-qt --rescan", or make sure it is installed properly and try again without the "./".
That didn't work either. More suggestions please, I need to resolve this. Thank you all thus far for your help.
Try running these commands, in order, from the directory on your USB drive containing the wallet:
1. killall bitcoind; killall bitcoin-qt
2. mv ~/.bitcoin/wallet.dat ~/.bitcoin/wallet.dat.old
3. mv wallet.dat ~/.bitcoin/wallet.dat
4. bitcoin-qt -rescan &
The first one closes any copies of bitcoind and bitcoin-qt, the second one make a backup of your old wallet (make sure there isn't another backup with the same name there first!), the third one copies in the new wallet, and the fourth one starts bitcoin-qt with the -rescan flag.
Let me know if any of the commands return errors, so I can help troubleshoot further.
Hope this helps!
I only have the wallet.dat file on my usb, that's all!!
Re: How to import btc wallet from usb into Bitcoin-qt using ubuntu 13.10
Yes, the wallet.dat file is from the bitcoin client. I did a rescan at the terminal and it said command not found.
First, close bitcoin-qt and stop bitcoind if it's running. If there is a wallet.dat in ~/.bitcoin, back it up and then replace it with the one from your USB drive. The restart bitcoin-qt (or bitcoind) with the --rescan flag, and give it a few hours (depending on your system) to rescan the blockchain for transactions in that wallet. Example: "bitcoin-qt --rescan". If that returns something along the lines of "bitcoin-qt: command not found", make sure you're in the same directory you compiled bitcoin in and run "./bitcoin-qt --rescan", or make sure it is installed properly and try again without the "./".
That didn't work either. More suggestions please, I need to resolve this. Thank you all thus far for your help.
How to import btc wallet from usb into Bitcoin-qt using ubuntu 13.10
Hello all'
Can someone help me on how to import a btc wallet from usb into Bitcoin-qt version 0.8.6. on Ubuntu 13.10 ?
Can you also be so kindly as to explain this clearly, I've searched and not found a real definitive way on how to do this
Your help is well appreciated
I'm a newb to the forum, and fairly new to bitcoin
Thanks to all
Can someone help me on how to import a btc wallet from usb into Bitcoin-qt version 0.8.6. on Ubuntu 13.10 ?
Can you also be so kindly as to explain this clearly, I've searched and not found a real definitive way on how to do this
Your help is well appreciated
I'm a newb to the forum, and fairly new to bitcoin
Thanks to all