BIP177 proposes redefining Bitcoin's base unit by making 1 satoshi = 1 bitcoin.
Currently, 1 bitcoin = 100,000,000 satoshis.
This change aims to simplify transactions and reduce confusion.
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Replies (156)
Just the opposite would happen.
1 lb of beef shall now be refered to as 1 cow to simplify transactions and reduce confusion.
People are to retarded to use units of measure, we must call all things by their smallest unit of measure.
It must be an American or English person who proposes this. They don't know how to measure things anyway.
nevent1qqs8756kpq6h0vawhfr3csfdfgq5fk66ng77dt8z96znmadlfczjfdgpyfmhxue69uhkummnw3ez6an9wf5kv6t9vsh8wetvd3hhyer9wghxuet5d0htx9
Nope.
I remember when millibits were a thing. That shit used to confuse me.
Sats is easy.
10k sats is about ยฃ7.80 atm.
100k sats is ยฃ78
1m is approx ยฃ780
Easy. Really not complex.
People coming to Bitcoin have got MUCH bigger learning curves to get through.
BIP177 proposes redefining Bitcoin's base unit by making 1 satoshi = 1 bitcoin.
Currently, 1 bitcoin = 100,000,000 satoshis.
This change aims to simplify transactions and reduce confusion.
View quoted note →
LONG LIVE SATS
BIP177 proposes redefining Bitcoin's base unit by making 1 satoshi = 1 bitcoin.
Currently, 1 bitcoin = 100,000,000 satoshis.
This change aims to simplify transactions and reduce confusion.
View quoted note →
So we're just taking ALL the bip's seriously now?
Tell me you're an idiot without saying you're an idiot.
View quoted note โ
Lo mรกs estรบpido que he escuchado
This s very concerning to me. One of the arguments for Bitcoin is the rules are fixed and locked in code unlike governments who control the fist supply and rules. This change undermines that core philosophy
View quoted note โ
people will do anything rather than make bitcoin quantum-resistant
BIP177 proposes redefining Bitcoin's base unit by making 1 satoshi = 1 bitcoin.
Currently, 1 bitcoin = 100,000,000 satoshis.
This change aims to simplify transactions and reduce confusion.
View quoted note →
Let's keep the idiotic bips to ourselves.
This would never hapopen with monero! 1 xmr = 1 xmr always!
NACK
What confusion? Who exactly is confused? I haven't met a single person who I spoke to about Bitcoin they failed to grasp the concept of '100 million sats represent 1 bitcoin the same way 100 cents represent 1 dollar'.
If I write a book and name it "The room", ARE YOU GOING TO READ IT?
BIP177 proposes redefining Bitcoin's base unit by making 1 satoshi = 1 bitcoin.
Currently, 1 bitcoin = 100,000,000 satoshis.
This change aims to simplify transactions and reduce confusion.
View quoted note →
Sounds like it'll mostly cause confusion
What confusion???
I'll fucking move to bitcoin cash, fuck this retarded dumbing-down shit.
Dumb
Retards
True, nothing happened yet, however, blackrock did state that the supply might not be fixed at 21M and now this proposed change comes along.
Protos
Bitcoin supply may not be fixed at 21M, says BlackRock
Most Bitcoiners are absolutely confident that its supply will never exceed 21 million. Blackrock added a tiny disclaimer just in case.
SOUNDS PRETTY FAKE AND VERY GHEY
No i dont think they are an authority on btc, however, I do think they have tons of funds, and can pay off just about anyone. maybe core dev would be a target for them? I do agree it is a stupid proposal but just keeping in mind what big investors may try.
It kind of makes me want to come up with a bip of my own.
Bip xxx - 1 Sat from every transaction gets sent to this address:
bc1qctlp4u3qwfk9f9crwkackxd06ew79pey90y6g2
Just got to vibe code and ship that shit. . . then laugh when people argue about nonsense on the nostr.
I think the metric system just entered the room...
most retarded BIP ever
Im confused. This complicates things for me. No thanks.
So dollars and cents arenโt confusing but bitcoin and sats are?! Gimme a break ๐คฃ I would rather have a BIP proposal that deals with fixing Bitcoinโs privacy than this retarded gabish.
nevent1qqs8756kpq6h0vawhfr3csfdfgq5fk66ng77dt8z96znmadlfczjfdgpyfmhxue69uhkummnw3ez6an9wf5kv6t9vsh8wetvd3hhyer9wghxuet5d0htx9
If it ain't broke, don't fix it
BIP177 proposes redefining Bitcoin's base unit by making 1 satoshi = 1 bitcoin.
Currently, 1 bitcoin = 100,000,000 satoshis.
This change aims to simplify transactions and reduce confusion.
View quoted note →
if people are too dumb to understand a conversion...they aint gonna use btc. theyll be using tether over lightning or ETFs anyways
Retarded
I think dumbification is a downward spiral.
We shall not make things for people who dont understand it.
We shall help them understand it.
Applied knowledge is power.
Forward ๐ค
Moronic.
They'd be able to fork off for free. Even if they did pay off a dev, so what? Would you run that version of the software?
It doesn't simplify transactions at all. Also we will have gone from bitcoin being scarce with a total of 21 million to 2.1 quadrillion bitcoins. Just wait for the absolute onslaught of ridicule from the anti-bitcoiners. It's so dumb and unecessary ๐คฆ
They want to rename satoshi's to bits.
no no and no, this will create more and more confusion especially to the new Bitcoin newcomers
Iโm going to call all of my pennies โdollarsโ. No confusion and now I rich! Fucking idiots.
The idea that a couple of people or a small committee can change the meaning of a word used daily by millions is the most fiat thing I've heard in a while.
Stop trying to distract us from the OP_RETURN debate, we all know this is ridiculous anyway ๐
This is bullshit BIP. 21mil. only !
Not 21mil x 100mil.
This will increase confusion, not reduce it.
This is so dumb.
finally a bitcoin topic that is simple enough that even I can participate โฆ
but I donโt care either way
This doesn't fix anything, this will not help adoption, this will cause more confusion and less confidence in the protocol.
"Reduce confusion"?!? ๐
If we were to do that, it should have been when 100M base units was not valued at $100k, but at $1k. A smaller user base would be more accepting and easier to inform, especially because they were not normies.
I agree, however, that the high value of the base unit makes it a challenge for the uninitiated, not knowing that you can trade in tiny bits, not only in whole coins. Generally speaking, coins are not meant to be broken up, so there's a verbal connotation to the whole unit being indivisible.
Sats are easy enough, though, I think. We can also use mili- and micro- to denote other denominations as we need.
Complete nonsense!
Very expensive rebranding...
More than 20,000 blogs would have to change this unit name.
Impossible to do in YouTube videos and courses.
Every Bitcoin company would have to restructure its keywords.
Again, impossible to make changes in books written on Bitcoin.
This change will create confusion in the non-tech community and potentially the first polarization in the Bitcoin community.
We shouldn't do this at this stage; giving a new name to a 15-year-old son isn't a clever thing to do.
Bitcoin is 15 years old now.
Let's make Sats a standard.
This also keeps the legacy of Satoshi alive, which will connect with the masses as a courageous story.
"Change can be daunting, especially with something as established as Bitcoin. But evolution is part of growth! Embracing 'Sats' could simplify things and make crypto more accessible. Letโs focus on building bridges, not walls. Innovation often requires a leap of faith! ๐โจ #Bitcoin #Sats"
Totally agree ๐ฏ
If this gets any traction, we will never again know what someone means when they say โbitcoin.โ
Who the hell did this? This is complete nonsense!
Some of the same people who preached for self custody, running a node, being self sovereign..
..now is saying understanding 1 btc = 100.000.000 sats is too hard.
View quoted note →
An inch is now called a mile, an ounce is now a ton, a cup is now a gallon.
A bitcoin is now called 100 megasats.
dale loco cualquier cosa te aviso ๐
View quoted note โ
And like most things from the top down it would have the exact opposite effect.
The dumbest thing this week
BIP177 proposes redefining Bitcoin's base unit by making 1 satoshi = 1 bitcoin.
Currently, 1 bitcoin = 100,000,000 satoshis.
This change aims to simplify transactions and reduce confusion.
View quoted note →
Did you mean 1 sat = 1 bit and therefore100,000,000 bits =1 bitcoin?
I can only assume this was created by someone who wants to sabotage bitcoin. Put this together with the OP_RETURN debacle and it starts to look like a pattern is forming.
NACK
I thought we were moving away from fiat.
Remember how Jordan Petersen became famous? Some authority tried to make it a crime to NOT address someone by their preferred pronouns. He called BS, went viral and never stopped. This is the same woke agenda. You want to implement a policy to force us to name change? What happened to emergent and discoverable by the people?
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yeah aims
but the outcome will be a lot of confusion
As vezes eu acho que uma punheta pode evitar muitos problemas, desde filhos indesejados atรฉ mente vazia.
Isso nรฃo faz sentido, pros nodes jรก รฉ assim, sรณ existem satoshis, nรฃo existem nรบmeros de ponto flutuante nos softwares de Bitcoin. 1 Bitcoin รฉ uma unidade abstrata que vale 100m satoshis, mas isso sรณ existe nas wallets รฉ a forma como vocรช representa 2345 Satoshis com 2.345.
Nรฃo tem porque mudar essa representaรงรฃo, nรฃo vejo nenhum necessidade, sรณ tempo livre e mente vazia demais.
BIP177 proposes redefining Bitcoin's base unit by making 1 satoshi = 1 bitcoin.
Currently, 1 bitcoin = 100,000,000 satoshis.
This change aims to simplify transactions and reduce confusion.
View quoted note →
There will never be more than 21 00000000000000000 bitcoins!!1
It's anyone besides Jack and his minions, advocating for this?
It's nonsense
Send me 1 Bitcoin. I send you 500000 Bitcoins back.
Smartโฆโฆโฆโฆโฆ..NOT
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Just stop. We have been ok for 16 years and will be ok for the future.
This is retarded
You mean itโs become Bitcoin Inflation ๐ค
people have compared things like tailored suits, life stock and similar things to what ever they saved in for a long time.
e.g. a suit would be
0.0243 B
2,430,000 sats
Meaning many things people will buy have less symbols up until another 100x
Letโs wait until the user base and adoption has at least 10x before trying to confuse everyone
the history of US dollar sign ๐ฒ is interesting in this context, as its most likely origin has nothing to do with the American dollar and much more likely with the Spanish pesos. This one was widely known in the general population and there adoption
(So no greater big brain logic, just giving the common man what he wants)
Perplexity:
The dollar sign ($) is used in the United States because, when the U.S. established its own currency after independence, it modeled the new dollar on the widely used Spanish dollar (or peso), which had been the most common currency in the American colonies for over a century. The Spanish dollarโs symbol and value system were already deeply familiar to Americans, merchants, and the broader economy.
But why?
BIP177 proposes redefining Bitcoin's base unit by making 1 satoshi = 1 bitcoin.
Currently, 1 bitcoin = 100,000,000 satoshis.
This change aims to simplify transactions and reduce confusion.
View quoted note →
Why strip people of their ability to think?
There is no confusion. The only confusion it would bring about is no-coiners believing the supply increased and thus slow the process of adoptions.
You dont need to teach people that millimeters are different than meters or inches from miles.
It's such a non-issue idk why people are even talking about it. The decimal point is fine exactly where it is.
The US dollar has cents, the British pound has pence... The smallest unit of currency should have a different name, and the commonly used pricing units can actually have aliases. I think it is right to price Bitcoin in satoshis, and it should not be changed randomly. However, you can consider renaming the unit alias for 100 satoshis.
Ha! That's a very good point! ๐
This is a waste of time, can we stop this? they are satoshis. period. gtfo
View quoted note โ
Just use your bitcoin, how ever you like it. But use it, donโt get lost in minuances that donโt affect the real value.
I can finally afford those two pizza's with my 10,000 Bitcoin ๐
View quoted note โ
Or as we say here in Yorkshire... "it's Bollocks" ๐คฃ๐คฃ
Now explain to me with a straight face, how many Bitcoin does Satoshi Nakamoto own? ๐
I'd boost this note if @npub10dnz...25xf didn't enable me with his note below to drop this discussion entirely and push my energy elsewhere.
View quoted note โ
View quoted note →
Idiocracy is a 2006 sci-fi movie. ROTFL
Were too retarded around here.
๐คก
Ok i read it.
So, the idea is basically to rename what is informally called sats to bitcoin (or BTC).
I can see that a lot of current material would become obsolete.
At the same time very few people will ever deal with bitcoin units as originally intended plural. Probably 99 plus percent of the planet will only have sats. Everyday conversation will be in sats. Or with a very dumb decimal representation.
No one outside a very close circle of bitcoin geeks knows whats a sat is.
It's probably for the best. And when the late majority will come to buy bitcoins they'll buy a few thousands which is more attractive than a small fraction.
If you canโt price something in the grocery store in unit X then unit X should not be the name of the currency.
Simplify? ๐๐๐
Which isโฆ?
Elaborate please
Great idea
For 16yrs bitcoiners have INSISTED that there will never be more than 21 million bitcoins. There's a lot of people who are anti-bitcoin and will have a field day when suddenly it is announced that there are now 2.1 quadrillion bitcoins instead.
Also if bitcoiners say people should keep their bitcoins in hardware wallets and genereate keys and become their own bank why is understanding the concept of "sats" so difficult for them? Satoshi's into bitcoins is no more difficult than pennies into dollars. The whole thing is absurd.
First, let me state I absolutely feel the pain this would cause. And I'm not "aggressively" supporting anything.
My point is that using bitcoin with decimals has been very bad for years now.
Then, Sats is still a word for hardcore bitcoiners. None of my many friends who have bitcoin in cold storage since over five years knows what a sat is. Or maybe one does, at best.
Analogy: still today a dollar is something meaningful both for everyday usage as well for a nation state GDP.
Due to very high inflation this is to true for some other nations state currencies. When you have to buy bread with a Billion coins, it becomes nonsense.
In Bitcoin the same is true, obviously for the opposite underlying reason: nowadays virtually no new individual will ever own a whole bitcoin. And nothing out there can be priced in a bitcoin, but in a fraction of it.
What's being suggested is the exact same operation done with stock values when they are worth too much per stock in USD. Is convenient for everyday usage which is what we want bitcoin to be used for. Pricing things, paying for purchases many times a day for billions of people.
All that said, I will he perfectly content to switch to a "sats" standard. Anything that removes the fractions and let people buy thousands of unit with a few dollars.
But we're not there yet. All exchanges sells bitcoins, not sats. And honestly as we're just approaching the early majority now, renaming now, it does not seem too late.
Naaaaaaaaah ๐คข
Definitely high on my list
I have 74 billion bitcoins
By the next bull run you should be able to afford a pizza ๐
Ah, I mainly have OP_RETURN in my mind.
What it aims to do is not relevant what it would do is. This is a stupid thing and the ONLY reason it is even being discussed is because @jack likes it. Jack is wrong here, history will show it.
Jack wants bitcoin to be spent and has done some absolutely impressive but wrong mental gymnastics to support that the term sats is why people don't spend bitcoin.
It is hard to understand how a man as smart as Dorsey can be this wrong on something this simple.
Ok...
This 2018 Sierra is only 24,000,000 BTC then ๐
Wuur**
Disagree BIP-177! Whether it is a name or a unit, Satoshi is a well-known fact. We all are proud of him. And the Lightning Network has added 3 more decimal points (millisatoshi), so what will it be called after that?
The failure of the Continental and how it scarred a generation "not worth a Continental" also had a lot to do with the american founders obsession with sound money.
This is the fucking best about the dead topic. PV ๐ซ
I'd boost this note if @npub10dnz...25xf didn't enable me with his note below to drop this discussion entirely and push my energy elsewhere.
View quoted note โ
View quoted note →
1 satoshi = 1 bitcoin
1 bitcoin = 1 BTC
1 bitcoin = 1 dollar
nevent1qqs9zwznqansq2pqtl0taj4h06sls48z7fw7wcltawl9hdj5qeeuepqprdmhxue69uhkummnw3ezuumhd9ehxtt9de5kwmtp9e3ksn8hjwx
1ย satoshi = 0.00000001ย BTC = 1ย USD
so,
1 BTC = 1 USD / 0.00000001ย = 100,000,000ย USD
BTC = 100 M USD for 1 satoshi = 1 USD
monetary stability
worldwide
Who tje hell "proposed" this? Was the cocaine too much?
This would be the best ๐
Therefore bitcoin jumps from ~100k to 100m
1 BTC = 100 M USD
nevent1qqsryjdgray5agsmkkmd2jsmu9wrpn4swkxrlq9dz3hsw6urr22ddfgpy9mhxue69uhk6atvw35hqmr90pjhytngw4eh5mmwv4nhjtnhdaexceq7hgza9
This doesnโt simplify anything, but just adds confusion where there was none.
language changing is the most decentralized thing I've heard of
You should make it recursive.
SATS
Are
The
Standard
wherein SATS expands infinitely. In the same view as GNU's Not Unix.
1 BTC = 100,000,000 bitcoins
UNDEFINED RESULT!
Sounds like the idea is to increase confusion.
I don't understand why he thinks he can dictate something like this to everyone else it's kinda hilarious, even if Venmo or whoever he said starts calling sats bitcoins everyone will just continue calling them sats.
1 bitcoin = 1 bitcoin
But sepsis is a serious disease, Jo
*1 bitcoin now will be 1 BTC ( bc of conversion )
read from bottom to top
โค๏ธ
I love that youโre so open about your mental illness..
if you donโt believe me or donโt get it
i donโt have time to convince you, sorry
Quoting Satoshi while diluting his legacy ๐คฆ๐ปโโ๏ธ
iโm concentrating the solution
Youโre not concentrating the solution, youโre just diluting the problem
acidifying the solution
like adding lemon juice to water
Acidifying the solution to a non-existent problem, tailored for those already in a financially privileged position.
It literally adds nothing, just a string of zeroes for people who have shown zero PoW to understand the fundamentals of bitcoin.
i own 1 satoshi
British where redefining feet and inches to match the new kings limbs, they also created miles, foot, yard, etc, because they had to invent new names for different lengths.
Much more useful was international systems of units which stoped renaming units and just added prefix like gram, kilogram, miligram.
Byte, Megabyte, Gigabyte, terabyte.
Now you can have BTC, milibtc, micro-btc, etc.
You can call data as bitsats If you want to make it sound familiar.
But renaming SATs to BTC is like renaming milimiter to kilometer.
This name change is not backwards compatible. Imagine an accounting system made in 2030 talking to one made in 2018 to Check their Ballance.
What will happen when you mess you the units in the accounting systems and different systems try to communicate:
Metric vs Imperial Units: How NASA lost a 327 Million Dollar Mission to Mars
Everyday Astronaut
Metric vs Imperial Units: How NASA lost a 327 Million Dollar Mission to Mars
Imagine a simple conversion error caused a multi-million dollar mission to go puff! We explore how the Mars Climate Orbiter was lost in 1999.
1 cent = 1 million dollars
3 dollars= 2 cents
1 = 3 because 3 is tio big
3+1= 6= 2
Nova lingua
1 USD= 1 cent
I owned the bank 100 million usd in 1990, now I own only 1 dollar
Haha!
"bitcoiners cannot even do math"
N O P E
According to your bip177 theory that's 30 cents.
Which by the way is 0.3 cents, as 1 cent= 1 USD
#bip177