BIP 177 "Redefine Bitcoin's Base Unit" Update! \ stacker news ~bitcoin

pull down to refresh

BIP 177 "Redefine Bitcoin's Base Unit" Update!

755 sats \ 56 comments \ @BitcoinErrorLog 10h bitcoin

Believe it or not I am seeing a lot of new support for this BIP, so I made sure to address all public comments, including noting the interaction with "sats" ... anyway, Make Sats Bitcoin Again!

https://github.com/bitcoin/bips/blob/9a8326225e2d9fd5257a9f03abe407aea9c65af9/bip-0177.mediawiki

view all related items

133 sats \ 5 replies \ @OT 10h

Do we really need a BIP to know that sats are the standard?

Since money is a social construct its better for it to be learned through that medium.

150 sats \ 4 replies \ @BitcoinErrorLog OP 10h

Take a look at the details of the BIP. The core intent is to correct how bitcoin is displayed due to people misunderstanding it as supporting floating point while it is actually integral.

39 sats \ 3 replies \ @DarthCoin 9h

Who cannot understand that 1 BTC = 100M sats is a fucking moron Is so fucking simple:

when you deal with Bitcoin onchain you use BTC (eg 0.1BTC)
when you deal with Bitcoin on LN you use SATS (eg. 123 sats or 1M sats)

Anything else is a fucking IDIOCY.

21 sats \ 2 replies \ @flat24 9h

We need @DarthCoin's teachings and ideals to be taught in schools.

Thus we assure that the next generation of Bitcoiner is well awake.

0 sats \ 1 reply \ @BitcoinErrorLog OP 9h

I'm sure he's a great guy IRL.

41 sats \ 0 replies \ @DarthCoin 9h

reply on another page

141 sats \ 2 replies \ @CruncherDefi 8h

RENAMING base unit is unrealistic. There will be always a split between old-naming-users and new-naming-users. Some wallets will get updated. Some will not. It's would be a mess having name collisions like that.

For something realistically doable you need backward compatible change.

More realistic proposal is to DROP the 'bitcoin' name as a unit. Bitcoin name could refer only to the protocol/network. And the currency unit would be sats. If some wallets would lag or not apply the change it would not be a big deal. Eventually everyone would converge to new convention without any name collisions on the way.

17 sats \ 0 replies \ @DarthCoin 8h

This is just an EGO-BIP. Don't hurt his ego....

0 sats \ 0 replies \ @BitcoinErrorLog OP 8h

I understand that you think dropping the name bitcoin from Bitcoin is realistic.

10 sats \ 16 replies \ @BlokchainB 9h

Is this hat for sale?

But this BIP would clear up a lot of confusion. Personally I hate the decimal UI.

106 sats \ 15 replies \ @ek 8h

Use sats as the denomination and you don’t have decimals.

0 sats \ 14 replies \ @BlokchainB 8h

Not all apps/wallets do this

92 sats \ 13 replies \ @ek 8h

Which wallet are you using that doesn’t have this setting?

0 sats \ 12 replies \ @BlokchainB 8h

SideSwap is one most exchange wallets don’t use sats denomination plus like the BIP explains it’s all bitcoin

101 sats \ 9 replies \ @ek 8h

That’s the point: it will never be "all bitcoin" or do you really think every single wallet out there will make this BIP their default?

Stacker News will never support this BIP as long as I’m a part of it.

view all 9 replies

21 sats \ 0 replies \ @mo 7h

is probably a good sign for you to stop using it

reply on another page

87 sats \ 0 replies \ @DarthCoin 8h

Any decent LN wallet is using sats as denomination (except Bitkit). BTC is only for onchain.

reply on another page

31 sats \ 1 reply \ @ek 8h

From your security considerations:

Provide clear educational materials and coordinated messaging.

So you think it will be easier to explain to people that bitcoin might not mean bitcoin because some wallets might mean satoshi because they support this BIP while others not, instead of just telling them that 100M satoshis = 1 BTC?

0 sats \ 0 replies \ @BitcoinErrorLog OP 8h

read what you just wrote as if you were the crazy one and see how much more complicated yours is

20 sats \ 0 replies \ @NovaRift 7h

Worst idea

40 sats \ 1 reply \ @siggy47 9h

I'm already feeling like a whale

36 sats \ 0 replies \ @BitcoinErrorLog OP 8h

You're welcome! :)

50 sats \ 0 replies \ @meduzot 2h

I think this is a good idea. I've seen so many people confused by UIs that flip between bitcoin and sats. Then they also get confused why there's 100 million satoshis in a bitcoin (not 100 sats per bitcoin like cents to the dollar). Then they get confused by sats vs satoshis, etc.

50 sats \ 0 replies \ @k00b 5h

I've said several times that I like the idea. To be effective it needs support from people with very powerful distribution.

50 sats \ 0 replies \ @024a1200de 6h

Block survey from a couple years ago. I'm with you John

10 sats \ 1 reply \ @mo 7h

In your proposal, you still referring to the current bitcoin as BTC, ca you elaborate on it?

New display: ₿10,000 or 10,000 bitcoins or 0.00010000 BTC

is BTC the unit used by financial systems so it stays unchanged? I mean why

BTC as a currency code remains unchanged

when everything else SHOULD change?

0 sats \ 0 replies \ @BitcoinErrorLog OP 6h

It's this way because of the formal feedback that was given about the BIP. So I acknowledge that stock tickers are rationally an external spec.

0 sats \ 5 replies \ @grayruby 7h

Don’t mind it but it’s too late. Inertia.

20 sats \ 4 replies \ @BitcoinErrorLog OP 6h

there was a time before "sats"

0 sats \ 3 replies \ @grayruby 6h

Yes, and a lot has changed since then. People are used to sats, they are likely to continue to use sats unless something significant compels them otherwise.

50 sats \ 1 reply \ @024a1200de 6h

I did the math a while ago. There's probably less than 100k people who know what a sat is. Less than 10k who actually use the word sat regularly and/or care about it.

That's 0.0001% of the world's population. Bitcoin is for the remaining 99.99%

0 sats \ 0 replies \ @grayruby 5h

That's fair.

20 sats \ 0 replies \ @BitcoinErrorLog OP 6h

I am not one of those people. I feel clowny saying "sats".

0 sats \ 7 replies \ @ek 8h

Believe it or not I am seeing a lot of new support for this BIP

Show us

0 sats \ 6 replies \ @BitcoinErrorLog OP 8h

for example

100 sats \ 5 replies \ @ek 8h

Link? You just sent me a screenshot of your own tweet.

0 sats \ 4 replies \ @BitcoinErrorLog OP 8h

it's photoshopped you shouldnt believe me

0 sats \ 3 replies \ @ek 8h

I don’t believe you, that’s why I asked for a link.

0 sats \ 2 replies \ @BitcoinErrorLog OP 8h

x.com

view all 2 replies

0 sats \ 0 replies \ @028559d218 3h

Hey OP with all due respect... GFY

Thanks

0 sats \ 0 replies \ @LibertasBR 4h

The confusion with names is just a matter of adapting to new concepts for those who start to have bitcoin. I don't see any use for this BIP considering that in the future this opens the way for name changes to suit current users within the code, and a hardfork would be needed for this.

I personally don't like the term "sats", but it's a consensus like in a living language, so I'll keep using it.

0 sats \ 0 replies \ @fd055dcc2f 5h

there's a Russian proverb: when cat has nothing to do he licks his nuts

0 sats \ 0 replies \ @sox 5h

Wow, I'm gonna support you:

Find a mirror
Take a look at it

0 sats \ 0 replies \ @DarthCoin 8h

0 sats \ 0 replies \ @DarthCoin 10h

what a bullshit