A Bitcoin Unit Name Proposal
The smallest Bitcoin decimal division is known as a "Satoshi." At present prices, a Satoshi is too small a unit for practical use, but a whole Bitcoin is too large. Many exchanges list altcoin prices in millibits, or thousandths of a bitcoin. This name was not chosen by a community coin-sensus though, and I would like to propose an alternate name.
In honor of Ross Ulbricht's arrest and conviction of malum prohibitum non-crimes in connection with building a safe underground economy outside government control, I propose the term "Ulbricht" for 0.001 Bitcoin instead.
The charges involving real crimes were dropped, something the prosecution would not have done had there been any real evidence whatsoever, so at this point it seems safe to say those accusations were wholly unfounded and should have no immoral connotation for the proposed unit name.
His pioneering work using cryptocurrency to build a peaceful alternative to violent black markets deserves to be honored, and the injustice inflicted needs to be remembered. If you support this idea, put it into use yourself and actively encourage others to adopt it.
If you like this post, please comment, follow, and resteem!
If you like this post, please comment, follow, and resteem!
I get the sentiment here and agree that we should recognize contributions and sacrifices made, don't you think that would make something that is already confusing the masses even more confused? The metric system would seem like the logical solution to me as it's what most countries in the world already know. Bitcoin, Decibit, Centibit, Milibit, and so on. Just my thoughts.
In the US, "Benjamin" is slang for a $100 bill, and the respective names of the presidential portraits on other denominations are occasionally used as well. Why not use both terms in this case as well?
That's a valid point. I just wouldn't expect people that don't understand crypto to give two shits about how or why it got there. Explaining who people like Shrem and D.P.R. are to people that don't even believe crypto has value is a long stretch from getting them to embrace something they do know and remove some of the fear and doubt. Personally I just call it what it is. .001 BTC lol.