Author Topic: Proposal to switch form LTC to Lite  (Read 9143 times)

Offline coblee

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Proposal to switch form LTC to Lite
« on: May 06, 2014, 07:51:56 AM »
As you may know, Bitcoin people are thinking about renaming µBTC to "bit" and have websites start pricing things in bits. I think this is the best proposal so far. And it works really well with Litecoin. "lite" is actually a better term than "bit" because it's not already used everywhere.

Bitcoin wants to do this because of a few reasons:
1) Some people think that Bitcoin is too expensive and they think that they can't afford a single bitcoin.
2) Humans have a hard time dealing with decimal places. When someone receives 0.00123524 btc, it's hard to comprehend how much that is.
3) Receiving large number of something fells better psychologically. So 1000 DOGE seems like a bigger tip than 0.01 BTC.
4) Traditional financial software have trouble dealing with units that have more than 2 decimal places.

The problem is it's really hard for Bitcoin to change. First you have to come up with a good solution, which I think they finally have. Then, you need to convince everyone to switch over. And don't have a good solution for switching the code "BTC/XBT" over yet. So they would either need a new code for a bit or have all sites switch from 1 BTC/XBT being a bitcoin to it representing a bit. That's going to be fun!

The Litecoin price is only ~$10, so we don't currently have this problem. But we expect to have this problem in the future. So it's much easier for us to switch over now. By the time this is a real problem, we will be facing the same trouble that Bitcoin is facing trying to switch. So I propose that we bite the bullet and make the switch today. And at the same time, introduce the ISO code XLT.

Here's the proposal:

AmountOld codeOld nameNew codeNew name
0.00000001 (10-8)Satoshi or Liteoshi or CobleeLitecent
0.000001 (10-6)µLTCmicro litecoinXLTLite
0.001 (10-3)mLTCmilli litecoinKXLTKiloLite or KLite
1LTClitecoinMXLTMegaLite or MLite

So we will refer to the currency as Litecoin and each unit of the currency as a Lite. Sites that have not switched over, can still use the old LTC symbol and there won't be any confusion as 1 LTC is a million XLT. We can start with people pricing things in KXLT/klites and eventually switching to XLT/lites when it makes sense to.

What do people think?

EDIT After thinking about it some more, I agree that we should make things as simple as possible. Here's my updated proposal:

AmountOld codeOld nameNew codeNew name
0.00000001 (10-8)satoshi or liteoshi or cobleelitecent (or whatever the community decides to call the smallest unit)
0.000001 (10-6)µLTCmicro litecoinXLTlite
0.001 (10-3)mLTCmilli litecoinkilolite or klite
1LTClitecoinlitecoin
« Last Edit: May 06, 2014, 03:58:07 PM by coblee »

Offline Bossman

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Re: Proposal to switch form LTC to Lite
« Reply #1 on: May 06, 2014, 08:13:15 AM »
I woulda of liked to keep 0.00000001 a coblee or lee to honour you the creator , but I'm ok with the new names.
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Offline coblee

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Re: Proposal to switch form LTC to Lite
« Reply #2 on: May 06, 2014, 08:18:14 AM »
I guess you can still call litecent a coblee. Similar to how people call cent a penny sometimes.

I guess that's named after Mr. Pennybags, the creator of monopoly money. :p http://en.wikipedia.org/wiki/Rich_Uncle_Pennybags

Offline peachboy

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Re: Proposal to switch form LTC to Lite
« Reply #3 on: May 06, 2014, 08:27:36 AM »
I think this is a great idea and had much the same thoughts. However, I think it would be wise to also choose an official name for the smallest unit at the same time and get the community to rally around it, as there are some potential conflicts that could occur.

The smallest Litecoin unit is important for many traders who deal with the smaller altcoins. Litecoin exchange pairs (i.e xxx/LTC) rely on an exclusive name for the smallest unit when referring to price which concurrently differentiates itself from Bitcoin's satoshi, for the purposes of clarity.

A cursory glance of many dialogues and chatboxes on exchanges reveal that "Liteoshi" is the de facto people's favourite for this smallest unit.

However, currently existing as a whopping three syllables, human nature would inevitably over time truncate the term to just one syllable for ease of use, just as is the case with Bitcoin's satoshi. With Bitcoin's satoshi, the one syllable abbreviation sats is frequently used in trading environments, and it's not unreasonable to assume this usage will expand just as general bitcoin nomenclature expands.

And here exists a problem, because if the term Liteoshi starts to become abbreviated to Lites as part of easy trading speak, then there exists a potential source of confusion between the smallest unit (Lites), and µLTC (Lites).

Simply referring to Litecoin's smallest unit as satoshi is unlikely to stay anchored that way, as the need for a differentiation from bitcoin will most likely force evolve an alternative, that would probably lead back to Liteoshi, thus invoking aforementioned confusion.

I had read somewhere else, that the smallest unit is often referred to as a spark - perhaps that could work well?

Either way, I think once we have a selected the right term, we ought to put it into concrete and promote it as such so that any potential future confusions are minimised.
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Offline saigoned

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Re: Proposal to switch form LTC to Lite
« Reply #4 on: May 06, 2014, 08:29:52 AM »
Makes sense to make the switch early, good idea. Just need to ensure that it is promoted well everywhere to limit future confusion.
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Offline Smoothie

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Re: Proposal to switch form LTC to Lite
« Reply #5 on: May 06, 2014, 08:30:38 AM »
To be clear, is this proposal for just the general community/businesses to use as "lingo" for what to call different portions of LTC? Or is it actually going to be put into the client software (somewhere? that I'm not aware of?) as well?


Offline coblee

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Re: Proposal to switch form LTC to Lite
« Reply #6 on: May 06, 2014, 08:56:51 AM »
To be clear, is this proposal for just the general community/businesses to use as "lingo" for what to call different portions of LTC? Or is it actually going to be put into the client software (somewhere? that I'm not aware of?) as well?

If it's agreed on, the client will change to let you choose to show units in Lite, KLite, or Mlite. And maybe default it to KLite.

Offline ThomasFX

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Re: Proposal to switch form LTC to Lite
« Reply #7 on: May 06, 2014, 09:09:14 AM »
I guess it's quite logical to use this kind of notation. Just like someone can buy 1 kilo of silver, one can buy 1 KiloLite.

It's time to buy some new domain names :p

Offline Smoothie

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Re: Proposal to switch form LTC to Lite
« Reply #8 on: May 06, 2014, 09:19:02 AM »
To be clear, is this proposal for just the general community/businesses to use as "lingo" for what to call different portions of LTC? Or is it actually going to be put into the client software (somewhere? that I'm not aware of?) as well?

If it's agreed on, the client will change to let you choose to show units in Lite, KLite, or Mlite. And maybe default it to KLite.

Gotcha.

Now I know where it would change in the client. I never personally change units on the current and past clients. But perhaps others use that feature.

Offline peachboy

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Re: Proposal to switch form LTC to Lite
« Reply #9 on: May 06, 2014, 09:32:59 AM »
I guess it's quite logical to use this kind of notation. Just like someone can buy 1 kilo of silver, one can buy 1 KiloLite.

It's time to buy some new domain names :p

I think in practice though, the kilobit / kilolite usage will ultimately become redundant and bits / lites will be used right the way up to the millions and billions. After all, we don't tend to use KiloDollar or KiloEuro; it's just 1000 dollars, 10000 dollars, 100000 dollars etc.

I've seen talk on the bitcoin forums where it has been proposed the lingo would simply be just bits and bitcoins, where 1,000,000 bits is equal to one bitcoin.
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Offline BitcoinFridge

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Re: Proposal to switch form LTC to Lite
« Reply #10 on: May 06, 2014, 09:55:04 AM »
Can't the (Satoshi) be the lite and just have either lite or litecoin for simplicity

Iit might be just me but naming all the decimal points something different gets confusing rather than having mLite, kLite, litecent, lites and then having to switching from kLite etc. As the price increases

If you want to feel like a billionaire you can have your lite's otherwise you can stick to good old Litecoin's 

1.56 = Litecoin 
156000000 = Lite


Offline coblee

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Re: Proposal to switch form LTC to Lite
« Reply #11 on: May 06, 2014, 10:07:04 AM »
I guess it's quite logical to use this kind of notation. Just like someone can buy 1 kilo of silver, one can buy 1 KiloLite.

It's time to buy some new domain names :p

I think in practice though, the kilobit / kilolite usage will ultimately become redundant and bits / lites will be used right the way up to the millions and billions. After all, we don't tend to use KiloDollar or KiloEuro; it's just 1000 dollars, 10000 dollars, 100000 dollars etc.

I've seen talk on the bitcoin forums where it has been proposed the lingo would simply be just bits and bitcoins, where 1,000,000 bits is equal to one bitcoin.

Maybe, but initially, it would be weird to price stuff with huge numbers like 1,000,000 lites. Would be easier to price it in klites. For example, a pencil might cost 99.75 klites. When 0.01 klite becomes worth less than a US cent, then it would make sense for people to switch to Lites. I think merchants should never show more than 2 decimal places.

Offline dlresponse

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Re: Proposal to switch form LTC to Lite
« Reply #12 on: May 06, 2014, 12:02:14 PM »
Makes sense to make the switch early, good idea. Just need to ensure that it is promoted well everywhere to limit future confusion.

If we make the transition quite similar to the way bitcoin is doing it then news of the change in litecoin is going to spread much easier.  Of course the dogecoin community are grinning from ear to ear at these changes. It is almost like bitcoin and litecoin are following their lead in this respect.

Offline newb1

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Re: Proposal to switch form LTC to Lite
« Reply #13 on: May 06, 2014, 12:16:11 PM »
Charlie, "People like options." Call it a lite but do not do so intending to replace litecoin. We should create a culture of diversity. Just as there are onces, pounds and tons, we can have litecoins, lites, and... whatever else is useful.



Offline Aquirox

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Re: Proposal to switch form LTC to Lite
« Reply #14 on: May 06, 2014, 12:32:26 PM »
I propose some ideas differente

NanoLite NLTC
Microlite MLTC
KiloLite   KLTC
MegaLite or just Litecoin code LTC

in mind cent is two decimal no ? ^^
and kick C for coin maybe create more confusion ?

and for BTC bit = phonetic bite = dick in french ^^ i think LTC have more chance in france and all the french speack area quebec afrique .. lol
« Last Edit: May 06, 2014, 01:40:06 PM by Aquirox »