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Title: BTC - XBT / mBTC - Choosing a better trade unit Post by: btcusr on May 31, 2013, 02:44:29 AM BTC - XBT / mBTC.
1 BTC = 1 million XBT = 1000 mBTC
Total worth of bitcoins, for 21 million coins when 1 trade unit reaches in parity with 1 USD cent, and 1 USD. Code: Trade Unit = 1 USD cent = 1 USD I will let you decide for a better trade unit. :) Edit - 1: edited completely to explain total worth of bitcoins, for different trade / exchange units Title: Re: BTC - XBT - bitcoinfoundation.org Post by: worldinacoin on May 31, 2013, 02:47:52 AM Standardization will help in the faster adopting of Bitcoin, I don't think it is a bad thing. What do you think are in their minds?
Title: Re: BTC - XBT - bitcoinfoundation.org Post by: btcusr on May 31, 2013, 04:15:30 AM Standardization will help in the faster adopting of Bitcoin, I don't think it is a bad thing. What do you think are in their minds? It doesn't matter what I think. >:( I just wanted to know whether 'they' are really interested, and any plans to push this forward. Title: Re: BTC - XBT - bitcoinfoundation.org Post by: worldinacoin on May 31, 2013, 04:17:31 AM Isn't it self explanatory? Standardization helps in faster adoption of the currency. Isn't faster adoption a good target?
Title: Re: BTC - XBT - bitcoinfoundation.org Post by: grau on May 31, 2013, 07:00:07 AM Currencies have popular names like Yen, Dollar and standard names like JPY, USD.
XBT is not about renaming Bitcoin, but to agree on the unit compatible with legacy financial software and thinking of the rest of the world, so it helps adoption. Traditional currencies are dividable by 100 (and not more), therefore virtually none of existing financial databases support currency columns with higher precision. This is why it is suggested that the standardized unit for those applications should be: 1 XBT = 100 satoshi that also leads to 1 Bitcoin = 1 million XBT The notation is handy since: 1,234,567.89 XBT = 1.2 Bitcoin or 1,234mBTC. It is XBT and BTC because BTC is actually taken by Buthan and X is reserved for supranational currencies. No conspiracy kids. Just a practical solution. Nobody takes Bitcoin away from you. Title: Re: BTC - XBT - bitcoinfoundation.org Post by: solex on May 31, 2013, 07:01:58 AM Currencies have popular names like Yen, Dollar and standard names like JPY, USD. XBT is not about renaming Bitcoin, but to agree on the unit compatible with legacy financial software and thinking of the rest of the world, so it helps adoption. Traditional currencies are dividable by 100 (and not more), therefore virtually none of existing financial databases support currency columns with higher precision. This is why it is suggested that the standardized unit for those applications should be: 1 XBT = 100 satoshi that also leads to 1 Bitcoin = 1 million XBT The notation is handy since: 1,234,567.89 XBT = 1.2 Bitcoin or 1,234mBTC. It is XBT and BTC because BTC is actually taken by Buthan and X is reserved for supranational currencies. No conspiracy kids. Just a practical solution. Nobody takes Bitcoin away from you. +1 Title: Re: BTC - XBT - bitcoinfoundation.org Post by: worldinacoin on May 31, 2013, 08:14:10 AM +1 can't have explained it better. Thanks :)
Title: Re: BTC - XBT - bitcoinfoundation.org Post by: Sukrim on May 31, 2013, 10:12:37 AM Currencies have popular names like Yen, Dollar and standard names like JPY, USD. Especially interesting about JPY: There is the "popular" abbreviation YEN and the official ISO standard name JPY BTC would be probably used similarly and to convert to XBT (the proposed standard name) you'd just need to multiply by a million. Title: Re: BTC - XBT - bitcoinfoundation.org Post by: btcusr on May 31, 2013, 10:44:24 AM 1 million XBT = 1 BTC, is also quite OK. 8) Younger member in the family already started using XRP. Then, what Bitcoin foundation is waiting for ?!?! ??? Title: Re: BTC - XBT - bitcoinfoundation.org Post by: Razick on May 31, 2013, 01:11:19 PM BTC - XBT. I have seen a thread in this forum which was asking for XBT currency name (to represent 1 milliBit), like XAG, XAU. Bitcoinfoundation is anyways interested with this push / standardization. What people who 'controls' bitcoin, think about this ??? They really want to go for it, or have something else better in their minds ??? Shouldn't it be XBC? Title: Re: BTC - XBT - bitcoinfoundation.org Post by: jackjack on May 31, 2013, 01:14:17 PM XBC would be BTC
Then 1 XBC = 1 BTC = 10^6 XBT = 10^6 µBTC Title: Re: BTC - XBT - bitcoinfoundation.org Post by: btcusr on May 31, 2013, 01:58:35 PM BTC - XBT. I have seen a thread in this forum which was asking for XBT currency name (to represent 1 milliBit), like XAG, XAU. Shouldn't it be XBC? No coin please. Just like, XAG and XAU. XBT. Title: Re: BTC - XBT - bitcoinfoundation.org Post by: btcusr on May 31, 2013, 02:07:00 PM Just imagine, what if we could buy 1000 XBTs for 12.862 USD cents... :o
Title: Re: BTC - XBT - bitcoinfoundation.org Post by: Sukrim on May 31, 2013, 03:06:16 PM Shouldn't it be XBC? http://en.wikipedia.org/wiki/ISO_4217XBC is already taken (http://en.wikipedia.org/wiki/European_Unit_of_Account_9) This might even be an issue for XBT, if SIX wants to keep the "XB_" namespace reserved to these european accounting units for the future. Title: Re: BTC - XBT - bitcoinfoundation.org Post by: David Rabahy on May 31, 2013, 03:38:20 PM The correct spelling is Bhutan https://en.wikipedia.org/wiki/Bhutan and their official currency designation is BTN http://www.nationsonline.org/oneworld/bhutan.htm -- so there is no conflict with BTC per se.
For the term supranational I found http://en.wikipedia.org/wiki/World_currency but no reference to a leading X being anything special. The ISO 4217:2008 standard is the most recent http://www.iso.org/iso/home/standards/currency_codes.htm -- the table is available http://www.currency-iso.org/dam/downloads/dl_iso_table_a1.xls -- plenty of codes start with the letter X but they do appear to be currencies that are not specific to just one country, e.g. XAF, or not specific to any country, e.g. XAU (gold). Does anyone want to purchase the standard for 140,00 CHF = $146.60? One can imagine a day when the ISO guys accept Bitcoins. Per http://en.wikipedia.org/wiki/Voice_vote; The question is on the adoption of the motion to submit XBT to ISO, all in favor say aye ... Title: Re: BTC - XBT - bitcoinfoundation.org Post by: Sukrim on June 01, 2013, 11:36:59 PM It has been submitted already... multiple times already reaching back some years.
...responses haven't been very enthusiastic to say the least. ::) Title: Re: BTC - XBT - bitcoinfoundation.org Post by: yona on June 02, 2013, 03:30:53 PM +1
i believe the market should be allowed to grow in it's own organic pace. bitcoin economy is more important then psychological adoption at this stage. nevertheless, this is a good idea to add names to smaller fractions of bitcoin, and i am well for it. Title: Re: BTC - XBT - bitcoinfoundation.org Post by: btcusr on June 02, 2013, 11:14:18 PM It has been submitted already... multiple times already reaching back some years. ...responses haven't been very enthusiastic to say the least. ::) Submitted?! What was the response from them? Another way is just to push XBT usage from exchanges, like mtgox, etc. Title: Re: BTC - XBT - bitcoinfoundation.org Post by: CurbsideProphet on June 02, 2013, 11:25:32 PM No conspiracy kids. Just a practical solution. Nobody takes Bitcoin away from you. No Bitcoin moves hands but there is a psychological factor that generally takes place, similar to a stock split. Generally this is to the upsize and short-term but there is usually an impact on price even if there shouldn't be one. Title: Re: BTC - XBT - bitcoinfoundation.org Post by: btcusr on June 03, 2013, 06:01:36 AM Just letting the world know of how important is this XBT.. 8)
https://twitter.com/_vjy/status/341428748677152768 (https://twitter.com/_vjy/status/341428748677152768) Title: Re: BTC - XBT - bitcoinfoundation.org Post by: btcusr on June 04, 2013, 09:45:27 AM May be, XBT can be pushed down to 1 satoshi.
There are currency codes with no minor units like, cents, etc. http://www.currency-iso.org/dam/downloads/dl_iso_table_a1.xls (http://www.currency-iso.org/dam/downloads/dl_iso_table_a1.xls) I think this is so important to Bitcoin ecosystem. What's happening? Could somebody please update. >:( Title: Re: BTC - XBT - bitcoinfoundation.org Post by: tutkarz on June 04, 2013, 10:04:47 AM all i have to say we should find a solution that will solve this problem once for all and the sooner the better.
Title: Re: BTC - XBT - bitcoinfoundation.org Post by: btcusr on June 04, 2013, 10:09:38 AM There's already been a change.org petition,
http://www.change.org/petitions/six-interbank-clearing-include-a-symbol-for-bitcoin-in-iso-4217 (http://www.change.org/petitions/six-interbank-clearing-include-a-symbol-for-bitcoin-in-iso-4217) I'm not sure this would help, yet I signed it. Anyone believing in, please proceed and sign. Title: Re: BTC - XBT - bitcoinfoundation.org Post by: solex on June 04, 2013, 10:15:11 AM May be, XBT can be pushed down to 1 satoshi. There are currency codes with no minor units like, cents, etc. http://www.currency-iso.org/dam/downloads/dl_iso_table_a1.xls I think this is so important to Bitcoin ecosystem. What's happening? Could somebody please update. >:( 1 XBT = 100 satoshi is definitely the answer to get Bitcoin supportable by any financial system. It also leaves BTC as the main code. 1 BTC = 1 million XBT. Indeed, it is important, but the standards people have rejected an application in 2012 with the following: "1. The currency code is not linked to any country code. 2. The currency code is considered a 'private currency' and not used for tender in any country. 3. There will be no international payments denominated in Bitcoin therefore an ISO currency code for the Bitcoin is not applicable. 4. The Institution responsible for the Bitcoin does not appear to be recognized internationally or have any official status. Neither Reuters or Bloomberg provides market data related to its use. " https://bitcointalk.org/index.php?topic=123600.msg1327579#msg1327579 It was necessary to address each point with a constructive rebuttal. This was done, but no reply came back. A petition has also been running. http://www.change.org/petitions/six-interbank-clearing-include-a-symbol-for-bitcoin-in-iso-4217 Title: Re: BTC - XBT - bitcoinfoundation.org Post by: btcusr on June 04, 2013, 10:28:59 AM May be this XBT usage can be pushed to exchanges easily..
Btc foundation org is not so active. Sometimes I wonder what they actually do. >:( Title: Re: BTC - XBT - bitcoinfoundation.org Post by: btcusr on June 04, 2013, 10:32:38 AM And, to Bitcoin wallets, clients and other services..
Title: Re: BTC - XBT - bitcoinfoundation.org Post by: tutkarz on June 04, 2013, 10:36:33 AM i think 1XBT=100satoshi is better for few reasons
- it looks better, for example 0.0375 btc = 3,750,000 XBT or 37,500 XBT (1 XBT = 1 or 100 satoshi) and this is worth around $4.5 - 1 satoshi already has name, so its logical to add new name to new entity, 100 satoshi in this case i changed my game to reflect changes so you can see the difference btctreasure.com (http://btctreasure.com) to me XBT notation is much better Title: Re: BTC - XBT - bitcoinfoundation.org Post by: grau on June 04, 2013, 01:13:00 PM i changed my game to reflect changes so you can see the difference btctreasure.com (http://btctreasure.com) to me XBT notation is much better +1 thats how it gets traction. All my example programs use XBT. Title: Re: BTC - XBT - bitcoinfoundation.org Post by: btcusr on June 04, 2013, 03:50:26 PM i changed my game to reflect changes so you can see the difference btctreasure.com (http://btctreasure.com) to me XBT notation is much better +1 thats how it gets traction. All my example programs use XBT. Great. I'll try to push it to wallets.. Title: Re: BTC - XBT - bitcoinfoundation.org Post by: btcusr on June 04, 2013, 04:08:24 PM Bitcoin-wallet,
https://code.google.com/p/bitcoin-wallet/issues/detail?id=186 (https://code.google.com/p/bitcoin-wallet/issues/detail?id=186) Title: Re: BTC - XBT - bitcoinfoundation.org Post by: grau on June 04, 2013, 05:45:51 PM Bitcoin-wallet, https://code.google.com/p/bitcoin-wallet/issues/detail?id=186 The BOP clone of BitcoinSpinner Android Wallet is already using XBT. https://github.com/bitsofproof/bop-bitcoinspinner Title: Re: BTC - XBT - bitcoinfoundation.org Post by: btcusr on June 05, 2013, 02:43:13 AM Communicated to BTXTrader thread, and corresponding team. 8)
https://bitcointalk.org/index.php?topic=208102.new#new help@btxtrader.com Title: Re: BTC - XBT - bitcoinfoundation.org Post by: btcusr on June 05, 2013, 02:44:12 AM Communicated to FYB-SG (singapore) exchange. @nagato. 8)
Title: Re: BTC - XBT - bitcoinfoundation.org Post by: btcusr on June 05, 2013, 02:49:07 AM communicating to these top 10 sites... 8)
http://www.forbes.com/sites/jonmatonis/2013/05/24/top-10-bitcoin-merchant-sites/ (http://www.forbes.com/sites/jonmatonis/2013/05/24/top-10-bitcoin-merchant-sites/) Title: Re: BTC - XBT - bitcoinfoundation.org Post by: btcusr on June 05, 2013, 03:17:03 AM communicated to wordpress.org / Matt. 8)
may be Matt wouldn't have time to read my messages. still, it is just a try. -- Hi Matt, Thanks for accepting bitcoin payments for wordpress. Bitcoin forum (bitcointalk.org) is pushing for standard ISO currency code, XBT adoption. Hope wordpress starts using new currency code XBT, along with current unit of bitcoin currency BTC. New unit will be like, 1 BTC = 1 million XBT. change.org petition is here, http://www.change.org/en-GB/petitions/six-interbank-clearing-include-a-symbol-for-bitcoin-in-iso-4217 Many Thanks. Title: Re: BTC - XBT - bitcoinfoundation.org Post by: btcusr on June 05, 2013, 03:26:42 AM Communicated to thepiratebay.se/contact 8)
--- Hi, Thanks for accepting bitcoin payments for, thepiratebay. Bitcoin forum (bitcointalk.org) is pushing for standard ISO currency code, XBT adoption. Hope thepiratebay starts using new currency code XBT, along with current unit of bitcoin currency BTC. New unit will be like, 1 BTC = 1 million XBT. change.org petition is here, http://www.change.org/en-GB/petitions/six-interbank-clearing-include-a-symbol-for-bitcoin-in-iso-4217 Many Thanks. Title: Re: BTC - XBT - bitcoinfoundation.org Post by: btcusr on June 05, 2013, 03:44:06 AM voted up reddit post,
http://www.reddit.com/r/Bitcoin/comments/1c4c0f/bitcoin_needs_your_help_to_get_the_iso_code_xbt/ created a new post, with change.org link, http://www.reddit.com/r/Bitcoin/comments/1fp6yy/xbt_iso_standard_currency_code_adoption_please/ (this is not the same as communicating to reddit payments team, so this one is pending.) Title: Re: BTC - XBT - bitcoinfoundation.org Post by: btcusr on June 05, 2013, 03:45:11 AM Posted to Google plus Bitcoin community. 8)
https://plus.google.com/103965075891217393092/posts/gV3dwocGbBn (https://plus.google.com/103965075891217393092/posts/gV3dwocGbBn) Title: Re: BTC - XBT - bitcoinfoundation.org Post by: btcusr on June 05, 2013, 05:51:16 AM Communicated to btcedproject.org 8)
Charles and Brian. Title: Re: BTC - XBT - bitcoinfoundation.org Post by: btcusr on June 05, 2013, 05:54:02 AM Communicated to bitcoinfoundation.org members. 8)
peter, jon, mark, gavin, charlie, patric and lindsay. Hope I am not spamming. Title: Re: BTC - XBT - bitcoinfoundation.org Post by: btcusr on June 05, 2013, 10:16:50 AM updated http://en.wikipedia.org/wiki/Bitcoin (http://en.wikipedia.org/wiki/Bitcoin), for XBT.
Hope somebody won't delete it sooner. :( Title: Re: BTC - XBT - bitcoinfoundation.org Post by: solex on June 05, 2013, 10:21:42 AM updated http://en.wikipedia.org/wiki/Bitcoin, for XBT. Hope somebody won't delete it sooner. :( Nice idea. You are making some waves..! Title: Re: BTC - XBT - bitcoinfoundation.org Post by: btcusr on June 05, 2013, 10:38:14 AM updated http://en.wikipedia.org/wiki/Bitcoin, for XBT. Hope somebody won't delete it sooner. :( Nice idea. You are making some waves..! Thanks. :) Title: Re: BTC - XBT - bitcoinfoundation.org Post by: btcusr on June 06, 2013, 02:36:27 AM Jon Matonis: It looks like XBT is the proposed ISO 4217 symbol for #Bitcoin. Gold is XAU and Silver is XAG. http://www.change.org/en-GB/petitions/six-interbank-clearing-include-a-symbol-for-bitcoin-in-iso-4217 … https://twitter.com/jonmatonis/status/342200349878276096 :) Title: Re: BTC - XBT - bitcoinfoundation.org Post by: btcusr on June 06, 2013, 02:43:48 AM Just wondering, did ripple go through so much trouble for 'XRP' ?!
Looks like, XRP is also not yet approved. http://en.wikipedia.org/wiki/ISO_4217 Title: Re: BTC - XBT - bitcoinfoundation.org Post by: btcusr on June 06, 2013, 03:13:13 AM Somebody deleted XBT references from bitcoin wikipedia page, for being used wikipedia as a SOAPBOX. :(
I have explained it in the bitcoin talk page, to the person, and put the changes back to the page. I have provided change.org petition as reference. If anyone knows a better reference link, please go ahead and update wikipedia. otherwise, update this thread, and I will update wikipedia. Title: Re: BTC - XBT - bitcoinfoundation.org Post by: btcusr on June 06, 2013, 04:04:26 AM I am running out of my patience.
Can somebody give me a better link to put in bitcoin wikipedia page as a reference to XBT. Looks like, change.org petition is not accepted. Somebody is deleting XBT related edits again and again. Title: Re: BTC - XBT - bitcoinfoundation.org Post by: bernard75 on June 10, 2013, 05:42:14 PM Seems you are doing something right:
http://www.xe.com/currencyconverter/convert/?Amount=1&From=XBT&To=USD Title: Re: BTC - XBT - bitcoinfoundation.org Post by: solex on June 10, 2013, 07:12:14 PM Seems you are doing something right: http://www.xe.com/currencyconverter/convert/?Amount=1&From=XBT&To=USD http://cooknkate.files.wordpress.com/2010/02/celebration-toast-with-champagne.jpg First step on the road to victory! Title: Re: BTC - XBT - bitcoinfoundation.org Post by: btcusr on June 11, 2013, 02:07:21 AM Seems you are doing something right: http://www.xe.com/currencyconverter/convert/?Amount=1&From=XBT&To=USD Cool. 8) hm.. xe.com is using XBT to represent BTC, and not milliBTC / microBTC. Title: Re: BTC - XBT - bitcoinfoundation.org Post by: solex on June 11, 2013, 04:02:08 AM Seems you are doing something right: http://www.xe.com/currencyconverter/convert/?Amount=1&From=XBT&To=USD Cool. 8) hm.. xe.com is using XBT to represent BTC, and not milliBTC / microBTC. yeas. but at least this gets the ball rolling. Other financial sites will take this lead... Title: Re: BTC - XBT - bitcoinfoundation.org Post by: btcusr on June 11, 2013, 04:49:16 AM yeas. but at least this gets the ball rolling. Other financial sites will take this lead... That's great, but nothing compares to the ability to buy 1000 XBT (1 mBTC) for 10 USD cents. XBT / mBTC adoption is going to push BTC exchange rates really really high. I'm sure this ~ $1 billion bitcoin eco-system, would be ~ $1 trillion in no time. :) For example, Let's say BTC-USD exchange rate is up by 1 USD cent. Which BTC trading unit you think, would be beneficial ? BTC / mBTC / XBT. If XBT were to be used in exchanges that's' going to push exchange rates by million times when compared to BTC trading unit. That is 1,000,000 times, for those who can not understand the XBT impact . Title: Re: BTC - XBT - bitcoinfoundation.org Post by: btcusr on June 11, 2013, 05:13:47 AM Let me explain this through a simple math. With BTC as trading unit, 1. I have 3.2221 BTC with my wallet. BTC-USD exchange rate now is, $105.55, so I have $340.092655. 2. BTC-USD exchange rate is up by 1 USD cent, $105.56, so my BTC is now worth $340.124876 With XBT as trading unit, 1. I have 3222100 XBT with my wallet. XBT-USD exchange rate now is, $0.00010555, so I have $340.092655. 2. XBT-USD exchange rate is up by 1 USD cent, $0.01010555, so my BTC is now worth $32,561.092655 That's XBT impact of 1 cent increase in exchange rate. Now, how difficult it is to push XBT rates up by 1 cent ?! I don't know what we are waiting for... ??? Title: Re: BTC - XBT - bitcoinfoundation.org Post by: btcusr on June 11, 2013, 05:22:49 AM #XBT impact on #bitcoin; 1 cent increase in XBT-USD exchange rate is million times higher than 1 cent increase in BTC-USD exchange rate.. :) https://twitter.com/_vjy/status/344323825502142464 :) Title: Re: BTC - XBT - bitcoinfoundation.org Post by: aceking on June 11, 2013, 05:35:57 AM good work btcusr XBT is really needed.
Title: Re: BTC - XBT - bitcoinfoundation.org Post by: David Rabahy on June 11, 2013, 01:54:31 PM Let me explain this through a simple math. With BTC as trading unit, 1. I have 3.2221 BTC with my wallet. BTC-USD exchange rate now is, $105.55, so I have $340.092655. 2. BTC-USD exchange rate is up by 1 USD cent, $105.56, so my BTC is now worth $340.124876 With XBT as trading unit, 1. I have 3222100 XBT with my wallet. XBT-USD exchange rate now is, $0.00010555, so I have $340.092655. 2. XBT-USD exchange rate is up by 1 USD cent, $0.01010555, so my BTC is now worth $32,561.092655 That's XBT impact of 1 cent increase in exchange rate. Now, how difficult it is to push XBT rates up by 1 cent ?! I don't know what we are waiting for... ??? But, of course the corresponding rate change is only actually an $0.00000001 increase. Your hopes rest upon the thought processes of the sellers and buyers being mathematically weak -- a not totally unreasonable hope. Why stop at one millionth? Why not jump to one billionth? Reasonableness, obviously. Unless there are other compelling reasons we should take this in bite-sized pieces. In my humble opinion, the first obvious step is to mBTC (I am *not* fussy at all about the exact designation). There is a very real risk of failing to pass even just the smile test if the Bitcoin exchange rate is below a single penny. Penny stocks are considered by some too high risk; meanwhile some consider a high stock price to be an indication of quality. http://www.investopedia.com/stock-analysis/2012/7-of-the-highest-stock-prices-in-history-brk-b-aapl-seb-nvr1114.aspx Title: Re: BTC - XBT - bitcoinfoundation.org Post by: David Rabahy on June 11, 2013, 07:13:37 PM Ah, ha! I figured it out. XBT is a perfectly fine designation; 1,000,000 XBT = 1 BTC or 0.000001 BTC = 1 XBT. Then to talk about it in typical human comfortable terms we use kXBT, i.e. kilo-XBT. So, 1 kXBT = 1 mBTC. I gave my nephew a gift of 200 kXBT (=0.2 BTC) and boy was he happy.
Title: Re: BTC - XBT - bitcoinfoundation.org Post by: btcusr on June 12, 2013, 02:17:05 AM Let me explain this through a simple math. With BTC as trading unit, 1. I have 3.2221 BTC with my wallet. BTC-USD exchange rate now is, $105.55, so I have $340.092655. 2. BTC-USD exchange rate is up by 1 USD cent, $105.56, so my BTC is now worth $340.124876 With XBT as trading unit, 1. I have 3222100 XBT with my wallet. XBT-USD exchange rate now is, $0.00010555, so I have $340.092655. 2. XBT-USD exchange rate is up by 1 USD cent, $0.01010555, so my BTC is now worth $32,561.092655 That's XBT impact of 1 cent increase in exchange rate. Now, how difficult it is to push XBT rates up by 1 cent ?! I don't know what we are waiting for... ??? But, of course the corresponding rate change is only actually an $0.00000001 increase. Your hopes rest upon the thought processes of the sellers and buyers being mathematically weak -- a not totally unreasonable hope. Why stop at one millionth? Why not jump to one billionth? Reasonableness, obviously. NO. ::) If people are willing to pay for USD 1%more than yesterday, then that's nothing to do with total USD in circulation. Almost nothing. If people pay 100 USD more for an ounce of gold, than yesterday, then that's nothing to do with total USD or Gold in circulation. If people pay 1 USD more for 1 google's share than yesterday, then it is nothing to do with total USD in circulation. Let's say, if google splits their shares by 1:100, now I am sure prices will start from 100th of previous price, so do you thing traders will set their buying interval 100 times finer. I don't think so. I don't think buyers are mathematically weak, but everything doesn't work mathematically. 8) Still, I believe XBT is like, 1:1000000 split, but XBT exchange rates is not going to follow BTC exchange rates. Everyday +/- 1 USD change is the norm for BTC exchange rates, but it won't be +/- 0.0001 cents for XBT. For XBT, exchange rate change might start with +/-1 cents, but soon (very soon, <1 year) it will go up to +/- 1 USD again. When XBT exchange rate reaches in parity with USD cents then bitcoin is different kind of beast (worth, $110 billion). Title: Re: BTC - XBT - bitcoinfoundation.org Post by: btcusr on June 12, 2013, 02:29:31 AM When XBT exchange rate reaches in parity with USD then bitcoin is worth, $11 trillion. 8) I am sure even mBTC can also push exchange rates like this, and XBT adoption can wait up to 4 - 5 more years, or mBTC to reach $100 levels. We have options. 8) We have still got time. 8) Title: Re: BTC - XBT / mBTC - Choosing a better trade unit Post by: btcusr on June 12, 2013, 09:06:05 AM Another evil idea for bitcoin exchanges is using finer bitcoin trade unit and not allowing finer fiat units.
for example, use XBT as bitcoin trade unit and allow only $0.01 precission. 8) Road to victory (112.770 million BTC / 112.770 trillion XBT)... Code: M1 Parity point Country |
