Print Page - Bitcoin - Road to Victory

Title: Bitcoin - Road to Victory
Post by: btcusr on June 12, 2013, 10:37:21 AM

Somehow this is an evil idea for bitcoin exchanges.. :)

Idea 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
-----------------------	--------------	-----------------------------------------------------------
$90,240,000,000.00	$8,199.65	Indonesia
$96,680,000,000.00	$8,784.82	Malaysia
$100,900,000,000.00	$9,168.27	United Kingdom
$112,770,000,000.00	$10,000.00	BITCOINATION ******************* @ 1 XBT = 0.01 USD 
$110,100,000,000.00	$10,004.23	Algeria
$114,000,000,000.00	$10,358.60	Czech Republic
$117,000,000,000.00	$10,631.19	Finland
$117,000,000,000.00	$10,631.19	South Africa
$118,500,000,000.00	$10,767.49	Ireland
$120,000,000,000.00	$10,903.79	Greece
$120,700,000,000.00	$10,967.39	Singapore
$134,200,000,000.00	$12,194.07	Denmark
$143,800,000,000.00	$13,066.37	Hong Kong
$149,400,000,000.00	$13,575.22	Norway
$152,800,000,000.00	$13,884.16	Poland
$158,300,000,000.00	$14,383.91	Brazil
$168,400,000,000.00	$15,301.65	Belgium
$175,700,000,000.00	$15,964.96	Venezuela
$180,700,000,000.00	$16,419.29	Mexico
$194,800,000,000.00	$17,700.48	Austria
$225,540,000,000.00	$20,000.00	BITCOINATION ******************* @ 1 XBT = 0.02 USD 
$231,300,000,000.00	$21,017.05	Saudi Arabia
$243,000,000,000.00	$22,080.17	Sweden
$338,310,000,000.00	$30,000.00	BITCOINATION ******************* @ 1 XBT = 0.03 USD 
$342,300,000,000.00	$31,103.05	India
$347,000,000,000.00	$31,530.12	Russia
$369,600,000,000.00	$33,583.67	Korea South
$375,800,000,000.00	$34,147.03	Netherlands
$412,300,000,000.00	$37,463.60	Taiwan
$451,080,000,000.00	$40,000.00	BITCOINATION ******************* @ 1 XBT = 0.04 USD 
$484,400,000,000.00	$44,014.96	Switzerland
$544,000,000,000.00	$49,430.50	Australia
$563,850,000,000.00	$50,000.00	BITCOINATION ******************* @ 1 XBT = 0.05 USD 
$676,620,000,000.00	$60,000.00	BITCOINATION ******************* @ 1 XBT = 0.06 USD 
$702,300,000,000.00	$63,814.42	Canada
$789,390,000,000.00	$70,000.00	BITCOINATION ******************* @ 1 XBT = 0.07 USD 
$775,200,000,000.00	$70,438.47	Spain
$902,160,000,000.00	$80,000.00	BITCOINATION ******************* @ 1 XBT = 0.08 USD 
$928,500,000,000.00	$84,368.06	France
$1,014,930,000,000.00	$90,000.00	BITCOINATION ******************* @ 1 XBT = 0.09 USD 
$1,127,700,000,000.00	$100,000.00	BITCOINATION ******************* @ 1 XBT = 0.10 USD 
$1,137,000,000,000.00	$103,313.39	Italy
$1,853,000,000,000.00	$168,372.66	Germany
$1,917,090,000,000.00	$170,000.00	BITCOINATION ******************* @ 1 XBT = 0.17 USD 
$2,318,000,000,000.00	$210,624.83	United States
$2,480,940,000,000.00	$220,000.00	BITCOINATION ******************* @ 1 XBT = 0.22 USD 
$4,910,000,000,000.00	$446,146.65	China
$5,074,650,000,000.00	$450,000.00	BITCOINATION ******************* @ 1 XBT = 0.45 USD 
$6,205,000,000,000.00	$563,816.69	European Union
$6,427,890,000,000.00	$570,000.00	BITCOINATION ******************* @ 1 XBT = 0.57 USD 
$6,735,000,000,000.00	$611,975.08	Japan
$6,991,740,000,000.00	$620,000.00	BITCOINATION ******************* @ 1 XBT = 0.62 USD

Title: Re: Bitcoin - Road to Victory
Post by: Bitcoinpro on June 12, 2013, 10:39:01 AM

laymans terms so everyone can understand not just me :D

Title: Re: Bitcoin - Road to Victory
Post by: DJTrey on June 12, 2013, 02:13:53 PM

what in the world are you talking about?

Title: Re: Bitcoin - Road to Victory
Post by: CompNsci on June 12, 2013, 03:53:13 PM

I think I just barely have an inkling of what this might mean. What does this mean?

Title: Re: Bitcoin - Road to Victory
Post by: btcusr on June 13, 2013, 02:39:38 AM

First let me clear one thing, this post is supposed to be for fun.

There are 11 million bitcoins in circulation (per yesterday, 112.770 million).

1 BTC = 1000 mBTC = 1 million XBT

XBT is millionth unit of BTC, so there are 11 trillion XBT units in circulation.

My idea is, for exchanges like, mtgox etc., to use XBT as trading unit, so that traders can trade BTC to 6 digit precision (which is 1 XBT).

At the same time, traders can only use fiat currencies to $0.01 precision (1 USD cent).

If anyone wants to buy bitcoins through exchanges minimum bit should be 0.1 cent.
This sets XBT-USD exchange rate to 1 USD cent.
So, we will start with total worth of bitcoin as 110 billion USD.

now, isn't that what we can call a good start? 8)

with every cent exchange rate rise for XBT, we move up and the table shows this.

When 1 XBT reaches $0.62, bitcoin would have total worth of $7 trillion, and it is the top of the world.

any doubts now?

Title: Re: Bitcoin - Road to Victory
Post by: kodo on June 13, 2013, 02:43:47 AM

Yes it definitly is the road to victory.

Title: Re: Bitcoin - Road to Victory
Post by: btcusr on July 23, 2013, 02:43:59 AM

Just pushing XBT.. :)

Title: Re: Bitcoin - Road to Victory
Post by: melon on July 23, 2013, 08:25:11 AM

I always thought...

(using 100 usd =1 btc as a reference)

that...

1.0000 btc 100 usd
0.1000 btc 1o usd
0.o100 btc 1 usd
0.0010 btc 1o cents(a dime).10
0.0001 btc 1 cent (penny).01

so...
curbing trading to single cents only would be 4 digits (not 6 places) , right?

both ~~always~~ 2 decimal places apart ( when prices are in the hundreds of dollars)
(trading 4 decimals of tenths and hundredths of cents as happens now requires 6 places in btc...to reduce two decimal places to cents only would only require 4 places in btc-still 2 decimal places apart)

...correct me if I/m wrong or misunderstanding your point!

Title: Re: Bitcoin - Road to Victory
Post by: melon on July 23, 2013, 08:32:28 AM

so you want to arbitrarily set it rather than let current market forces move the price. right ? instead of the current rate near 100( actually about 90 some now)... pushinh the 1000 or 10,000 usd price... that would be cool... not likely though...at least now.anyway!

Title: Re: Bitcoin - Road to Victory
Post by: btcusr on July 23, 2013, 08:56:56 AM

Quote from: melon on July 23, 2013, 08:25:11 AM

I mean, ask / bid XBT in cents.

Like, 1 XBT = ? Cents

Title: Re: Bitcoin - Road to Victory
Post by: btcusr on July 23, 2013, 09:03:54 AM

After spending a whole $100 bill, I will not get a whole Bitcoin.

If mBTC becomes commonplace then peoples likely to buy 10 mBTC for a dollar.

If XBT becomes commonplace then people will buy 100 XBT for a cent.

May be it looks trivial, or silly, but that's how most people think.

This 21 million is just a mathematical number, when it makes sense to use smaller units then it is better to do so.

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Bitcoin => Bitcoin Discussion => Topic started by: btcusr on June 12, 2013, 10:37:21 AM