I strongly believe that somewhere in near future mBTC / XBT should go mainstream. May be I am completely wrong, but I couldn't differentiate between Bitcoin starting to use subunits and a country printing more fiat money. Let's say Bitcoin starts to use mBTC, now there are suddenly 1000x units. When a country prints more money then why not think it as a way of making units more fungible. You bought a candy for a cent then you pay a dollar now. That means, your country has printed 100 times more money or something interesting happened to candy production or your country has gained much reputation or your country is manipulating global exchange rates, etc. Everything somehow looks the same for me. I'm an average Bitcoin user, explain to me.  You couldn't differentiate? They're completely the opposite of eachother! There are more sides to this, but I guess the key difference is this: by switching to mBTC thus effectively creating 1000x more units (which is not the case because these units were in fact already there to begin with, but for argument's sake) then who owns these new units? Now compare this to: when a country prints more fiat money, then who owns this new fiat? Government or ECB or FED printing more fiat money = effectively stealing existing fiat money. Thanks, that was so simple. Who owns new currency really matters. Now, I understand the difference. |
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May be my point irrelevant to this thread. I'll start a new thread.. |
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I strongly believe that somewhere in near future mBTC / XBT should go mainstream. May be I am completely wrong, but I couldn't differentiate between Bitcoin starting to use subunits and a country printing more fiat money. Let's say Bitcoin starts to use mBTC, now there are suddenly 1000x units. When a country prints more money then why not think it as a way of making units more fungible. You bought a candy for a cent then you pay a dollar now. That means, your country has printed 100 times more money or something interesting happened to candy production or your country has gained much reputation or your country is manipulating global exchange rates, etc. Everything somehow looks the same for me. I'm an average Bitcoin user, explain to me. |
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What's GBSB? Great Britain Sewing Bee?!  |
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It is close competition between Bitcoin and Ripple. I don't think any other alt-coins come any closer to these two. I like LTC because of it keeps ASICs away from mining. I am holding 3 BTC, 40K XRP and 2 Testnet LTCs. and, I am just watching the game.  |
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hold. don't sell now. don't sell it for at least a year. |
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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? 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? |
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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. Road to victory (112.770 million BTC / 112.770 trillion XBT)... 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
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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. Road to victory (112.770 million BTC / 112.770 trillion XBT)... 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
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When XBT exchange rate reaches in parity with USD then bitcoin is worth, $11 trillion. 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. We have still got time.
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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. 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). |
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Also, we are planning on implementing XBT and other units of BTC, this is in our back log of to-do's.
great. |
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Guys, stop posting to this thread.
Can mods please look into this.
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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...
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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 . |
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If IOUs were to be implemented in Bitcoin, then how would BTC-IOU look like? Is it even possible to implement BTC-IOU with Bitcoin. I'm confused. |
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Cool. hm.. xe.com is using XBT to represent BTC, and not milliBTC / microBTC. |
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Somehow I am convinced that mBTC change is very important than moving directly XBT. mBTC is change is going to make news, and push BTC exchange rates higher. If I have to speculate, mBTC is going to reach in parity with dollar, within its first year of adoption. XBT adoption can wait at least 4 - 5 years, for now. When mBTC exchange rates reaches $100 leavels, XBT change can push exchange rates further. So, it is better to save XBT adoption for later.
I wonder why mbtc adoption is not happening..  |
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thanks, I will check those threads. "max coin age", no results. |
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