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Author Topic: [RFC] Our next denomination: UBC  (Read 9345 times)
ThomasV
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May 29, 2011, 08:16:25 AM
 #41

I would favor something different : when the decimal place is moved in the default implementation we just call "a bitcoin" whatever happens to be the smallest integer value after the decimal shift.

Happened in France the other way around when we switched from "old francs" to "new francs" with a "new franc" being worth exactly 100 "old" ones.

After a couple of weeks of slight confusion, everything would be back in order Smiley

Indeed, this would be the best option, because a great deal of effort has been spent marketing the name "bitcoin".
However, changing the naming convention is easier when the currency is run by a central authority :-)
Since bitcoin is decentralized, a strong consensus among developers of the various clients would be needed for such a change to take place.

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davout
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May 30, 2011, 01:29:00 PM
 #42

Since bitcoin is decentralized, a strong consensus among developers of the various clients would be needed for such a change to take place.
It's not like there are 50 lead developers and 20 implementations of the client Wink

cloud9
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May 30, 2011, 02:00:54 PM
 #43

Actually the GUI of the client, just need to shift all decimal places of everything Bitcoin value related, at least one digit for the next release, and say that there will ultimately be a total of 210million, of your fractions of the Bitcoin basket in existence in future.

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May 30, 2011, 03:22:23 PM
 #44

Quote
I would favor something different : when the decimal place is moved in the default implementation we just call "a bitcoin" whatever happens to be the smallest integer value after the decimal shift.

Happened in France the other way around when we switched from "old francs" to "new francs" with a "new franc" being worth exactly 100 "old" ones.

After a couple of weeks of slight confusion, everything would be back in order

Yeah this is the best idea I think. No real need to make up a new name. Just change the display in the client.

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Coma
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May 30, 2011, 04:17:21 PM
 #45

One question.

BTC = Bitcoin
UBC = ?

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db
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May 31, 2011, 01:03:12 AM
 #46


It's obsolete since 1979, though. Are codes never reused?

XBT is free.
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May 31, 2011, 01:05:15 AM
 #47

Since bitcoin is decentralized, a strong consensus among developers of the various clients would be needed for such a change to take place.
It's not like there are 50 lead developers and 20 implementations of the client Wink

If only!
John Tobey
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May 31, 2011, 01:34:00 PM
 #48


It's obsolete since 1979, though. Are codes never reused?

I don't know, maybe.  If bonds are denominated in it, they may still be outstanding.  And I'm sure lots of programs, on seeing "XBC", will display "European Unit of Account 9" to the user, which could be a real head-scratcher if the intent was bitcoin.

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XBT is free.

+1

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June 01, 2011, 09:25:07 AM
 #49

XBT is free.
Yuck. I parse that as "Extreme BitTorrent". Or "Extreme British Telecom".

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spleeder
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June 01, 2011, 10:36:10 AM
 #50

I would favor something different : when the decimal place is moved in the default implementation we just call "a bitcoin" whatever happens to be the smallest integer value after the decimal shift.

Happened in France the other way around when we switched from "old francs" to "new francs" with a "new franc" being worth exactly 100 "old" ones.

After a couple of weeks of slight confusion, everything would be back in order Smiley

I vote for this as well.

This happened in many other countries not only France.

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bitpop
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June 01, 2011, 10:40:59 AM
 #51

I vote for BTC

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db
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June 01, 2011, 10:48:38 AM
 #52

I would favor something different : when the decimal place is moved in the default implementation we just call "a bitcoin" whatever happens to be the smallest integer value after the decimal shift.

Happened in France the other way around when we switched from "old francs" to "new francs" with a "new franc" being worth exactly 100 "old" ones.

After a couple of weeks of slight confusion, everything would be back in order Smiley

I vote for this as well.

This happened in many other countries not only France.

But then the currency codes change to avoid ambiguity where it matters. The new unit can (and probably will) be called a "bitcoin" but will still need a new currency code. Preferably one compatible with ISO 4217.
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June 01, 2011, 11:01:53 AM
 #53

+1 for keeping the existing name. Really, every person on the planet should be able to have at least one Bitcoin.

For the transition, people would call them something like small bitcoins (one millionth of the current BTC), and big bitcoins (current 1 BTC).


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marcus_of_augustus
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June 01, 2011, 11:46:26 AM
 #54


Maybe the currency codes "ATI" or "AMD" are still available too?

Cusipzzz
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June 01, 2011, 12:28:01 PM
 #55

+1 BTC ..I really don't see it as a problem. We have enough precision past the decimal. So what if we're dealing with small numbers, the "Bitcoin" theme is still just getting out for most people, no need to confuse millcoins or microcoins yet. When the value passes $100 US/1 BTC, then we may need a change.

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nanotube
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June 03, 2011, 04:00:06 AM
 #56

+1 BTC ..I really don't see it as a problem. We have enough precision past the decimal. So what if we're dealing with small numbers, the "Bitcoin" theme is still just getting out for most people, no need to confuse millcoins or microcoins yet. When the value passes $100 US/1 BTC, then we may need a change.

so... in a few months, then? Smiley

let's just pretend we're in october 2011 and coins are 100usd/btc. what do you choose now? Smiley

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Bazil
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June 03, 2011, 04:12:36 AM
 #57

I agree the µBC is a good idea.  Kinda of like pennies compared to the USD only a million times smaller than the BTC.  I mentioned this on another thread, but according to my calculations if BTCs get universally adopted they will eventually reach a point where one µBC is at parity with the USD.  Assuming speculators don't drive it higher than that.  After that point there will be a slow increase in value due to deflationary pressure of slow BTC loss.

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Giulio Prisco
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June 03, 2011, 05:51:19 AM
 #58

UBC to refer to micro Bitcoins is a good idea, but I think the official currency code should remain BTC. Like USD and EUR (both are divided in cents)

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Luke-Jr
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June 08, 2011, 01:10:55 AM
 #59

A real "UBC" has existed since March: https://en.bitcoin.it/wiki/Universal_Bitcoin
If an actual new unit is desired, this UBC would make more sense.

But if people just want to "move" the decimal point, μBTC already exists. Since it remains decimal-specific, the obvious three-letter code would be DBC (Decimal Bitcoin).

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