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Author Topic: Bitium is the fundamental resource that we mine and exchange  (Read 2179 times)
Bitium
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October 14, 2012, 09:18:44 AM
 #1

Some people would like bitcoins to be more tangible - see for example this thread and the associated youtube video...  https://bitcointalk.org/index.php?topic=109409.0

Well, there is a scarce, indestructible and ownable (if not quite "tangible") resource present in the bitcoin system, and it helps to have a term that refers specifically to this - I propose Bitium (symbol Bt)

The name is chosen to resemble a chemical element, to make this concept as tangible as possible for the doubters.


Bitium is the resource which we mine and exchange, bitcoins and Satoshis are merely two of the units of Bitium, there may be others in future.

Bitium is currently discovered at a rate of 50 bitcoins per block, and once created (and confirmed!) is never subsequently destroyed (although ownership of it can be completely lost).

Bitium is an uncountable noun like money (or gold), you ask how MUCH of it you have; bitcoins are like dollars, pounds or yen, you ask how MANY of them you have

Bitium is logically distinct from the blockchain. The blockchain records all of the Bitium that has been discovered, and also records the Bitium ownership and transfer rules. But Bitium exists regardless of who currently owns it.

As the fundamental resource which will soon be coordinating most of the activity of the human race, I think Bitium deserves a permanent capital letter too!


I'm interested in your opinions whether this is a useful term to introduce or not...
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October 14, 2012, 10:29:01 AM
 #2

I'm fine with using the word "Bitcoin" for both the resource being considered (capitalized) and a unit of measurement for that resource (not capitalized).

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October 14, 2012, 03:33:04 PM
 #3

Bitium, was that a serious post?
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October 14, 2012, 05:33:41 PM
 #4

I dunno, maybe this would reach a goldbug better than "triple accounting shared ledger."
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October 14, 2012, 06:37:58 PM
 #5

Bitium, was that a serious post?

@corvaxmuzzy - it was, although the line about capitalizing Bitium was intended to be tongue-in-cheek.

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October 14, 2012, 06:43:04 PM
 #6

I dunno, maybe this would reach a goldbug better than "triple accounting shared ledger."

Yes, this is aimed squarely at goldbugs and those who prefer to think that some "substance" is being mined, owned and distributed

Thats why I wanted to find a non-countable term that was a variation of somethingium. Perhaps someone can suggest a better?
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October 14, 2012, 06:47:53 PM
 #7

Just be sure you don't accept any coins made from the compound Bitium scamide

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October 14, 2012, 06:58:46 PM
 #8

I actually kind of like the idea of Bitium. I always just referred to it as "Bitcoin," but Bitium sounds cooler, haha. I suggest we don't capitalize the b, though. You write "gold" not "Gold." So we should write "bitium" not "Bitium." It's kind of a useless idea, but I like it anyways. Smiley

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October 14, 2012, 07:03:17 PM
 #9

Just be sure you don't accept any coins made from the compound Bitium scamide

ha ha, nice one.

Of course, Cryptium (the generic substance created by any proof-of-work algorithm) has a couple of isotopes discovered already, main ones being Bitium and Litium. I wonder what happens if you mix them...
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October 14, 2012, 11:52:21 PM
 #10

Just be sure you don't accept any coins made from the compound Bitium scamide

ha ha, nice one.

Of course, Cryptium (the generic substance created by any proof-of-work algorithm) has a couple of isotopes discovered already, main ones being Bitium and Litium. I wonder what happens if you mix them...
Nothing. They're almost completely inert and can coexist just fine, though it's likely that only one will ever be really valuable. They also can't be bound to protein molecules, a fact which some people can't seem to grasp. Cryptium is only known to react with elements of the Scamide group (of which Ponzium is the most reactive).

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October 15, 2012, 02:10:21 AM
 #11

What about Bitcoinium?
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October 17, 2012, 04:28:21 AM
 #12

How _exactly_ would you pronounce that?

Hardfork aren't that hard.
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October 17, 2012, 05:24:35 AM
 #13

Quote
Hey guys I just registered bitium.com, let's make it the official name of something so I get rich.

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October 17, 2012, 06:16:58 AM
 #14

How _exactly_ would you pronounce that?

Bit-ium, not Bite-ium or Bish-ium
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October 17, 2012, 06:31:19 AM
 #15

If you start peddling the idea that Bitcoin is backed by an actual resource/commodity, you're going to make it very easy for it to be brought under existing laws related to e-currencies in some places and I'm not sure that's what you're really aiming for.

All I can say is that this is Bitcoin. I don't believe it until I see six confirmations.
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October 17, 2012, 06:48:47 AM
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October 17, 2012, 07:24:56 AM
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If you start peddling the idea that Bitcoin is backed by an actual resource/commodity, you're going to make it very easy for it to be brought under existing laws related to e-currencies in some places and I'm not sure that's what you're really aiming for.

Yeah maybe for bitcoin to be considered a commodity, not a currency - it's best for that commodity to simply be called bitcoin.  But if bitcoin were a virtual currency backing a virtual commodity, Bitcoinium has my vote (this would be pointless, though).  Bitium sounds too much like Bitumen (heavy crude oil).

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October 17, 2012, 11:06:33 AM
 #18

bitium makes it sound like it belongs on the periodic table of elements. which it never would. there are many commodities that dont have an ium at the end.. and the same goes for currencies too.. so why bother..

gold and silver are not 'iums' so theres no point making bitcoin an ium.. i personally think iums should be reserverd for items on the periodic table. so if silver and gold, which are on the periodic table have not had to be reverted to silverium or goldium, then i cannot see any point in why one person should fight to get bitcoin replaced to bitium.. its false advertising..

bitcoins are/wll be a commodity and currency, not an periodic table element.

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October 17, 2012, 02:08:18 PM
 #19

Some people would like bitcoins to be more tangible - see for example this thread and the associated youtube video...  https://bitcointalk.org/index.php?topic=109409.0

Well, there is a scarce, indestructible and ownable (if not quite "tangible") resource present in the bitcoin system, and it helps to have a term that refers specifically to this - I propose Bitium (symbol Bt)

I like it.

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October 17, 2012, 06:29:14 PM
 #20

Why not UnobBITtanium?  Grin

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