solex (OP)
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100 satoshis -> ISO code
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March 18, 2013, 12:51:08 AM |
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..Bitcoin will get where it wants to go eventually no reason to force it at every chance you get and wind up with everything crushed by regulators and gigantic banks.
It's called beating them at their own game. You can't beat them if you just lurk in the sidelines. ..< MAKES YOU SUBJECT TO A WHOLE RAFT OF LAWS>>>>
We can't all live off-grid like you and John Connor.
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grau
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March 18, 2013, 04:21:32 AM Last edit: March 18, 2013, 04:37:18 PM by grau |
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grau, I understand the rationale of this suggestion, but here I think we have to agree to disagree.
You are discussing currency rankings for standardized cross-rate quoting, which has an interesting history.
The first properly quoted currency pair was GBPUSD, still known as cable, for which real-time quotes became possible in the 1800s when a telegraph cable was laid across the North Atlantic. Because sterling was the reserve currency at the time this rate was 1 GBP = n USD. Despite the USD becoming reserve currency the rate convention remained the same, and even the Australian and New Zealand dollars were ranked above the USD when they were invented and split off from sterling in the 1960s. GBP remained top ranked until Jan 1st 1999 when the euro became a currency (for financial transactions). The EU wanted EURXXX so that all currencies were quoted to 1 euro. Some banks in London rebelled, led by RBS, tried to make an exception for GBPEUR, but the market won out and they failed. So the euro elbowed sterling off the top rank.
Enter Bitcoin. In 2009 Bitcoin was first issued and the convention of BTCXXX has resulted, the market always quotes other currencies to 1 BTC. So Bitcoin has elbowed the euro off the top rank. I think this is how it should be as Bitcoin has gone from the world's weakest to strongest currency (per unit purchasing power) on its own merits!
This means that the XBTUSD rate would be .000047 at present, which is unwieldy today, but they may be 1:1 in 20 or 30 years time!
You are right, that market conventions usually reflect views of the dominant player. Realistically, Bitcoin is not a dominant player in the area of mainstream finance that we want to enter, therefore XBTUSD would be exerted. It would also be problematic in magnitude as you already noted FX trading systems work with 4 decimals. Again, the goal is to not be unwieldy (as you put it), but accommodating to the rest of the world. We will arrive at 1:1 either way on the long run. May I add an other psychological argument in favor of USDXBT (or YYYXBT if your fiat currency is YYY): With YYYXBT you know how many XBTs you will get for 1 fiat YYY. With XBTYYY you know how many fiat YYYs you will get for 1 XBT. We likely want to help reading the quote those willing to buy XBT and not those who want to cash out to fiat.
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thezerg
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March 27, 2013, 02:16:15 PM |
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+1 to the suggestion to make XBT 1 millionth of a BTC... its unfortunately small right now, but we have the colloquial BTM (millibitcoin) to get us there (and I strongly recommend at 100USD/BTC people start switching over b/c psychologically nobody wants to own a tiny fraction of something)
what feels better? Spend a buck for 10 BTM or .01 BTC
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commonancestor
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March 27, 2013, 08:04:08 PM |
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I would propose these currency codes: XBT for Bitcoin XBM for milliBitcoin XBN for microBitcoin Some may get officially registered by ISO, some may not. Using smaller denominations makes sense as it is common to use 2 fractional digits in amounts.
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Piper67
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March 27, 2013, 08:11:30 PM |
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Wow. When did that happen? I used to check regularly to see if they had added Bitcoin, but up until a couple weeks ago they still hadn't.
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The-Real-Link
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March 27, 2013, 09:03:28 PM |
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Wow. When did that happen? I used to check regularly to see if they had added Bitcoin, but up until a couple weeks ago they still hadn't. Nice! I watch them for other things lately but never noticed they've added BTC. Cool!
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Oh Loaded, who art up in Mt. Gox, hallowed be thy name! Thy dollars rain, thy will be done, on BTCUSD. Give us this day our daily 10% 30%, and forgive the bears, as we have bought their bitcoins. And lead us into quadruple digits
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MiracleRiver
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April 04, 2013, 07:50:08 PM |
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Just got this email today from www.xe.com. When I emailed them 2 weeks ago they told me they were not considering it. Now they have seen the news and their competitors listing Bitcoin :-) Thanks for the info. Given the increased interest in Bitcoin over the past couple of weeks we are considering it. Please note that even if we do list the curency, it's unlikely we'll be able to use the popular contraction BTC as there's a specific format to currency codes and this would contravene those properties. An ISO 4217 currency code is generally built from the two digit ISO 3316 country code and a third letter for the currency. In this globally used format, BT would be the equivalent of the two letter country code. There are two problems caused by this: a) Bitcoin is not a country b) BT is already in use as an ISO3316 code for Bhutan Since the ISO doesn't have a 4217 code for Bitcoin, but BTC would conflict with the existing global standards, it's unlikely that we would that 'code' if we were to list Bitcoins. Thank you for your interest in our company and services. Sincerely, XE Currency Services Team XE.com Inc. · 1145 Nicholson Rd · Suite 200 · Newmarket · Ontario · L3Y 9C3 · Canada www.xe.com · +1 416 214-5606 · Fax +1 416 214-5607
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Zomdifros
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April 04, 2013, 09:34:31 PM |
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Just got this email today from www.xe.com. When I emailed them 2 weeks ago they told me they were not considering it. Now they have seen the news and their competitors listing Bitcoin :-) Thanks for the info. Given the increased interest in Bitcoin over the past couple of weeks we are considering it. Please note that even if we do list the curency, it's unlikely we'll be able to use the popular contraction BTC as there's a specific format to currency codes and this would contravene those properties. An ISO 4217 currency code is generally built from the two digit ISO 3316 country code and a third letter for the currency. In this globally used format, BT would be the equivalent of the two letter country code. There are two problems caused by this: a) Bitcoin is not a country b) BT is already in use as an ISO3316 code for Bhutan Since the ISO doesn't have a 4217 code for Bitcoin, but BTC would conflict with the existing global standards, it's unlikely that we would that 'code' if we were to list Bitcoins. Thank you for your interest in our company and services. Sincerely, XE Currency Services Team XE.com Inc. · 1145 Nicholson Rd · Suite 200 · Newmarket · Ontario · L3Y 9C3 · Canada www.xe.com · +1 416 214-5606 · Fax +1 416 214-5607 That's why we should use XBT.
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Frozenlock
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April 04, 2013, 11:45:44 PM |
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Even if I applaud the effort to move bitcoins into the 'classical' world, I think we should stick with BTC.
Not as in 'make a deal with Bhutan', but as in: that's the de facto name, deal with it.
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John Kirk
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April 05, 2013, 01:31:40 AM |
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Since the media is making bitcoin out to be the currency of the dark underworld, why don't we fully embrace that mystique and lightheartedly adopt XXX as the official code?
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Dabs
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The Concierge of Crypto
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April 05, 2013, 02:01:03 AM |
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XXB ? XX = unknown country or all countries, B = bitcoin. You'd have 25 other letters for the other alt-coins if they gain consideration and value.
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DataPlumber
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April 11, 2013, 09:35:29 PM |
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There. Fixed it for you. We'll be back, but it may take a while. At least now the growth might be real.
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Peter Lambert
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May 08, 2013, 02:12:26 AM |
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Just got this email today from www.xe.com. When I emailed them 2 weeks ago they told me they were not considering it. Now they have seen the news and their competitors listing Bitcoin :-) Thanks for the info. Given the increased interest in Bitcoin over the past couple of weeks we are considering it. Please note that even if we do list the curency, it's unlikely we'll be able to use the popular contraction BTC as there's a specific format to currency codes and this would contravene those properties. An ISO 4217 currency code is generally built from the two digit ISO 3316 country code and a third letter for the currency. In this globally used format, BT would be the equivalent of the two letter country code. There are two problems caused by this: a) Bitcoin is not a country b) BT is already in use as an ISO3316 code for Bhutan Since the ISO doesn't have a 4217 code for Bitcoin, but BTC would conflict with the existing global standards, it's unlikely that we would that 'code' if we were to list Bitcoins. Thank you for your interest in our company and services. Sincerely, XE Currency Services Team XE.com Inc. · 1145 Nicholson Rd · Suite 200 · Newmarket · Ontario · L3Y 9C3 · Canada www.xe.com · +1 416 214-5606 · Fax +1 416 214-5607 That's why we should use XBT. I suggested this back in 2011.
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Use CoinBR to trade bitcoin stocks: CoinBR.comThe best place for betting with bitcoin: BitBet.us
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molecular
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May 08, 2013, 05:31:02 AM |
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Since the ISO doesn't have a 4217 code for Bitcoin, but BTC would conflict with the existing global standards, it's unlikely that we would that 'code' if we were to list Bitcoins.
Let's just hope they don't accidentally the internet in the process.
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PGP key molecular F9B70769 fingerprint 9CDD C0D3 20F8 279F 6BE0 3F39 FC49 2362 F9B7 0769
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Peter Lambert
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May 08, 2013, 03:24:46 PM |
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Since the ISO doesn't have a 4217 code for Bitcoin, but BTC would conflict with the existing global standards, it's unlikely that we would that 'code' if we were to list Bitcoins.
Let's just hope they don't accidentally the internet in the process. Huh? Did you leave out an important word in that sentence? I feel like there should be a verb in there somewhere?
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Use CoinBR to trade bitcoin stocks: CoinBR.comThe best place for betting with bitcoin: BitBet.us
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herzmeister
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May 08, 2013, 03:59:02 PM |
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Since the ISO doesn't have a 4217 code for Bitcoin, but BTC would conflict with the existing global standards, it's unlikely that we would that 'code' if we were to list Bitcoins.
Let's just hope they don't accidentally the internet in the process. Huh? Did you leave out an important word in that sentence? I feel like there should be a verb in there somewhere? wha, u didn't learn how 2 internet? ![Cool](https://bitcointalk.org/Smileys/default/cool.gif)
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DataPlumber
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May 08, 2013, 04:17:43 PM |
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Since the ISO doesn't have a 4217 code for Bitcoin, but BTC would conflict with the existing global standards, it's unlikely that we would that 'code' if we were to list Bitcoins.
Let's just hope they don't accidentally the internet in the process. Huh? Did you leave out an important word in that sentence? I feel like there should be a verb in there somewhere? You're only allowed to buy vowels, not whole words, silly.
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