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Matthew N. Wright
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April 18, 2013, 07:20:06 PM
 #1

In light of recent implementation of BTC prices on some sites such as CNBC, I think it's time we follow the ISO 4217 currency code standard in preparation of larger organizations.

Yes, there are a plethora of threads just like this one, one posted even last month and some 2 years ago. That doesn't change the fact that it's an important topic that needs attention.

This standard is created by the International Organization for Standardization and is published as a list of standard currency codes referred to as the ISO 4217 code list.

Currency codes are composed of a country's two-character Internet country code plus a third character denoting the currency unit. For example, the Canadian Dollar code (CAD) is made up of Canada's Internet code ("CA") plus a currency designator ("D").

In the event a code is not sponsored by a government or country in specific (Bitcoin), it is preceded with an "X". If Bitcoin is ever to be added to the ISO 4217 currency code list, it is the belief of many including myself, that this will happen as XBC or XBT (edit: XBC being unlikely since the EU has used it to refer to a bond). To facilitate this transition, from this day forward I will be referring to bitcoin as either XBC or XBT in all of my projects, writings, and work. I ask that those interested in the standardization and mainstream adoption of Bitcoin do the same, or in the very least explore and share their opinions on what we can do to make the code more standardized.




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April 18, 2013, 07:21:48 PM
 #2

Agreed, if we start making the transition now it will be very easy.
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April 18, 2013, 07:24:23 PM
 #3

XBTCC it is.

Any significantly advanced cryptocurrency is indistinguishable from Ponzi Tulips.
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April 18, 2013, 07:26:49 PM
 #4

In the event a code is not sponsored by a government or country in specific (Bitcoin), it is preceded with an "X".

That's why Ripples are called XRP.
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April 18, 2013, 07:27:22 PM
 #5

No.  The naming system is a tacit endorsement of the idea that something issued by a government is more official then something that is not.   We should not voluntarily put ourselves in the X subbasement.

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April 18, 2013, 07:32:14 PM
 #6

I disagree XBC > BTC.

I understand and acknowledge the standard, but you have to remember who is using it.

Most people when they go to the store see a $, not USD. If you're a professional forex trader then you don't care if the populace calls coins dog biscuits; if they are worth 100K each, you'll figure out what any proper ISO code is.

In the meantime using XBC will confuse everyone else, who will have a hard enough time understanding what a bitcoin is in the first place.
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April 18, 2013, 07:33:13 PM
 #7

No.  The naming system is a tacit endorsement of the idea that something issued by a government is more official then something that is not.   We should not voluntarily put ourselves in the X subbasement.


I agree, but I think Matthew is probably right about the fact that when Bitcoin gets noticed and standardized, it will probably get an X.

But we are free people, and can call it what we want!  Maybe we should give Bitcoin a 4-character currency code, since it is bigger and better than any currency that came before. Smiley

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April 18, 2013, 07:33:46 PM
 #8

I agree, but wasn't it XBT?

Matthew N. Wright
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April 18, 2013, 07:34:54 PM
 #9

There are plenty of threads on this topic, just search google for "XBC". One here dates back as far as 2 years ago on this issue, I'm just rehashing it because it's relevant. That said, the XBC code was previously used for this: http://en.wikipedia.org/wiki/European_Unit_of_Account_9

If XBC is not accepted by the ISO, I would recommend XBT instead.

I agree, but wasn't it XBT?

Yes, you're right, in looking over the old threads that was what the general consensus had come to. I've updated my OP to reflect. Long live XBT!

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April 18, 2013, 07:35:11 PM
 #10

I like BTC. People know what I'm talking about when I say BTC, as they would if I say mBTC. XBC just seems wrong. mXBC is even worse. I don't care about some international standard, Bitcoin isn't even a country. It's a way forward... let them adapt to us, not the other way around. Larger organizations? I don't even like that, Bitcoin's economy is being built from the ground up, I believe in driving small businesses for competition and free markets, the complete opposite of what is happening in our societies as of late. If businesses don't want to board, let them sink. Fuck the international standard. BTC!!!

 Cheesy
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April 18, 2013, 07:35:53 PM
 #11

This was discussed here not long ago:

2013: https://bitcointalk.org/index.php?topic=148229.0;all
2011: https://bitcointalk.org/index.php?topic=29061.0

I agree with justusranvier: let's use BTC until it's so commonly accepted that ISO follows along.

Matthew N. Wright
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April 18, 2013, 07:37:46 PM
 #12

Fuck the international standard.

What do you have against common knowledge? Is it in bitcoin's best interest to complicate things purposely because "fuck everyone"? Did you realize that the characters you're typing your opinion on are in ASCII, an international standard? Do your rights feel abused now that you know this? Did you want to talk in sticks and dots from now on?

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April 18, 2013, 07:38:42 PM
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Fuck the international standard.

What do you have against common knowledge? Is it in bitcoin's best interest to complicate things purposely because "fuck everyone"? Did you realize that the characters you're typing your opinion on are in ASCII, an international standard? Do your rights feel abused now that you know this? Did you want to talk in sticks and dots from now on?

I'm saying it's completely irrelevant whether we follow it or not. To change it from BTC is just a waste of "common knowledge" already established.
Matthew N. Wright
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April 18, 2013, 07:42:08 PM
 #14

I'm saying it's completely irrelevant whether we follow it or not. To change it from BTC is just a waste of "common knowledge" already established.

Compromise and conformity are not the same thing. One of them enhances exposure and acceptance of what you already believe in. It seems you believe doing this would somehow harm bitcoin or its underlying principles. The current implementation of Ripple started out as "NewCoin" btw. Aren't you glad they changed the name and "compromised" for clarity and marketing purposes? Doesn't it make it a bit easier to know what it is as a result?

I'm not against "BTC", but I think it's more likely it will be given an "X". If your argument is just "wait and see what they say" (which doesn't seem to be your argument at all), then I guess I could agree with that but wouldn't want to sit around and not have some options to toss at them.

Bottom line: we should agree on it as a community and send a clear, consistent message to the ISO, that would be great. BTC is probably impossible as Bitcoin is not a currency of Bhutan.


Just because the official name is XBC doesn't mean that we can't use the term BTC on this forum and with other people. Let's make things simpler.

This. The official code of the US dollar is USD, but we still call them "dollars", "bucks", "greenbacks", "$", etc.

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April 18, 2013, 07:42:21 PM
 #15

Just because the official name is XBC doesn't mean that we can't use the term BTC on this forum and with other people. Let's make things simpler.
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April 18, 2013, 07:45:59 PM
 #16

0100110001100101011101000010011101110011001000000111010101110011011001010010000 0010110000100001001000011001011100010000001010100011010000110100101110011001000 0001101001011100110010000001110100011011110110111100100000011010000110000101110 0100110010000100000011101000110111100100000011100100110010101100001011001000010 1110

Any significantly advanced cryptocurrency is indistinguishable from Ponzi Tulips.
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April 18, 2013, 07:51:45 PM
 #17

0100110001100101011101000010011101110011001000000111010101110011011001010010000 0010110000100001001000011001011100010000001010100011010000110100101110011001000 0001101001011100110010000001110100011011110110111100100000011010000110000101110 0100110010000100000011101000110111100100000011100100110010101100001011001000010 1110
0010101100110001

Walter Rothbard
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April 18, 2013, 08:04:23 PM
 #18

Fuck the international standard.

What do you have against common knowledge? Is it in bitcoin's best interest to complicate things purposely because "fuck everyone"? Did you realize that the characters you're typing your opinion on are in ASCII, an international standard? Do your rights feel abused now that you know this? Did you want to talk in sticks and dots from now on?

Some standards are great.  I love ISO 8601.

But I don't want to give up BTC.  I want it to be noticed, when it is noticed, as something entirely new, wild, and uncontrollable; something that cannot be pigeonholed.

Matthew N. Wright
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April 18, 2013, 08:04:48 PM
 #19

I've contacted SIX to see just what their objections (if any) will be to adding it as a currency code, and if none, I will follow through and see how far it can go. When it gets to a point I can't handle it all on my own, I'll pass it on to someone much more knowledgeable, and will keep this thread posted just the same. If I make no future posts in this thread, it means SIX ignored me completely.


Matthew N. Wright
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April 18, 2013, 08:07:11 PM
 #20

wild, and uncontrollable;

Unfortunately, that's not a property people look for in a currency. The reaction to Bitcoin's volatility should be evidence of that.

I hardly see how something that is not controlled by the government can't equally be recognized by a body of financial institutions with a standard quote symbol though. Korea used to be spelled "Corea" until Japan changed it during their occupation to "Korea" to make "Japan" come first. Kind of sucks, but looking back, "Corea" seems like a totally retarded name for a country, don't you think?

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