BTC - XBT / mBTC - Choosing a better trade unit

[btcusr]

updated http://en.wikipedia.org/wiki/Bitcoin, for XBT.

Hope somebody won't delete it sooner. 

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[solex]

updated http://en.wikipedia.org/wiki/Bitcoin, for XBT.

Hope somebody won't delete it sooner. 

Nice idea.
You are making some waves..!

[btcusr]

updated http://en.wikipedia.org/wiki/Bitcoin, for XBT.

Hope somebody won't delete it sooner. 

Nice idea.
You are making some waves..!

Thanks.

[btcusr]

 
Jon Matonis:

It looks like XBT is the proposed ISO 4217 symbol for #Bitcoin. Gold is XAU and Silver is XAG. http://www.change.org/en-GB/petitions/six-interbank-clearing-include-a-symbol-for-bitcoin-in-iso-4217 …

https://twitter.com/jonmatonis/status/342200349878276096

[btcusr]

Just wondering, did ripple go through so much trouble for 'XRP' ?!
Looks like, XRP is also not yet approved.

http://en.wikipedia.org/wiki/ISO_4217

[btcusr]

Somebody deleted XBT references from bitcoin wikipedia page, for being used wikipedia as a SOAPBOX.
I have explained it in the bitcoin talk page, to the person, and put the changes back to the page.

I have provided change.org petition as reference.
If anyone knows a better reference link, please go ahead and update wikipedia.

otherwise, update this thread, and I will update wikipedia.

[btcusr]

I am running out of my patience.

Can somebody give me a better link to put in bitcoin wikipedia page as a reference to XBT.

Looks like, change.org petition is not accepted.

Somebody is deleting XBT related edits again and again.

[bernard75]

Seems you are doing something right:
http://www.xe.com/currencyconverter/convert/?Amount=1&From=XBT&To=USD

[solex]

Seems you are doing something right:
http://www.xe.com/currencyconverter/convert/?Amount=1&From=XBT&To=USD

First step on the road to victory!

[btcusr]

Seems you are doing something right:
http://www.xe.com/currencyconverter/convert/?Amount=1&From=XBT&To=USD

Cool.

hm.. xe.com is using XBT to represent BTC, and not milliBTC / microBTC.

[solex]

Seems you are doing something right:
http://www.xe.com/currencyconverter/convert/?Amount=1&From=XBT&To=USD

Cool.

hm.. xe.com is using XBT to represent BTC, and not milliBTC / microBTC.

yeas. but at least this gets the ball rolling. Other financial sites will take this lead...

[btcusr]

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 .

[btcusr]

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...

[btcusr]

#XBT impact on #bitcoin; 1 cent increase in XBT-USD exchange rate is million times higher than 1 cent increase in BTC-USD exchange rate..

https://twitter.com/_vjy/status/344323825502142464

[aceking]

good work btcusr  XBT is really needed.

[David Rabahy]

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.

Unless there are other compelling reasons we should take this in bite-sized pieces.  In my humble opinion, the first obvious step is to mBTC (I am *not* fussy at all about the exact designation).

There is a very real risk of failing to pass even just the smile test if the Bitcoin exchange rate is below a single penny.  Penny stocks are considered by some too high risk; meanwhile some consider a high stock price to be an indication of quality.

http://www.investopedia.com/stock-analysis/2012/7-of-the-highest-stock-prices-in-history-brk-b-aapl-seb-nvr1114.aspx

[David Rabahy]

Ah, ha!  I figured it out.  XBT is a perfectly fine designation; 1,000,000 XBT = 1 BTC or 0.000001 BTC = 1 XBT.  Then to talk about it in typical human comfortable terms we use kXBT, i.e. kilo-XBT.  So, 1 kXBT = 1 mBTC.  I gave my nephew a gift of 200 kXBT (=0.2 BTC) and boy was he happy.

[btcusr]

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).

[btcusr]

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.

[btcusr]

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)...

Code:

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