Proposal to define XBT as 0.000001BTC (Vote)

[Biodom]

As came up in a previous poll discussion, some people seem to coalesce around the idea to define the proposed ISO unit (XBT) as 0.000001 BTC.
How to call the unit in slang is not relevant for this poll, but possible variants would include bit, X-bit (like in X-ray), ubt, xib/xi, microbit, etc.
Voting Yes would mean that you approve changing of XBT definition from=1BTC to equaling 0.000001 BTC.

[phillipsjk]

If logical OR is assumed, even the people opposed will vote Yes!

[Biodom]

If logical OR is assumed, even the people opposed will vote Yes!

Edited.

[odolvlobo]

If XBT is referring to ISO 4217, then a vote here is irrelevant.

[campycoin]

I have bankofxbt.com if anyone wants it

[Biodom]

If XBT is referring to ISO 4217, then a vote here is irrelevant.

Why not? XBT will probably be the symbol, but whether to use 21 quadrillion satoshis (basic units) or something else has got to be flexible, current push for bits non withstanding.

[zimmah]

If XBT is referring to ISO 4217, then a vote here is irrelevant.

how so? ISO 4217 does not specify the max number of units

For currencies having minor units, ISO 4217:2008 also shows the relationship between the minor unit and the currency itself (i.e. whether it divides into 100 or 1000).

[sydneyjames]

Why does it matter?..

[Pobre]

I think that's called 100satoshis.

[Biodom]

Why does it matter?..

There are several threads discussing this.
1. Apparently, you cannot have more than two decimals for typical financial software, so currency unit description normally looks like this: XXXXX(N).XX, where N can be any number with ONLY two numbers to the right of the decimal, but not XXX(N).XXXXXXXX, which is the current description.
2. In addition, there are several suggestions on how to call 100 satoshis with several possibilities outlined in the first post (you don't call dollar 100 cents).
3. A new symbol for bitcoin is proposed to ISO-XBT, because BTC is for Bhutan or some other country starting with B. Changing to XBT and AT THE SAME Time changing description of XBT=0.000001 BTC would be a simple and logical way to fulfill all requirements. There are quite a few people here who advocate this and a few also proposing to call the unit "bit".
4. I suggest that it does not really matter how to call the unit (could be bit, x-bit, ubit or microbit) as long as we agree that it would be depicted as XBT and have a value of 1XBT=0.000001 BTC (current).

[ThePurplePlanet]

This forum already voted for bits. Accept it

[Biodom]

This forum already voted for bits. Accept it

There will never be any bits in the official nomenclature, but XBT. Accept it as well. I am not talking about what slang to use, but what value assign to XBT.

[Biodom]

This forum already voted for bits. Accept it

You surely sound like a statist.

[Ron~Popeil]

How many of these votes and threads are we going to have? This is kind of a non issue at this point.

[ThePurplePlanet]

This forum already voted for bits. Accept it

You surely sound like a statist.

Well we have to take a decision at some point. 100% consensus will never happen.

[franky1]

How many of these votes and threads are we going to have? This is kind of a non issue at this point.

+1

although like many things there is the common name AND ISO name, so its not about naming..
EG
common: dollar/bucks/$ ISO: USD
common: pound/quid/£ ISO: GBP
common: bitcoin/bit/sat ISO: XBT (well not officially an iso last i checked)

so its not really about reliving last months drama about 'bit'. instead its about do we keep XBT as a whole bitcoin or 100satoshi for the official ISO measurement of bitcoin when it really gets involved with the proper institutional markets.

but as Ron~Popeil pointed out, it is a bit of a non issue due to the fact that the regulators in control of ISO registration and the forex/stock markets have the true control over what measurement is attributed to XBT.

[zimmah]

This forum already voted for bits. Accept it

You surely sound like a statist.

Well we have to take a decision at some point. 100% consensus will never happen.

Im guess  you are referring to that poll where they voted to use 0.000001 btc instead of 1 btc. That poll was not about the name.

[Biodom]

instead its about do we keep XBT as a whole bitcoin or 100satoshi for the official ISO measurement of bitcoin when it really gets involved with the proper institutional markets.

but as Ron~Popeil pointed out, it is a bit of a non issue due to the fact that the regulators in control of ISO registration and the forex/stock markets have the true control over what measurement is attributed to XBT.

1. Yes, this is exactly my point-make XBT 0.000001 BTC, then all "problems" go away. You can call XBT a "bit" then if you like.
2. I don't think that regulators assign denominations all by themselves-submitters can request major and minor denomination.
http://en.wikipedia.org/wiki/ISO_4217#Position_of_ISO_4217_code_in_amounts
3. If you assign XBT=BTC, then you can have only ONE minor denomination. Since we already have a minor denomination (satoshi) that no one will change, then you run out of denominations. This problem will not be there if XBT is the major denomination at 100 satoshis (0.000001 BTC) and satoshi is the minor denomination for the purposes of banking transactions and ISO 4217.

[rme]

Yes,
2 BTC = 2 bitcoin = 1.00000000 btc
2 XBT = 2 bits = 0.00000100 btc

[miragecash]

Do not make bitcoin too geeky or nobody but geeks will use it. Just use the metric system. Everyone already knows it.

aka bitcoin, millibitcoin, etc.

As came up in a previous poll discussion, some people seem to coalesce around the idea to define the proposed ISO unit (XBT) as 0.000001 BTC.
How to call the unit in slang is not relevant for this poll, but possible variants would include bit, X-bit (like in X-ray), ubt, xib/xi, microbit, etc.
Voting Yes would mean that you approve changing of XBT definition from=1BTC to equaling 0.000001 BTC.