bitcoin should not migrate to conform to the 'old type' of system i agree fully. but the old type of system is not about fiat. after al there are codes for wheat, poultry gold.. all of which are not fiat.
Yes, but they are "non-standard" types of currency, hence the X__ assignation. XBT might be acceptable as ticker symbols for mainstream trading sites as they add Bitcoin, but do we want cryptocurrencies to be relegated to some "non-standard" category? Obviously not.
This has of course been discussed before, and some posters have seen the obvious problem with conforming to irrelevant/outdated standards:
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.
Right now, some of the establishment ignores B, another considers it a scam and a ponzi only fit for criminals, the third wants to kill it as a deadly competitor, and so on...
It's NOT "required" to follow their ISO.
You think you are going to "get Bitcoin accepted as a mainstream investment in the world's financial markets" by adopting their rules of the systems that B was made to make obsolete?
As the great Casascius saying goes, that would be "a screen-door submarine with a wood trim!"
Bitcoin is an unprecedented entity, that was made to disrupt the old currency system - to be non-conformist, rather than suck up to the establishment.
I think Bitcoin should have the code that it already has, and the establishment should just accept that, or call it whatever they wish, IF they ever actually accept it as a mainstream whatever.
Many people have been using the code BTC for bitcoins, which is clearly wrong. There exists a currency BTN (Bhutan, Ngultrum); BT is the country code for Bhutan. BTC, by the code rules, stands for Bhutan Colones, or Bhutan Crunchies, or Bhutan Calafragilistics. BTC is not Bitcoins.
The rules are pretty clear. Bitcoins are not issued by a nation state, so the code should start with X.
Peter Lambert proposes (or states as if obvious) that we "follow the rules" created by the very system that BTC threatens to obsolete. LOL. Then again, it was 2011 when he posted that.
As for Bhutan, now I understand what Sukrim meant. But this would only be relevant if following the conventions of ISO 4217.
