[RFC] Our next denomination: UBC - page 3.

LMGTFY

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Quote from: foo on May 26, 2011, 05:05:52 PM

Quote from: FreeMoney on May 26, 2011, 04:45:53 PM

I'm just thinking that two currency codes for different denominations is odd. And no one is going to make one code 'official' anyway.

Odd perhaps, but not unprecedented. See for example http://en.wikipedia.org/wiki/Polish_z%C5%82oty

Quote

As a result of inflation in the early 1990s, the currency underwent redenomination. Thus, on 1 January 1995, 10,000 old złotych (PLZ) became one new złoty (PLN).

That's not two currency codes simultaneously, though - that's one code replacing another as one currency (old złotych) was replaced by another (new złotych), like Deutsch Marks replacing Reich Marks, which in turn replaced old Marks.

The only example I can find is actually the US Dollar: USD, USS, and USN.

foo

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Quote from: FreeMoney on May 26, 2011, 04:45:53 PM

I'm just thinking that two currency codes for different denominations is odd. And no one is going to make one code 'official' anyway.

Odd perhaps, but not unprecedented. See for example http://en.wikipedia.org/wiki/Polish_z%C5%82oty

Quote

As a result of inflation in the early 1990s, the currency underwent redenomination. Thus, on 1 January 1995, 10,000 old złotych (PLZ) became one new złoty (PLN).

N12

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I’d rather call it uBTC to preserve the already most common abbreviation. BTC, mBTC and uBTC seems most intuitive to me …

Calling them Mills and Mikes is nice.

Another possibility would be to refer to the base units as Bitcoins and establish KBTC and MBTC, so that the uppercase letters make sense.

Pieter Wuille

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One upon a time, people will be telling stories about some fool who paid 10 billion UBC for a pizza!

I like it!

Vladimir

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-

Quote from: BitterTea on May 26, 2011, 03:45:25 PM

One question.

BTC = Bitcoin
UBC = ?

University of British Columbia? Grin

cypherdoc

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Quote from: xf2_org on May 26, 2011, 03:48:18 PM

Quote from: FreeMoney on May 26, 2011, 03:47:19 PM

I'm calling it a Mike.

"Gimme one coffee to go, please."

"That'll be 500 mikes, pal."

I like it.

i like Mike?

FreeMoney

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Strength in numbers

Quote from: bpd on May 26, 2011, 04:12:41 PM

Quote from: FreeMoney on May 26, 2011, 03:57:49 PM

I don't know if another currency code is needed. USD isn't going to get a new one when you need a billion for a sandwich.

"Want a 2oz coffee, Sam? That's 4,000 BUS (billion USD)"

Hmmm, maybe it will come in handy.

People don't have too much problem using large numbers, but small decimals are problematic. Even companies get it wrong:

http://verizonmath.blogspot.com/2006/12/verizon-doesnt-know-dollars-from-cents.html

Oh, absolutely. I'm not saying that normal folk should use tiny fractions. There will certainly be a general use word that emerges whenever more precision becomes common out of necessity. I'm just thinking that two currency codes for different denominations is odd. And no one is going to make one code 'official' anyway.

Serge

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I gotta bury few BTCs till 1UBC=1USD

jed

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Jed McCaleb

I'm all for it.
I miss the days of throwing around huge amounts of bitcoins. This will bring that feeling back.
And come on UBC/USD parity...

foo

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+1 for µBitcoin = UBC.

I guess UBC will become like decibel, the unit that everyone uses even though it's really a fraction of the base unit (bel).

wareen

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Revolutionizing Brokerage of Personal Data

Quote from: xf2_org on May 26, 2011, 03:43:32 PM

Rather than the full 1e-8, UBC would leave two decimal places to mimic familiar behavior in other currencies.

I think this is a great idea - it always felt odd to me that 1e-8 was just between 1e-6 (micro) and 1e-9 (nano). Calling the smallest amount 0.01 UBC really does make sense in my opinion. It is future-proof, gives a familiar feeling and does not make the prices of the near future too large.

Quote from: FreeMoney on May 26, 2011, 03:57:49 PM

I don't know if another currency code is needed. USD isn't going to get a new one when you need a billion for a sandwich.

Sure, but since bitcoins are non-inflationary it will not be necessary to ever change it again - UBC with two decimal digits is the ultimate currency unit within the limits of the current bitcoin protocol.

+1 for UBC

bpd

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Quote from: FreeMoney on May 26, 2011, 03:57:49 PM

I don't know if another currency code is needed. USD isn't going to get a new one when you need a billion for a sandwich.

"Want a 2oz coffee, Sam? That's 4,000 BUS (billion USD)"

Hmmm, maybe it will come in handy.

People don't have too much problem using large numbers, but small decimals are problematic. Even companies get it wrong:

http://verizonmath.blogspot.com/2006/12/verizon-doesnt-know-dollars-from-cents.html

xf2_org

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Quote from: FreeMoney on May 26, 2011, 03:57:49 PM

I don't know if another currency code is needed. USD isn't going to get a new one when you need a billion for a sandwich.

"Want a 2oz coffee, Sam? That's 4,000 BUS (billion USD)"

Hmmm, maybe it will come in handy.

In general I agree; but I think it's ok in this case, because BTC will become more rare over time, until it's largely a relic of "the first couple years of currency bootstrapping"

FreeMoney

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Strength in numbers

I don't know if another currency code is needed. USD isn't going to get a new one when you need a billion for a sandwich.

"Want a 2oz coffee, Sam? That's 4,000 BUS (billion USD)"

Hmmm, maybe it will come in handy.

FreeMoney

legendary

Activity: 1246

Merit: 1014

Strength in numbers