What the hell is up with all these old necro threads coming back this week? O.o
Are we really running out of topics to discuss?
I have just seen a bunch of threads related to this topic, I wanted to resurrect this thread since it has all been discussed before and so that the new people would see we already had this conversation a long time ago.
Peter, I confess that I didn't find this thread when I kicked off the subject again a few months ago. You were certainly thinking ahead.
However, one new conclusion (thanks grau) is that XBT best represents 100 satoshi, not 1 BTC.
https://bitcointalksearch.org/topic/m.1630511There are huge advantages. It means Bitcoin can easily be represented in all the world's FX and accounting systems, plus it leaves our favorite BTC as the informal code for one Bitcoin.
As the fx rate comes to exceed $1,000 then quoting rates in XBT will become more sensible.
With all the talk of regulation and seeing some banks boycotting Bitcoin businesses, it is becoming more urgent than ever that Bitcoin becomes meshed into computer systems worldwide. The more it is integrated the harder it will be for the banking system to strangle it, or a single national regulator to attack it.
If the Bitcoin Foundation has any purpose (apart from funding Gavin) then it should be pursuing this a matter of priority.