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Offline Method-X

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What would the effect of calling BitAssets simply "USD", "GLD", "CNY" be? The peg seems to be as much a psychological phenomenon as it is market mechanics... so why not drop "Bit" altogether?

I would argue the "Bit" in front of USD is a constant reminder that the two are somehow different. Remove this reminder and I predict the peg will track closer to the real USD.

Thoughts?

Offline Riverhead

Re: What would the psychological effect of dropping the "Bit" in BitUSD be?
« Reply #1 on: September 02, 2014, 05:45:16 PM »
From previous discussions it was agreed by most that the bit on bitUSD may help keep regulators at bay a little longer. Of course once the market cap gets into the billions they'll invent ways/reasons that it needs to be regulated anyway.

Offline eagleeye

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Re: What would the psychological effect of dropping the "Bit" in BitUSD be?
« Reply #2 on: September 02, 2014, 06:12:49 PM »
What would the effect of calling BitAssets simply "USD", "GLD", "CNY" be? The peg seems to be as much a psychological phenomenon as it is market mechanics... so why not drop "Bit" altogether?

I would argue the "Bit" in front of USD is a constant reminder that the two are somehow different. Remove this reminder and I predict the peg will track closer to the real USD.

Thoughts?

Very very interesting.

Offline MMM

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Re: What would the psychological effect of dropping the "Bit" in BitUSD be?
« Reply #3 on: September 02, 2014, 06:38:41 PM »
Best to leave it alone.

Offline bobmaloney

Re: What would the psychological effect of dropping the "Bit" in BitUSD be?
« Reply #4 on: September 02, 2014, 08:48:46 PM »
I have been thinking about something similar and related to this a lot recently.

I've been wondering if adopting the term "bits" in place of BTSX or the previous suggestion "bips", which does not seem to have gained any traction.

I think it would go a long way to helping users understand bitassets relation to BTSX, and would make the naming of bitUSD, bitGLD, bitCNY, etc. seem more obvious.
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Offline eagleeye

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Re: What would the psychological effect of dropping the "Bit" in BitUSD be?
« Reply #5 on: September 02, 2014, 08:57:41 PM »
Best to leave it alone.

I agree MMM.  *edited post* took out a bs comment.
« Last Edit: September 02, 2014, 10:37:19 PM by eagleeye »

Offline luckybit

Re: What would the psychological effect of dropping the "Bit" in BitUSD be?
« Reply #6 on: September 03, 2014, 03:55:32 AM »
What would the effect of calling BitAssets simply "USD", "GLD", "CNY" be? The peg seems to be as much a psychological phenomenon as it is market mechanics... so why not drop "Bit" altogether?

I would argue the "Bit" in front of USD is a constant reminder that the two are somehow different. Remove this reminder and I predict the peg will track closer to the real USD.

Thoughts?

It's something to try once everything is established. I think in the future it might be possible to remove the "Bit" from all BitAssets. Right now it's too soon to do that I think.
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Offline mas

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Re: What would the psychological effect of dropping the "Bit" in BitUSD be?
« Reply #7 on: September 03, 2014, 03:35:20 PM »
I have been thinking about something similar and related to this a lot recently.

I've been wondering if adopting the term "bits" in place of BTSX or the previous suggestion "bips", which does not seem to have gained any traction.

I think it would go a long way to helping users understand bitassets relation to BTSX, and would make the naming of bitUSD, bitGLD, bitCNY, etc. seem more obvious.

Adopting bips would be very unfortunate, as bips, or bps, is another word for basis point, 1/100 of 1%. Used very frequently in all sorts of investments and trading environments.

Offline Brent.Allsop

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Re: What would the psychological effect of dropping the "Bit" in BitUSD be?
« Reply #8 on: September 03, 2014, 09:42:24 PM »
I have been thinking about something similar and related to this a lot recently.

I've been wondering if adopting the term "bits" in place of BTSX or the previous suggestion "bips", which does not seem to have gained any traction.

I think it would go a long way to helping users understand bitassets relation to BTSX, and would make the naming of bitUSD, bitGLD, bitCNY, etc. seem more obvious.

Adopting bips would be very unfortunate, as bips, or bps, is another word for basis point, 1/100 of 1%. Used very frequently in all sorts of investments and trading environments.

And USD, everyone assumes is USD.  How would you say BitUSD/USD=1, if there was no Bit?
« Last Edit: September 03, 2014, 09:47:47 PM by Brent.Allsop »

Offline Method-X

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Re: What would the psychological effect of dropping the "Bit" in BitUSD be?
« Reply #9 on: September 04, 2014, 12:29:51 AM »
I have been thinking about something similar and related to this a lot recently.

I've been wondering if adopting the term "bits" in place of BTSX or the previous suggestion "bips", which does not seem to have gained any traction.

I think it would go a long way to helping users understand bitassets relation to BTSX, and would make the naming of bitUSD, bitGLD, bitCNY, etc. seem more obvious.

Adopting bips would be very unfortunate, as bips, or bps, is another word for basis point, 1/100 of 1%. Used very frequently in all sorts of investments and trading environments.

And USD, everyone assumes is USD.  How would you say BitUSD/USD=1, if there was no Bit?

Internally it can be referred to as bitUSD, externally it can simply be thought of as USD.

 

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