Author Topic: What would the psychological effect of dropping the "Bit" in BitUSD be?  (Read 2180 times)

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Offline Method-X

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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.

Offline Brent.Allsop

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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 mas

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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 luckybit

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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?

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 eagleeye

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« Last Edit: September 02, 2014, 10:37:19 pm by eagleeye »

Offline bobmaloney

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.
"The crows seemed to be calling his name, thought Caw."
- Jack Handey (SNL)


Offline eagleeye

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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?

Very very interesting.

Offline Riverhead

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 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?