Bitcoin Terminology is Completely Broken

I think one of the issues is that “bitcoin” sounds kind of like a toy. It just sounds like a joke.

Meanwhile digital currency and even cryptocurrency sounds interesting, intriguing, robust, serious, and impressive.

Also, as Andreas mentioned, the playful “I can’t take this seriously” logo is actually a really really big problem.

Agree that digital currency is a better term. If other crypto tokens end up having widespread use comparable to btc, it might be that in 5 years we more often talk about “digital currencies” than any particular one, which solves your branding problem in the general case.

I still think it’s a minor issue not worth worrying much about, though. Most people think bitcoin is silly because of what it is - magic internet money invented by a mysterious hacker - not what it’s called. I’ve never seen the toy association myself, but even if that’s true in the NA context I doubt it applies much outside of the english-speaking world.

Also @glepage - I had that toy as a kid. Maybe that’s why I don’t mind the name?

@josh a big part of it is subliminal. Just look at a single segment on CNN. The way the word “bit-coin” rolls off their tongues and they say it with confusion or silly-ness. The way the two visuals they show are the silly logo and a bushel of coins. It’s so ridiculous and someone seeing it represented that way would just think it’s a joke. And they do for good reason. Of course there are many other reasons - for example, Mt. Gox and Silk Road didn’t help. But I feel that if it was known as something like “digital currency” people would be more likely to conclude that it’s futuristic and it’s a big deal, and it’s simply just being adopted early on by jokesters and criminals, rather than judge the currency harshly. The word “blockchain” seems to be resonating well in the media, on wallstreet, etc., whereas bitcoin still has yet to resonate anywhere big. Of course there are differences in connotation, technology and focus, but I also think that branding, perception, and presentation plays a big part.

I posted this on Reddit. Seemed appropriate for this conversation:

Bitcoin has a naming problem. The protocol, currency, unit of account, and network, are all called Bitcoin. Let’s compare this to the hierarchy of things that compose the web:

  • HTTP, Web Page, Web Site, Internet
  • Bitcoin, Bitcoin, Bitcoin, Bitcoin

One of the reasons Bitcoin has not yet achieved mainstream adoption is because it’s very difficult to describe. Imagine a different scenario:

  • Protocol: BDP (Blockchain Data Protocol)
  • Currency: Bitcoin
  • Unit of Account: Bits
  • Network: Blockchain

If this were the common vocabulary used to describe components of the Bitcoin ecosystem, we’d all have a much easier time communicating.

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I like this way of thinking. No one confuses TCP/IP with a webpage. The underlying technology (blockchain) is confused with higher-level problems like an exchange shutting down because the headline is “Bitcoin is not secure!”. Also, I’ve seen resistance from respected researchers who don’t want to get involved with the controversy/drama of “Bitcoin”. Trying to convince them to start working on Bitcoin becomes an uphill battle.

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Hmm… I partially agree but we are still left with that “B” word. I would like to alter @Wayne’s naming convention.

Protocol: BDP (Blockchain Data Protocol)
Currency: Linq
Unit of Account: Linqs
Network: Blockchain

I like something like Linq as it is a play on words, works great for SEO and is distinct. The only collision I see is that LINQS is owned by MS as Language-Integrated Query (LINQ) is a set of features introduced in Visual Studio 2008. Not a very well known term.

What’s the motivation behind Linq? Just curious.

Now we’re getting somewhere :sunglasses:

To build on this:

Protocol: BTXP (Bitcoin Transaction Protocol); blockchains can use different transaction protocols, so it is important to specify that we’re talking about the Bitcoin Transaction Protocol, as opposed to the Ethereum Transaction Protocol or the Ripple Transaction Protocol.
Currency: bitcoin, lower-cased, like “dollar,” with the currency code “XBT” in line with ISO 4217.
Unit of account: bits, 1/1,000,000 of 1 XBT. Most people will speak in terms of "bits."
Network: Today, Bitcoin, tomorrow, the Blockchain (to give a crude analogy, think ARPANET, NSFNET, etc -> the Internet, or, generically, many IP networks -> the Internet).

The reason I believe there will eventually be “the Blockchain” is because a blockchain is only worth using if it is secure, and blockchain security is a mutually exclusive affair. If validators can commit to securing (or attacking!) two blockchains at once with negligible marginal cost to doing so, then the blockchain which is worth less in terms of market cap and block reward will always be vulnerable. If a validator must choose between two blockchains to secure, then they will always choose the one which will provide them with the greatest profit if they hope to maintain a competitive advantage and stay in business. This includes proof of stake systems, where the “mining rig” is a stash of stake that must be purchased ahead of time. Where this mutually-exclusive-security dynamic differs is in trust-based consensus systems, which can operate in parallel with negligible marginal cost while at the same time have an equally high cost of attack for each parallel blockchain; the validator who attacks one such system will lose all of the trust that nodes have granted them in every system.

Regarding Andreas’ comments and the comments of others in this thread, I personally do not mind the name Bitcoin. It does place more emphasis on the “p2p electronic cash” aspect of the system (as intended) than the “global consensus for transaction ordering in a distributed ledger” aspect of the system i.e. the blockchain. This could be regarded as a mistake, but it got the right demographic excited enough that in just over 6 years we now have a $4-billion-and-growing piece of public infrastructure that can be used for all kinds of cool things. By drilling into people over and over “it’s used for payments, it’s used for payments, it’s used for payments,” Satoshi gave the blockchain a clear use-case where people might otherwise have looked at the system and said, “distributed timestamping? meh.” I think Bitcoin could use better marketing, and am always interested in seeing new takes on the branding, but the name is something I am happy to promote.

The “negative stigma” that the “mainstream media” dumps onto Bitcoin (perhaps at the behest of advertisers and special interests who feel threatened by it?) does not bother me any more than the “negative stigma” of the early Internet bothers me. Ever heard of the Four Horsemen of the Infocalypse? History doesn’t repeat itself, but it does rhyme, and the captured media’s stigmatization of Bitcoin is no different. Try as they might, they cannot kill Bitcoin.

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I assume Linqs as in links in a (block)chain?

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Linq is just an example of what could have been a better name for bitcoin with only 5 seconds of thought. It shows the amount of thought that actually went in to the branding of Bitcoin. The name Bitcoin was not very creative and not as representational of what bitcoin actually is as it could have/should have been.

It would be easier for all of us if we could shed the Bitcoin name.

Just my 2 cents or 0.000084 XLQ for what it’s worth.

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Offhand, do you know of a more accessible summary of Luhmann’s work? The wikipedia entry doesn’t really help.

tia.

ummm @gjhiggins … i’m a big fan of luhmann …

i found ‘the reality of mass media’ encapsulated/applied his ideas re general systems theory … to the media system …

his languaging requires a bit of negotiating … eg generalised symbolic system of exchange includes but is not limited to things like money …

i turned this shortish book into a series of utterances … because i also like his communication model re [ information | utterance | understanding ] … which i’ve then mapped to a learning approach based around ‘surprise’ …

reality of mass media link

nowadays however, i find the most compelling thinker to be peter sloterdijk … who treats a lot of established thinkers with disregard … and luhmann with considered respect …

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and you may find the work of prof dirk baecker … also relevant … he worked with luhmann … and has progressed luhmanns work into organisational theory … especially around the ‘laws of form’ …

i like baecker because he, with others, have put forward a way to move past the subject object trap … and introduced the notion of catjects (which look and behaviour surprising like python arrays)

about catjects

Thanks for the link to

Read through a bit of it. You were the one to take Niklas Luhmann’s book and chop it up like that? I really like that format. Will check out his book.

thanks @glepage

i did that a few years ago … when i was exploring the 20th century world of cybernetic thinkers and systems thinkers …

using the tools of the day … ms word and ‘search and replace’ …

luhmann was the least celebrated within the LinkedIn discussion groups on either topics …

which represents to me, the parochial thinking endemic to critical thought up until the 21st century and the internet …

i like mediawiki … and this is one of 70 articles … i have curated to form a knowledge base or essential guides for any given glocalised community of common interest … to refer to as they grow …

70+ useful guides

this gifa is a 4 page - 120 sec summary of my view on viable communities of common interest … that map back to the mediawiki knowledge base …

@gjhiggins … the top of frame 1 is an example of a baecker catject in the visual nomenclature of the polyglot George S Brown … (and the 4 frames are peppered with luhmannism’s eg language, irritants, structural differentiation, mimetics, symbolic generalisations of exchange)

@glepage @ryan @muneeb … the list of 12 ‘system irritants’ on frame 4 … all require in some form or other …

21st century viability === [ identity mgt | smart contracts | edu.tech | fin.tech ] …

or visualised as a single 350x350px animated gif

and alongside luhmann … i now know stands stafford beer … the english cybernetic organisational theorist …

who invented the viable system model … and the non-hierarchical decision making protocol … called syntegrity … based on the icosahedron …

which provides the structural basis to forming up a 30 strong team …

as a precursor to scaling exponentially eg 30 x 30 = 900 … 900 x 30 = 27,000

here as IPFS data object -
https://gateway.ipfs.io/ipfs/QmV2xVNBwhcLxnrNw1pczUVvWQ6iwNrAucuToKQ5Pwk9SQ

and where for me, beyond lean and agile …

21st century teams must be able to spin … on multiple axis …

and foam … via 12 nodes and/or 20 edges and/or 30 faces …

which is what the icosahedron does better than the other platonic solids…

tetrahedron … octahedron (ethereum logo) … cube (blockchain logo)

or as IPFS hash …
https://gateway.ipfs.io/ipfs/QmaJiadPTejrFy8bE6YwzYVgnJwRD3A5iKWBetf8TBczkk

@gjhiggins … which is why i recommend peter sloterdijk …

because he has revealed the socio-logic of … best practice … bubbles … globes … and foam …

or as 1 of a sequence of 300 viable community designers - web 3.x …

and requisite terminology or vocabulary to enable meaningful participation in a web3.x ecosystem (ref luhmann) …

http://kapai.tv/community.php?image=2

fin

fyi @gjhiggins

… re terminology as precursor to participation … this from columbia u …multimedia glossary for studying film

and/or a-z vocabulary of smart contracts … as linkedin discussion

Why Bitcoin Will Continue To Grow In The Coming Year?

VISIT :https://www.digitalcoinsexchange.com/blogs/why-bitcoin-will-continue-to-grow-in-the-coming-year/