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Lira - our very own Satoshi

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I would like to present the idea of naming the smallest unit of the MonetaVerde a "Lira" to compliment the Italian connection to the name of this coin - moneta verde means green coin in Italian. I am an Italian citizen living in Italy, but I grew up in the USA. I think it would be interesting to not only call it the Lira, but to also peg it to the Satoshi for the time being. There is a great movement here in Italy to have the Lira return as a national currency, as Italians are tired of being constantly cheated by the Euro ever since its introduction into our economy. People here are always wishing and lamenting for the return of the Lira. At the same time, there is a growing interest here in the cryptocurrencies and people are mining but have no real way to spend or use their coins. I believe that if Italians were given the opportunity to reanimate the Lira, they would do it simply for reasons of pride. And because Satoshis don't have any real economic value at the moment, it would not be a problem to sacrifice or exchange a few BTC Satoshi for a few MCN Lira. If this exchange were possible, it would also raise the value of the MCN because at the moment the MCN is being valued at about 100 Satoshi. Just an idea! B|

mcnlira.jpg

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I too like the idea. A beautiful name and another re-emerging story. 

I shall read up on it as well.

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I've read some interesting discussions in some other threads that have lead me back here. I will have some questions in the other subjects so that I can better evolve my thoughts in this section. Two subjects that I looked at today were the question of the MCN being able to be exchanged again and the capping of the number of coins. I have a lot to learn in these two areas so I'm coming from a level of ignorance in these two areas as I share these insights.

Assuming for the moment that the MCN is back on some exchange, I believe that it would be advantageous and easy to raise the value of the MCN if we were to trade the MCN Lira at first instead of going straight to a coin for coin exchange. Bitcoin is where we find the strongest value in the cryptomarket. Obviously no one is going to give up a BTC for an MCN!!! We're realists as well as optimists. But as I stated before, trading a BTC Satoshi for a MCN Lira is not only reasonable, but we can actually do it ourselves within the community.

The last value that I have found online for the MCN is here: MCN to BTC

It states there that the last exchange was made a year ago on the Poloniex exchange, which apparently no longer carries the MCN. The value given is 97 Satoshi or 0.00000097 BTC.

If Poloniex were to carry the MCN again (hypothetically), we could trade some MCN Lira for BTC Satoshi without dipping into our savings. If within our community we began to circulate Satoshi for Lira in small amounts, theoretically the value of the MCN would gradually rise. Let's say @johnJohnsson exchanged 1000 BTC Satoshi for 1000 MCN Lira with me. I then use those 1000 BTC Satoshi to buy 1000 MCN Lira from @jakzodiac and he then uses the Satoshi to buy 1000 Lira from @GrumpyBum. If the present value of the MCN is 97 Satoshi and we're trading it for 1000 Satoshi, I would imagine that some considerable rise would begin to take place. Even though on the surface it still seems worthless, on the exchange there would be witnessed a huge increase in value. For example, after a few weeks of trading at 1000 Satoshi, the value may go from 97 to 700 Satoshi and if my math is right, would show a 600% increase. Still worthless but increasing in value. As the value increases towards 1000 Satoshi, we would then begin to trade at 1500 Satoshi for 1500 Lira. It would be an interesting experiment!!!

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That's basically how any cryptocurrency works. People have to get together and start trading it, or it never has any value. There has to be a fair amount of people willing to show "traffic" in the marketplace. Once it does, it is simply a matter of time and dedication to the cause, and you can at least kick-start the system.

I have no preference as to whether we start off using a naming convention for micro transactions, as most exchanges I use don't have secondary names for decimal transactions to go with a particular currency... but it certainly can't hurt, and it's a great name! :)

One way that you could promote it would be the use of Faucets. Exchange web-crunching power in exchange for Lira. I can't remember the name of it, but I had some fun 'mining' some fractional currency that was being sripped down in exchange for Monero mining power from you browser. It was a fun concept and the site was packed all the time. I know I would be willing to donate MCN to the pool, I'm sure others would be as well, and with a Lira faucet - We could build up some extra income for development, website and forums, etc. costs. Just a thought anyway.

Later taters!

 

 

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@JMcHaffie Thank you for those insights. Kick starting the system is exactly what I had in mind; a kind of way of being able to draw some more attention to the project. I'll look into the Faucet idea. Sounds like something that could have potential, especially here in Italy because I know that young Italians are playing with those Satoshi Faucets!

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I just remembered... it is called Iota ... it is usually exchanged under MIota (Iota being the satoshi size if you will) and there are sites that use Iota as their faucet / reward for using your browser to mine for XMR, etc.

 

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lol. Actually Lira is also used in Turkey. Turkish Lira. I am pretty sure that Lira also takes Turkish people's attention as well.

Edited by mrwise
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8 hours ago, mrwise said:

lol. Actually Lira is also used in Turkey. Turkish Lira. I am pretty sure that Lira also takes Turkish people's attention as well.

Didn't knew that fact :).

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I have mixed feelings about this idea. It's indeed a great name.
But some small changes may be for the best. Lira is the old name for a FIAT and you explain it well, but retaking a famous name like that is a bit odd. I would say: we are not legitimate about that. But in fact, I see no problem to use for example Lira + something or something + Lira. But is it really useful? I don't know. It's nice but it's can be confusing. ( Maybe not).
Normally all the crypto with 8 decimal uses a simple system m for millions and µ for... I never use this last (but I think it's one)!

So we have already: mMCN and µMcn if needed.

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