The Ticker Symbols Are Giving Me A Headache
Get you coin and ticker right.
Imagine, if you wanted to buy ICONOMI (ICN) and instead you were too quick off the mark and bought ICOIN ICN instead or you wanted to sell ICoin (ICN) and instead sold ICONOMI (ICN) instead you will definitely be a market mover. Why? because ICONOMI (ICN) is now trading around $2.8 and Icoin (ICN) is trading around $0.0075.
My fingers slipped when typing!
Know your coins and their ticker symbols. Sometime coins are just referred to by their ticker symbols and the proliferation of coins and ticker symbols adds to the confusion. Anyone with poor eyesight need to check their input carefully. Just like identical ticker symbols, a typo can be a market moving event and leaving you trapped in a coin with low liquidity.
These are just examples of what I mean.
NEO (ANS), Aragon (ANT), Anoncoin (ANC), adToken (ADT), AdEx (ADX), Audiocoin (ADC), Adzcoin (ADZ)
Bitcoin (BTC), Bitconnect (BCC), Bytecoin (BCN), Bitcrystals (BCY), BitcoinFast (BCF)
Populous (PPT), Peercoin (PPC), Peerplays (PPY)
You better check for those typos!
Being a proficient and speedy typist is no excuse for not checking what you have typed. Making typing errors is something we all do but when it comes to cryptos, take extra care and precautions to ensure that all is right. What would happen if you wanted to trade Factom (FCT) and instead you put in an order for Feathercoin (FTC)?
Know those ticker symbols
There is +700 crypto coins listed with many more variations in ticker symbols. Thankfully, there are safe guards on many of these exchanges that will identify names as well as ticker symbols so just check to be sure. However not all exchanges are so user friendly! If you are a user on EtherDelta, you better cross your “t” and dot your “i” as EtherDelta works with ticker symbols only.
More confusion from the bitcoin forking
Just to add more confusion to the mix the Bitcoin forking does this very well. We will still have BTC (bitcoin) and from the forking we will also get a derivative BCC (Bitcoin Cash) but BCC is already used to identify denote BCC the Bitconnect Coin. We all know the controversy surrounding BCC (Bitconnect) so BCC (Bitcoin Cash) will be in fine company.
To make it a little more confusing, Bitfinex has advised that BCC (Bitcoin Cash) on their trading platform will be known as BCH (Bitcoin Cash) because the ticker symbol BCC have already been used to denote Bitcoin Core.
Why did Bitfinex have BCC trading on their platform? Well on 18 March 2017 Bitfinex introduced the BCC to enable traders to speculate on future fork events,
Bitfinex proudly introduces trading on Chain Split Tokens (CST). The first such product of its kind, CSTs will allow Bitfinex customers to speculate on future fork events of the Bitcoin blockchain, specifically, the potential fork between Bitcoin Core and Bitcoin Unlimited. We are designating these CSTs as BCC (Bitcoin Core) and BCU (Bitcoin Unlimited).
What will now happen to BCC and BCU on the Bitfinex platform after the forking is anyone’s guess.
Do we need a policeman?
Who governs the naming of the cryptos/tokens and assigns their ticker symbol? Like everything in the world of crypto the space is still the wild wild west and some semblance of order should be introduced. There must be an industry standard because as time goes by I can see it getting more convoluted or maybe not as some of these crypto coins may fall by the road side and disappear.
Just remember when talking crytpos, your ICN may not be my ICN or your BCC may not be my BCC.
Huh, I never thought there was such confusion in the markets. I thought that once a first market chose the symbol, the rest would just follow out of convenience. Guess my newbie brain has to stop assuming things.
Thanks for this post!
We are all learning something new everyday in crypto-verse I guess as this space matures issues like these will become a thing of the past.
Indeed. The more mainstream it becomes, the more streamlined. Until then, a bit of discomfort will be present. But that's fine. No pain, no gain. In fact, I can argue that the streamlining might make the whole idea of decentralisation be infringed.
In any case, I'm enjoying the ride. :)
Very good subject and very timely above all in these moments you have to be very aware of those details.
I have been in convo where people used BCC, I thought they were talking Bitconnect butI was wrong, they were talking Bitcoin Cash.
This is why steem and eos ticker and product name are same.
I think you missed out "not", but Steem and EOS are both totally different animal so they should be different.
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