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Title: Mandatory Bitcoin purchasing, to be performed by each state Post by: ensurance982 on April 09, 2015, 12:56:20 PM I propose a purchasing agreement, which mandates every state in the World to buy a certain amount of Bitcoin every year. The amount will be coupled to the country's respective GDP and could be something along the lines of 0.001%-0.01% of it. The states have to hold on to their purchased coins for a given amount of time until they can invest them again.
Which other rules and what conditions and timeframes for selling off the coins do you suggest should be implemented? Title: Re: Mandatory Bitcoin purchasing, to be performed by each state Post by: Amph on April 09, 2015, 01:02:32 PM they must purchase at least one bitcoin each, and they should not sell until the price is doubled, and in any case without dumping so much that it will return at previous value(i would say the dump must be of 25% of the price)
this will rise bitcoin to 50% after every dump, dump should occur every 3-6 months Title: Re: Mandatory Bitcoin purchasing, to be performed by each state Post by: ensurance982 on April 09, 2015, 01:04:26 PM they must purchase at least one bitcoin each, and they should not sell until the price is doubled, and in any case without dumping so much that it will return at previous value(i would say the dump must be of 25% of the price) this will rise bitcoin to 50% after every dump, dump should occur every 3-6 months 1 BTC isn't enough in my opinion. I think tying it to the countries' GDP is better. Or let's say 50k BTC have to be bought every year and the countries each have to buy an amount according to their relative GDP of that year. Title: Re: Mandatory Bitcoin purchasing, to be performed by each state Post by: byt411 on April 09, 2015, 01:06:24 PM How the heck can you "mandate" states to purchase Bitcoin?
This idea seems completely unrealistic. Who would enforce such an agreement? The people? If it's to promote Bitcoin and make its price rise or something, there are other ideas that are a lot better than this. Title: Re: Mandatory Bitcoin purchasing, to be performed by each state Post by: Amph on April 09, 2015, 01:13:52 PM they must purchase at least one bitcoin each, and they should not sell until the price is doubled, and in any case without dumping so much that it will return at previous value(i would say the dump must be of 25% of the price) this will rise bitcoin to 50% after every dump, dump should occur every 3-6 months 1 BTC isn't enough in my opinion. I think tying it to the countries' GDP is better. Or let's say 50k BTC have to be bought every year and the countries each have to buy an amount according to their relative GDP of that year. yeah you are right, but was just an example, it could be 10 or 100, there are about 200 country in the world, so 500 each would be sufficient i guess resulting in 100k a year, i find it good enough if we compare it to the supply table Title: Re: Mandatory Bitcoin purchasing, to be performed by each state Post by: ensurance982 on April 09, 2015, 01:20:58 PM How the heck can you "mandate" states to purchase Bitcoin? This idea seems completely unrealistic. Who would enforce such an agreement? The people? If it's to promote Bitcoin and make its price rise or something, there are other ideas that are a lot better than this. Well, it's just a suggestion - a rather wild and crazy one, that's a given. But I'm merely speculating here what could be done concerning the global economy and what kind of results or consequences could come from those ideas :) Title: Re: Mandatory Bitcoin purchasing, to be performed by each state Post by: Lauda on April 09, 2015, 01:29:11 PM How the heck can you "mandate" states to purchase Bitcoin? This idea seems completely unrealistic. Who would enforce such an agreement? The people? If it's to promote Bitcoin and make its price rise or something, there are other ideas that are a lot better than this. Well, it's just a suggestion - a rather wild and crazy one, that's a given. But I'm merely speculating here what could be done concerning the global economy and what kind of results or consequences could come from those ideas :) Even though it would be nice to see countries buying some, once can't mandate them. You could suggest it to your politicians (if you have contact with any). Title: Re: Mandatory Bitcoin purchasing, to be performed by each state Post by: byt411 on April 09, 2015, 01:43:00 PM How the heck can you "mandate" states to purchase Bitcoin? This idea seems completely unrealistic. Who would enforce such an agreement? The people? If it's to promote Bitcoin and make its price rise or something, there are other ideas that are a lot better than this. Well, it's just a suggestion - a rather wild and crazy one, that's a given. But I'm merely speculating here what could be done concerning the global economy and what kind of results or consequences could come from those ideas :) Even though it would be nice to see countries buying some, once can't mandate them. You could suggest it to your politicians (if you have contact with any). At war? How? The Bitcoin community of a couple thousand people, at war with all the states of the world? Suggest to politicians? Why would they add part of the state's budget to a volatile, unstable currency that does not offer any investment incentive to the state? What kind of results or consequences would come from politicians proposing this? Well, no one will be exactly sure, but you can be certain that they won't be voted for again. Title: Re: Mandatory Bitcoin purchasing, to be performed by each state Post by: Amph on April 09, 2015, 01:49:10 PM How the heck can you "mandate" states to purchase Bitcoin? This idea seems completely unrealistic. Who would enforce such an agreement? The people? If it's to promote Bitcoin and make its price rise or something, there are other ideas that are a lot better than this. Well, it's just a suggestion - a rather wild and crazy one, that's a given. But I'm merely speculating here what could be done concerning the global economy and what kind of results or consequences could come from those ideas :) Even though it would be nice to see countries buying some, once can't mandate them. You could suggest it to your politicians (if you have contact with any). At war? How? The Bitcoin community of a couple thousand people, at war with all the states of the world? Suggest to politicians? Why would they add part of the state's budget to a volatile, unstable currency that does not offer any investment incentive to the state? What kind of results or consequences would come from politicians proposing this? Well, no one will be exactly sure, but you can be certain that they won't be voted for again. yeah better to keep spamming their toilet paper, that is rising the inflation like no tomorrow, they can't be interested in bitcoin, because 1 it isnt' big enough, and we know they buy things only if they are already big 2 bitcoin is decentralized, and they love to have the control on everything Title: Re: Mandatory Bitcoin purchasing, to be performed by each state Post by: lucullus on April 09, 2015, 01:57:42 PM Interesting idea
Title: Re: Mandatory Bitcoin purchasing, to be performed by each state Post by: ensurance982 on April 09, 2015, 04:42:53 PM How the heck can you "mandate" states to purchase Bitcoin? This idea seems completely unrealistic. Who would enforce such an agreement? The people? If it's to promote Bitcoin and make its price rise or something, there are other ideas that are a lot better than this. Well, it's just a suggestion - a rather wild and crazy one, that's a given. But I'm merely speculating here what could be done concerning the global economy and what kind of results or consequences could come from those ideas :) Even though it would be nice to see countries buying some, once can't mandate them. You could suggest it to your politicians (if you have contact with any). Well, of course this would have to be done by the UN assembly or something. And of course this is unrealistic as of now, but hey... isn't it interesting to speculate about those things? Title: Re: Mandatory Bitcoin purchasing, to be performed by each state Post by: redsn0w on April 09, 2015, 04:45:53 PM I propose a purchasing agreement, which mandates every state in the World to buy a certain amount of Bitcoin every year. The amount will be coupled to the country's respective GDP and could be something along the lines of 0.001%-0.01% of it. The states have to hold on to their purchased coins for a given amount of time until they can invest them again. Which other rules and what conditions and timeframes for selling off the coins do you suggest should be implemented? Do you remember that it is a decentralised technology, why put this strictly rules? Everyone can buy and sell how much bitcoin he wants, and this is how bitcoin is better than other currency. Sorry but I don't support your idea. Title: Re: Mandatory Bitcoin purchasing, to be performed by each state Post by: byt411 on April 09, 2015, 04:54:14 PM How the heck can you "mandate" states to purchase Bitcoin? This idea seems completely unrealistic. Who would enforce such an agreement? The people? If it's to promote Bitcoin and make its price rise or something, there are other ideas that are a lot better than this. Well, it's just a suggestion - a rather wild and crazy one, that's a given. But I'm merely speculating here what could be done concerning the global economy and what kind of results or consequences could come from those ideas :) Even though it would be nice to see countries buying some, once can't mandate them. You could suggest it to your politicians (if you have contact with any). Well, of course this would have to be done by the UN assembly or something. And of course this is unrealistic as of now, but hey... isn't it interesting to speculate about those things? Done by the UN assembly? Are you seriously telling me that some idiot would propose that to the UN, somehow get accepted and approved, and that it would be enforced and that the countries will follow it? Wow, it's not unrealistic, it's utterly impossible. It's as if I were speculating about unicorns farting rainbows and causing everyone to become homosexual. Title: Re: Mandatory Bitcoin purchasing, to be performed by each state Post by: Lauda on April 09, 2015, 05:03:52 PM At war? How? The Bitcoin community of a couple thousand people, at war with all the states of the world? I'm not saying that we're going to start a war. What's up with you?Suggest to politicians? Why would they add part of the state's budget to a volatile, unstable currency that does not offer any investment incentive to the state? What kind of results or consequences would come from politicians proposing this? Well, no one will be exactly sure, but you can be certain that they won't be voted for again. I'm saying that the only way to make something like this mandatory is to force it upon a state. You have to conquer it to force it. You can't just bully them into buying Bitcoin. That doesn't even make sense. Why are you adding part of your budget to a volatile, unstable currency? You have your answer. Title: Re: Mandatory Bitcoin purchasing, to be performed by each state Post by: byt411 on April 09, 2015, 05:10:31 PM At war? How? The Bitcoin community of a couple thousand people, at war with all the states of the world? I'm not saying that we're going to start a war. What's up with you?Suggest to politicians? Why would they add part of the state's budget to a volatile, unstable currency that does not offer any investment incentive to the state? What kind of results or consequences would come from politicians proposing this? Well, no one will be exactly sure, but you can be certain that they won't be voted for again. I'm saying that the only way to make something like this mandatory is to force it upon a state. You have to conquer it to force it. You can't just bully them into buying Bitcoin. That doesn't even make sense. Why are you adding part of your budget to a volatile, unstable currency? You have your answer. Maybe you got me mixed up with OP? I just improvised your idea of war so that OP would stop fantasizing about things that don't make sense. Title: Re: Mandatory Bitcoin purchasing, to be performed by each state Post by: Lauda on April 09, 2015, 05:14:05 PM Maybe you got me mixed up with OP? I just improvised your idea of war so that OP would stop fantasizing about things that don't make sense. Sorry, it looks like it. I'm a little dazed from reading hundreds of pages of laws. It's good that you've noticed.Well, of course this would have to be done by the UN assembly or something. And of course this is unrealistic as of now, but hey... isn't it interesting to speculate about those things? Done by the UN assembly? Are you seriously telling me that some idiot would propose that to the UN, somehow get accepted and approved, and that it would be enforced and that the countries will follow it? Wow, it's not unrealistic, it's utterly impossible. It's as if I were speculating about unicorns farting rainbows and causing everyone to become homosexual. If you find it interesting to waste time speculating on impossible things. Sure. Title: Re: Mandatory Bitcoin purchasing, to be performed by each state Post by: Oscilson on April 09, 2015, 05:43:38 PM How the heck can you "mandate" states to purchase Bitcoin? This idea seems completely unrealistic. Who would enforce such an agreement? The people? If it's to promote Bitcoin and make its price rise or something, there are other ideas that are a lot better than this. There is no way we can force the government to buy any amount of bitcoin. They can always create one themselves. Title: Re: Mandatory Bitcoin purchasing, to be performed by each state Post by: R2D221 on April 09, 2015, 06:10:08 PM Well, of course this would have to be done by the UN assembly or something. And of course this is unrealistic as of now, but hey... isn't it interesting to speculate about those things? If we're going to ask UN, we might as well ask them to make Esperanto the official second language for every country. That would be nice, in my opinion. Title: Re: Mandatory Bitcoin purchasing, to be performed by each state Post by: Beliathon on April 09, 2015, 06:15:19 PM Unless OP represents a nuclear power, OP's proposals to nation states are irrelevant.
Title: Re: Mandatory Bitcoin purchasing, to be performed by each state Post by: DooMAD on April 09, 2015, 06:16:56 PM Rather than "forcing" anyone to do anything, we should just focus on making Bitcoin even bigger and better. The better it works and the more people who adopt it, the more useful it becomes. If it's a desirable commodity, there will be no need to mandate anything. Before we know it, governments will want to store some of their wealth in it. Assuming we don't do anything to screw it up, that is.
Title: Re: Mandatory Bitcoin purchasing, to be performed by each state Post by: odolvlobo on April 09, 2015, 07:14:50 PM I propose a purchasing agreement, which mandates every state in the World to buy a certain amount of Bitcoin every year. The amount will be coupled to the country's respective GDP and could be something along the lines of 0.001%-0.01% of it. The states have to hold on to their purchased coins for a given amount of time until they can invest them again. What kind of benefit are you expecting from this? Title: Re: Mandatory Bitcoin purchasing, to be performed by each state Post by: ensurance982 on April 09, 2015, 09:54:41 PM Well, of course this would have to be done by the UN assembly or something. And of course this is unrealistic as of now, but hey... isn't it interesting to speculate about those things? If we're going to ask UN, we might as well ask them to make Esperanto the official second language for every country. That would be nice, in my opinion. I think it would already suffice to use English as a common language. That way less people would have to switch and a lot of people are already at least somewhat familiar with it! Title: Re: Mandatory Bitcoin purchasing, to be performed by each state Post by: R2D221 on April 09, 2015, 09:58:00 PM Well, of course this would have to be done by the UN assembly or something. And of course this is unrealistic as of now, but hey... isn't it interesting to speculate about those things? If we're going to ask UN, we might as well ask them to make Esperanto the official second language for every country. That would be nice, in my opinion. I think it would already suffice to use English as a common language. That way less people would have to switch and a lot of people are already at least somewhat familiar with it! It also already suffices to use the US Dollar as a common currency, for the same reasons you state. Title: Re: Mandatory Bitcoin purchasing, to be performed by each state Post by: ensurance982 on April 09, 2015, 10:20:53 PM I propose a purchasing agreement, which mandates every state in the World to buy a certain amount of Bitcoin every year. The amount will be coupled to the country's respective GDP and could be something along the lines of 0.001%-0.01% of it. The states have to hold on to their purchased coins for a given amount of time until they can invest them again. What kind of benefit are you expecting from this? Isn't it obvious? Bitcoin would profit greatly from this. The adoption and value would skyrocket. It would immediately gain legitimacy around the world. Also, the smaller countries could benefit from the Bitcoin price skyrocketing. Title: Re: Mandatory Bitcoin purchasing, to be performed by each state Post by: ensurance982 on April 09, 2015, 10:22:23 PM Well, of course this would have to be done by the UN assembly or something. And of course this is unrealistic as of now, but hey... isn't it interesting to speculate about those things? If we're going to ask UN, we might as well ask them to make Esperanto the official second language for every country. That would be nice, in my opinion. I think it would already suffice to use English as a common language. That way less people would have to switch and a lot of people are already at least somewhat familiar with it! It also already suffices to use the US Dollar as a common currency, for the same reasons you state. You can't. The US Dollar is still controlled by the United States. They could just go ahead and decide to issue 10x the current amount of USD if they wanted to. With Bitcoin no sovereign state can do these kind of things! Title: Re: Mandatory Bitcoin purchasing, to be performed by each state Post by: AtheistAKASaneBrain on April 09, 2015, 10:32:46 PM I propose a purchasing agreement, which mandates every state in the World to buy a certain amount of Bitcoin every year. The amount will be coupled to the country's respective GDP and could be something along the lines of 0.001%-0.01% of it. The states have to hold on to their purchased coins for a given amount of time until they can invest them again. This would be like having a coordinated pump group divided by countries. Pretty far fetched in my opinion, it's already enough to coordinate small amounts of people.Which other rules and what conditions and timeframes for selling off the coins do you suggest should be implemented? Title: Re: Mandatory Bitcoin purchasing, to be performed by each state Post by: byt411 on April 09, 2015, 10:55:51 PM I propose a purchasing agreement, which mandates every state in the World to buy a certain amount of Bitcoin every year. The amount will be coupled to the country's respective GDP and could be something along the lines of 0.001%-0.01% of it. The states have to hold on to their purchased coins for a given amount of time until they can invest them again. What kind of benefit are you expecting from this? Isn't it obvious? Bitcoin would profit greatly from this. The adoption and value would skyrocket. It would immediately gain legitimacy around the world. Also, the smaller countries could benefit from the Bitcoin price skyrocketing. Why would adoption skyrocket? Why would it gain legitimacy around the world? It would only be viewed as an investment product, not a currency. Seriously, have you even thought about it at all? Title: Re: Mandatory Bitcoin purchasing, to be performed by each state Post by: R2D221 on April 10, 2015, 12:07:44 AM Well, of course this would have to be done by the UN assembly or something. And of course this is unrealistic as of now, but hey... isn't it interesting to speculate about those things? If we're going to ask UN, we might as well ask them to make Esperanto the official second language for every country. That would be nice, in my opinion. I think it would already suffice to use English as a common language. That way less people would have to switch and a lot of people are already at least somewhat familiar with it! It also already suffices to use the US Dollar as a common currency, for the same reasons you state. You can't. The US Dollar is still controlled by the United States. They could just go ahead and decide to issue 10x the current amount of USD if they wanted to. With Bitcoin no sovereign state can do these kind of things! Now you understand why I use Esperanto, it also is independent from any country. Title: Re: Mandatory Bitcoin purchasing, to be performed by each state Post by: maku on April 10, 2015, 12:36:39 AM Rather than "forcing" anyone to do anything, we should just focus on making Bitcoin even bigger and better. The better it works and the more people who adopt it, the more useful it becomes. If it's a desirable commodity, there will be no need to mandate anything. Before we know it, governments will want to store some of their wealth in it. Assuming we don't do anything to screw it up, that is. Thi is the correct and the only way we we - as bitcoin community can act. We can't impose anything on anyone but we can make bitcoin so good and desirable that government or basically everyone would like to have a share of this wealth. But I think we need to wait for this to happen a little more unfortunately..Title: Re: Mandatory Bitcoin purchasing, to be performed by each state Post by: tokeweed on April 10, 2015, 01:01:17 AM I propose a purchasing agreement, which mandates every state in the World to buy a certain amount of Bitcoin every year. The amount will be coupled to the country's respective GDP and could be something along the lines of 0.001%-0.01% of it. The states have to hold on to their purchased coins for a given amount of time until they can invest them again. Which other rules and what conditions and timeframes for selling off the coins do you suggest should be implemented? And what's in it for the state? What if their counter proposal is to outlaw mining, making it only them are allowed to mine and support the network. Title: Re: Mandatory Bitcoin purchasing, to be performed by each state Post by: byt411 on April 10, 2015, 01:11:43 AM I propose a purchasing agreement, which mandates every state in the World to buy a certain amount of Bitcoin every year. The amount will be coupled to the country's respective GDP and could be something along the lines of 0.001%-0.01% of it. The states have to hold on to their purchased coins for a given amount of time until they can invest them again. Which other rules and what conditions and timeframes for selling off the coins do you suggest should be implemented? And what's in it for the state? What if their counter proposal is to outlaw mining, making it only them are allowed to mine and support the network. Well, people would then disregard the blocks mined by the states and treat them as a fork. People would go back to mining with their CPUs, and all the blocks mined by the state wouldn't be considered as the main branch. Title: Re: Mandatory Bitcoin purchasing, to be performed by each state Post by: odolvlobo on April 10, 2015, 03:05:18 AM I propose a purchasing agreement, which mandates every state in the World to buy a certain amount of Bitcoin every year. The amount will be coupled to the country's respective GDP and could be something along the lines of 0.001%-0.01% of it. The states have to hold on to their purchased coins for a given amount of time until they can invest them again. What kind of benefit are you expecting from this? Isn't it obvious? Bitcoin would profit greatly from this. The adoption and value would skyrocket. It would immediately gain legitimacy around the world. Also, the smaller countries could benefit from the Bitcoin price skyrocketing. There is no benefit to Bitcoin from an increasing value. Whether a bitcoin is worth $100 or $100,000, it still functions exactly the same. Furthermore, the value would remain high only as long as the bitcoins are not spent. If countries bought bitcoins every year, the price would certainly go up -- until they decided to spend them, and then it would fall by just as much. In order for the price to rise permanently, the countries would have to never spend them, and then they receive no benefit from holding them. What you are really proposing is for countries to destroy bitcoins in order to subsidize you and other holders of bitcoins. Countries buying bitcoins will have no effect on the adoption of bitcoins. Have you heard of Special Drawing Rights? It is a form of currency that countries buy and hold. I don't see any adoption of SDRs as a result of countries buying them. Finally, smaller countries would only benefit because the larger countries are subsidizing them. Title: Re: Mandatory Bitcoin purchasing, to be performed by each state Post by: Amph on April 10, 2015, 06:54:08 AM I propose a purchasing agreement, which mandates every state in the World to buy a certain amount of Bitcoin every year. The amount will be coupled to the country's respective GDP and could be something along the lines of 0.001%-0.01% of it. The states have to hold on to their purchased coins for a given amount of time until they can invest them again. What kind of benefit are you expecting from this? Isn't it obvious? Bitcoin would profit greatly from this. The adoption and value would skyrocket. It would immediately gain legitimacy around the world. Also, the smaller countries could benefit from the Bitcoin price skyrocketing. There is no benefit to Bitcoin from an increasing value. Whether a bitcoin is worth $100 or $100,000, it still functions exactly the same. Furthermore, the value would remain high only as long as the bitcoins are not spent. If countries bought bitcoins every year, the price would certainly go up -- until they decided to spend them, and then it would fall by just as much. In order for the price to rise permanently, the countries would have to never spend them, and then they receive no benefit from holding them. What you are really proposing is for countries to destroy bitcoins in order to subsidize you and other holders of bitcoins. Countries buying bitcoins will have no effect on the adoption of bitcoins. Have you heard of Special Drawing Rights? It is a form of currency that countries buy and hold. I don't see any adoption of SDRs as a result of countries buying them. Finally, smaller countries would only benefit because the larger countries are subsidizing them. this is true only if all country decide to spend them at the same time, the probability of this is very low, so while some might spend them the other will keep buying, mantaining the price at the same level at least, with small correction toward rising also "There is no benefit to Bitcoin from an increasing value", not really agree with this, with a better value bitcoin can maintain a better purchasing power, this allow who have a low btc amount to buy more things(helping poor in this way) Title: Re: Mandatory Bitcoin purchasing, to be performed by each state Post by: ensurance982 on April 10, 2015, 07:28:31 PM Well, of course this would have to be done by the UN assembly or something. And of course this is unrealistic as of now, but hey... isn't it interesting to speculate about those things? If we're going to ask UN, we might as well ask them to make Esperanto the official second language for every country. That would be nice, in my opinion. I think it would already suffice to use English as a common language. That way less people would have to switch and a lot of people are already at least somewhat familiar with it! It also already suffices to use the US Dollar as a common currency, for the same reasons you state. You can't. The US Dollar is still controlled by the United States. They could just go ahead and decide to issue 10x the current amount of USD if they wanted to. With Bitcoin no sovereign state can do these kind of things! Now you understand why I use Esperanto, it also is independent from any country. Yeah, well it's still influenced a lot by many 'regular' languages. But you have to look at the practicability of the whole world switching to Esperanto. But kudos to Zamenhof for pulling this off. Oh, and why not Klingon? :D Title: Re: Mandatory Bitcoin purchasing, to be performed by each state Post by: Lauda on April 10, 2015, 10:56:49 PM Isn't it obvious? Bitcoin would profit greatly from this. The adoption and value would skyrocket. It would immediately gain legitimacy around the world. Also, the smaller countries could benefit from the Bitcoin price skyrocketing. There is no benefit to Bitcoin from an increasing value. Whether a bitcoin is worth $100 or $100,000, it still functions exactly the same. Furthermore, the value would remain high only as long as the bitcoins are not spent. If countries bought bitcoins every year, the price would certainly go up -- until they decided to spend them, and then it would fall by just as much. In order for the price to rise permanently, the countries would have to never spend them, and then they receive no benefit from holding them. What you are really proposing is for countries to destroy bitcoins in order to subsidize you and other holders of bitcoins. Countries buying bitcoins will have no effect on the adoption of bitcoins. Have you heard of Special Drawing Rights? It is a form of currency that countries buy and hold. I don't see any adoption of SDRs as a result of countries buying them. Finally, smaller countries would only benefit because the larger countries are subsidizing them. It does not matter at all. Adoption and merchants do. Actually it is much easier to use Bitcoin with the current price than it would be if at $1000. I guess we should enjoy these days as they might not last much longer. Title: Re: Mandatory Bitcoin purchasing, to be performed by each state Post by: odolvlobo on April 10, 2015, 11:48:03 PM ... Furthermore, the value would remain high only as long as the bitcoins are not spent. If countries bought bitcoins every year, the price would certainly go up -- until they decided to spend them, and then it would fall by just as much. this is true only if all country decide to spend them at the same time, the probability of this is very low, so while some might spend them the other will keep buying, mantaining the price at the same level at least, with small correction toward rising If countries buy bitcoins that they can't spend, then they are effectively burning them in order to subsidize other bitcoin holders. also "There is no benefit to Bitcoin from an increasing value", not really agree with this, with a better value bitcoin can maintain a better purchasing power, this allow who have a low btc amount to buy more things(helping poor in this wayW Don't forget that if the price goes up, then it also costs more to obtain them. That doesn't help poor people. Anyway, in proposing that countries buy and hold bitcoins simply to increase the price, you are asking for people to subsidize you and other bitcoin holders. Is that what you really want? A subsidy? The real value of Bitcoin is in its ability to improve the lives of the people that use it and not the people that hold it. If you are doing nothing but holding bitcoins and hoping for the value to rise so that you can cash out, then you are helping nobody. Title: Re: Mandatory Bitcoin purchasing, to be performed by each state Post by: yayayo on April 11, 2015, 12:14:22 AM I've been saying this around the forum for quite some time now. We should not be focused on the price so much. It does not matter at all. Adoption and merchants do. Actually it is much easier to use Bitcoin with the current price than it would be if at $1000. I guess we should enjoy these days as they might not last much longer. Exactly. And countries will adopt Bitcoin when there's some benefit to do so. There's no reason to mandate / force countries to buy Bitcoin. The free market will take care of that. ya.ya.yo! Title: Re: Mandatory Bitcoin purchasing, to be performed by each state Post by: Q7 on April 11, 2015, 12:42:07 AM I propose a purchasing agreement, which mandates every state in the World to buy a certain amount of Bitcoin every year. The amount will be coupled to the country's respective GDP and could be something along the lines of 0.001%-0.01% of it. The states have to hold on to their purchased coins for a given amount of time until they can invest them again. Which other rules and what conditions and timeframes for selling off the coins do you suggest should be implemented? Before we even talk about the rules and conditions, how we are going to supposedly make it mandatory for each country in the world to adopt bitcoin in the first place? If they fail to see its potential, then so be it. I'm sure citizens have seen that and have voluntarily adopt bitcoin on their own. Title: Re: Mandatory Bitcoin purchasing, to be performed by each state Post by: tokeweed on April 11, 2015, 04:41:02 AM I propose a purchasing agreement, which mandates every state in the World to buy a certain amount of Bitcoin every year. The amount will be coupled to the country's respective GDP and could be something along the lines of 0.001%-0.01% of it. The states have to hold on to their purchased coins for a given amount of time until they can invest them again. Which other rules and what conditions and timeframes for selling off the coins do you suggest should be implemented? And what's in it for the state? What if their counter proposal is to outlaw mining, making it only them are allowed to mine and support the network. Well, people would then disregard the blocks mined by the states and treat them as a fork. People would go back to mining with their CPUs, and all the blocks mined by the state wouldn't be considered as the main branch. Awesome idea. Ok let's do this! Title: Re: Mandatory Bitcoin purchasing, to be performed by each state Post by: Amph on April 11, 2015, 07:00:20 AM ... Furthermore, the value would remain high only as long as the bitcoins are not spent. If countries bought bitcoins every year, the price would certainly go up -- until they decided to spend them, and then it would fall by just as much. this is true only if all country decide to spend them at the same time, the probability of this is very low, so while some might spend them the other will keep buying, mantaining the price at the same level at least, with small correction toward rising If countries buy bitcoins that they can't spend, then they are effectively burning them in order to subsidize other bitcoin holders. also "There is no benefit to Bitcoin from an increasing value", not really agree with this, with a better value bitcoin can maintain a better purchasing power, this allow who have a low btc amount to buy more things(helping poor in this wayW Don't forget that if the price goes up, then it also costs more to obtain them. That doesn't help poor people. Anyway, in proposing that countries buy and hold bitcoins simply to increase the price, you are asking for people to subsidize you and other bitcoin holders. Is that what you really want? A subsidy? The real value of Bitcoin is in its ability to improve the lives of the people that use it and not the people that hold it. If you are doing nothing but holding bitcoins and hoping for the value to rise so that you can cash out, then you are helping nobody. 1-this is true only if they don't buy before the price rise 2-i agree with this, but some holding is recommended besides what btc is for, one should also think about his economic condition, we can't spend every penny we get 3-well you are helpinh yourself, it's not like we are living to always help someone else, there must be a little healthy egoism |