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Title: Plea from above - stop wild market swings Post by: jostmey on June 17, 2011, 07:13:31 PM A charitable fund needs to be started where the money goes to stabilizing the currency. Basically, a computerized agent will use the money in the pot to bet against market swings.
Hopefully, the big bitcoin players will contribute to the fund. Presumable they now have both lots of bitcoins and lots of USD, Euros, and Yen. But hopefully lots of people would contribute. ? Title: Re: Plea from above - stop wild market swings Post by: rickrollin on June 17, 2011, 07:18:48 PM what makes you think they're going to be charitable all of a sudden? is it not in their best interest for prices to drop so they can buy up more coins?
Title: Re: Plea from above - stop wild market swings Post by: TraderTimm on June 17, 2011, 07:20:11 PM Bitcoin Plunge-Protection-Team, Assemble!!
or... We could just let the market trade normally :) Title: Re: Plea from above - stop wild market swings Post by: niemivh on June 17, 2011, 07:20:54 PM Bitcoin Plunge-Protection-Team, Assemble!! or... We could just let the market trade normally :) I lolled. Title: Re: Plea from above - stop wild market swings Post by: jostmey on June 17, 2011, 07:20:54 PM Okay, then we start a petition to Mt gox, Tradehill and other exchanges asking them to create a small tax on transactions that will go the fund? ... Just brainstorming.
Title: Re: Plea from above - stop wild market swings Post by: imperi on June 17, 2011, 07:21:37 PM I think speculators are screwing with the market so they can buy tons of coins from old-timers and miners.
Title: Re: Plea from above - stop wild market swings Post by: cunicula on June 17, 2011, 08:24:44 PM Schemes to stabilize prices by closing/taxing markets almost always end up by destabilize prices. Mahatir's exchange controls might be a rare exception.
The best way to reduce volatility is to create more efficient market mechanisms. See my proposal for one such mechanism: http://forum.bitcoin.org/index.php?topic=18288.0 Title: Re: Plea from above - stop wild market swings Post by: tymothy on June 17, 2011, 08:28:07 PM Okay, then we start a petition to Mt gox, Tradehill and other exchanges asking them to create a small tax on transactions that will go the fund? ... Just brainstorming. Do you have any idea as to how a free market operates? Title: Re: Plea from above - stop wild market swings Post by: Kman54 on June 17, 2011, 08:32:32 PM its fine by me, look at all the opportunities to buy low and sell high it creates, although its highly addicting.
Title: Re: Plea from above - stop wild market swings Post by: Timo Y on June 17, 2011, 08:39:55 PM 1) There currently isn't a well functioning options and futures market in the bitcoin economy. Merchants would certainly benefit from such a market, so expect it to appear soon.
2) It's very easy to get BTC in and out of exchanges, but very difficult to get USD/EUR in and out. This asymmetry creates liquidity problems. Once these problems are solved, I suspect that fluctuations of 50% will happen on a timescale of days rather than hours. Title: Re: Plea from above - stop wild market swings Post by: relative on June 17, 2011, 08:58:23 PM I think speculators are screwing with the market so they can buy tons of coins from old-timers and miners. please. speculators ARE the market. there is no bitcoin economy to speak of. btw, your idea of a publicly funded bot that stabilized the price is a speculator's dream. see bank of england vs. george soros. Title: Re: Plea from above - stop wild market swings Post by: flug on June 17, 2011, 09:03:14 PM Can't we just vote on this forum what the price should be? I vote $10,000
Title: Re: Plea from above - stop wild market swings Post by: The_Duke on June 17, 2011, 09:06:38 PM I think speculators are screwing with the market so they can buy tons of coins from old-timers and miners. please. speculators ARE the market. there is no bitcoin economy to speak of. This. Title: Re: Plea from above - stop wild market swings Post by: hawks5999 on June 17, 2011, 09:10:11 PM Here's an idea. Why don't we just create a centralized institution that controls the speed at which the BTC are generated. If the BTC economy is slowing down they can generate more. If it is speeding up, they can generate less. Then they can set some sort of a rate for what the exchange should be and maybe even set some sort of rate that you could borrow BTC and everyone would use that rate for transactions.
We could call it the Free Economy Derps (and probably come up with some acronym or something). They would be able to ensure a stable economy for BitCoin! Who's with me?!?!? Title: Re: Plea from above - stop wild market swings Post by: tymothy on June 17, 2011, 09:10:49 PM Here's an idea. Why don't we just create a centralized institution that controls the speed at which the BTC are generated. If the BTC economy is slowing down they can generate more. If it is speeding up, they can generate less. Then they can set some sort of a rate for what the exchange should be and maybe even set some sort of rate that you could borrow BTC and everyone would use that rate for transactions. We could call it the Free Economy Derps (and probably come up with some acronym or something). They would be able to ensure a stable economy for BitCoin! Who's with me?!?!? GREAT IDEA ;D ;D ;D Title: Re: Plea from above - stop wild market swings Post by: relative on June 17, 2011, 09:12:58 PM maybe BTC is falling because Big Ben stopped QE2
Title: Re: Plea from above - stop wild market swings Post by: pokermon919 on June 17, 2011, 09:15:32 PM Its the usual weekend selloff, don't get scared so easily.
Title: Re: Plea from above - stop wild market swings Post by: cunicula on June 17, 2011, 09:19:19 PM Establishing a BTC bond market would allow a portion speculation to be diverted to completely BTC denominated exchanges. This would reduce fluctuations vis-a-vis the USD by opening a lower transaction cost venue for speculators to establish long and short positions.
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