Title: Greetings! I am kmarinas86, and I have an idea I would like to share. Post by: kmarinas86 on April 25, 2013, 12:25:05 AM Hello folks, I am kmarinas86!
I had some problems lately with receivables at the company I work at. It has been several months stuck at the law firm, which has created quite a hassle. I had earlier been skeptical about the viability of BitCoin. However, now realizing my mistake of generalizing it as a Ponzi Scheme, I see it as a gateway to a worldwide currency, and potentially the first, and maybe only, most widely-accepted digital currency. Such a currency, I know now, could have be used to prevent the sort of problem I have been having at work. In me, there has been kind of a "good angel"/"bad angel" discussion going on. The "good angel" part of me wants to buy BitCoins and use them only for actual commerce, while the "bad angel" part of me wants to buy BitCoins as a speculative asset to make loads of profit to pay my debts. In practice, I will probably take a middle of the road approach, selling some, but not all of my gains in BitCoins, so that way I still know I am contributing to the market capitalization of BitCoins, which will ultimately provide the actual value to BitCoin. I believe that this practice will help prevent BitCoin from being a "Pump and Dump" scam. I do have concerns though of what happens when bookkeepers begin creating ledgers in BitCoins rather than traditional currencies. Businesses traditionally have a need to save a good fraction of their revenue every period in order to be considered viable. If this concept is not changed, then we will ultimately see an increasing percentage of BitCoins sitting in ledgers of business accounts. We can easily deduce what happens to the other percentage of BitCoin money, which does not sit in ledgers of businesses. Of course the entire BitCoin system itself has a ledger, known as a Blockchain. It would not be surprising to see this Blockchain evolve into something like a public ledger where, if permission is granted by both sides of a sales transaction, the revenue of a seller can be matched with the expense of a buyer. Declaring both the revenue-side and expense-side of a transaction would provide full accountability of the source of the revenue. The more companies choose to use the Blockchain as a ledger, then more and more businesses will be able to demonstrate their legal legitimacy. Furthermore, since BitCoin is all digital, it would appear that a kind of "trickle transfer" system could be created where one conducts transactions having a value measured in Satoshis per second. The amount of Satoshis per second that can be created is without a fixed bound, although the amount of Satoshis per second each transaction could have would have to be capped at one or more levels. The benefits of using Satoshis per second include:
If we assume that computing power availability will not be scarce in the future, I think these extra features, if implemented in BitCoin first, will be very hard to duplicate on other digital currencies. Having a network effect that extends beyond BitCoin's functionality as a P2P digital currency and into accounting, audit, budget, and legal simplification will put in on the map and thereby prevent its value dilution by making 99.999% of all digital transactions in the form of BitCoin. By virtue of the much untold benefits of this approach, it may even become the "Universal Accounting System", making systems like QuickBooks, SAP, TurboTax, and such as transitional relics of the late 20th century. You may call this idea by the catchy acronym "P2P-SPS", which means "Peer-To-Peer Satoshis-Per-Second". Title: Re: Greetings! I am kmarinas86, and I have an idea I would like to share. Post by: SmokeyJR on April 25, 2013, 05:24:13 AM wow, the internet has given me ADHD, because I can no longer read large blocks of text anymore... :-\
Title: Re: Greetings! I am kmarinas86, and I have an idea I would like to share. Post by: CryptoTrader on April 25, 2013, 05:30:43 AM I don't see a question... and I didn't see anything all of us already know...
Title: Re: Greetings! I am kmarinas86, and I have an idea I would like to share. Post by: kmarinas86 on May 16, 2013, 04:23:31 AM Here is a graphic which should more clearly show some of the concepts I presented in this thread.
http://xf0.xanga.com/7d0e07f671535285056614/w227489784.png Title: Re: Greetings! I am kmarinas86, and I have an idea I would like to share. Post by: r3wt on May 16, 2013, 04:25:34 AM Here is a graphic which should more clearly show some of the concepts I presented in this thread. http://xf0.xanga.com/7d0e07f671535285056614/w227489784.png meth is great Title: Re: Greetings! I am kmarinas86, and I have an idea I would like to share. Post by: evilscoop on May 16, 2013, 04:28:12 AM wtf
Title: Re: Greetings! I am kmarinas86, and I have an idea I would like to share. Post by: scab on May 16, 2013, 04:57:31 AM Title: Re: Greetings! I am kmarinas86, and I have an idea I would like to share. Post by: evilscoop on May 16, 2013, 05:08:02 AM ok I waded through the mire of text........
There is a flaw in your plan (well a few tbh) first, a single confirmation will never work, it opens you up to the 51% attack immediately and easily I dont like coins with a non fixed limit...I need to know how many are going to exist....this forms the basis of the value of the coin....if you can mint them for ever, they devalue... You will not get this into current bitcoin, there is too much money in the chain to be arsing about with such weird idea's You should, and trully I encourage you to do so, create a fork and a new coin based on these idea's while there are many alt coins out there atm, few actually succeed, mostly because there is nothing new in them, nothing different... but you really really need to rethink that 1 confirmation Title: Re: Greetings! I am kmarinas86, and I have an idea I would like to share. Post by: Rycco on May 16, 2013, 05:10:49 AM I didn't get it ...
Title: Re: Greetings! I am kmarinas86, and I have an idea I would like to share. Post by: evilscoop on May 16, 2013, 05:19:50 AM it'd be a major client coding change...rather than get 100 btc for example, now (not including confirms) you get a trickle of X coins per sec
He proposes a change from block transfers to time based trickle... he proposing a whole re-evaluation of the way money is thought of, and is applying a rather literal "time is money" ideal to it if I have this right.... Say atm you get payed from mining 10btc... under his system you would get 0.0001 coins / sec until you reached the value (?) its an odd concept...and tbh id love to see the miner/client and a coin based on it....just for geeky kicks but would be a coding nightmare....would have to recode most of the system again This obviously applies better to services than to goods, rather than paying 1btc upfront for hosting for example, you'd set a Sat/s value, in effect paying for what you use...... Sadly most business profits are made off the back of ppl not actually using what they pay for... Title: Re: Greetings! I am kmarinas86, and I have an idea I would like to share. Post by: trace666 on May 16, 2013, 05:31:24 AM Interesting idea, but I don't think a constant stream of payment / transactions is viable with Bitcoin. You will incur large transaction fees.
This probably really needs to be implemented in a new coin. Title: Re: Greetings! I am kmarinas86, and I have an idea I would like to share. Post by: reich on May 16, 2013, 05:39:01 AM Lol this was fun to read but I dont honestly take it seriously at all.
Title: Re: Greetings! I am kmarinas86, and I have an idea I would like to share. Post by: mokahless on May 16, 2013, 06:35:24 AM Interesting idea. Allowing such transactions would be good as such. I can see being hired for a job and being paid in SpS. It could be literally tied to me checking in to work with an id card or something. Or you could literally pay your power bill as you are.
However: Bitcoin is not designed to handle this. Even if you were to write your own wallet program, your transactions would not be confirmed in a timely manner due to the relationship between miners and users. You would have to remove transaction fees in order to do this. Removing transaction fees removes incentive for miners. So from scratch, you would have to figure out a new way of verifying transactions. A new coin, perhaps using proof-of-stake could be viable. Either that, or the new coin would be designed to transact in SpS only. Also, I'm not entirely sure about the viability of this in the large-scale. You are a telecom company and you have thousands of customers, for example. Which is easier to manage? Monitoring thousands of SpS paying accounts or doing a check once a month for static bill payments? Title: Re: Greetings! I am kmarinas86, and I have an idea I would like to share. Post by: evilscoop on May 16, 2013, 07:15:41 AM i dont think the monitoring would be an issue so much, rpc call to check for payment in an automation, and just flag/report the offenders, with semi annual audit to make sure its all fine...
I guess miners would in themselves get SpS at some reasonable rate (linked to PoW) while mining, rather than getting flat out coins....thus negating the need for pools, and negating the need for transaction fee's You would need to redesign the block chain too, as this system would cause Y x Thousands of micro payments and spam the block.... you'd need a lot of miners, so incentive better be good Title: Re: Greetings! I am kmarinas86, and I have an idea I would like to share. Post by: Dave Knight on May 16, 2013, 09:13:26 AM Okay, I'll be honest and say I didn't read it all, but...
I really don't think there's a problem with keeping ledgers with multiple currencies. Many companies do business in multiple countries and therefore have to reconcile different currencies. They just convert the figures to one currency when they print reports, file taxes, etc. Title: Re: Greetings! I am kmarinas86, and I have an idea I would like to share. Post by: vyvojar on May 16, 2013, 12:45:56 PM Title: Re: Greetings! I am kmarinas86, and I have an idea I would like to share. Post by: kmarinas86 on May 16, 2013, 03:33:51 PM LOL Title: Re: Greetings! I am kmarinas86, and I have an idea I would like to share. Post by: kmarinas86 on May 16, 2013, 03:44:32 PM You would need to redesign the block chain too, as this system would cause Y x Thousands of micro payments and spam the block.... While the block chain may certainly need to be redesigned for this idea to work, it's possible that simply tracking four things would eliminate the need for thousands of micro payments for each SpS:
This way, one wouldn't have to generate a whole bunch of micro payments to represent the transaction. The calculation of the BTC accumulated through SpS could be conducted on the client-side, rather than through the entire network. The current net balance derived from incoming and outgoing SpS wouldn't have to be hard-written into the block chain. |