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Title: Came across an interesting idea Post by: johnniewalker on May 27, 2013, 11:27:11 PM I was doing some reading on maxkeiser.com. The issue was bitcoins not really being used as a sort of currency, but instead a way to store wealth, like gold and silver. Someone mentioned how bitcoins would take a huge (possibly fatal) blow if an entity (such as a government) decided to buy up all bitcoins available. They would own the majority of the market share, and thus be able to more or less control it.
Anyways, the guy's idea was that bitcoins should have an "expiration date" once you receive them. Of course there are ways to get around this (just send to another address), but it really is a good idea to ensure that bitcoins are used as a system of currency rather than a way to store wealth. AND, more significantly, it would limit the power of a single entity to control the bitcoin market. I don't know, I just thought it was an interesting idea. Its obviously something that can't happen at this point, but I bet if Satoshi were able to see what bitcoins have turned into, he would have implemented a similar feature to bitcoins. Title: Re: Came across an interesting idea Post by: pekv2 on May 28, 2013, 12:33:49 AM And God said, let there be litecoin ;D
Title: Re: Came across an interesting idea Post by: bennett616 on May 28, 2013, 12:34:51 AM Title: Re: Came across an interesting idea Post by: BitcoinAshley on May 28, 2013, 01:23:39 PM Quote I don't know, I just thought it was an interesting idea. Its obviously something that can't happen at this point, but I bet if Satoshi were able to see what bitcoins have turned into, he would have implemented a similar feature to bitcoins. I see what you're saying, but it's complete bullshit. ;D Satoshi knew exactly what he was doing. A currency/store of value does not need a built-in mechanism to encourage spending! Gold and silver are deflationary stores of value but were used for 6000 years as a currency. We don't need freicoin demurage bullshit or built in inflation or expiry dates on coins or anything like that. It is not healthy to penalize responsible saving. Unless you are trying to create more of the spend-spend-spend rampant unsustainable growth bubble that is responsible for the current global economic situation. In this article (http://professorfekete.com/articles%5CAEFTheDailyBellinterview2013.pdf), Professor Fekete says some interesting things about the role of hoarders in an economy. Even if you don't believe that, at least realize that penalizing saving is just going a step further towards the neo-keynesian bullshit that got us in this economic mess in the first place. We don't want to introduce a software feature that will encourage people to live paycheck to paycheck; we don't want to turn the coins into hot potatoes. We already have a currency that you must spend before it loses its value - the US Dollar ;D ;D ;D Title: Re: Came across an interesting idea Post by: Chrithu on May 28, 2013, 01:34:29 PM *snip* A currency/store of value does not need a built-in mechanism to encourage spending! Gold and silver are deflationary stores of value but were used for 6000 years as a currency. We don't need freicoin demurage bullshit or built in inflation or expiry dates on coins or anything like that. *snip* Agreed. The only incentive needed to get Bitcoin to be spent is places accepting them as payment. Just get one place like Amazon, Ebay or Steam to accept BTC as payment and I guess this whole "project" will truelly lift off. |