Bitcoin Forum

How would a code change fix the price??

price fixing doesn't work.

unless you punish people (jail time, death penalty?) for trading at a different price, there will always be market pressure to do so.

http://www.funbumperstickers.com/images/Mickey_Mouse_Fantasia.gif
Magic

Many currencies were "fixed" in the past, and more recently more are floating.  Some still are fixed or controlled, and that's helps the forex world operate.

I was speaking about exchanges etc. thanks for your useful post though

give me an example of a fixed currency, and i'll give you an example of punishment metered out to those who would try to trade it at a different price.

I was thinking about my local currency up until the mid 1980's, but China still had theirs controlled until 2005.  I'll try to find a nice/current example.

http://en.wikipedia.org/wiki/Category:Fixed_exchange_rate  Hong Kong dollar isn't too obscure.  UAE might be a little less common.

Typically, a government wanting to maintain a fixed exchange rate does so by either buying or selling its own currency on the open market. This is one reason governments maintain reserves of foreign currencies. If the exchange rate drifts too far below the desired rate, the government buys its own currency in the market using its reserves. This places greater demand on the market and pushes up the price of the currency. If the exchange rate drifts too far above the desired rate, the government sells its own currency, thus increasing its foreign reserves.

Another, less used means of maintaining a fixed exchange rate is by simply making it illegal to trade currency at any other rate. This is difficult to enforce and often leads to a black market in foreign currency. Nonetheless, some countries are highly successful at using this method due to government monopolies over all money conversion. This was the method employed by the Chinese government to maintain a currency peg or tightly banded float against the US dollar. Throughout the 1990s, China was highly successful at maintaining a currency peg using a government monopoly over all currency conversion between the yuan and other currencies.

It's funny. In one thread (several actually) we have a bunch of people that are extremely concerned over a possible trader having enough clout to manipulate the exchange rate in his favor and in another thread we have someone who wants someone or some group to have the power to lock the rate in at one price!  ;D

You're welcome.

Magic will work though, if you just believe!
Unfortunate for you, it's the only way for your idea to work.

Bitcoin can certainly not be marketed as a brand, for there is no profitability in doing so.

my main thoughts were would it survive and thrive? or die out because the speculation market is gone.

Some of us are here to get away from the control that comes with fiat. I would go so far as to assume that some of the more hardcore Bitcoin proponents feel this way. If someone managed to control Bitcoin (which I see as unlikely at this point), many of those hardcore proponents would be gone the next day.

It's been a while since I coded anything, let me take a whack


It may need a few tweaks.


It's hard to answer your question though (as what would happen) because I'm not even sure -how- that would happen, which would alter things, on top of getting enough clients to switch over to the fiat-pinned version.

but bitcoin.com can be, along with many other bitcoin-related brands that will surely turn a profit.

it's going to be as hard to sell to Americans as the Metric System.

in the second example, china made it totally illegal to trade at a different rate, and i for one wouldn't want to get caught doing anything illegal in china.

In China things are only illegal of you get caught when someone is having a bad day ;D

but it's going to be as hard to sell to Americans as the Metric System.

Some of us are here to get away from the control that comes with fiat. I would go so far as to assume that some of the more hardcore Bitcoin proponents feel this way. If someone managed to control Bitcoin (which I see as unlikely at this point), many of those hardcore proponents would be gone the next day.