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Title: Save the Coin - Kill Speculators Post by: Coin.Karma on June 19, 2011, 09:28:52 PM Should this be the future way to keep collapses on the market out of the way. This % control technique is presently used in the Stock Markets to handle highly volatile stocks.
Title: Re: Save the Coin - Kill Speculators Post by: bitcola on June 19, 2011, 09:32:55 PM Should this be the future way to keep collapses on the market out of the way. This % control technique is presently used in the Stock Markets to handle highly volatile stocks. No currency has limits. Only exchange traded instruments do. There is no central exchange for BTC so this is a moot point. Title: Re: Save the Coin - Kill Speculators Post by: dutt on June 19, 2011, 10:24:01 PM Is the currency in your bank account a physical object? Is it a commodity? Is it even tied to a commodity?
Concerning your OP http://www.youtube.com/watch?v=sJI6lROCUcU Title: Re: Save the Coin - Kill Speculators Post by: rahl on June 19, 2011, 10:40:29 PM You can't do that. BitCoin is nothing like a publicly traded company. They sign more or less exclusive contracts with stock exchanges to be traded there under certain terms.
BitCoin is not a legal entity that can go and enter contracts with stock exchanges so you can not centralize the trading enough to be able to stop it. Automatic cuttoff has not benefit if the crash isn't due to security compromises in which case it could be used a security measure. But still an exchange that doesn't let there customers trade in the event of a crash would also be far inferior to exchanges that remain open. Anyway BitCoin is so new I wouldn't trust any exchange or other BitCoin service farther then I can throw them. Even when they are honest people trying there best they still have very limited resources and security is very expensive. Also this is all new and there will be a whole bunch of unintended fuckups... So keep your BitCoin in your wallet and you money in your bank account and not with some service and as things move along we will phase out the shit ones. Hopefully this will drive MtGox out of business especially with there poor information about it and the rollback... Title: Re: Save the Coin - Kill Speculators Post by: frutza on June 19, 2011, 10:44:42 PM The markets need to be free, but exchanges need to be secure!
Title: Re: Save the Coin - Kill Speculators Post by: dutt on June 19, 2011, 10:47:09 PM I got bad news for you:
http://en.wikipedia.org/wiki/Fiat_money Title: Re: Save the Coin - Kill Speculators Post by: lemonginger on June 19, 2011, 10:50:16 PM circuit breakers might be nice, but at the moment bitcoin is so volatile even on normal days that I'm not sure what you could set them to.
Title: Re: Save the Coin - Kill Speculators Post by: Jack of Diamonds on June 19, 2011, 11:13:51 PM Yes the currency in my bank is a physical object, and I need to put in physical currency for it to reflect as a digital value. Yes it is tied to the value of gold like all currencies in the world....this is so funny....also, speculators ( if you have the capability to understand the context) are a bunch of noise and trouble. Interesting. What currency are you using that is "backed by gold"? Certainly it isn't the US dollar, Euro, Yen, Chinese yuan or Great Britain Pounds, since those are all fiat currencies with no intrisistic value. Title: Re: Save the Coin - Kill Speculators Post by: onesalt on June 19, 2011, 11:35:00 PM Hmm yes lets regulate something that is by definition designed to be free of regulation. This is a good idea.
Title: Re: Save the Coin - Kill Speculators Post by: MatthewLM on June 20, 2011, 12:27:38 AM I got bad news for you: http://en.wikipedia.org/wiki/Fiat_money How does the govt. fix the value for its currency. They just print as much as they want. Or rather increase a number on a computer. Speculators can help markets if they just buy low and sell high. Basically speculators help, providing they make money. Title: Re: Save the Coin - Kill Speculators Post by: Imagex on June 20, 2011, 12:36:57 AM Backed by Gold LOL :D
Title: Re: Save the Coin - Kill Speculators Post by: barbarousrelic on June 20, 2011, 02:00:18 AM Price controls will lead to shortages. It is an economic inevitability. Eventually you won't be able to buy or sell Bitcoins at the allowed price because none will be available at that price.
Title: Re: Save the Coin - Kill Speculators Post by: cryptoanarchist on June 20, 2011, 02:54:21 AM Just use other exchanges. While mtgox was doing its fake crash, I used the panic to buy and sell on some of the other exchanges. I quit using mtgox cause they were too big, and thus either a target or already compromised.
Bitcoin is being fought against by the real powers that be. Don't give them a bottleneck to attack. Title: Re: Save the Coin - Kill Speculators Post by: unixdude on June 20, 2011, 06:52:45 AM Should this be the future way to keep collapses on the market out of the way. This % control technique is presently used in the Stock Markets to handle highly volatile stocks. The only thing that will save the coin as you put it is not regulating the currency or the market but making sure the exchanges are secure and fit for use. Regulating the market goes against the purpose bitcoins were created for. The whole point of the free market is that it regulates it's self i.e. there is moral hazard. At the moment security is more of an issue to bitcoins success then speculators as far as I see it. http://mises.org/daily/320 (http://mises.org/daily/320) A lot of literature available there to help you out - speculation is not all bad. Title: Re: Save the Coin - Kill Speculators Post by: michaelmclees on June 20, 2011, 06:43:26 PM You need to be reminded that speculators only win when the speculate correctly.
Title: Re: Save the Coin - Kill Speculators Post by: FreeMoney on June 21, 2011, 10:24:01 PM An exchange is just a place for people to agree on a price at which to make a trade. Adding limits is just forbidding people from making a trade that they want to make. People will just go somewhere else. The only reason a thing like this can exist in 'normal' world is that armed men stop other people from opening free exchanges.
Title: Re: Save the Coin - Kill Speculators Post by: cothoms on June 22, 2011, 05:57:50 PM It is ironic how the OP wants to stuff speculation to "save the BTC" even though he is proposing something that is inherently opposed to the very foundation of BTC itself.
Title: Re: Save the Coin - Kill Speculators Post by: frutza on June 26, 2011, 12:35:13 AM I guess those who ask for regulation actually mean safety and security rather than price control.
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