Do you know, who would really benefit from such a thing:
People who don't participate.
So, some idiots are destroying their wealth to raise the Bitcoin Price? K, I just sit here on my Bitcoins and wait for that.
Most people still spend more bitcoin than they hold thus they will need to work to get more bitcoin. If you have bitcoin you don't need to spend yes you will benefit with some money supply with a velocity zero. However, eventually you will want to spend them or lose them when you have a heart attack. Exactly, so the people, who already have a lot of bitcoins and just sit on them and dump them when the price is high enough, benefit the most. The people who want to spend them lose. Such a project, would just encourage the wrong behavior. They don't lose because they benefit from the time they obtain the bitcoin and the time they spend the bitcoin. That is the hidden inflation tax but in this case the defation bonus. Even if you only hold the bitcoin a day over a lifetime those bitpennies add up. I would think many of the early adopters that made millions off bitcoin would consider deleting some, it would make their other coins rise and jump start and add excitement to bitcoin again. The reason the poor have gotten poorer since 1971 can be attributed partially to the inflation taxes of every nation of the world. |
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Do you know, who would really benefit from such a thing:
People who don't participate.
So, some idiots are destroying their wealth to raise the Bitcoin Price? K, I just sit here on my Bitcoins and wait for that.
Most people still spend more bitcoin than they hold thus they will need to work to get more bitcoin. If you have bitcoin you don't need to spend yes you will benefit with some money supply with a velocity zero. However, eventually you will want to spend them or lose them when you have a heart attack. |
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LOL. It is ridiculous for any business to volunteer to delete any percentage of hard earning bitcoin.
not if it is crowd funded. Businesses make donations to the red cross and some even donate to football bowls and racing cars. |
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i have learned a lot from studying the merged mining parts of the code and if regulation comes into play in the world of crypto iX
has one thing very few other coins have or maybe no other coins have.......
there is no mining, that can be taken out of the picture.......
Very good point. I never thought of that. So if some regulation or tax laws came down which put the squeeze on miners to the point that many dropped out (in those countries), then iXcoin may be exempt because there is no more block reward. Few other coins could say that. Of course that assumes transaction fees collected by miners would be regulated differently than block rewards. If not, then iXcoin would still be hit by the same regulation. One scenario would be if block rewards were deemed un-lawful because they are money creation events, usually reserved for governments. There was much speculation about this when Bitcoin first came on the scene. Transaction fees would be exempt since they are taken from the existing money supply. This scenario may be a bit of stretch since governments would probably be more likely to just forbid cryptos all together, but perhaps they will just want to restrict thousands of new ones from coming into existence, while keeping the existing ones. Or they may just want to restrict the total crypto money supply. Lot's of possible scenarios. The best update Ixcoin can do is delete all block rewards, yet require a mandatory transaction fee. deflations and austerity lead to growth, while inflation, and growth of money supply leads to tyranny. |
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I came up with the idea of capital coins. However, I think you can boost the price of bitcoin if you attempt to delete 1 million coins. Many have already been lost. If you can get the large and new businesses to delete 1% of their coins, maybe over a year we can get to 20 million total supply while the price is cheap. Maybe set up a mining pool to delete transaction fees, and only accept transactions with a fee attached.
A business might have a 5,000 BTC profit
1,000 btc a year would go to deletion
4,000 btc distributed to shareholders.
If you add those lost and those intentionally deleted, we could get to 20 million. Deflation and austerity will lead to growth, as it always does. As opposed to inflation, money supply growth, and hyperinflation which leads to tyranny.
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This thread is nothing but PoW miner shills trying to hold on to their waning power, as the crypto world is increasingly moving toward the superior PoS system.
POS can be superior however most of these alt POS are awful. Fortunately the very 1st one pee pee coin is the best so far. However it could have been made better with no inflation. POS means people want to protect their existing coins. The bitcoin network today is not really protected by miners, it is protected by the owners of the largest amounts of coins. POS rewards those who keep their client open. |
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I would like to complete a survey we started time ago. Which mascot can we choose for iXcoin?
Dogecoin has Shiba Inu, Bitpay has a bear named Curly.
What should we choose for ixcoin?
Curly from 3 stooges would be good, but I think someone would get sued. Why all the action. If you bump up the transaction fee to 1, there would be plenty of large owners and mm, to keep the mining going. As for blocks with zero transactions, I still think the large owners would do them to keep their investment intact. As for a meme, how about eye X. An oval shaped like an eye, and X for the pupil, and the words, "Hi I am socially distorted". Surrounding the eye is a gold coin. |
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What I want to do is create a foundation larger than the Bill and Melinda Gates Foundation. This foundation presently has about $20 billion in assets. The Giving Pledge is a campaign to encourage the wealthiest people in the world to make a commitment to give most of their wealth to philanthropic causes. The campaign specifically focuses on billionaires (or those who would be billionaires if not for their philanthropy) and was made public in 2010 by Warren Buffett and Bill Gates.
What I want this foundation to do is one thing and one thing only (and it will probably do more humanity than any foundation to date) buy and delete bitcoin.
Thus with $20 billion you probably could delete 3 million in coins a year, until the price rises creating a massive deflation. Like the Dutch Golden Age when the Amsterdam bank operated as a full reserve bank leading to a little country leading the world in everything. Bitcoin will rise to the worlds reserve currency. Deflation is the key you want people getting wealthier holding a currency so they can take equity positions as choice as oppose to bankers loaning fixed securities of others peoples money as government dictates. The middle class will rebuild and the lawyers, bankers, politicians, and professors will lose their power to make us their slaves.
If bitcoin were to fail, the assets would transfer to the next highest cryptocurrency coin by marketcap for deletion.
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BTC is not backed by nothing. It's backed by hundreds and thousands of miners.
Like a hamster on a wheel when they get off there is nothing. This is stupid. Your understanding of economics is zero. When a Hamster gets off a wheel.............the wheel is still there......the wheel has value.....the wheel doesn't disappear unless Spock beamed it up to USS Enterprise. The work is gone. The work not transferred to a material object to be used later is lost. If you go hunting if you don't come back with a duck your trip is a worthless. |
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#2 Suppose Bitcoin was backed by Coca-Cola Stock. $6 billion of stock, would generate $187 million in dividends alone annually. Imagine if some blind entity to bitcoin was buying $187 million of bitcoin and destroying them, every year as long as coca-cola exists. Suppose this was another group and a blackbox not tied to the Bitcoin foundation. As a bitcoin owner which would you rather own:
Bitcoin #1 backed by nothing zero inflation.
Bitcoin #2 with the blackbox destroying $187 million, presently about 0.4 million coins a year.
That's what a capital or business coin offers. Now transaction fees might have to be higher to offer protection as there would be no money printing. One thing I notice about AZO stock above, it has yet to have a losing year this century.
Bitcoin
2013 $757
2012 $14
2011 $4.7
2010 $.30
I think I get what you're saying. It's an interesting idea! To answer your question, ideally I would rather own the Capital Coin, but... What happens to the value of the coin when the underlying asset drops in value? For example, Coca Cola goes bankrupt? In that case I would rather own the "unbacked" Bitcoin. As others pointed out it would introducing centralization again in the form of managers, which is also risky. I think it would be cool to have additional layers on top of BTC where you could take a portion of BTC and create the Cap Coin. If you could figure out a way to do this and address the management/trust concerns it would be great. You don't have to have just one stock, but if bitcoin owned $6 billion of KO stock, they could probably offer a can of soda with the bitcoin B symbol on it. What happens to the value of the coin when the underlying asset drops in value? just use the dividends for deletion. For example, Coca Cola goes bankrupt? you could hold multiple stocks and decentralized. The stock could be helds across the world, the only requirment is bitcoin is deleted. As others pointed out it would introducing centralization again in the form of managers, which is also risky. The capital might be in no way owned by bitcoin, only a foundation like the Gates Foundation. The gates foundation lists their holding and we could actually mirror their holdings. We all know bitcoin is just as important as the Gates foundation. We could even start sending letters to non-profit foundations if they would support deleting bitcoin for us. We could also write letters to hedge fund managers to see if they would donate to the Bitcoin Deletion Foundation. Thus you have deletion and growth working together to allow the working class keep their money. |
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Why Bitcoin will fail.
Bitcoin is backed by nothing and eventually a new cryptocoin coin based on productive assets will come along and displace it.
Its not "nothing" its back by lightweight assets. These lightweight assets are its strength not weakness. It is highly adaptable vs assets which take greater management. Someone will have to build a better lightweight system to displace BTC. Here is idea, there are a few alternative cryptocurrencies with no inflation and small. I0c and IXc (infinitecoin) but there are about 5 probably. Now 1. offer to set-up a nonprofit that people would donate bitcoin for the sole purpose to delete one of these coins. 2. Say you get 30 BTC. 3. Then just run the miners on bitcoin and delete the i0c or iXc or infinitecoin coin. The question I ask is how high can a coin like i0c go. This is the original i0c not i/oc. There will be a steady daily buyer and deleter. I think this would be a good test. The beauty is this is all possibly legal as there is no business just some capital deleting coins. It would be an extremely interesting paper to write if you are an economics major. |
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1. what problem do you have with deflation ?
I want a coin with deflation 10%.
2. money does not need backing.
What is the difference between sand in a dog dish and bitcoin? The only difference is a group a collective sees it as money.
3. A capital coin is stupid. you can issue shares of a corporation with colored coins. but "backing" a coin to the economy of a corporation? stupid
Imagine a coin with $6 billion in market cap with nothing.
Imagine a coin with $6 billion in market cap with $6 billion in Coca Cola stock.
Which is more? Would you know any difference in use?
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http://useconomy.about.com/od/usdebtanddeficit/a/National-Debt-by-Year.htmNational Debt 1971 $398 National Debt 2013 $16738 National Debt (present 2014 FY ends 9-30-2014) $17754 =============== Come out to be 9.2% Aug 2014 - The deficit this year will be $506 billion, CBO estimates, about $170 billion lower than the deficit in 2013. https://cbo.gov/topics/budget/budget-projections . According to CBO we were suppose to be running massive surpluses in 2008, 2009. This has got to be one of the biggest poor estimates in the history of government central planning. It is already $1 trillion only, 1 month after the prediction. But despite that, $1 trillion is still below historic norms with 20 days left in the fiscal year. It is going to end badly because congress and 3 of the last 4 presidents have been clueless. Inflation is just another tax. The big question will be to see if the fed will correctly end quantitative easing then raise rates, then gdp should catch up.
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I don't think the coin i0coin is set up right. I guess there are 2 i0coins, i/ocoin and i0coin.
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:35 gold has value because that is what someone is willing to pay for it. 1:20 what he is saying is true, unless somethig that comes along is better. A capital coin or one the inflates the least is best. If you can actually delete coins, better. The only way you are going to get 10% + deletion is via using your coins value as capital. 4:25 it needs to be scarce, is not deflating even better? 5:30 there are other metals too copper, gold might be worthless in 5,000 years once we start mining moon. 6:13 one think gold is better that bitcoin, gold is a commodity and has other uses like filling in your teeth. If bitcoin owned disneyland, we could get free tickets. |
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Just thought I would show you the power of a capital coin.
1. Use the proceeds to buy mining equipment.
2. Convert the mined coins to bitcoin and buy your coin with them and delete them.
Example of game plan
1000 (Mining Coin) to 1 BTC
Suppose you obtain 300 BTC
Use money to buy $150,000 worth of mining equipment
30x3 = 100 Th on ebay kncminer
Delete over 1-2 BTC worth of coin a day.
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see my thread in economics
Offer 1000(your coin):1(BTC) leave it open til end of year or end of next year. no reductions!!!
Sell the BTC and buy a stock, use dividend to delete your coin.
The coin should be on exchanges while to offer is still going.
The future is deletion and no inflation.
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No offense the coin is extremely dull.
However to fix it, end the POS reward and POW reward and send 1/2 transaction fee or the full fee to miners/stakers. Test to see if the large owners protect the coin since they own a lot. I do love the small blockchain size.
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BTC is not backed by nothing. It's backed by hundreds and thousands of miners.
Like a hamster on a wheel when they get off there is nothing. |
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I find your post very interesting and I share everything except that Bitocoin is going to die. I think BTC is going to have an evolution and a 2.0 Version of the same is going to take place.
I changed the title. Capital coin involves no software. Thus a non-profit could be use to provide funding to deletion, the bitcoin foundation, and as a mining reward if it gets too small. |
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