So what of a p2p generated composite Consumer Price Index to help determine the real value of a bitcoin or equivalent?
Nice idea. How would you implement it, while keeping it P2P, and securing it from attacks from someone using hugely distorted prices? |
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Your mother uses SolidCoin.
Yes, to buy sex with your dad. She says she's never met any man who seems to like to be fisted quite as much as he does. Joke's on you, my dad is a cow. Your mom is into fisting bovine assholes! |
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It seems pretty obvious we need a new coin with a fixed conversion rate that can only be traded between individuals & businesses. How else can we stop hackers, governments or wall street from f**king everything up?
Yes we need. I posted already a proposition. Cryptodollar and Cryptoeuro. They should be like Liberty Reserve for USD and EUR just decentralized and based on bitcoin technology. 1) Who will mine it with enough resources to secure it? 2) Who will store and send/receive dollars and euros when people exchange them for this? 3) Who will control the issuance of this currency to make sure there's always exactly one CryptoX for each dollar/euro? 4) Who will prevent this single point of failure that's holding the cash from simply disappearing? 5) Who will prevent this single point of failure from issuing CryptoX that's not actually backed by any dollars/euros, just so they couldgive themselves more money, and debase the value of CryptoX through inflation in the process? Besides, I think you just described a bank, "but with Bitcoin technology." The two aren't compatible. |
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To be fair... Show of hands, how many of you here were looking at $260 prices, and wishing you could buy cheaper coins?  |
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You see, that I understand. Its people who are leaving their BTC on gox and trying to trade that has me wondering. I'm sure the other exchanges could split up all of the gox book and run just fine.
Problem is that 80% of all trading USD is still locked up in Gox, and it will be days until it gets into the other markets, so unless Gox resumes trading, we'll be having all of Gox's BTC chasing very little USD of its competitors. |
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Lots of people keeping busy tonight. Who do you think is fighting the biggest fight?
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Did they try turning it off and on again? Why is anyone still even trying to trade there, just move to one of the other 8 big ones.
For me, personally, it's because all my USD is still tied up in there. Not as easy to move that elsewhere as BTC is |
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Hahaahahah, raise capital... You mean sold the btc they stole from people like you/me @ $200+
Sold to whom? They're the main place to sell at! |
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Easy. Size of total market adoption.
Seems like a conundrum, how does this market adoption happen if the value doesn't stabilize? Same way it happened when it pushed Bitcoin from $0.01 to $100. I.e. just let the adoption slowly increase and the market work itself out. No need for any controllers to step in. |
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Damn you Obama and your socialist daylights savings time!!! (I was totally waiting for the hour to roll over, too) |
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As a matter of fact! ... No. But only because I've never met Satoshi. But what you are describing is kinda what he did. Read the history of security experts and hackers thinking up of ways to attack his Bitcoin code, going, "AHA!" when they think of something, then go look at the Bitcoin code, only to see that this was thought of and specifically fixed/compensated for. It's actually really creepy, and is the reason there's a running joke on the forums that Satoshi was a computer AI or something. A lot of the bug fixes or retools were mostly some minor oversights or new features on top of the base code, some of which were actually proposed by Satoshi as well, but just never implemented in code. No one has yet been able to improve on the underlying idea itself though (and many have tried) .
Not to say the developers haven't done a massively impressive job of cleaning, streamlining, and expanding the system.
I'm not doubting he built a solid system and thought of every angle and I can understand the view of not controlling the circulation but how do we get to the point where we know 5 btc is a good price for a laptop when the value of btc is totally unpredictable? Easy. Size of total market adoption. If more people adopt Bitcoin, the value of each coin goes up, as does the total market cap. Let's say Bitcoin is worth $20,000 in 10 years. What % is a drop of $150 from $20,000 compared to % of $150 from $260? Just wait basically |
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Let's see if that 80% of total exchange market USD that's been locked on MtGox all day is going to do anything  (My deposit cleared this morning) |
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EDIT: no one is smarter than Satoshi  Does that Koolaid come in multiple flavors? Hahahaha, no really. Go read his papers and some of the reviews by top security experts back from the 2010/2011's. I'm personally too dumb to know better, but I trust their opinions on this matter. |
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We will do it open source - Im sure there are many talented people here at bitcointalk with competency in the field of programming and finance. All if this sounds too much like, "I have this awesome idea, which is WORDS. I don't actually how how it will work, technically, or if it's even possible, and I don't feel like actually executing it myself, because my idea is so good that someone else will like it, figure it out and code it for me." I can code, but Im not a programming guru like some of you guys. But people like me can at least try to contribute with ideas and architecture. Sorry, I know ideas are needed, but I'm probably just upset that we've been having these ideas, mostly the same ones, for almost two years, with no one being able to come up with anything new, or how to actually come up with the solution to the fiat storing/transmitting problem (this token thing sounds barely promising). In a way, the fact that we still haven't solved the P2P fiat problem is a testament to the superiority of Bitcoin to cash. |
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I like how every time something bad happens, we have newbies come in, thinking they are smarted than Satoshi, or the 4 years of collective experience of a few brilliant developers. Hint: If you have a seemingly obvious and "brilliant" idea, chances are it has already been thought of, debated, developed into an alt coin, and mine-attacked by Luke-jr into oblivion Hint, have you ever met a developer that developed a solid piece of software that never had a bug or needed to be re-tooled because they "didn't think of that"? Gimme a break. As a matter of fact! ... No. But only because I've never met Satoshi. But what you are describing is kinda what he did. Read the history of security experts and hackers thinking up of ways to attack his Bitcoin code, going, "AHA!" when they think of something, then go look at the Bitcoin code, only to see that this was thought of and specifically fixed/compensated for. It's actually really creepy, and is the reason there's a running joke on the forums that Satoshi was a computer AI or something. A lot of the bug fixes or retools were mostly some minor oversights or new features on top of the base code, some of which were actually proposed by Satoshi as well, but just never implemented in code. No one has yet been able to improve on the underlying idea itself though (and many have tried) . Not to say the developers haven't done a massively impressive job of cleaning, streamlining, and expanding the system. |
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I like how every time something bad happens, we have newbies come in, thinking they are smarted than Satoshi, or the 4 years of collective experience of a few brilliant developers. Hint: If you have a seemingly obvious and "brilliant" idea, chances are it has already been thought of, debated, developed into an alt coin, and mine-attacked by Luke-jr into oblivion EDIT: no one is smarter than Satoshi |
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We will do it open source - Im sure there are many talented people here at bitcointalk with competency in the field of programming and finance. All if this sounds too much like, "I have this awesome idea, which is WORDS. I don't actually how how it will work, technically, of it it's even possible, and I don't feel like actually executing it myself, because my idea is so good that someone else will like it, figure it out and code it for me." |
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Better variety at Disney, better value at Six Flags.
Even better variety on a Bitcoin exchange |
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Im a little dummy, please explain.
I'm an ex-patriot of the nation of Six Flags I'm an ex-patriot of the nation of Disney. That makes us mortal enemies! Wait, so the furry got paid to dress up like a chipmunk? Dream job! Even better. I got paid to wear nothing but swim trunks for the entire year, hang around water, get a great tan, and oogle all the really hot looking foreign guys and girls (in speedos and short-shorts) because Brits, Europeans, and Brazilians (and sometimes Japanese) were the only ones crazy to come to a water park in Florida winters. I also learned that a "fanny" means something different in UK than US, and so you shouldn't instruct a kid on how to sit in an inner tube by telling him to "put his fanny in the hole" in front of his mother. Luckily, I was only watching that spectacle on the sidelines. |
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No, as in an unnecessary 50+ page chapter that is quite literally a monologue speech given by John Galt about all the concepts and ideas that were drilled into your head already by the actual story from the previous 800 pages. It was quite unnecessary (unless that was supposed to be the "cheat" cliff notes for those who were required to read it in school, as in, "Hey man, just read from page 800. That's all you need to know for the test.")
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