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you forgot an option...
-assholes, thieves and incompetence
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Hopefully, we are a part of history in the making...
Tell your grand kids about "When I was young, a single bitcoin could only buy you a couple of gallons of milk. Now a single bitcoin can buy you a small country."
get real. This pipe dreaam is why BTC is going down, idiot speculators are holding the coins......who will be greater fool? heres a hint it begins with an N. youre holding the bag. |
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this is going nowhere, thread locked
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I personally agree the current bitcoin economy seems to be dominated by irrational speculators and this makes it basically useless for transactions. However I think you'll find that most on this forum disagree with that view, and either way, changing bitcoin as you suggest is not reasonable and won't happen. A better plan is to take our ball and move to another court. There are others with similar thoughts trying to come up with a way to simultaneously achieve the fast consensus of bitcoin with the stable value/real backing of a commodity.
The best I can think of so far is something like namecoin but with a better architecture and general storage, not just DNS. In any case, rather than demand bitcoin change our time is much better spent carefully designing something new. If it is indeed better, and provides a promise of greater stability, rational people will realize that and switch, leaving the speculators in a circle-jerk.
very level and true post. Im with you. |
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Bitches at comex for messing with price of silver and wants to set the price of bitcoin. Nice.
Okay let's do it, tell us how to start.
You create of stockpile of what you will peg it to, document and prove you have those reserves and insure you will do not liquidate it for anything but btc and and put in a non revokable standing offer to buy all btc for the price you want to peg it at. why not base the price on statistics of mining costs? Say globally it costs 17.51 to mine 1 BTC . All the math of the costs were covered in the mining thread many times. As prices of electricity , computers etc increase, so do the mining costs. If its costs $35 to mine 1 BTC in the future (includes labor costs), then one BTC is $35.00. and this price will change with difficulty or other variables. and the costs and the price increase based on actual costs tied to labor, electricity, global economics, etc etc. a statistician could put together a reliable pricing matrix in a day. its just Ideas people, just ideas.....just like BTC was once an idea. |
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To be useful as a currency, BTC merely requires a value on which a buyer and seller agree. That currently exists. That's fine if you want Bitcoin to be some geek currency accepted by .001% of the populace. However, if you really want BTC to take off, it needs to become mainstream and widely accepted. This cannot happen under such volatile conditions. People are screaming at MtGox over $1 and $2 price movements, yet somehow your average joe business owner will somehow act differently? curbside, they dont want to get it. They seem to want this thing to stay an experiment, that eventually blows up in their face. Based on this reaction, general acceptance WILL NOT happen. |
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Everyones cornflakes were pissed in.  Talk to china about pegging, I suppose you all know more than china. Study how the dollar was pegged to silver and gold early on, and you say it cant be done. Where do you think chinas prosperity came from? THE DOLLAR PEG. pick up a book. everyone one of you fired off a right hook before you even thought about what was wrote, youre preconcieved. Basing the value on the mining costs is a real basis of value, but you dont want to hear that, so tough luck. My guess is BTCs days are numbered, whos going to keep pushing it up? Where are the greater fools? They were mostly scared away by the boogie man media and all these "my BTCs were stolen threads". Idiocy I tell you, Idiocy! You dont even want to consider making a basis of the mining costs! |
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Question
Answer:
Just ask Jesus.
I like to picture Jesus as a figure skater. He wears like a white outfit, and He does interpretive ice dances of my life's journey. I actually really like this imagery... |
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This from one rolling around in BTC.
You my dear are a real libertine!
what will be will be.
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Bitcoin is currently a speculation vehicle. If the community really wants a currency, or even a good way to "wire" funds, I believe BTC has to be pegged to something.
Theres several things you can peg it to:
-Peg it to the actual average cost of mining. Data can be gathered from stats to arrive at an actual cost of mining, or a producer cost index (PCI). Take the higher value of the range, that way all the miners make something on the effort. Also this insures there will be miners in the distant future working to get the last of the BTC. The price of BTC will rise with the cost of living. This will of course make mining in some areas more lucrative than other areas, and this is where the invisible hand will come in and dictate the logistics.
-Pick a commodity, silver for instance and peg it to that (but I would suggest that we create a free market exchange to base the silver price off of because the comex is jobbed by pigs)
-Pick an existing currency and peg it to that as some ratio, china has successfully done that with the RMB to the USD. Why not peg it to the Brit pound or Canadian dollar. . I would say USD or Euro, but those are having lots of trouble.
as a speculation vehicle BTC is a joke. Ive traded in about every kind of thing you can name, and trading BTC compares with the very worst of the worst penny stocks, topped off with very bad mechanics of money deposit and withdrawl. The volume is thin, large orders goose the market up or down. No real trading is possible as only 6.6 mill BTC exist and most of those are not traded, meaning that the trading pool is essentially some small percentage of the actual float, Im guessing 10%.
My conclusion; Peg it to something. And use it as a real thing.
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NO, Volume is too low. A Majority of tiny players.
No significant size can be moved, thus no significant profits.
-long time trader in many markets.
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nice counter psyops on PP's behalf. "Wallet (bitcoin), well thats old news, paypal is the future!" nice one guys, now I know you are concerned. lol. |
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disney world here we come.  |
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is this stable enough for you?
doctor, the patient is deceased.
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PLEASE let this thread die people!
I cant believe you helped this TROLL this much.
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The options are not mutually exclusive. Spreading Ponzi scheme fear and buying all you can get before the market comes back over $30 are complementary strategies.
you certainly are certain that its going back above 30, which means it certainly isnt going above 30. |
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This whole thing about all press is good press is nonsense. The media is scaring the shit out anyone who might even consider using BTC. How does that look for BTCs user base over the long term......  This article was crap anyway, by the end of the article it became a declining dollar article. surficial drama reporting, |
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should be an option for really warm alpaca socks or a great pizza.
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but as I was informed, Gavin treat bitcoin only as an "experiment", he is not a big believer.
Maybe someone else can deliver a far more better speech.
then who? Youre right, clearcoin was shutdown. Gavin backing away slowly? Thats ok, new people pick up the gauntlet. |
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