Going to Tux's office now. Okay, maybe not now, but in a few minutes. Took longer than normal to get the bar of soap outta my ass, not that I wanted to remove it, but felt it prudent till Tux gets to know me better.  |
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I'm in Vegas now at Days Inn across I-15 from the Luxor et al. I get to meet the Mighty Tuxavant tomorrow morning at his office for a how-to meetup he's hosting, then at 6PM onto Rustica Pizzeria for another meetup where rumor has it the infamous Phinnaeus Gage is planning on attending. Personally, I can't wait to meet that crazy fuck, to learn firsthand if he's really a cancer to this space as some, mostly nefarious actors, have stated on myriad occasions.
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I there something wrong with USDT?
Seriously I would like to know.
Okay, how the fuck you did that ... https://coinmarketcap.com/assets/tether/ (real screenshot; red arrow mine) <Image of price chart showing -0.00% change in dollar value> I don't get your point, the dollar value changed by zero -0.00%=-0=0 , that means it did not change. If you look at the dollar exchange rate graph (follow your link and click "Price (USD)" under the graph) you will see that it stayed constant except for a temporary drop in August 2016. Why do you claim your coin will be better? Tether also has the first mover advantage, you would need to overcome that if you want your coin to be popular. I think you mistook my post, bud. I was pointing at the $1.00 aspect, not the % change, albeit the tip of the arrow was pointing at the latter. Further, I concede that Tether may have most of the attributes I was aiming for, with the exception, perhaps, that it would most likely loose its quasi-pegged status if enjoying mega users. |
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Your little "western whitey festival" isn't really representative of the group currently in control of bitcoin's direction.
Bruce, may I suggest you invite Shawn Wilkinson so to entertain the fest-goers with perhaps a Bojangles dance to satisfy Baldy's concerns? That, and take a pic of the gang having ~half the attendees infected with hepatitis donning painted-on slanted eyes while Shawn Wilkinson's center stage wearing one white glove doing the moonwalk. <humor at Shawn's expense who've I met three times and love him dearly - great dude; okay, so is baldy aka QA> |
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dang, another message to go further on cryptsy this year, 2017. BIG. V. I had at least over 1 btc at you're site, www.cryptsy.com did receivership, lawyer, alltogether now guys, want all the coins back i had and even more, they are worth more now, you should know! remember this coin from back in big verms glory days?  ===> https://www.cryptopia.co.nz/Exchange/?market=TEK_BTCFor the low, low price of ~$28K USD, you can be the proud sole owner of all the 1.17+ billion TEKs in circulation. Get ALL the TEKs, TEKs are fun, buy right now, don't walk - run! For an added incentive, TEKcoin's market cap outpaces RateCoin's MC by over 2:1, not to mention that TEKcoin was fully vetted prior to being added as one of the few altcoins which the venerable StakeMiners has included in its PoS portfolio by its CEO and founder, the Forex Guru, Leroy Fodor, whereupon today StakeMiners' Investards see that their initial investments have been nibbled away by more than 0.85% (85% if you're not Leroy Fodor and are able to perform rudimentary math).  "I just shat out some more TEKcoin, but thanks to Poo Pourri, nobody's the wiser." |
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Firstly, I wish to thank each and every person who's replied to date, I digesting your words in spite of humorous and, perhaps, incorrect responses on my part.
I'm still trying to get my head wrapped around the why pegging one PENJ to one US dollar is an issue given light that:
The US dollar fluctuates on a continuous basis, albeit small movements, relatively speaking.
The first pricing of bitcoins was pegged to the average electricity usage cost (calculated worldwide).
The current price per bitcoin is currently pegged to $796.08.
Yesterday's price per bitcoin was pegged to $930.28 (quasi-contrived, but you get the gist).
I think you're using the word "pegged" incorrectly. Pegged means that there's a mechanism keeping it that way. To peg a value of an asset to the value of another one, there needs to be a liquid way to exchange them 1-1. That's the only way. There are also some monetary misunderstandings. Bitcoin's price is NOT pegged to the cost of electricity. It is not the cost of mining that makes the bitcoin price. It is the bitcoin price that makes the cost of mining (also called the difficulty). It is not because you have produced a bitcoin with mining equipment that has cost you $5000,- that you will find an imbecile buying it at that price. It is because you find an imbecile that buys it at that price, that you are willing to spend up to $5000,- to compete and mine coins. Second, the high volatility of bitcoin and other crypto, as compared to the volatility of fiat, mainly comes from the fundamentals. A big fiat currency's price is determined mainly by Fisher's formula, that is, by the fact that it is used to buy goods and services (paying salaries, buying groceries). The "stickyness of prices" makes that this activity and the demand that comes from it, has large inertia. Most salaries are more or less constant amounts from one month to the other. The grocery prices do not fluctuate much from one day to another. So the USAGE of the fiat currency, which determines its price through Fisher's formula, is more or less constant. This fundamental is what determines the fiat currency's price (at least, if the central bank doesn't change its offer drastically). Crypto is mainly pure speculation, and has only a very small "usage" market cap. As such, there's in fact no fundamental that keeps its price constant. It is whatever people think it will be. That's highly volatile. In spite of my post which you referenced, I truly do get how the price per BTC is now determined. That said, I was referring to: New Liberty Standard opens a service to buy and sell bitcoin, with an initial exchange rate of 1,309.03 BTC to one U.S. Dollar, or about eight hundredths of a cent per bitcoin. The rate is derived from the cost of electricity used by a computer to generate, or “mine” the currency. It wasn't long before that practice was abandoned in lieu of a bona fide exchange - enter Mt Gox. Re: I think you're using the word "pegged" incorrectly. I think I'm using the wrong word, perhaps seeking a term akin to quasi-peg. To be clear, if you brainiacs were in a room discussing this issue, I would be the dude making sure your drinking water glasses are topped off and performing other tasks requested of me, albeit I would've been the dude who brought you guys together. |
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I've found this ancient meme crafted by the editors at the Huffington Post. I'm unsure of its meaning or context but I'm gonna go ahead and submit it to this thread.  ICESE (International Cube Earth to Space Exploration) just release their 314th (  @ notbatman) meme in hopes of garnering support to visit the ancient meme above.  @Actualiteit: Apologies for not commenting on your submissions because you nailed it, thus anything I try to add to your insight would lessen its affect. That said, are you interested in being the president of The Cube Earth Society? |
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Some nice volatility in the fast few days
 "Then I continued to blast grammatically incorrect short-sentence replies complete with misspellings to Crypto-city's pretend 74K+ user base with aspirations of garnering a for-real 100+ users to hopefully con via our very own sole sponsor, RateCoin, co-owned with cryptocurrency's number one serial liar, Leroy Fodor." |
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Wasn't China coming up with a digital fiat? They can benefit from a big dump if they intend to buy a lot of bitcoins (like some banks and companies are doing now). On second thought, that would be bad for them, people might lose their trust on the crypto. Maybe they are really just going after what they see as tax evasion. True China is a dictatorship, a communist country only in name but let us not forget that some of those money really could have been earned illegally.
For example, the Chinese are heavily involved in the drug trade in Asia. Drug manufacturing and trade itself is punishable by death in China so they manufacture those drugs in other countries instead, for example the Philippines. Drugs for the Chinese market are carried by Filipino mules but portion of the goods are also sold locally. Now if I'm a drug manufacturer in the Philippines, how would I send the money back to my boss in China?
By helicopter comes first to mind. |
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It's all because of them damn Chinese Bitcoiners waking up at 5AM China local time on a Thursday and all choosing to sell off at the exact same time that caused the downturn. Luckily, a different sect of sane Chinese Bitcoiners later in the day saw value and purchased what their panicky brethrens sold off in the wee hours resulting in an uptick. In case you've missed it, the Chinese government is now investigating the crypto exchanges in China for ... wait for it ... market manipulation. |
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Gleb, you do know I can only handle threads made by newbies or threads within in the sections I moderate, correct? The threads you linked are made by members that I have no authority over. You should also know that the staff gets paid for (re)moving threads/posts and handling reports. We do not get paid for leaving spammy posts. I locked the thread to keep paid signature posters out as achow101 posted a very thorough reply.
I can understand that you are frustrated, as I don't like crappy posts either, but there is only so much I can do when others are inactive. If you see something, report it or PM me, either way is fine. I'm always open for handling threads and posts that I missed (or haven't been reported yet).
Mitchell, I wanna go on record in stating that I have ZERO qualms with you or any of the mods, including theymos or any other staff here on BitcoinTalk. And, I'm not frustrated, albeit taken aback when seeing that my "Learnt" thread was locked, thus starting this dialog in Meta. A dialog that may come across as me being frustrated thanks to my unique way of presenting shit. That is all in a nutshell. Rest assured that if I were truly frustrated, I would, and have, make such plain. Thanks, mods et al., for understanding my stance and doing your damndest in keeping this forum viable, duly hoping that my input(s) here and elsewheres (sections) helps in that regard. Seriously, I'm not an asshole, but sometimes play one on this forum for shits and giggles AND for real (whatever the fuck that means ). Bruno |
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Firstly, I wish to thank each and every person who's replied to date, I digesting your words in spite of humorous and, perhaps, incorrect responses on my part.
I'm still trying to get my head wrapped around the why pegging one PENJ to one US dollar is an issue given light that:
The US dollar fluctuates on a continuous basis, albeit small movements, relatively speaking.
The first pricing of bitcoins was pegged to the average electricity usage cost (calculated worldwide).
The current price per bitcoin is currently pegged to $796.08.
Yesterday's price per bitcoin was pegged to $930.28 (quasi-contrived, but you get the gist).
Akin to now being able to present a definitive mathematical proof thanks to some recent conjecture et al., Satoshi Nakamoto's solving of the double-spend problem presented in the infamous white paper may be an element incorporated in the solving of the discussed pegging issue.
I'm not a brainiac to have, let alone come up with an answer(s) sought on my own, but feel bright enough to recognize that a solution could be found, at the very least become closer to being solved via continually discussing the issue, akin how a detective (e.g.) continues to drill a suspect till the truth is revealed of their guilt or innocence. (analogy perhaps sucks, but, again, hope you get the gist)
Thanks again, guys, for all the input to date.
BTW, do you like my domain name - penjr.com? (Norwegian for money is penger)
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@ArcCsch Dude, I thought for a sec you misspelled Poynting alluding to some poly- thingy till I looked it up, and loo and behold look what I found: This expression is often called the Abraham form.[6] The Poynting vector is usually denoted by S or N.
In the "microscopic" version of Maxwell's ...I found S and N and Maxwell. What are the odds? Wait a second! You mentioned Tether which I just now visited their website: https://tether.to/Every tether is always backed 1-to-1, by traditional currency held in our reserves. So 1 USD₮ is always equivalent to 1 USD. Are you telling me that there's exactly, if not more US dollars in a verifiable Tether reservatory just like there's enough gold in The Royal Mint vault that equals or exceeds Royal Mint Gold tokens, or like there's more than enough silver in James Ray Houston's (BFL's Sonny Vleisides' real dad) Nevada office vault to cover his pegging endeavor days prior to the Gubernatorial election where Houston was neck-and-neck with his opponent until ... (follow the link to see what happened if not up to speed or unable to guess on your own)? Hell, I won't even bother you with where the link in my sig'll take you where that entity promises payment via proof of blockchain where their Investards can see firsthand BitFury paying out what's due via newly minted bitcoins, an impossibility given that BitFury is purposely sitting on all their newly minted bitcoins, and has been for quite awhile now, with apologies for not bothering you. That said, if some sort of reserve to peg PENJ to is warranted, I have the Colorado River literally outside my backdoor littered with river rocks, and now that I have the formula, I can easily calculate the entropy exerted to get them there, thus giving each and every one of them precious stones value, whereupon I'll pick up as many as needed at a dollar per minus the entropy cost that placed them there. In essence, I can easily at any time show proof of as many Colorado River rocks one wanna sees, unlike, is my guess, dollars in Tether's vault, gold in The Royal Mint's vaults, or, in case you missed it, silver in Houston's empty vault. Oh, I almost forgot, Hashing24's BitFury's promised payouts from sitting-idle block rewards, promises made while calling all its naysayers trolls, among other niceties. Apologies if the above came across as terse, for sincerely that was not my intend nor feelings while penning the informative prose. Thank you for understanding in that regard. Bruno |
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It's impossible, there are too many factors. I thought about it too but there are many problems involved.
There is no way to trade a coin with a fixed value. The coin would never stay within the range you would have it governed as. Within that same thought, money/fiat is not mined, but minted. Your coin would be mined at a rate that would not be within that range since you would would be always mining and a government releases newly minted fiat whenever they feel like. If you modeled it off of the USD market cap you would need trillions of coins, not billions or millions.
This would then move to the biggest problem of all. The coin would have to be centralized to control it, and no one in the crypto world is interested in that. Traders and miners would turn into miniature trusted banks if you controlled output and we would all be in the same boat we are in at the moment with government money. Down the line this would not be good.
Though I will say you could create an ethereum contract coin that held the value of a dollar and maybe that would work. But remember, you would need a large amount of coins. More than any other coin out there.I forget the name of the guys who are doing it with gold. It is similar in theory but gold can't be magically minted thus it has a steady value.
Dude, now you tell me after I just procured not one, but two .com domains - penjer.com and penjr.com - costing me the price of two normal buffets or one fancy one. I'll fade away, perhaps reaching down to 250 lbs.  Nonsense said, firstly, thank you, debtstack, for your well-thoughtout reply, and secondly, before I comment, why Penjer and, moreover, Penjr. The Norwegian word for money is penger, but penger.com was already taken, obviously. The letter replacement seemed natural with the added benefit of the .coms being available, coupled with it/them having a pleasing sounding name, with the same true for PENJ, the proposed ticker symbol and individual units (Penjs if plural, unless Penjz - FUCK ME! penjz.com is still available). Re your reply, debtstack: On the surface, what's general proposed may be deemed impossible, but may not necessarily be true, especially if we put our collective heads together to ferret out a solution as to how to safely plus easily transfer money via blockchain technology sans concerning oneselves with price fluctuations while the [crypto-]money is on account for a lengthy period of time, readily convertible back to fiat [of choice] with little expense. Currently, such is not possible, hence this thread to explore the feasibility of such, then moving forward to build the bitch [and have the Chinese pay for it, taking a page from Trump (think: his proposed wall on US/Mexican border)]. In re needing a large amount of coins, more than any other coin out there, I did think of one unique solution while penning the OP - PENJ 2, PENJ 3, etc., exactly mirroring PENJ [1] to satisfy any future demand for coins. Okay, now that ALL the major hurdles are outta the way, let's build this bitch. |
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Let's see how I handle the tough questions and concerns, eh? Where do the block results come from?
Well, dahhhhh! The normal place where they come from. (seriously, please reask the question so to better address it accordingly, bud)
Adding more currency to the money supply would destroy the backing.
Maybe yes, maybe no. I'm sure the brainiacs among us could put forth a solution.
The only way I can think of to keep a currency pegged to the United State Dollar is to provide a backing authority, that produces units of currency in exchange for dollers stored in a vault somewhere, and destroys units of currency to extract the cash.
The way Tether works, I believe, is by piggybacking on the bitcoin blockchain and using transaction fees to buy block space for hashes.
You talk a lot about bounties and fees, are you paying them out of your pocket?
HELL NO! The only thing I'm paying outta pocket is for the domain name, if that. Bounties, fees, etc., would be paid via <redacted> coins/coinage stemming from the retainage held per block reward once <redacted> becomes mineable (at least that's the plan)
With apologies for not addressing everything, any of you brainiacs care to weigh in, offering up answers/viable solutions? (that's how I handle the toughies  - pass 'em to the dudes with brains  ) Craziness said, I'll tell you what - I'll go 'head and purchase the domain name I have in mind so to at the very least rid the <redacted> thingy, mmmkay? |
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Maybe I'm slow, but you don't seem to mention at all how you're going to keep <redacted> pegged at one USD, do you?
Wouldn't "Because I say so!" work? Seriously, <redacted>'s core premise should sustain said pegging, thus "Because I say so!" is back in play. I remember not too long ago someone else guaranteed a $X floor..
I watched it last like 20 seconds..
Who is going to foot the bill for these miners dumping $200 every 2 minutes?
You know miners just love to dump..
The Chinese! Seriously, the Chinese. Granted, the above [altered] meme seems crazy, but think about it, for it's not outside the realm of possibility given the current financial climate in China, among elsewheres. ArcCsch's reply (not quoted) to be commented on via a subsequent post. |
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