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This must be a very important idea, but I don't have a clue how it's supposed to work. :/
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Well, better to be a sociopath than a parasite.
Fortunately, sociopaths don't often breed or if they do they abandon their children so the taxpayers take care of them. |
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I didn't get it....  I don't get this thread. Is there ever going to be a consensus on a symbol? Does it even matter? |
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Inflation is VERY BAD for BTC.
What makes you think BTC has an inflation problem? Please don't tell me you think the decline from $30 to $2 USD was because of inflationary pressures? Only in the sense that each unit of currency buys fewer goods and services, and has an erosion in it's purchasing power. So, not in the sense that BTC people like to here, only in the "scientific definition" sense. You left this out "Economists generally agree that high rates of inflation and hyperinflation are caused by an excessive growth of the money supply." Bitcoin will never suffer excessive growth in the money supply. Hence, no inflation. |
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It's not like we need a full exchange that reports the volume of transactions. All we need is a general idea of the price bitcoin is being traded at. - An Exchange Coin is created. The coins generated from it include pricing of all included crypto-currencies. More can be added if everyone agrees.
- Each coin client (including bitcoin) allows a price value in various fiat currencies to be reported to Exchange Coin.
- The Exchange Coin factors in the reported prices and runs a statistics algorithm that finds the current mean values.
- HST and bot trades could be filtered out statistically.
This would be organic and require trust of not a central reporting authority, but of all bitcoin users to volunteer honest reporting. |
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Instead of an exchange, can we just have a decentralized ticker that reports any supported crypto-currency? It would only report the trades that have the value volunteered. The reason for this is that exchanging fiat currency for bitcoin requires trust anyway. It's not that I don't trust MtGox to report the trades accurately, but if we have to trust them, why not trust everybody and then use statistics to account for variance in each vector of bitcoin use. We can use the same ticker for accounting for any alternate blockchain. This would also of course be an alternate blockchain and the current prices would be included in every new block. We could even charge a transaction fee for price quotes.
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Decentralized BTC Exchange Client. Can we do it?
Here is how it would work:
Decentralized BTC Exchange Client.
1) download the Decentralized BTC Exchange Client, Magically send money or BTCs to it
2) Place a bid or ask in whatever currency you have available on your client
3) the Client would continuously scan the other clients, asking each one, "Can you fill my order?"
in theory you could place a order of, 1$ CND for 1$ USD, just as easily as 5$ for 1 BTC
the big problem is how to "load your client with money"... the current exchanges handle the wiring of money to 1 central place (ex. MTGox)
handling the wiring of money directly to individual clients (In and Out), would be the key, and may prove impractical / illegal (i don't think you can be your on bank).
this would be much easier to implement if it was dealing with only cryptocurrency , ex. 1 BTC for 10000 SOLID COINS
is it just me or is a Decentralized BTC Exchange Client impossible??
I'm wondering how this is going https://bitcointalk.org/index.php?topic=7212.msg105791#msg105791I also asked about this in another thread. Is there a more organic way to set the price of bitcoin? What would happen if we just put a bitcoin price tool in the general client? If we voluntarily report a fiat value of bitcoin for purchases or trades to another decentralized network, that network can analyze the data and report a statistically reliable price. The network can verify via a second hash generated with the same key as the bitcoin, but will also have pricing data in various currencies. Bots will mess with the pricing, but not enough that can't be dealt with by the algorithm or as are any other network attacks. Any thoughts?
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at what point should we consider it "dead"?
Bitcoin is dead when the flow of new fiat to the exchanges stops. That is easy for the exchanges to measure but hard for most people. It doesn't seem to be a published quantity. Sure you can claim that it's not dead even then. Surely, people could be trading goods for bitcoins among themselves in the absence of fiat/exchanges. Dismantling of exchanges does not directly cause (or logically imply) a lack of desire to trade. However, since the OP specified BTC Price, it is foolhardy to dismiss the correlation. Fiat exchanges were created in anticipation of supporting those who wanted to trade without mining bitcoin. Without desire from those folks, BTC price has no meaning. Exchanges become merely pari-mutuel wagering facilities taking a rake until there are no more rakes left to take. By then, decentralized exchanges will exist and bitcoin pricing will not be easily manipulated by HST. Prices will rise as demand increases, not just speculation. Then there will be no stopping bitcoin. |
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Is there a more organic way to set the price of bitcoin? What would happen if we just put a bitcoin price tool in the general client? If we voluntarily report a fiat value of bitcoin for purchases or trades to another decentralized network, that network can analyze the data and report a statistically reliable price. The network can verify via a second hash generated with the same key as the bitcoin, but will also have pricing data in various currencies. Bots will mess with the pricing, but not enough that can't be dealt with by the algorithm or as are any other network attacks. Any thoughts?
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Wow.. and I thought -I- wasted my time on this forum...
I guess noone has any actual useful ideas here to promote bitcoin. I am working on the copy for a flyer, but I have no art skills. This thread started out fine.. good posters from OP. Went from fine to awesome when Matthew posted his flyers, that shit is hilarious. Here I used the bitcoin price chart to chart the thread for you.  That chart can also describe the percentage of women interested in bitcoin. Thanks for making this a sausage fest. |
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Wow.. and I thought -I- wasted my time on this forum...
I guess noone has any actual useful ideas here to promote bitcoin. I am working on the copy for a flyer, but I have no art skills. |
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The FUD about bitcoin often includes talking points about Silk Road, but I'm not sure about why. I see all across America: casinos, strip clubs, adult boutiques, Christian bookstores, and every other decadence that is growing nationwide. It seems that Silk Road is just the next stage and I suppose it won't be long before they have a factory outlet near you. '__'
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The author feels like he's trying to defend bitcoin, but doesn't know where to go other than the standard FUD. I wish they would emphasize the fact that bitcoin is not anything like FB credits. He implies that bitcoin can be shut down by the USA simply by shutting down MtGox as easily as FB could be shutdown. He ignores the fact that exchanges are not even needed. They are merely a convenience.
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I will shutdown when I am driving a car that runs on burning money.
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I don't think this is currently being used.  |
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It would be more interesting if the light was red instead of yellow.  (couldn't let that one slip by) |
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It might be interesting to just leave them lying around somewhere and see the reactions of people that find them.
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˙ƃuolɐ ǝʌoW ˙ǝuıɟ sı ƃuıɥʇʎɹǝʌƎ ˙ǝɹǝɥ ǝǝs oʇ ƃuıɥʇoN  |
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