The next step towards price stability: We back bitcoin

[Elwar]

Such trust could be transparently tracked, even anonymous.

People pledge toward a floor price. Each is given a random fraction of a dollar price to set their buy price (ie $100.1032). Everyone can see that the buy price is filled on the exchange and can collectively say "1000 people pledge $1,000 toward keeping the bitcoin price above $100 for a total of $1,000,000 backing a $100 floor".

This would create confidence that the Bitcoin price will not crash below $100. But only as much confidence shown by those that have put in their bids. If someone pulls their bid, it is shown as less confidence, if people add to it it shows more confidence.

This would also be a way to do as many Austrians call for and peg the price floor to gold. But that would be more difficult as people would need software for their own bids to follow the gold price.

[BitOnyx]

At point when price will be more stable it will be more attractive for consumers. On other hand we have inflation for generations and it might be very confusing for everyone when bitcoin price will change towards dollar one way or another.

Actually if it would be constantly stable we would determine wealth base on bitcoin, not on gold.

[frozenchick]

At point when price will be more stable it will be more attractive for consumers. On other hand we have inflation for generations and it might be very confusing for everyone when bitcoin price will change towards dollar one way or another.

Actually if it would be constantly stable we would determine wealth base on bitcoin, not on gold.

Agree, it will be good for retail business if price aren't that volatile.

[johnyj]

Such trust could be transparently tracked, even anonymous.

People pledge toward a floor price. Each is given a random fraction of a dollar price to set their buy price (ie $100.1032). Everyone can see that the buy price is filled on the exchange and can collectively say "1000 people pledge $1,000 toward keeping the bitcoin price above $100 for a total of $1,000,000 backing a $100 floor".

This would create confidence that the Bitcoin price will not crash below $100. But only as much confidence shown by those that have put in their bids. If someone pulls their bid, it is shown as less confidence, if people add to it it shows more confidence.

This would also be a way to do as many Austrians call for and peg the price floor to gold. But that would be more difficult as people would need software for their own bids to follow the gold price.

I think this could be achieved by some kind of insurance: Bitcoiners purchase an insurance to make sure the bitcoin price won't drop below certain level, when insurance company collected enough money, those money could build a huge wall on exchanges and immediately show the guaranteed price floor

[EFFV]

Such trust could be transparently tracked, even anonymous.

People pledge toward a floor price. Each is given a random fraction of a dollar price to set their buy price (ie $100.1032). Everyone can see that the buy price is filled on the exchange and can collectively say "1000 people pledge $1,000 toward keeping the bitcoin price above $100 for a total of $1,000,000 backing a $100 floor".

This would create confidence that the Bitcoin price will not crash below $100. But only as much confidence shown by those that have put in their bids. If someone pulls their bid, it is shown as less confidence, if people add to it it shows more confidence.

This would also be a way to do as many Austrians call for and peg the price floor to gold. But that would be more difficult as people would need software for their own bids to follow the gold price.

I think this could be achieved by some kind of insurance: Bitcoiners purchase an insurance to make sure the bitcoin price won't drop below certain level, when insurance company collected enough money, those money could build a huge wall on exchanges and immediately show the guaranteed price floor

Interesting idea, but it might make the markets seem a little artificial.

[johnyj]

Such trust could be transparently tracked, even anonymous.

People pledge toward a floor price. Each is given a random fraction of a dollar price to set their buy price (ie $100.1032). Everyone can see that the buy price is filled on the exchange and can collectively say "1000 people pledge $1,000 toward keeping the bitcoin price above $100 for a total of $1,000,000 backing a $100 floor".

This would create confidence that the Bitcoin price will not crash below $100. But only as much confidence shown by those that have put in their bids. If someone pulls their bid, it is shown as less confidence, if people add to it it shows more confidence.

This would also be a way to do as many Austrians call for and peg the price floor to gold. But that would be more difficult as people would need software for their own bids to follow the gold price.

I think this could be achieved by some kind of insurance: Bitcoiners purchase an insurance to make sure the bitcoin price won't drop below certain level, when insurance company collected enough money, those money could build a huge wall on exchanges and immediately show the guaranteed price floor

Interesting idea, but it might make the markets seem a little artificial.

Normal sheeples will just get panic and dump their coins if manipulators mass dump the coins and bring the price down to single digits, especially if they cut the fiat money inflow channel for exchanges, so there should be some fiat money reserve already on major exchanges

Anyway, exchanges are too vulnerable, they will be hit for sure, just a matter of time. But currently the distributed exchange has not been built up very well, so it is very difficult to fight against market manipulation