**The evidence for this is logical as I mentioned at the beginning. People would save BTC and spend using something else**
I fully agree with this, Bitcoin is not designed to manage the daily payment network at global size.
But what would be the caracteristics of this "BTC-derivative"
It interest me, I'm thinking about exactly this part, design a payment protocol, with "good" economical qualities.
I have some ideas, but would like to read more on this topic, to see the options, the eonomical specifications, and eventually technicall implementation of the payment network, reward to use the system...
Yep, this is what excites me too.
If someone somewhere invents this BitCurrency in a way that intrinsically tracks a reliable independent measure of demand, so it auto-deflates or inflates as required, we will have a stable currency that cannot be centrally manipulated.
If this happens I'd get as much base commodity (BTC) as I could
That was what I was proposing in the OP and subsecvent posts.
It's easily trackable though, it just needs an API between major exchanges. If too much if it is sold, then interest rate rises, if too much of it is bought then interest rate lowers.
Now interest rate here means that coins can be burned/deleted or it would offer some kind of return like peercoin.
And the opposite would be to just increase the monetary base.
It would be a longshot, but it can be programmed I think if enough dedicated programmers would come together.
I am not sure I would wish to have that kind of function. Lots of reasons:
If and when bitcoin will be world money, it will have a relatively stable value, far more stable than any fiat money's value and even more stable than the value of gold during history.
The fluctuations in value and the floating interest rate (that is also a consequence of its soundness) creates important price signals to the actors in the economy: Shall I spend, save, lend or invest, and when investing, should I go for investments with a quick return, or investment that produce something useful far into the future.
The fluctuations in value will be spread among individuals relative to their current holding of money, thus introducing far less distortions into the production structure compared to the current situation.
The fluctuations in value will be partially predictable, opening a market for evening out short time fluctuations through speculative trade.
The last point is that by connecting the value (through varying the volume) to anything outside the money itself, you centralize it. Someone has to decide what the reference value is, and from time to time adjust the formula as new good types are invented and old good types fall into irrelevance. Just look into how modern mobile phones are valued compared to old, for the purpose of figuring out the consumer price indexes, to see how absurd it can be. As it is designed, bitcoin is not connected to anything, there is therefore nothing in the real world which use can be distorted by its moneyness. Bitcoin it is more pure money than anything that has been before.
