Bitcoin Project will be making a major announcement in September

[herzmeister]

Yup, the announcement will probably be that they'll set up a legal organization that will act as an official contact and information center for everything Bitcoin related. Hence all these legal questions. It was already proposed a while ago actually.

"Bitcoin" has no phone number, that confuses the hell out of old world people.

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[caveden]

"Bitcoin" has no phone number, that confuses the hell out of old world people.

What's the phone number of "e-mail"?
My parents manage to use it, though.

I'm not sure I'd like to see some "legal organization" claiming to represent Bitcoin... well, let's see.

[JDBound]

My tip is public organisation funded to protect and support Bitcoin, its developers and users. (NOT like FinCEN, something like EFF.org. But, wait... BitCEN )

You mean they'll accept bitcoin for a while and then decide it's too risky because of vague conflict of interest issues and dump them?

Yup, the announcement will probably be that they'll set up a legal organization that will act as an official contact and information center for everything Bitcoin related. Hence all these legal questions. It was already proposed a while ago actually.

"Bitcoin" has no phone number, that confuses the hell out of old world people.

www.theclag.org

[marcus_of_augustus]

Yup, the announcement will probably be that they'll set up a legal organization that will act as an official contact and information center for everything Bitcoin related. Hence all these legal questions. It was already proposed a while ago actually.

"Bitcoin" has no phone number, that confuses the hell out of old world people.

Lol ... "the Interweb tubes bit-money people don't have a phone number, they need to get one so we can call them and complain" ....

Quite frankly, it shouldn't .... I don't know which part of "decentralised" people cannot understand. It is a democratic concept that goes back to the ancient Greeks.

Putting one guy on a phone to answer bitcoin questions from old world people will just give a whole lot of people a biased view as to what it is .... get on-line a read about, that is where it lives, how hard is that?

[Elwar]

Figured it out:
"Hey, I've got this fantastic idea!"

"Really!  Tell me all about it!"

"We're going to buy one of the islands of Greece and turn it into a libertarian country and use Bitcoin as the currency!"

"Uhh... did you talk to a lawyer about that? That might be illegal."

"Uhh... really? no."

"And where will you get the money to do it?"

"Uhhh... haven't figured that out yet."

"And if I want to participate, what should I do?"

"Uhh... I dunno, we don't really have a process for that yet..."

Idk, maybe my opinion will change after the announcement and it will be obvious why it had to be kept secret.

"Hey, I've got this fantastic idea!"

"Really!  Tell me all about it!"

"We're going to blah blah blah."

"Uhh... did you talk to a lawyer about that? That might be illegal."

"Uhh... really? no."

"And where will you get the money to do it?"

"Uhhh... haven't figured that out yet."

"And if I want to participate, what should I do?"

"Uhh... I dunno, we don't really have a process for that yet..."

I made the mistake of asking a reporter when her deadline was, because if it was far enough away I could tell her about the neat idea. I should have kept my mouth shut or sworn her to secrecy.

Announcing a half-baked idea is counterproductive; you'll just get a gazillion questions that you can't answer, or, even worse, people will assume they know the answers and then be disappointed when it turns out the idea they thought they heard you describe isn't the same idea they thought they heard.

Announcing a fully-baked idea and then modifying it based on what everybody thinks and how it works out in practice is the right way to do things, in my humble opinion.

[camem]

linking an account to an apple id would scale*


*i have no idea whether gavin et al, almost certainly including the CIA, have done a deal with apple to include a bitcoin friendly keypair in every embedded secure element in the iphone 5 out next week, using the well established apple id credentials to access the keypair to transfer funds or make purchases on the app store.**

** no really i haven't, but wouldn't it be a good idea if they had. would save apple a buck or two in fees too. can't say it would add stability to the bitcoin price in the short term tho.

[notme]

linking an account to an apple id would scale*


*i have no idea whether gavin et al, almost certainly including the CIA, have done a deal with apple to include a bitcoin friendly keypair in every embedded secure element in the iphone 5 out next week, using the well established apple id as a credential to access the keypair to transfer funds or make purchases on the app store.**

** no really i haven't, but wouldn't it be a good idea if they had. would save apple a buck or two in fees too. can't say it would add stability to the bitcoin price in the short term tho.

There is absolutely nothing that could possibly add stability to the bitcoin price in the short term because stability won't happen until we get well past $100/BTC.  Anything less is too small a market to be stable in an era of fiat money printing.

[dissipate]

linking an account to an apple id would scale*


*i have no idea whether gavin et al, almost certainly including the CIA, have done a deal with apple to include a bitcoin friendly keypair in every embedded secure element in the iphone 5 out next week, using the well established apple id as a credential to access the keypair to transfer funds or make purchases on the app store.**

** no really i haven't, but wouldn't it be a good idea if they had. would save apple a buck or two in fees too. can't say it would add stability to the bitcoin price in the short term tho.

There is absolutely nothing that could possibly add stability to the bitcoin price in the short term because stability won't happen until we get well past $100/BTC.  Anything less is too small a market to be stable in an era of fiat money printing.

How did you come up with the $100 mark for stability?

[notme]

linking an account to an apple id would scale*


*i have no idea whether gavin et al, almost certainly including the CIA, have done a deal with apple to include a bitcoin friendly keypair in every embedded secure element in the iphone 5 out next week, using the well established apple id as a credential to access the keypair to transfer funds or make purchases on the app store.**

** no really i haven't, but wouldn't it be a good idea if they had. would save apple a buck or two in fees too. can't say it would add stability to the bitcoin price in the short term tho.

There is absolutely nothing that could possibly add stability to the bitcoin price in the short term because stability won't happen until we get well past $100/BTC.  Anything less is too small a market to be stable in an era of fiat money printing.

How did you come up with the $100 mark for stability?

Emphasis added ^

There is no magical point at $100, but with roughly 10 million BTC out there, $100/BTC would mean $1 billion total (making some wildly inaccurate assumptions about being able to actually sell all the bitcoins for spot price).  That's starting to be significant enough to be a little more stable.  Definitely more stable than the measly $100 million we've been bouncing around near.

[dissipate]

linking an account to an apple id would scale*


*i have no idea whether gavin et al, almost certainly including the CIA, have done a deal with apple to include a bitcoin friendly keypair in every embedded secure element in the iphone 5 out next week, using the well established apple id as a credential to access the keypair to transfer funds or make purchases on the app store.**

** no really i haven't, but wouldn't it be a good idea if they had. would save apple a buck or two in fees too. can't say it would add stability to the bitcoin price in the short term tho.

There is absolutely nothing that could possibly add stability to the bitcoin price in the short term because stability won't happen until we get well past $100/BTC.  Anything less is too small a market to be stable in an era of fiat money printing.

How did you come up with the $100 mark for stability?

Emphasis added ^

There is no magical point at $100, but with roughly 10 million BTC out there, $100/BTC would mean $1 billion total (making some wildly inaccurate assumptions about being able to actually sell all the bitcoins for spot price).  That's starting to be significant enough to be a little more stable.  Definitely more stable than the measly $100 million we've been bouncing around near.

I disagree. Even at $100/BTC, speculators would still be trying to figure out the 'true value' of BTC. Their idea of where that true value is could range from less than $100 to thousands of dollars per BTC. That is still a huge range for radical sentiment fluctuations. Plenty of room left for 'panic' buying and selling.

[Morblias]

linking an account to an apple id would scale*


*i have no idea whether gavin et al, almost certainly including the CIA, have done a deal with apple to include a bitcoin friendly keypair in every embedded secure element in the iphone 5 out next week, using the well established apple id as a credential to access the keypair to transfer funds or make purchases on the app store.**

** no really i haven't, but wouldn't it be a good idea if they had. would save apple a buck or two in fees too. can't say it would add stability to the bitcoin price in the short term tho.

There is absolutely nothing that could possibly add stability to the bitcoin price in the short term because stability won't happen until we get well past $100/BTC.  Anything less is too small a market to be stable in an era of fiat money printing.

How did you come up with the $100 mark for stability?

Emphasis added ^

There is no magical point at $100, but with roughly 10 million BTC out there, $100/BTC would mean $1 billion total (making some wildly inaccurate assumptions about being able to actually sell all the bitcoins for spot price).  That's starting to be significant enough to be a little more stable.  Definitely more stable than the measly $100 million we've been bouncing around near.

I disagree. Even at $100/BTC, speculators would still be trying to figure out the 'true value' of BTC. Their idea of where that true value is could range from less than $100 to thousands of dollars per BTC. That is still a huge range for radical sentiment fluctuations. Plenty of room left for 'panic' buying and selling.

When at higher numbers, such as $100/BTC, going up/down a dollar or 2 isn't a big deal. But when you are at $11 and it drops to $9, that's big. Having it at higher amounts/BTC will cause it to be less volatile. I think that's how it works anyways. I'm no economist, just my opinion.

[benjamindees]

Okay, I'm ready to make my official guess:

Bitcoin bonds

[bullioner]

Given that the exchange rate is free-floating (as it should be), changing the block reward from halving every 210,000 blocks to a constant 50 would probably not cause much difference at all.

This is lacking context a bit.  jgarzik: please could you clarify what you believe this wouldn't cause much difference to?  Because if you're talking about the expected value of each coin, then you're worryingly and obviously wrong.

[mobile4ever]

would save apple a buck or two in fees too. can't say it would add stability to the bitcoin price in the short term tho.

Its unlikely that Apple will let anything into their environment that they can not have control over.

[barbarousrelic]

linking an account to an apple id would scale*


*i have no idea whether gavin et al, almost certainly including the CIA, have done a deal with apple to include a bitcoin friendly keypair in every embedded secure element in the iphone 5 out next week, using the well established apple id as a credential to access the keypair to transfer funds or make purchases on the app store.**

** no really i haven't, but wouldn't it be a good idea if they had. would save apple a buck or two in fees too. can't say it would add stability to the bitcoin price in the short term tho.

There is absolutely nothing that could possibly add stability to the bitcoin price in the short term because stability won't happen until we get well past $100/BTC.  Anything less is too small a market to be stable in an era of fiat money printing.

How did you come up with the $100 mark for stability?

Emphasis added ^

There is no magical point at $100, but with roughly 10 million BTC out there, $100/BTC would mean $1 billion total (making some wildly inaccurate assumptions about being able to actually sell all the bitcoins for spot price).  That's starting to be significant enough to be a little more stable.  Definitely more stable than the measly $100 million we've been bouncing around near.

I disagree. Even at $100/BTC, speculators would still be trying to figure out the 'true value' of BTC. Their idea of where that true value is could range from less than $100 to thousands of dollars per BTC. That is still a huge range for radical sentiment fluctuations. Plenty of room left for 'panic' buying and selling.

When at higher numbers, such as $100/BTC, going up/down a dollar or 2 isn't a big deal. But when you are at $11 and it drops to $9, that's big. Having it at higher amounts/BTC will cause it to be less volatile. I think that's how it works anyways. I'm no economist, just my opinion.

I know of no reason to suspect that Bitcoin at $100/BTC would have greater or smaller percentage swings than it does at $11/BTC. If the price currently swings on average 8% per day ($.88) it will probably continue to swing at 8% per day ($8) at the higher price.

What will reduce volatility is when a greater fraction of people use Bitcoin for buying and selling goods and services and a smaller fraction use Bitcoin for speculation.


edit: Look at the price of gold. Is it particularly more stable at ~$1650 than it was at $400?

[Bitcoin Oz]

I know!

Mitt Romney is going to accept bitcoin for his campaign finance 

[camem]

would save apple a buck or two in fees too. can't say it would add stability to the bitcoin price in the short term tho.

Its unlikely that Apple will let anything into their environment that they can not have control over.

you mean like 3rd party market forces where they take a cut ?

[Phinnaeus Gage]

My tip is public organisation funded to protect and support Bitcoin, its developers and users. (NOT like FinCEN, something like EFF.org. But, wait... BitCEN )

You mean they'll accept bitcoin for a while and then decide it's too risky because of vague conflict of interest issues and dump them?

Yup, the announcement will probably be that they'll set up a legal organization that will act as an official contact and information center for everything Bitcoin related. Hence all these legal questions. It was already proposed a while ago actually.

"Bitcoin" has no phone number, that confuses the hell out of old world people.

www.theclag.org

For some reason I trust Matthew: https://bitcointalk.org/index.php?topic=76216.0

[Phinnaeus Gage]

Okay, I'm ready to make my official guess:

Bitcoin bonds

That did come to mind when talk of bonds started escalating after the Bitfloor hack. Perfect timing, if I may say so myself.

~Bruno~

[waspoza]

My guess is that its something about Bitcoin Foundation.