LegalEagle (OP)
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October 04, 2012, 04:06:40 AM |
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In the same way a $5 bill is worth five $1 bills. What challenges would this present? Is this technically feasible? Would it help stabilize the currency? Discuss.
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odolvlobo
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October 04, 2012, 04:21:18 AM |
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I think it would be better to have a 3.14159265 BTC note. You could tape the two ends together and call that a 1 BTC coin.
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PGP Fingerprint: 6B6BC26599EC24EF7E29A405EAF050539D0B2925 Signing address: 13GAVJo8YaAuenj6keiEykwxWUZ7jMoSLt
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BurtW
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October 04, 2012, 04:29:13 AM |
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In the same way a $5 bill is worth five $1 bills. What challenges would this present? Is this technically feasible? Would it help stabilize the currency? Discuss.
In the same way 5.0 BTC is worth exactly five times 1.0 BTC. We can also do 10.0 BTC, which is, you guessed it, worth exactly ten times 1.0 BTC. WTF are you talking about? |
Our family was terrorized by Homeland Security. Read all about it here: http://www.jmwagner.com/ and http://www.burtw.com/ Any donations to help us recover from the $300,000 in legal fees and forced donations to the Federal Asset Forfeiture slush fund are greatly appreciated! |
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LegalEagle (OP)
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October 04, 2012, 04:43:44 AM |
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In the same way a $5 bill is worth five $1 bills. What challenges would this present? Is this technically feasible? Would it help stabilize the currency? Discuss.
In the same way 5.0 BTC is worth exactly five times 1.0 BTC. We can also do 10.0 BTC, which is, you guessed it, worth exactly ten times 1.0 BTC. WTF are you talking about? The idea is that it would prevent deflation, if implemented correctly. Asshole. |
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drakahn
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October 04, 2012, 04:51:25 AM |
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In the same way a $5 bill is worth five $1 bills. What challenges would this present? Is this technically feasible? Would it help stabilize the currency? Discuss.
In the same way 5.0 BTC is worth exactly five times 1.0 BTC. We can also do 10.0 BTC, which is, you guessed it, worth exactly ten times 1.0 BTC. WTF are you talking about? The idea is that it would prevent deflation, if implemented correctly. Asshole. What idea? |
14ga8dJ6NGpiwQkNTXg7KzwozasfaXNfEU
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LegalEagle (OP)
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Activity: 49
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October 04, 2012, 05:05:48 AM |
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In the same way a $5 bill is worth five $1 bills. What challenges would this present? Is this technically feasible? Would it help stabilize the currency? Discuss.
In the same way 5.0 BTC is worth exactly five times 1.0 BTC. We can also do 10.0 BTC, which is, you guessed it, worth exactly ten times 1.0 BTC. WTF are you talking about? The idea is that it would prevent deflation, if implemented correctly. Asshole. What idea? The idea behind the suggestion. |
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mobodick
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October 04, 2012, 05:08:03 AM |
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In the same way a $5 bill is worth five $1 bills. What challenges would this present? Is this technically feasible? Would it help stabilize the currency? Discuss.
What is one bitcoin? |
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Yuhfhrh
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October 04, 2012, 06:00:13 AM |
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In the same way a $5 bill is worth five $1 bills. What challenges would this present? Is this technically feasible? Would it help stabilize the currency? Discuss.
Take your trolling somewhere else. (I'm sorry if you are actually being serious :p) |
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drakahn
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October 04, 2012, 06:06:33 AM |
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In the same way a $5 bill is worth five $1 bills. What challenges would this present? Is this technically feasible? Would it help stabilize the currency? Discuss.
In the same way 5.0 BTC is worth exactly five times 1.0 BTC. We can also do 10.0 BTC, which is, you guessed it, worth exactly ten times 1.0 BTC. WTF are you talking about? The idea is that it would prevent deflation, if implemented correctly. Asshole. What idea? The idea behind the suggestion. ... What suggestion? Seriously I don't see an idea or a suggestion... You said $5 is worth 5 times $1 ... that's not an idea or a suggestion....a wallet with 5btc is worth 5 wallets with 1btc ... it doesn't matter if its on paper or not... |
14ga8dJ6NGpiwQkNTXg7KzwozasfaXNfEU
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chmod755
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October 04, 2012, 06:08:16 AM |
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In the same way a $5 bill is worth five $1 bills. What challenges would this present? Is this technically feasible? Would it help stabilize the currency? Discuss.
It's difficult and I think it looks horrible: http://imgur.com/T8OZu |
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annette786
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October 04, 2012, 06:16:17 AM |
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In the same way a $5 bill is worth five $1 bills. What challenges would this present? Is this technically feasible? Would it help stabilize the currency? Discuss.
Perhaps OP is trying to imply a split (instead of a reverse split). i.e. when 1 BTC = $1000, you do a thousand to one split so 1 BTC = $1. Is this what you are asking? |
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Bitcoin Oz
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October 04, 2012, 06:24:25 AM |
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Let me try to figure this out. If .5 btc is equal to 1 USD and the exchange rate moves such that .005 is equal to 1 USD then we should call .005 1 bitcoin ? Relative to whatever a USD is would be a bitcoin so if 1 usd is worth .000001 then that is what a bitcoin is . Or something  |
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Jutarul
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October 04, 2012, 06:49:25 AM |
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In the same way a $5 bill is worth five $1 bills. What challenges would this present? Is this technically feasible? Would it help stabilize the currency? Discuss.
The purpose of different bill denominations is value compression. However, in bitcoin, value is practically perfectly compressible, thus there is no need to introduce denominations. Technically you could implement denominations on the protocol level, e.g. by introducing a second bitcoin address scheme which has e.g. a different lead symbol, were the protocol guarantees that coins on particular addresses are worth a specific amount of coins on another address. That means the protocol would have to deal with two kinds of addresses at the same time. IMHO, the only scenario where an additional BTC address space with a different valuation may become useful is e.g. if smaller than 1 satoshi denominations are required (This way you could expand the number of digits without actually changing the number of possible digits a bitcoin can cover). |
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Yuhfhrh
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October 04, 2012, 10:50:05 AM |
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In the same way a $5 bill is worth five $1 bills. What challenges would this present? Is this technically feasible? Would it help stabilize the currency? Discuss.
The purpose of different bill denominations is value compression. However, in bitcoin, value is practically perfectly compressible, thus there is no need to introduce denominations. Technically you could implement denominations on the protocol level, e.g. by introducing a second bitcoin address scheme which has e.g. a different lead symbol, were the protocol guarantees that coins on particular addresses are worth a specific amount of coins on another address. That means the protocol would have to deal with two kinds of addresses at the same time. IMHO, the only scenario where an additional BTC address space with a different valuation may become useful is e.g. if smaller than 1 satoshi denominations are required (This way you could expand the number of digits without actually changing the number of possible digits a bitcoin can cover). Thanks for wrapping this up perfectly. |
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BurtW
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October 04, 2012, 11:16:51 AM |
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In the same way a $5 bill is worth five $1 bills. What challenges would this present? Is this technically feasible? Would it help stabilize the currency? Discuss.
Again, I simply still do not understand what the heck you are talking about. The purpose of $5 bills is so that you can carry 5 dollars in your pocket using 1/5 the mass and volume as five one dollar bills. With a $100 bill I can carry around 100 dollars using 1/100th the mass and volume as 100 one dollar bills. Now how does any of this really apply to Bitcoins? I can "carry arround" Pirate's 500,000 BTC on a Bitcoin address and it "weights" the same and has the same "volume" as 0.00000001 BTC on a Bitcoin address. Unless you are really talking about physical BTC or physical BTC bills then they already exist. We already have people making 1 BTC coins, 25 BTC coins, etc. and 1 BTC bills, 10 BTC bills, etc. But physical BTC coins and bills have other security concerns and paper/coin money is passe, don't you think? Please explain your idea in more detail. |
Our family was terrorized by Homeland Security. Read all about it here: http://www.jmwagner.com/ and http://www.burtw.com/ Any donations to help us recover from the $300,000 in legal fees and forced donations to the Federal Asset Forfeiture slush fund are greatly appreciated! |
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BurtW
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October 04, 2012, 11:26:37 AM |
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IMHO, the only scenario where an additional BTC address space with a different valuation may become useful is e.g. if smaller than 1 satoshi denominations are required (This way you could expand the number of digits without actually changing the number of possible digits a bitcoin can cover).
We have such a long way to go before we even need to think about this. By the time one satoshi = one dollar, one dollar will be worth almost nothing. At any rate if one satoshi = one dollar then the current Bitcoin protocol can eventually cover $2,100,000,000,000,000 Well come to think of it at the rate we make dollars every day that might be the total number of dollars in existence by that time. |
Our family was terrorized by Homeland Security. Read all about it here: http://www.jmwagner.com/ and http://www.burtw.com/ Any donations to help us recover from the $300,000 in legal fees and forced donations to the Federal Asset Forfeiture slush fund are greatly appreciated! |
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MysteryMiner
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Show middle finger to system and then destroy it!
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October 06, 2012, 09:43:23 PM |
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In the same way a $5 bill is worth five $1 bills. What challenges would this present? Is this technically feasible? Would it help stabilize the currency? Discuss.
In the same way 5.0 BTC is worth exactly five times 1.0 BTC. We can also do 10.0 BTC, which is, you guessed it, worth exactly ten times 1.0 BTC. WTF are you talking about? The idea is that it would prevent deflation, if implemented correctly. Asshole. Only asshole would want to prevent deflation! |
bc1q59y5jp2rrwgxuekc8kjk6s8k2es73uawprre4j
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pretendo
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October 06, 2012, 09:51:57 PM |
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Le epic troll!
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justusranvier
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October 06, 2012, 10:06:30 PM |
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It sounds like the OP's question is related to a concept someone mention in one of the colored bitcoins threads.
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Jutarul
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October 06, 2012, 10:14:04 PM |
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It sounds like the OP's question is related to a concept someone mention in one of the colored bitcoins threads.
No. The OP asks for a constant scaling factor between two coins. The only way to achieve that is to implement it on a protocol level. Colored coins are on top of the protocol and their value is determined by the free market. |
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