Bitcoin 2.0

[biganth]

It seems pretty obvious we need a new coin with a fixed conversion rate that can only be traded between individuals & businesses. How else can we stop hackers, governments or wall street from f**king everything up?

[1714506767]

1714506767

[tomwoods]

It seems pretty obvious we need a new coin with a fixed conversion rate that can only be traded between individuals & businesses. How else can we stop hackers, governments or wall street from f**king everything up?

How about an added layer? An index that computes the price in local fiat of anything you can buy and the price of the fiats themselves, with algorithms to weed out statistical anomalies, comodity price manipulations, etc.

Then you can pay whatever you want for a bitcoin, but you should know first that the suggested price in your fiat currency (taking into account this index) is: X.

[glendall]

^^^ I was thinking the exact same thing.  Wouldn't even need to be a new coin. Just if there was more software for stores to instantaneously calculate the rate of USD / BTC.

I would think Litecoin would be better for this because of its speed bonus. Where bitcoin could be used more for only larger purchases, and for holding.

I also think exchanges should have time delays before orders are processed. Like a set delay of 5 / 10 minutes that must pass before your order goes in.

Supporting the volume of trades that currency speculators work at , just by the second, is a MASSIVE amount of infrastructure.

It's impossible to know for sure. But what if last night there was no trading lag at all at mtgox wasn't overloaded. I think it is at least feasible that the price would have moved slower, which would have caused less panic selling, which in turn would have prevented this rapid collapse in USD value.

[biganth]

Something has to be done. I don't see how Bitcoin can survive once it is subject to manipulation at will. If Bitcoin doesn't adopt some kind of controls then the first alt coin to come up with solid protection will win.

[tomwoods]

Something has to be done. I don't see how Bitcoin can survive once it is subject to manipulation at will. If Bitcoin doesn't adopt some kind of controls then the first alt coin to come up with solid protection will win.

I don't think its survival is at stake, just its utility to people like me that want it to be able to save and trade with it, without developing an ulcer in the process.

[wachtwoord]

It seems pretty obvious we need a new coin with a fixed conversion rate that can only be traded between individuals & businesses. How else can we stop hackers, governments or wall street from f**king everything up?

No, just no. Repeat after me: Nothing is fucked up.

It isn't that relevant how much fiat currency people are willing to trade for BTC on a short term basis. If it is relevant to you you should sell your Bitcoins and stay away for 5-20 years. This is how it is intended to function, a free market around a commodity with a small capitalization and growing applicability.

Then again if you really think you are right and I am wrong feel free to fork Bitcoin and make a cryptocurrency in your image. I won't be using it.

[pretendo]

Nothing happened that has anything to do with inherent properties of bitcoin. It was just human psychology and hysteria trumping rational thinking, as well as failures of exchanges. You are thinking irrationally right now and acting hysterical.

[WiseOldOwl]

Nothing is wrong,

The whole bitcoin exchange economy is in its infancy, and mtgox is just the biggest kid right now.
Once there are a bunch of exchanges of the same caliber it wont matter if one has a problem.

[Bitmeat]

It seems fine the way it is, the market just needs more liquidity so that people will use it as a currency, and not be tempted to hoard it as a commodity.

Basically what you're suggesting is the opposite of what Bitcoin stands for. Hopefully this market correction leads to a nice stable price at $15-20 for months on end, then we might start to see some more adoption.

[Come-from-Beyond]

It seems pretty obvious we need a new coin with a fixed conversion rate that can only be traded between individuals & businesses. How else can we stop hackers, governments or wall street from f**king everything up?

Already launched 12 days ago. Google "Bytecoin".

[biganth]

Well, if you guys don't thing the market was manipulated then let's agree to disagree on that.

If there is no stability in the value of a bitcoin how can you expect it to be adopted? If you sell me something today and I pay you with bitcoins on what basis are you calculating how much coins I should pay you? Do you just pick a number out of thin air? No, you peg it to a Fiat currency and if those bitcoins are worth a 1/4 of their value a day later wouldn't you be a bit pissed? How can bitcoin be widely adopted in that kind of environment?

[Mike Christ]

No no no no no.  Do not mess with Bitcoin to accommodate fiat.

That's like saying to the banksters, "You win.  We'll play."

The markets are def being manipulated, but tying Bitcoin with fiat is a baaaad idea.  Then you just manipulate fiat and BTC will follow along.

Someone mentioned tying Bitcoin (colored coin?) to gold; I still don't think that's a good idea.  Bitcoin should be its own thing.

[wachtwoord]

Well, if you guys don't thing the market was manipulated then let's agree to disagree on that.

I don't say it wasn't manipulated. I simply could not care less.

[Bitmeat]

Well, if you guys don't thing the market was manipulated then let's agree to disagree on that.

Of course the market was manipulated. Whether it was by government, wall st or just some early adopters or scammers propping up the price before cashing out we'll probably never know. It's probably got a few more days/weeks before it starts to stabilize, probably back below where we were before all this madness began this year.

Hopefully this will at least make people stop trying to tie the success of bitcoin to the price. Newsflash: Bitcoin is better with a billion transactions per day at 10 $USD than a few thousand @ $250

[FreddyFender]

It seems pretty obvious we need a new coin with a fixed conversion rate that can only be traded between individuals & businesses. How else can we stop hackers, governments or wall street from f**king everything up?

Already launched 12 days ago. Google "Bytecoin".

BryanMills/Maria was always heavily trolled on Bitcoin because of his early success mining. He is following a vision laid down by Satoshi concerning multiple Clients/Cryptocurrency/Chains/BitX Apps.
Get to work ya slackies!  

FF

[biganth]

Well, if you guys don't thing the market was manipulated then let's agree to disagree on that.

I don't say it wasn't manipulated. I simply could not care less.

Why the hell are you on this forum then?

[wachtwoord]

Well, if you guys don't thing the market was manipulated then let's agree to disagree on that.

I don't say it wasn't manipulated. I simply could not care less.

Why the hell are you on this forum then?

Because of Bitcoin. How about you?

[glendall]

Trying to have a cryptography-based currency without manipulation is impossible. Can't happen.

It's like calling yourself a conservative anarchist.

Not to say it is not a really important topic.  But I think it's silly to say that manipulation is somehow morally wrong.  The morality of it shouldn't be figured into the equations of how it functions. 

[biganth]

Well, if you guys don't thing the market was manipulated then let's agree to disagree on that.

I don't say it wasn't manipulated. I simply could not care less.

Why the hell are you on this forum then?

Because of Bitcoin. How about you?

Yeah, ok, end of pointless back n forth.

[r.willis]

Come on people, what's wrong? Little correction and you run scared? Bought at 266, sold at 55 and crying "we are manipulated"? You are, by your greed and greed of the likes of you.
It's free market. Lag and trading stop are not good, but we will learn from this, new exchanges will pop up and people will diversify their actives. I see era of P2P trading coming.