Bitcoin 2.0

[biganth]

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.

I'm a noob, didn't have anything invested so this is not a rant because I lost $ or bitcoins. Just genuinely concerned.

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[BitDreams]

It is only Friday night before the big game on Sunday.

[christop]

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".

Bytecoin is fundamentally the same as Bitcoin. The only differences are the address format (to avoid confusion with Bitcoin addresses) and the block chain. Its conversion rate is not fundamentally fixed to any other currency or commodity, and if it ever sees adoption anywhere near Bitcoin's or another alternative cryptocurrency's level of adoption, exchanges will start to support it.

Troll harder, please.

[r.willis]

biganth, what exactly are your concerns?

[zeroday]

Oh yes, let's create FRS for bitcoin! 

[Elwar]

Maybe we could have a new Bitcoin that allows a Bitcoin committee that determines how many bitcoins are produced, perhaps have them answerable to the government so that they are kept in check. They can stimulate the economy with more bitcoins if the economy slows down and slow it down if things are going too quickly. Maybe they can even have a charter to keep unemployment down, the economy moving and inflation low.

This committee would consist of the presidents of bitcoin holding companies that are able to loan out BTC based on a committee determined interest rate. They can even print out cold storage prinouts of the bitcoins that can be a sort of "note" exchangeable for a bitcoin which can be used anywhere you go.

Instead of Bitcoin we could just call these notes "Federal Reserve Notes" to make it sound official, like it is a government entity.

It just may catch on.

[biganth]

Maybe we could have a new Bitcoin that allows a Bitcoin committee that determines how many bitcoins are produced, perhaps have them answerable to the government so that they are kept in check. They can stimulate the economy with more bitcoins if the economy slows down and slow it down if things are going too quickly. Maybe they can even have a charter to keep unemployment down, the economy moving and inflation low.

This committee would consist of the presidents of bitcoin holding companies that are able to loan out BTC based on a committee determined interest rate. They can even print out cold storage prinouts of the bitcoins that can be a sort of "note" exchangeable for a bitcoin which can be used anywhere you go.

Instead of Bitcoin we could just call these notes "Federal Reserve Notes" to make it sound official, like it is a government entity.

It just may catch on.

Or maybe we can just let it be manipulated at will until it's dead.

[cypherdoc]

nothing needs to change. 

Bitcoin is destined for greatness no matter what.

[Elwar]

Maybe we could have a new Bitcoin that allows a Bitcoin committee that determines how many bitcoins are produced, perhaps have them answerable to the government so that they are kept in check. They can stimulate the economy with more bitcoins if the economy slows down and slow it down if things are going too quickly. Maybe they can even have a charter to keep unemployment down, the economy moving and inflation low.

This committee would consist of the presidents of bitcoin holding companies that are able to loan out BTC based on a committee determined interest rate. They can even print out cold storage prinouts of the bitcoins that can be a sort of "note" exchangeable for a bitcoin which can be used anywhere you go.

Instead of Bitcoin we could just call these notes "Federal Reserve Notes" to make it sound official, like it is a government entity.

It just may catch on.

Or maybe we can just let it be manipulated at will until it's dead.

Google stock would be all over the place if the price was being determined by kids using their dad's credit card to buy and sell stocks.

It will level out when we use it as a currency and leave the investing to the investors.

[biganth]

It will level out when we use it as a currency and leave the investing to the investors.

If you can't determine it's worth how do you start using it as currency?

[ZephramC]

Perhaps we should unlearn assessing worth in fiat currency :-].

[Elwar]

If you can't determine it's worth how do you start using it as currency?

Like I do every day. Just pay with Bitcoins instead of the local currency.

[Rassah]

I like how every time something bad happens, we have newbies come in, thinking they are smarted than Satoshi, or the 4 years of collective experience of a few brilliant developers.

Hint: If you have a seemingly obvious and "brilliant" idea, chances are it has already been thought of, debated, developed into an alt coin, and mine-attacked by Luke-jr into oblivion  

EDIT: no one is smarter than Satoshi   

[biganth]

If you can't determine it's worth how do you start using it as currency?

Like I do every day. Just pay with Bitcoins instead of the local currency.

So do you & the seller pick a number out of thin air and say ok 5 BTC or do you consider the value of the item in Fiat?

[biganth]

I like how every time something bad happens, we have newbies come in, thinking they are smarted than Satoshi, or the 4 years of collective experience of a few brilliant developers.

Hint: If you have a seemingly obvious and "brilliant" idea, chances are it has already been thought of, debated, developed into an alt coin, and mine-attacked by Luke-jr into oblivion 

Hint, have you ever met a developer that developed a solid piece of software that never had a bug or needed to be re-tooled because they "didn't think of that"? Gimme a break.

[Elwar]

If you can't determine it's worth how do you start using it as currency?

Like I do every day. Just pay with Bitcoins instead of the local currency.

So do you & the seller pick a number out of thin air and say ok 5 BTC or do you consider the value of the item in Fiat?

Of the past 3 exchanges, one of them we both agreed on 1 bitcoin no matter the price, one we decided on the dollar equivalent on the day of delivery and the third is my hosting service which charges $66/month which I pay in the equivalent amount of BTC.

[Stylus]

Come on people, what's wrong?... It's free market.

Really? The exchange that controls 80% of Bitcoin trading can declare a "market cooldown" period whenever it wants for as long as it wants, and you call that a free market?

I don't.

[ZephramC]

Come on people, what's wrong?... It's free market.

Really? The exchange that controls 80% of Bitcoin trading can declare a "market cooldown" period whenever it wants for as long as it wants, and you call that a free market?

I don't.

As long as this exchange is in this 80% position by free choice of the people and not by some government direction/regulation then yes, it is called a free market.

[Rassah]

I like how every time something bad happens, we have newbies come in, thinking they are smarted than Satoshi, or the 4 years of collective experience of a few brilliant developers.

Hint: If you have a seemingly obvious and "brilliant" idea, chances are it has already been thought of, debated, developed into an alt coin, and mine-attacked by Luke-jr into oblivion  

Hint, have you ever met a developer that developed a solid piece of software that never had a bug or needed to be re-tooled because they "didn't think of that"? Gimme a break.

As a matter of fact! ... No. But only because I've never met Satoshi. But what you are describing is kinda what he did. Read the history of security experts and hackers thinking up of ways to attack his Bitcoin code, going, "AHA!" when they think of something, then go look at the Bitcoin code, only to see that this was thought of and specifically fixed/compensated for. It's actually really creepy, and is the reason there's a running joke on the forums that Satoshi was a computer AI or something. A lot of the bug fixes or retools were mostly some minor oversights or new features on top of the base code, some of which were actually proposed by Satoshi as well, but just never implemented in code. No one has yet been able to improve on the underlying idea itself though (and many have tried) .
Not to say the developers haven't done a massively impressive job of cleaning, streamlining, and expanding the system.

[biganth]

EDIT: no one is smarter than Satoshi   

Does that Koolaid come in multiple flavors?