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Francesco
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April 12, 2013, 04:48:01 PM |
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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.
I'm not doubting he built a solid system and thought of every angle and I can understand the view of not controlling the circulation but how do we get to the point where we know 5 btc is a good price for a laptop when the value of btc is totally unpredictable? Point is, what's the value of 5 btc? ...why should it be expressed in dollars? We will have succeded when we can say that 5 btc is the value of that computer -and that that computer would be really hard to price in dollars, due to the high volatility of the dollar respective to btc. |
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The trust scores you see are subjective; they will change depending on who you have in your trust list. |
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wachtwoord
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April 12, 2013, 05:18:02 PM |
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I'm not doubting he built a solid system and thought of every angle and I can understand the view of not controlling the circulation but how do we get to the point where we know 5 btc is a good price for a laptop when the value of btc is totally unpredictable?
With patience. |
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AlgoSwan
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ancap
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April 12, 2013, 06:41:46 PM |
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Banning all fiat money to exhange BTC or other cryptocurrency is the safest way to remove bitcoin manipulators. As long as you allow trading fiat money to BTC, you simply invite all sharks, wolves into a dinner with all lambs perfectly located. Just remove the fiat from all BTC ecosystem, problem disappears almost instantly.
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Looking to buy a verified betfair account with escrow.
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Rawted
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April 12, 2013, 06:47:57 PM |
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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.
100% this. BTC is not to blame here. Plus it's still way up for the year, after multiple crashes. |
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christop
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April 12, 2013, 07:14:19 PM |
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Banning all fiat money to exhange BTC or other cryptocurrency is the safest way to remove bitcoin manipulators. As long as you allow trading fiat money to BTC, you simply invite all sharks, wolves into a dinner with all lambs perfectly located. Just remove the fiat from all BTC ecosystem, problem disappears almost instantly.
So you want regulation? Who will enforce such a ban? |
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Rassah
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April 12, 2013, 07:56:24 PM |
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Banning all fiat money to exhange BTC or other cryptocurrency is the safest way to remove bitcoin manipulators. As long as you allow trading fiat money to BTC, you simply invite all sharks, wolves into a dinner with all lambs perfectly located. Just remove the fiat from all BTC ecosystem, problem disappears almost instantly.
LOL! Come here and let me tell you about this thing called "Free Market" and "Decentralized"... |
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alex_fun
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April 12, 2013, 08:30:26 PM |
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What is free market? Say someone with tons of asics going to sell coins he mines daily for 70 usd for whatever crazy reason, is that free market for you?  Free seems freedom of each person to act as they like. Say someone buys juice and give it to you to drink or throws it in your face  Those are both free actions |
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Rassah
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April 12, 2013, 08:39:07 PM |
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What is free market? Say someone with tons of asics going to sell coins he mines daily for 70 usd for whatever crazy reason, is that free market for you? Someone selling a max of 1,800 coins daily, on a market that trades 750,000 coins daily? |
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AlgoSwan
Sr. Member
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ancap
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April 12, 2013, 09:03:20 PM |
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Banning all fiat money from BTC trading can't be called as regulation. It is prevention. I'm not against trading. I very much like to trade my BTC's with NMC, LTC, or even PPC, but not with fiat. In other words, I don't want to trade my hard-earned (mined) BTC's with paper. Computers? Sure, I like them a lot and can trade my BTC's with computers or ASICs or a medical device or some tangible stuff I need. Isn't that the main/core philosophy of satoshi?
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Looking to buy a verified betfair account with escrow.
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Rassah
Legendary
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April 12, 2013, 09:42:10 PM |
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Banning all fiat money from BTC trading can't be called as regulation. It is prevention. I'm not against trading. I very much like to trade my BTC's with NMC, LTC, or even PPC, but not with fiat. In other words, I don't want to trade my hard-earned (mined) BTC's with paper. Computers? Sure, I like them a lot and can trade my BTC's with computers or ASICs or a medical device or some tangible stuff I need. Isn't that the main/core philosophy of satoshi?
So... don't trade with fiat? How would others trading affect you if you don't trade? And if it does, how will you prevent others from trading their own coins for fiat? The core philosophy of Satoshi was currency that can not be prevented from doing whatever you want with it. Including panic selling it on the market. |
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Luckybit
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April 12, 2013, 10:11:32 PM |
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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.
More liquidity wont stop people from saving. But if people can earn Bitcoin then they'll be more likely to spend Bitcoin. So who is offering Bitcoin jobs? |
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Walter Rothbard
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April 12, 2013, 10:12:02 PM |
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Banning all fiat money to exhange BTC or other cryptocurrency You know that banning stuff is evil, right? You are welcome to make a personal decision not to exchange BTC for certain things, and to exhort others to make the same decision. Personally, I don't spend Coin on gambling, nor on mind altering substances, and I would encourage other people to make the same personal decision. But it would be an immoral act for me to try to actually restrain them from doing so. Trying to ban people from gambling, using mind altering substances, or exchanging Coin for fiat would be an act far, far more evil than "market manipulation." Now, I am not here to force my morality on you, but can you see that you are proposing to force your morality on other people? Give up the use of force! Those who live by force will justly suffer when force is used against them. |
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Walter Rothbard
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April 12, 2013, 10:18:04 PM |
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Banning all fiat money from BTC trading can't be called as regulation. It is prevention. It's a complete violation of private property and mutually consensual exchange. From what I understand, that's a complete violation of all Satoshi stood for. Anyway, regarding my BTC and all other Coin, come and take them. |
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Walter Rothbard
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April 12, 2013, 10:21:15 PM |
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It seems pretty obvious we need a new coin with a fixed conversion rate "It is no crime to be ignorant of economics, which is, after all, a specialized discipline and one that most people consider to be a 'dismal science.' But it is totally irresponsible to have a loud and vociferous opinion on economic subjects while remaining in this state of ignorance." |
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Walter Rothbard
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April 12, 2013, 10:22:59 PM |
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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. Bitcoin is in no danger of dying. |
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wachtwoord
Legendary
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Activity: 2324
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April 12, 2013, 10:24:26 PM |
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It seems pretty obvious we need a new coin with a fixed conversion rate "It is no crime to be ignorant of economics, which is, after all, a specialized discipline and one that most people consider to be a 'dismal science.' But it is totally irresponsible to have a loud and vociferous opinion on economic subjects while remaining in this state of ignorance." "The Dunning–Kruger effect is a cognitive bias in which unskilled individuals suffer from illusory superiority, mistakenly rating their ability much higher than average. This bias is attributed to a metacognitive inability of the unskilled to recognize their mistakes." |
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Walter Rothbard
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April 12, 2013, 10:25:24 PM |
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I have a proposal: go develop a currency which can't be exchanged for fiat or can't be manipulated, or whatever. You want it, you make it. I'll offer to exchange it on my exchange. |
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Walter Rothbard
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April 12, 2013, 10:27:10 PM |
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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. Yes! I've only exchanged on MtGox twice, ever. But while MtGox was closed, I was buying and selling Bitcoin and altcoins, elsewhere. |
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