Should Peter Vessenes resign as the Executive Director for Bitcoin Foundation ?

[Herodes]

“We’d be happy to be regulated,” said Vessenes

I hate regulations but I believe bitcoin would be more stable if somebody could regulate it

What do you mean by more stable, and how would it be regulated. Do you mean that for example the US Govt should start the printing press, and inject dollars in the exchanges, and run bots to keep the exchange rate stable ?

Don't you think the exchange rate will become stable when the market cap grows and become bigger ?

[Severian]

Don't you think the exchange rate will become stable when the market cap grows and become bigger ?

Bitcoin barely has its wings yet and its so-called proponents are already calling for regulation. I never trust a man that brown noses the government in order to further his own interests in a new technology.

I think there's plenty of members in the community that could contribute equally or better that doesn't have millions of dollars on their bank accounts.

I'd like to see more coders and fewer business interests on the board.

[aurora]

“We’d be happy to be regulated,” said Vessenes

I hate regulations but I believe bitcoin would be more stable if somebody could regulate it

What do you mean by more stable, and how would it be regulated. Do you mean that for example the US Govt should start the printing press, and inject dollars in the exchanges, and run bots to keep the exchange rate stable ?

Don't you think the exchange rate will become stable when the market cap grows and become bigger ?

well, i'm looking at this from merchant point of view. I need stable rate so I dont have to worry about selling coins every hour. As long as soft  regulates coins it will always be what it is today. It will never go mainstream  the way it is now. I'm not sure how it needs to be regulated but I think it needs human input just like US gov does to market

[Elwar]

“We’d be happy to be regulated,” said Vessenes

I hate regulations but I believe bitcoin would be more stable if somebody could regulate it

What do you mean by more stable, and how would it be regulated. Do you mean that for example the US Govt should start the printing press, and inject dollars in the exchanges, and run bots to keep the exchange rate stable ?

Don't you think the exchange rate will become stable when the market cap grows and become bigger ?

well, i'm looking at this from merchant point of view. I need stable rate so I dont have to worry about selling coins every hour. As long as soft  regulates coins it will always be what it is today. It will never go mainstream  the way it is now. I'm not sure how it needs to be regulated but I think it needs human input just like US gov does to market

Bitpay allows people to pay with bitcoins and you can either keep it in bitcoins or get the dollar rate at that time. Why would you have to worry about the rate?

[Severian]

well, i'm looking at this from merchant point of view. I need stable rate so I dont have to worry about selling coins every hour.  

Use Bitpay when it's unstable. They exist to minimize exposure to volatility. It's part of their business plan, as I understand it.

[aurora]

Don't you think the exchange rate will become stable when the market cap grows and become bigger ?

market cap doesn mean anything. Rate will be stable when people trust bitcoin. But who's gonna trust some buggy soft?

[aurora]

Use Bitpay when it's unstable. They exist to minimize exposure to volatility. It's part of their business plan, as I understand it.

bitpay wants 3% to transfer btc to usd. I pay 2.75% for credit cards. Plus, if btc dropping you're not getting full amount with bitpay. Think about this: you made purchase for btc. If btc dropping fast by the time transaction is confirmed I can loose most of my profit

[Severian]

But who's gonna trust some buggy soft?

Did you find something that Dan Kaminsky missed?

[Severian]

If btc dropping fast by the time transaction is confirmed I can loose most of my profit

You should talk to the people that run the biggest exchange in Bitcoin about the price and their relation to its recent fall.

[justusranvier]

bitpay wants 3% to transfer btc to usd.

0.99%

Plus, if btc dropping you're not getting full amount with bitpay. Think about this: you made purchase for btc. If btc dropping fast by the time transaction is confirmed I can loose most of my profit

That's the exact opposite of what happens.

[aurora]

bitpay wants 3% to transfer btc to usd.

0.99%

Plus, if btc dropping you're not getting full amount with bitpay. Think about this: you made purchase for btc. If btc dropping fast by the time transaction is confirmed I can loose most of my profit

That's the exact opposite of what happens.

bitpay charges 0.99% to put btc to your account and 3% to convert it to  usd

[aurora]

If btc dropping fast by the time transaction is confirmed I can loose most of my profit

You should talk to the people that run the biggest exchange in Bitcoin about the price and their relation to its recent fall.

thats exactly my point: as long as mtgox not regulated they can do whatever they want.

[Severian]

bitpay charges 0.99% to put btc to your account and 3% to convert it to  usd

You should probably stick to fiat then. It doesn't sound like Bitcoin is for you.

[Severian]

thats exactly my point: as long as mtgox not regulated they can do whatever they want.

gox needs to be regulated by the existence of other exchanges. Government regulation works in favor of the government, not Bitcoin.

[justusranvier]

bitpay wants 3% to transfer btc to usd.

0.99%

Plus, if btc dropping you're not getting full amount with bitpay. Think about this: you made purchase for btc. If btc dropping fast by the time transaction is confirmed I can loose most of my profit

That's the exact opposite of what happens.

bitpay charges 0.99% to put btc to your account and 3% to convert it to  usd

Better check your sources again.

While you're at it, read up on what actually happens with the currency conversion rates.

[aurora]

gox needs to be regulated by the existence of other exchanges. Government regulation works in favor of the government, not Bitcoin.

other exchanges exist but does it help?

[Severian]

other exchanges exist but does it help?

We're still early in the game. There are other exchanges being developed and coming online. At some point, one of them will be an improvement over what we have now.

I tend to trust in the market over the government to solve problems. I'm one of those "market anarchistics" that Peter derides. He appears to trust government over markets, perhaps because he wants government to protect his position.

[casascius]

How do we know that's what he really believes?  I'm not doubting it, but when someone speaks in their official capacity in a manner consistent with that capacity, I don't automatically equate it with being their true-to-heart personal opinion, especially when that capacity happens to be that of a lawyer, somebody purposefully trained to articulate a position with which they don't necessarily agree personally.  The notion that he "derides" somebody is really indeterminable from a statement like this, and so is any assessment as to what trust he places in governments.

Bitcoin needs more legal talent looking out for it, not less.

[marketermac]

bitpay charges 0.99% to put btc to your account and 3% to convert it to  usd

This is absolutely wrong.

I have been using bitpay for the last few weeks and never paid more then the promised .99% fee (even when converting to USD). I have processed about $530 in USD transactions and paid $5.24 in fee's total.

https://bitpay.com/pricing

[Severian]

How do we know that's what he really believes?  I'm not doubting it, but when someone speaks in their official capacity in a manner consistent with that capacity, I don't automatically equate it with being their true-to-heart personal opinion.  The notion that he "derides" somebody is really indeterminable from a statement like this.

This is scorn and derision, from a professional or a personal view:

"Right now you have a bunch of anarchistic market dilettantes who don’t understand how markets work and don’t understand the perils of markets"

This is the position of someone that trusts government, otherwise known as force and fraud, over markets. Markets are cooperative and competitive, things that government isn't and Bitcoin is.

This is the line with Bitcoin: do we trust the old model of force or the model that Bitcoin now makes possible?