Capital as Money could improve Bitcoin

[evgonoba]

The book Capital as Money should be read and included in any discussion of how to improve Bitcoin.

USE money like Bitcoin does, but CREATE money differently. Don't mine for gold or Bitcoins. Deposit something of value in order to be issued Bitcoins.

Take a look at http://www.amazon.com/Capital-As-Money-ebook/dp/B009AP9ZG6

It's free for Kindle right now.

[drakahn]

okay, so say you make this newcoin, lets call it valuecoin, the only way to get a valuecoin is to deposit something of value... but deposit where? to who? how do you decide how and when to create new coins? are you proposing you as a central bank, collecting things of subjective value?

bitcoin not only solves the problem of coin creation, but is already used to "deposit things of value", and the deposited value goes to the miner that has worked securing the network.

edit: It would be very easy to make a 100% premined altcoin and distribute it however you see fit, but it will never have the value of bitcoin. This "valuecoin" would require every participant to trust you as a central point of failure, where as bitcoin requires no such trust in anyone

I myself have envisioned a digital gold backed by gold, But there is no way to handle the depositing of gold for digital gold without someone having to trust a central point... and we might as well just stick with fiat, because any altcoin with a central printing press will be abused eventually

[evgonoba]

Call it Bitcoin as far as I'm concerned because everything else can function the same as Bitcoin does now. But to receive the coins you don't just 'mine' some imaginary things, you deposit shares of some REAL thing...shares of US publicly traded companies in the form of ETFs (exchange traded fund).

It would require the function of a custodian (which happens all the time in the securities world) to hold and transfer the shares of the ETF when someone deposits or cashes out their ETF shares.

The idea that Bitcoin requires no such trust in anyone is possibly true in some abstract way, but it certainly does require the trust OF someone. So, that is a draw between the 'mined' coins and those issued when a person deposits shares of an ETF that represent ownership of companies built from the heads and hands of hundreds of thousands of people over hundreds of years.

[evgonoba]

Does Bitcoin plan to stay "small"?

[drakahn]

Call it Bitcoin as far as I'm concerned because everything else can function the same as Bitcoin does now. But to receive the coins you don't just 'mine' some imaginary things, you deposit shares of some REAL thing...shares of US publicly traded companies in the form of ETFs (exchange traded fund).

Then it isn't bitcoin, calling it bitcoin is just adding another nail in this altcoins coffin

It would require the function of a custodian (which happens all the time in the securities world) to hold and transfer the shares of the ETF when someone deposits or cashes out their ETF shares.

I.E. Central point of failure/corruption, bitcoin solves this problem

The idea that Bitcoin requires no such trust in anyone is possibly true in some abstract way, but it certainly does require the trust OF someone.

I don't think i follow... Trust is not needed in bitcoin because there is no printing press, there is no central point of failure/corruption, there is no one person that can control or take away the network, the creation rate follows laws of math that cannot be broken, they cannot be faked

if all you are saying is that you need to trust the person you are doing business with, well of course, but that is not a limitation of bitcoin.

[evgonoba]

Does Bitcoin plan to stay "small"?

A currency being big, is different from a bank. Please do research before starting threads, you clearly are one minded from your other post. It is great to have a debate but please bring facts to it.

You may have forgotten that you are in the Newbie section. Starting threads and spending some time here is part of the deal.

I appreciate your taking some time to respond and you are so kind to use the word "please" when you suggest the use of facts.

I will continue to do research and to increase my knowledge of the facts inside Bitcoin. Thus far my experience has been that the defenders of Bitcoin could use a bit more civility.

[Gabi]

This suggestion: /facepalm