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Author Topic: 90 Cents is the Best Bitcoin Value  (Read 6518 times)
Enochian
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June 18, 2011, 06:22:29 AM
 #41

Ahh! I apologize. I forgot a single word that indeed confuses everything. Omniscient. Of course the intelligent individual would also have to be omniscient. Once again, my apologies.

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June 18, 2011, 06:30:51 AM
 #42

Or value them at $900, usd and move the decimal

Set up the same thing..
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June 18, 2011, 06:50:08 AM
 #43

Ahh! I apologize. I forgot a single word that indeed confuses everything. Omniscient. Of course the intelligent individual would also have to be omniscient. Once again, my apologies.

The best form of government is a Good King.  The worst form of government is a Bad King.  All other forms of government lie somewhere in-between.


I'm the good king for me. Everyone else is a bad king for me. I guess I agree with you.

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June 18, 2011, 07:07:12 AM
 #44

I'm pretty sure he's trolling guys, he just wants attention.

Life is more fun if you're never 100% serious.

I do think, however, that ever increasing Bitcoin prices and price volatility are disincentives to the wider adoption of Bitcoin for Network commerce.

There are a number of community-based alternative currencies in circulation right now, and their success revolves largely around the type of incentives I mentioned in my original post.

If the Bitcoin community doesn't address these challenges, then it is likely that some commercial fork of Bitcoin which eliminates things like mining will be the successful version of the digital currency ideas that Bitcoin embodies.

Kind of like Altavista and Google.  Or the Apple Lisa and Windows 7.



So can anyone or any group easily modify the client to establish a custum made blockchain at any time, market it better and establish a crypto currency for their own purpose? I have asked this question here many times but never seem to get a suitable response. I am not trolling or trying to agitate. I just want to gage the value of these bitcoins as an investment, short term or long term. Why can't I ask this question here without getting iced  Huh

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June 18, 2011, 07:26:31 AM
 #45

90 cents as the ultimate stable value is dumb. So 2 million people can hold enough for a meal or 50 people can hold enough to buy a nice house? Awesome money  Roll Eyes

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June 18, 2011, 07:27:52 AM
 #46

what are these united states dollars and euros you speak of?

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June 18, 2011, 11:42:48 AM
 #47

Damn that Icy- guy is a retard.

Anyway the OP hurts alot of people's feelings on this forum stating that 90 cents is the best price for Bitcoin to be of use. That's the reason for all the negative comments.

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Yeti
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June 18, 2011, 12:10:19 PM
 #48


So can anyone or any group easily modify the client to establish a custum made blockchain at any time, market it better and establish a crypto currency for their own purpose? I have asked this question here many times but never seem to get a suitable response. I am not trolling or trying to agitate. I just want to gage the value of these bitcoins as an investment, short term or long term. Why can't I ask this question here without getting iced  Huh
Sure. If you use another client you start a new blockchain. But you would have to convince people to pump over 100 mio USD into your system and get enough miners and clients online to propagate the blocks. On top of that you have to convince everybody, why your approach is superior to Bitcoin. Possible, but unlikely imho.

However, it has been suggested that the US govt could establish such a "US" chain and make trades in Bitcoin illegal while using the same features for easy online currency but still with the central control that they love. Whether saving 5% credit card fee is enough incentive for that plan to succeed is a different story.

OP, could please explain to me again, why we should abandon all the good features of Bitcoin (no central control over how many coins can be in circulation, no fixed price setting / exchange rates, much less incentive for block generation) just so that you don't have to make simple arithmetics when you shop online?

This is a very US-centric position, as others have already pointed out. Why 0.90 USD and not 900 PLN or 90 JPY? I guess we in Europe are just more used to the idea of "funny" exchange rates, I still remember the pre-Euro time where prices in Belgium were 20 times "higher". And still today it seems that everything in the UK is so much "cheaper" (if you do not in fact have access to a calculator or rule-of-thumb).

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June 18, 2011, 12:17:42 PM
 #49

How can you make the value a constant when it is a limited currency?

Binding bitcoin value to any currency destroys half the point with bitcoins.

What is so wrong with the current system?

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June 18, 2011, 12:40:28 PM
 #50

Why the dollar? The dollar is doomed. We should link bitcoins to the euro. Or the chilenan peso. Cheesy
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June 18, 2011, 10:15:23 PM
 #51

Pegging one currency to another requires heavy intervention and market manipulation by a central bank, like how China pegs their currency to the dollar.  They have trillions of dollars of US currency so whenever their currency falls by more than a percent or so against the dollar they can prop it up by buying yuan with dollars.  Conversely when their currency rises vs. the dollar (which is definitely what it would be doing in a free market) they can just buy more US dollars with yuan and cause it to drop back down.  But even they can't keep their currency down forever, and they've had to gradually let it rise.  Bitcoins would of course do the same thing in the very long run, so it would be impossible to peg it any currency.

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