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Author Topic: How we could "back" bitcoins with something of value  (Read 3545 times)
Synaesthesia
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June 20, 2011, 04:56:05 PM
 #41

SD card with wallet.dat file?

I deal in Bitcoins: 1ANtpQH5UKKYrd9619VSSibL76uzjZGH1D
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Richard Andreassen
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June 20, 2011, 10:32:25 PM
 #42

@Richard Andreassen

The problem with modifying supply based on an exchange rate is:
Which exchange rate to use? For example, when Bitcoin was created, there were no exchanges around.
It would introduce a lot of uncertainty in the design.

People could just use whatever exchange rate they wanted by putting a url to a service that provided an exchange rate into their client. Then the network would have to agree by majority rule or something.

I think there are bigger challenges to my suggestion than this.

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vector76
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June 20, 2011, 10:52:25 PM
 #43

A voluntary association of people could agree on a price and simply place large standing buy orders in a major exchange.

I am skeptical as to whether it would be to someone's advantage to do this, and I don't believe it will have nearly the strength of guarantee that backing or pegging implies.  The association could run out of funds in a falling market, or they could change their mind on the price level or the quantity of backing that they want to provide.  Either way I'd say the "guarantee" is far too weak to qualify as a backing or peg, but it would be a step in the right direction.
iya
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June 20, 2011, 11:35:18 PM
 #44

@Richard Andreassen

The problem with modifying supply based on an exchange rate is:
Which exchange rate to use? For example, when Bitcoin was created, there were no exchanges around.
It would introduce a lot of uncertainty in the design.

People could just use whatever exchange rate they wanted by putting a url to a service that provided an exchange rate into their client. Then the network would have to agree by majority rule or something.

I think there are bigger challenges to my suggestion than this.

You do realize that means, at least theoretically, complete user discretion over inflation?
It may even work, but it does feel kind of fragile.
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