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Author Topic: How bitcoin 2 will affect the price?  (Read 1478 times)
Hyena
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July 26, 2013, 09:15:25 AM
 #1

http://www.scribd.com/doc/155504772/Bitcoin-2-Freedom-of-Transaction

So, Know Your Customer Scoring, to be more exact? Let's say All the bitcoins I currently own are gotten from mixing services because I like online anonymity. Now suddenly a wild KYC regulation appears. This means that my bitcoins become worthless? I don't want them to become worthless so I will sell them as quickly as possible when bitcoin 2 comes out. Everyone does that. Price drops as fuck. What do?

edit:
Thing that really pisses me off in this "bitcoin 2": your cold storages will be given to randomly chosen "active" bitcoin addresses to combat dead coins. Also, they want to add possibility for charge backs to bitcoin. I say bitcoin 2 is evil and can cause major disruption in the market. I would pull out my coins or convert the value of my bitcoins to some other alt coins until things settle out with bitcoin.

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ElectricMucus
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July 26, 2013, 10:44:16 AM
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Resistance is futile.

scnr
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July 26, 2013, 11:28:17 AM
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I would pull out my coins or convert the value of my bitcoins to some other alt coins until things settle out with bitcoin.


I don't get it - why would you sell your bitcoins in order to avoid exposure to an altcoin called Bitcoin2? Changes on the level they're proposing would be either an entirely new coin or a hard fork of the existing blockchain. They would not and could not apply to Bitcoin. You would have to choose to use whatever mechanism they'd implement to transfer bitcoins to the Bitcoin2 blockchain, no-one could force you to do so.

Selling out to advertisers shows you respect neither yourself nor the rest of us.
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wachtwoord
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July 26, 2013, 11:30:41 AM
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It's weird they actually call it Bitcoin2. I think ScamCoin, TheftCoin and FiatCoin are better names. If this is the design of Bitcoin2 I don't want to own a single one.
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July 26, 2013, 11:37:34 AM
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Well, on the face of it the most controversial feature would be the redistribution of inactive coins. It would force everyone to periodically transfer their coins to avoid losing them, with the payoff of reducing the uncertainty about how much wealth is waiting to be spent. The 1 million (IIRC) coins attributed to early mining by Satoshi, for example, are a bit of a problem. Even at the endgame, that will still be 1/21 of the total bitcoin supply potentially in the hands of a single individual, if it remains unspent. I'm not sure forcing people to remember to move their coins is a proper solution, but the concern is valid.

I'm not sure if the OP thought they intended to implement KYC scoring - they do not, that was one of the threats their model is supposed to protect against.

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July 26, 2013, 11:39:21 AM
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Well, on the face of it the most controversial retarded "feature" would be the redistribution of inactive coins.

FYP
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July 26, 2013, 11:42:51 AM
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Well, on the face of it the most controversial retarded "feature" would be the redistribution of inactive coins.

FYP

Thanks for your valuable insight.

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ElectricMucus
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July 26, 2013, 11:48:10 AM
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To the general public Bitcoins most controversial feature is that you can leave a fortune dormant in cyberspace for unlimited amounts of time while it is supposed to even gain in value.
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July 26, 2013, 11:51:17 AM
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Well, on the face of it the most controversial retarded "feature" would be the redistribution of inactive coins.

FYP

Thanks for your valuable insight.

You're welcome Smiley

If you're interested in the reasoning use the search feature. This has been discussed a couple hundred times on these forums already.
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July 26, 2013, 12:43:51 PM
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I would pull out my coins or convert the value of my bitcoins to some other alt coins until things settle out with bitcoin.


I don't get it - why would you sell your bitcoins in order to avoid exposure to an altcoin called Bitcoin2? Changes on the level they're proposing would be either an entirely new coin or a hard fork of the existing blockchain. They would not and could not apply to Bitcoin. You would have to choose to use whatever mechanism they'd implement to transfer bitcoins to the Bitcoin2 blockchain, no-one could force you to do so.

Well, I didn't quite get it when I first read the paper and assumed that this idea for bitcoin 2 has been spawned by the devs of Bitcoin. Mainly because zerocoin support and coloured coins are being discussed as potential further enhancements for Bitcoin. But now I understand, that this is just another scamcoin, similar to ripple in some aspects.

myself
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July 26, 2013, 12:55:07 PM
 #11

TL:DR

does this include zerocoin protocol ?

Los desesperados publican que lo inventó el rey que rabió, porque todo son en el rabias y mas rabias, disgustos y mas disgustos, pezares y mas pezares; si el que compra algunas partidas vé que baxan, rabia de haver comprado; si suben, rabia de que no compró mas; si compra, suben, vende, gana y buelan aun á mas alto precio del que ha vendido; rabia de que vendió por menor precio: si no compra ni vende y ván subiendo, rabia de que haviendo tenido impulsos de comprar, no llegó á lograr los impulsos; si van baxando, rabia de que, haviendo tenido amagos de vender, no se resolvió á gozar los amagos; si le dan algun consejo y acierta, rabia de que no se lo dieron antes; si yerra, rabia de que se lo dieron; con que todo son inquietudes, todo arrepentimientos, tododelirios, luchando siempre lo insufrible con lo feliz, lo indomito con lo tranquilo y lo rabioso con lo deleytable.
Hyena
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July 26, 2013, 01:09:35 PM
 #12

TL:DR

does this include zerocoin protocol ?

Yes. I initially got that part wrong too. Cheesy I thought they were going to implement means for KYC support but instead they are going for the zerocoin. It's just a lot of text Cheesy

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July 26, 2013, 01:13:26 PM
 #13

TL:DR

does this include zerocoin protocol ?

Yes. I initially got that part wrong too. Cheesy I thought they were going to implement means for KYC support but instead they are going for the zerocoin. It's just a lot of text Cheesy

According to coindesk they do not plan to implement anything. This is just a proposal for now, as it seems somebody else shall do it. And it is quite questionable if that will happen.
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