jojo69
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Activity: 3164
Merit: 4345
diamond-handed zealot
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November 21, 2013, 05:10:06 AM |
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Try to collect these reserves from people like me, who don't need banks.
Good luck buying a house. Wait a couple of years, you might be surprised. no doubt, my money is (literally) on bitcoin outlasting the creature from Jekyll island |
This is not some pseudoeconomic post-modern Libertarian cult, it's an un-led, crowd-sourced mega startup organized around mutual self-interest where problems, whether of the theoretical or purely practical variety, are treated as temporary and, ultimately, solvable.
Censorship of e-gold was easy. Censorship of Bitcoin will be… entertaining.
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"In a nutshell, the network works like a distributed
timestamp server, stamping the first transaction to spend a coin. It
takes advantage of the nature of information being easy to spread but
hard to stifle." -- Satoshi
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Ibian
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Activity: 2268
Merit: 1278
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November 21, 2013, 11:29:38 AM |
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Are we forgetting that bitcoin is worldwide? Bernanke will not be running anything.
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Look inside yourself, and you will see that you are the bubble.
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niothor
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November 21, 2013, 11:35:23 AM |
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The most intelligent reply I could come reading that title.
"No it doesn't".
After that , thinking of a central banking system for bitcoin I ended up burning all my neurons .
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NewLiberty
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Activity: 1204
Merit: 1002
Gresham's Lawyer
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November 21, 2013, 12:15:44 PM |
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I hate to burst everyone's bubble ...
The Federal Reserve was created in 1913 to manage the U.S. money supply, and at this time, the U.S. was on a gold standard. Fractional reserve banking will make it possible for the Federal Reserve to manage the bitcoin money supply (with possibly limited success), but not in the way the author suggested.
I predict that the Federal Reserve will be managing the bitcoin money supply within 10 years.
That would be the biggest fail of bitcoin so I will personally make sure that this will never happen. I think you're all misreading what "managing" means. The fed doesn't have to buy all the bitcoins, or process transactions to "manage" the supply. The fed will just need to decide what tools they have available. They could issue bitcoin bonds the same way they issue dollar bonds, cuz what's the fricken difference? Just one random thought, but to say the fed is managing the bitcoin supply in 10 years shouldn't be written off as quickly as all the replies here have done. I believe it's a longer discussion. Or a shorter one. That isn't Bitcoin. Make an altcoin |
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PenAndPaper
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November 21, 2013, 12:18:54 PM |
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Obviously the Washing Post is trolling the bitcoin community.  |
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silverfuture
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Activity: 947
Merit: 1008
central banking = outdated protocol
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November 21, 2013, 12:56:59 PM |
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Obviously the Washing Post is trolling the bitcoin community. yep |
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axus
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November 21, 2013, 04:13:09 PM |
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Actually, consider a dystopian future; U.S. (or Chinese) Government seizes a majority of the bitcoins and builds up significant hashing power. They accept taxes in Bitcoin, do whatever to bring them into their "strong hands". Would you keep using bitcoin? Assuming you can still send/receive as things work now.
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chrsjrcj
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November 21, 2013, 04:35:39 PM |
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How is the Fed supposed to manage the bitcoin supply? Buy up 30-50% of the coins that exist? Where will they get the money?? Supply and demand would set in big time and the amount of US dollars required to buy one bitcoin would skyrocket.
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odolvlobo
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Merit: 3214
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November 21, 2013, 04:58:55 PM |
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How is the Fed supposed to manage the bitcoin supply? Buy up 30-50% of the coins that exist? Where will they get the money?? Supply and demand would set in big time and the amount of US dollars required to buy one bitcoin would skyrocket.
They can adjust the supply by changing the reserve requirement. And that buying a large number of bitcoins to hold in reserve would be expensive is irrelevant when you can print as much money as you want. They already print more than 10 times the Bitcoin market cap every month. |
Join an anti-signature campaign: Click ignore on the members of signature campaigns.
PGP Fingerprint: 6B6BC26599EC24EF7E29A405EAF050539D0B2925 Signing address: 13GAVJo8YaAuenj6keiEykwxWUZ7jMoSLt
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jgarzik
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Merit: 1091
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November 21, 2013, 09:19:16 PM |
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Jeff Garzik, Bloq CEO, former bitcoin core dev team; opinions are my own.
Visit bloq.com / metronome.io
Donations / tip jar: 1BrufViLKnSWtuWGkryPsKsxonV2NQ7Tcj
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PenAndPaper
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November 22, 2013, 02:15:53 AM |
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The article is tongue-in-cheek. It immediately drew sarcastic retorts from a few in the libertarian-leaning bitcoin community. You don't have to be a libertarian to make fun of this : There needs to be some kind of central institution. A bank of sorts. One with the bottomless ability to either pump extra Bitcoin into the market or suck it out, depending on what's needed to maintain stable prices. It's the bitcoin protocol that forbids it per se. Beside that it was a nice read. |
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Bitware
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November 22, 2013, 04:30:26 AM
Last edit: November 22, 2013, 04:49:09 AM by Bitware |
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In 1933, US President Franklin Deleno Roosevelt outlawed gold possession for all American citizens. The order criminalized the possession of monetary gold by any individual, partnership, association or corporation. |
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