Bitcoin Forum
December 11, 2016, 02:28:35 AM *
News: To be able to use the next phase of the beta forum software, please ensure that your email address is correct/functional.
 
   Home   Help Search Donate Login Register  
Pages: [1] 2 »  All
  Print  
Author Topic: Bitcoin blackholes as a solution to unfettered inflation?  (Read 2199 times)
Anonymous
Guest

September 08, 2011, 08:16:36 PM
 #1

Bitcoin price is declining because there are not enough Bitcoins being sold vis-a-vis to the constant inflation of Bitcoin mining. Here's a crazy idea:

What if the larger Bitcoin companies and exchanges made an agreement to delete Bitcoins in designated and verified blackholes -- addresses with no corresponding wallet -- to stabilize the value in relation to the inflation? They would 1) be able to maintain the value of their profits and 2) possibly make Bitcoin a bit more stable.

Could this concept ever find itself in reality?
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1481423315
Hero Member
*
Offline Offline

Posts: 1481423315

View Profile Personal Message (Offline)

Ignore
1481423315
Reply with quote  #2

1481423315
Report to moderator
MoonShadow
Legendary
*
Offline Offline

Activity: 1666



View Profile
September 08, 2011, 08:19:25 PM
 #2

No.

"The powers of financial capitalism had another far-reaching aim, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole. This system was to be controlled in a feudalist fashion by the central banks of the world acting in concert, by secret agreements arrived at in frequent meetings and conferences. The apex of the systems was to be the Bank for International Settlements in Basel, Switzerland, a private bank owned and controlled by the world's central banks which were themselves private corporations. Each central bank...sought to dominate its government by its ability to control Treasury loans, to manipulate foreign exchanges, to influence the level of economic activity in the country, and to influence cooperative politicians by subsequent economic rewards in the business world."

- Carroll Quigley, CFR member, mentor to Bill Clinton, from 'Tragedy And Hope'
ThomasV
Legendary
*
Offline Offline

Activity: 1722



View Profile WWW
September 08, 2011, 08:22:43 PM
 #3

and this is the guy who loves free markets ? LOL

Electrum: the convenience of a web wallet, without the risks
Anonymous
Guest

September 08, 2011, 08:24:06 PM
 #4

and this is the guy who loves free markets ? LOL
I have never called for coercion. Nobody would be forced to do anything. Everybody would delete their coins in the assumed benefit of a greater return against inflation.
Blitz­
Donator
Legendary
*
Offline Offline

Activity: 1596


"Cut Your Loose"


View Profile
September 08, 2011, 08:26:11 PM
 #5

Could this concept ever find itself in reality?
No.

"Bitcoin had been transformed from an anarachistic challenge to the financial status quo, to the crypto spawn of Satan, fuelled by cut-throat greed and delusions of avarice." - MatTheCat
"these people don't seem to want to stop till Bitcoin is completely destroyed and left like an old cum rag in the corner of the room." - ShroomsKit
ThomasV
Legendary
*
Offline Offline

Activity: 1722



View Profile WWW
September 08, 2011, 08:26:58 PM
 #6

and this is the guy who loves free markets ? LOL
I have never called for coercion. Nobody would be forced to do anything. Everybody would delete their coins in the assumed benefit of a greater return against inflation.

ok, I destroyed mine. please destroy yours now.

Electrum: the convenience of a web wallet, without the risks
ThomasV
Legendary
*
Offline Offline

Activity: 1722



View Profile WWW
September 08, 2011, 08:29:23 PM
 #7

my blackhole address: 12oabCifvHuxzXtYVGhkxVfWZDvKcU743s

Electrum: the convenience of a web wallet, without the risks
Anonymous
Guest

September 08, 2011, 08:29:52 PM
 #8

and this is the guy who loves free markets ? LOL
I have never called for coercion. Nobody would be forced to do anything. Everybody would delete their coins in the assumed benefit of a greater return against inflation.

ok, I destroyed mine. please destroy yours now.
The deposits would have to be destroyed by an escrow whom can hold all the parties accountable. So, we would check that all the funds have been sent and the escrow will then proceed to destroy the coins.
Blitz­
Donator
Legendary
*
Offline Offline

Activity: 1596


"Cut Your Loose"


View Profile
September 08, 2011, 09:05:17 PM
 #9

It appears you don’t understand that free markets work on competition and not on trust. They don’t work for ulterior motives where everyone would be better off if just everyone cooperated. Some exchange will not comply, customers will be unhappy etc. etc.

Also, it would be a zero-sum game if everyone deleted a portion of his Bitcoins.

"Bitcoin had been transformed from an anarachistic challenge to the financial status quo, to the crypto spawn of Satan, fuelled by cut-throat greed and delusions of avarice." - MatTheCat
"these people don't seem to want to stop till Bitcoin is completely destroyed and left like an old cum rag in the corner of the room." - ShroomsKit
FAtlas
Jr. Member
*
Offline Offline

Activity: 56


Violenth ith not compathion.


View Profile WWW
September 08, 2011, 09:10:18 PM
 #10

Businesses will always do whatever they can to maximize profits in the short-term.  That's business 101.  Assuming that individuals or corporations will take steps that hurt them in the short term for the greater good of 'society' (in this case your weird insular bitcoin community) is one of the key failures of libertarian philosophy.  See: Rational Actors and Externalities.  It's the same way all companies are minimizing pay through contract employees/interns/general wage decline and wondering why nobody can afford to buy things anymore.

In short, your current idea, along with most of the ones I've seen you post, has severe fundamental flaws that can be summed up with 'fuck you, got mine'.  

1KKptP9dKU6mZ6DkmwTmPERG7je7rStiuR

“Thith ith where I live. Thith ith me. I will not allow violenth againsh thith houth.”
rainingbitcoins
Full Member
***
Offline Offline

Activity: 224


View Profile
September 08, 2011, 09:52:33 PM
 #11

When Bitcoin bottoms out, I can't wait to find out how you're going to blame the government for it. I know you'll find a way, though.

Here's the unregulated market you always wanted and all you can think to do is try and figure out ways to manipulate it, and do your damnedest to get discussion about the scammers who infest every nook and cranny moved off to a gulag where nobody will see it. Out of sight, out of mind. The state of Bitcoin has never been better, comrade. Now help me burn this pile of money.
Gerken
Member
**
Offline Offline

Activity: 112



View Profile
September 08, 2011, 09:53:12 PM
 #12

You go first Atlas. 

FAtlas
Jr. Member
*
Offline Offline

Activity: 56


Violenth ith not compathion.


View Profile WWW
September 08, 2011, 10:03:17 PM
 #13

The deposits would have to be destroyed by an escrow whom can hold all the parties accountable. So, we would check that all the funds have been sent and the escrow will then proceed to destroy the coins.

If this plan actually gains traction, I'd like to volunteer to run the escrow account that everyone will forward the bitcoins to.  I swear I'll delete them.

Really.

1KKptP9dKU6mZ6DkmwTmPERG7je7rStiuR

“Thith ith where I live. Thith ith me. I will not allow violenth againsh thith houth.”
adamstgBit
Legendary
*
Offline Offline

Activity: 1904


Trusted Bitcoiner


View Profile WWW
September 08, 2011, 10:06:12 PM
 #14

crazyness! burning money is illegal... burning bitcoins is immoral 

wolftaur
Member
**
Offline Offline

Activity: 112


View Profile
September 08, 2011, 10:09:43 PM
 #15

We could all get together and beg Gavin to reduce the block reward to 5 coins and make 0.5BTC fees mandatory. Same net effect, forces everyone to participate, still seems pretty fucking pointless.

"MOOOOOOOM! SOME MYTHICAL WOLFBEAST GUY IS MAKING FUN OF ME ON THE INTERNET!!!!"
hugolp
Hero Member
*****
Offline Offline

Activity: 742



View Profile
September 08, 2011, 10:10:00 PM
 #16

Businesses will always do whatever they can to maximize profits in the short-term.  That's business 101.  Assuming that individuals or corporations will take steps that hurt them in the short term for the greater good of 'society' (in this case your weird insular bitcoin community) is one of the key failures of libertarian philosophy.  See: Rational Actors and Externalities.  It's the same way all companies are minimizing pay through contract employees/interns/general wage decline and wondering why nobody can afford to buy things anymore.

In short, your current idea, along with most of the ones I've seen you post, has severe fundamental flaws that can be summed up with 'fuck you, got mine'.  


And when I though no comment could be worst than the opening post, here comes this freak.
bitlover
Jr. Member
*
Offline Offline

Activity: 33


View Profile
September 08, 2011, 10:11:48 PM
 #17

Could this concept ever find itself in reality?

Yes, if you find a group of people gullible enough to be convinced this is a good idea.

Also: why does everyone call Immannuel FAtlas? FAtlas is obviously another poster.
Gerken
Member
**
Offline Offline

Activity: 112



View Profile
September 08, 2011, 10:14:02 PM
 #18

Bitcoin price is declining because there are not enough Bitcoins being sold vis-a-vis to the constant inflation of Bitcoin mining. Here's a crazy idea:

What if the larger Bitcoin companies and exchanges made an agreement to delete Bitcoins in designated and verified blackholes -- addresses with no corresponding wallet -- to stabilize the value in relation to the inflation? They would 1) be able to maintain the value of their profits and 2) possibly make Bitcoin a bit more stable.

Could this concept ever find itself in reality?

I do believe this is, quite literally, the dumbest thing I have ever read.

Why yes exchanges will just delete their money for the greater good, also I pee sparkles and fart rainbows. 

Gerken
Member
**
Offline Offline

Activity: 112



View Profile
September 08, 2011, 10:15:18 PM
 #19

Could this concept ever find itself in reality?

Yes, if you find a group of people gullible enough to be convinced this is a good idea.

Also: why does everyone call Immannuel FAtlas? FAtlas is obviously another poster.

Immanuel changed his name from Atlas a couple months ago, to distance himself from his posts about suicide and how his parents keep him under medication. 

bitlover
Jr. Member
*
Offline Offline

Activity: 33


View Profile
September 08, 2011, 10:18:08 PM
 #20

Immanuel changed his name from Atlas a couple months ago, to distance himself from his posts about suicide and how his parents keep him under medication. 

Oh, so he is under medication? Well, that explains this topic. You guys should be a little less harsh with him then.
Pages: [1] 2 »  All
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!