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Anonymous
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September 08, 2011, 08:16:36 PM |
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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?
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You get merit points when someone likes your post enough to give you some. And for every 2 merit points you receive, you can send 1 merit point to someone else!
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MoonShadow
Legendary
 Offline
Activity: 1708
Merit: 1007
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September 08, 2011, 08:19:25 PM |
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No.
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"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'
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ThomasV
Legendary
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Activity: 1896
Merit: 1353
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September 08, 2011, 08:22:43 PM |
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and this is the guy who loves free markets ? LOL
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Electrum: the convenience of a web wallet, without the risks
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Anonymous
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September 08, 2011, 08:24:06 PM |
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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. |
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N12
Donator
Legendary
Offline
Activity: 1610
Merit: 1010
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September 08, 2011, 08:26:11 PM |
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Could this concept ever find itself in reality?
No. |
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ThomasV
Legendary
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Activity: 1896
Merit: 1353
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September 08, 2011, 08:26:58 PM |
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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
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ThomasV
Legendary
Offline
Activity: 1896
Merit: 1353
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September 08, 2011, 08:29:23 PM |
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my blackhole address: 12oabCifvHuxzXtYVGhkxVfWZDvKcU743s
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Electrum: the convenience of a web wallet, without the risks
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Anonymous
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September 08, 2011, 08:29:52 PM |
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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. |
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N12
Donator
Legendary
Offline
Activity: 1610
Merit: 1010
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September 08, 2011, 09:05:17 PM |
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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.
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FAtlas
Newbie
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Activity: 56
Merit: 0
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September 08, 2011, 09:10:18 PM |
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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'.
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rainingbitcoins
Sr. Member
Offline
Activity: 728
Merit: 252
SmartFi - EARN, LEND & TRADE
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September 08, 2011, 09:52:33 PM |
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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.
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Gerken
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September 08, 2011, 09:53:12 PM |
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You go first Atlas.
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FAtlas
Newbie
Offline
Activity: 56
Merit: 0
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September 08, 2011, 10:03:17 PM |
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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. |
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adamstgBit
Legendary
Offline
Activity: 1904
Merit: 1037
Trusted Bitcoiner
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September 08, 2011, 10:06:12 PM |
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crazyness! burning money is illegal... burning bitcoins is immoral
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wolftaur
Member
Offline
Activity: 112
Merit: 10
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September 08, 2011, 10:09:43 PM |
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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.
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"MOOOOOOOM! SOME MYTHICAL WOLFBEAST GUY IS MAKING FUN OF ME ON THE INTERNET!!!!"
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hugolp
Legendary
Offline
Activity: 1148
Merit: 1001
Radix-The Decentralized Finance Protocol
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September 08, 2011, 10:10:00 PM |
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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. |
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bitlover
Newbie
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Activity: 33
Merit: 0
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September 08, 2011, 10:11:48 PM |
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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. |
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Gerken
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September 08, 2011, 10:14:02 PM |
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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.  |
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Gerken
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September 08, 2011, 10:15:18 PM |
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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. |
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bitlover
Newbie
Offline
Activity: 33
Merit: 0
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September 08, 2011, 10:18:08 PM |
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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. |
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