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Author Topic: Well, it sure feels like 6 months ago.  (Read 6275 times)
Revalin
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September 13, 2011, 08:31:20 PM
 #41

I agree with everything you said but this:

Quote
Shame on all of you speculators out there! You are ruining the bitcoin project...

Speculators aren't the problem.  Speculation is - or more to the point, the root problem is that BitCoin is deflationary, which creates massive speculation.

I think the falling value is great for BC since it will wash out many speculators, but I'm afraid we'll just run into another bubble once we bounce off the fundamental utility value.  It too will pop and we'll run all the way down again to the fundamental value.  More adoption will make the floor higher and the bubbles bigger (which is what speculators are betting on), but bubbles will drastically inhibit adoption.

Anyway, the fix isn't to blame speculators.  They're a natural consequence of having a market.  The fault is BitCoin's design.  The fix is to make BitCoin no longer (potentially) wildly deflationary.  I currently favor demurrage and dynamic inflation.  I don't think it'll ever happen in BitCoin, but another cryptocurrency will come along to replace it.  Then the speculators will go home on their own.

      War is God's way of teaching Americans geography.  --Ambrose Bierce
Bitcoin is the Devil's way of teaching geeks economics.  --Revalin 165YUuQUWhBz3d27iXKxRiazQnjEtJNG9g
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September 13, 2011, 09:03:51 PM
 #42

No the real problem with bitcoin is that there's dozens if not more assbags who's sole mission is to cause chaos with the bitcoin economy and bitcoin user base. This cunt-o-romma of trolling and foolishness is going to keep bitcoin from ever being taken seriously.
Revalin
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September 13, 2011, 09:07:21 PM
 #43

I agree that you're a problem.

      War is God's way of teaching Americans geography.  --Ambrose Bierce
Bitcoin is the Devil's way of teaching geeks economics.  --Revalin 165YUuQUWhBz3d27iXKxRiazQnjEtJNG9g
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September 13, 2011, 09:23:19 PM
 #44

The bubbles are inevitable and the price will be very unstable until we have a massively larger market. But I don't see this as a real problem as long as the size of the economy keeps increasing in the long run. That will ensure that the floor will be ever higher. So far this has been the case and will most likely continue to be the case for the foreseeable future. Even though there have been issues, the issues have been with 3rd parties and I expect services like that to be more reliable and robust as time goes on. People do learn from mistakes, most of the time.

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September 13, 2011, 09:33:50 PM
 #45

I agree with everything you said but this:

Quote
Shame on all of you speculators out there! You are ruining the bitcoin project...

Speculators aren't the problem.  Speculation is - or more to the point, the root problem is that BitCoin is deflationary, which creates massive speculation.

I think the falling value is great for BC since it will wash out many speculators, but I'm afraid we'll just run into another bubble once we bounce off the fundamental utility value.  It too will pop and we'll run all the way down again to the fundamental value.  More adoption will make the floor higher and the bubbles bigger (which is what speculators are betting on), but bubbles will drastically inhibit adoption.

Anyway, the fix isn't to blame speculators.  They're a natural consequence of having a market.  The fault is BitCoin's design.  The fix is to make BitCoin no longer (potentially) wildly deflationary.  I currently favor demurrage and dynamic inflation.  I don't think it'll ever happen in BitCoin, but another cryptocurrency will come along to replace it.  Then the speculators will go home on their own.

If we could somehow ban the exchange of bitcoin into fiat currency (and vice-versa) this would probably take care of the problem. Then people would have to earn their bitcoin by providing services or goods in exchange for it. But then, there would have to first be a flourishing bitcoin economy for that to work. And since the growth of that economy is being hampered by speculation, it's a problem that doesn't seem to have an easy solution except to try and raise awareness that people should not hoard bitcoin to realize future fiat currency profits, but rather spend it on quality services or goods.

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September 14, 2011, 08:30:06 AM
 #46

I'm scooping up as many cheap coins as I can.
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September 14, 2011, 03:39:27 PM
 #47

I'm scooping up as many cheap coins as I can.

I sure hope you won't burn your fingers if the price takes a nosedive, be careful and good luck!
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September 20, 2011, 01:32:05 PM
 #48

I'm scooping up as many cheap coins as I can.

I sure hope you won't burn your fingers if the price takes a nosedive, be careful and good luck!

Thanks :p
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September 20, 2011, 08:33:41 PM
 #49

I agree with everything you said but this:

Quote
Shame on all of you speculators out there! You are ruining the bitcoin project...

Speculators aren't the problem.  Speculation is - or more to the point, the root problem is that BitCoin is deflationary, which creates massive speculation.

I think the falling value is great for BC since it will wash out many speculators, but I'm afraid we'll just run into another bubble once we bounce off the fundamental utility value.  It too will pop and we'll run all the way down again to the fundamental value.  More adoption will make the floor higher and the bubbles bigger (which is what speculators are betting on), but bubbles will drastically inhibit adoption.

Anyway, the fix isn't to blame speculators.  They're a natural consequence of having a market.  The fault is BitCoin's design.  The fix is to make BitCoin no longer (potentially) wildly deflationary.  I currently favor demurrage and dynamic inflation.  I don't think it'll ever happen in BitCoin, but another cryptocurrency will come along to replace it.  Then the speculators will go home on their own.
Bitcoin is currently inflationary. New coins are being constantly mined but few new people are signing up. End result: prices steadily droop.
Revalin
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September 20, 2011, 09:04:44 PM
 #50

It's an argument of semantics, but to be precise:

Bitcoin is deflationary, regardless of current events.  It is currently devaluing, partly due to mining inflation, but mostly due to market sentiment.

Mining is currently responsible for 36% yearly inflation (always decreasing).  Over the last 3 months we've seen roughly 1100% yearly price inflation.

      War is God's way of teaching Americans geography.  --Ambrose Bierce
Bitcoin is the Devil's way of teaching geeks economics.  --Revalin 165YUuQUWhBz3d27iXKxRiazQnjEtJNG9g
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