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Author Topic: somebody please just set the minimum price - it's so easy  (Read 5481 times)
WiseOldOwl
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October 15, 2011, 03:12:32 PM
 #21

Pink Sheets would be interesting.  If some bitcoin investors start such a company and maybe sell bonds to that effect, it will have to effect of making bitcoins far more mainstream than just a currency known to computer geeks.
Now your thinkin'!!!
How very wise of you...

Let's bundle them with some other investments like IXcoins, Solid Coins, etc. to add value. Hell, I'll even throw in some IOUs I have on paper napkins to really make these bonds soar.

So you are anti bitcoin I assume...
Anyways, it would have to be a company that offered a sort of mutual fund that invested in crypto-currency and related businesses, I don't see anyone only pegging it to just bitcoin price, might as well buy bitcoins Smiley
If a company say held 25% of funds in BTC, spent some funds on or investing in an exchange, and r&d for new ways to implement cryptocurrencys. Hold some funds in various formats to facilitate transfers - such as gold, euros, usd, yuan, etc.
You would have a nice little power house i guess. To be honest though I wouldn't want to do this, so must company's wouldn't.

Solidcoin will be the one to do these types of things because it is more designed to integrate with the existing system, and there is someone in charge to speak with unlike bitcoin. Companies simply wont deal with nobody, they need a person to hold accountable.
I dont want to get into a solidcoin issue or anything, but bitcoin really isnt intended to be mainstream, and actually has some features that make it less likely to ever become mainstream.

Im thinking while I type which is never good so Im done.


Can somebody just promise to back the price up?
Say, somebody with a real name (or a real company)
could issue a legally binding obligation to buy BTC
for at least 0.1$, no matter what. This only takes 2 100 000 USD to guarantee that forever  and less than a million for the next couple of years.

Most likely you will never need to actually buy BTC at that price; just proving that you are able
to do that is good enough.

I guess there are enough people with much BTC and much USD
to be able to do that and to have interest in that. The benefits are obvious: more trust in the currency,
hence wider acceptance.



--
long-time lurker, scarce poster

if its so easy and only requires 2,1 mil, why dont you just do it yourself?

This is kinda dumb, it isn't ridiculous to fully believe that it is "easy" for a significant amount of companies or people to "easily" spend 2.1 mill on an investment.

So it is EASY actually, they do it all the time... refer to my pink sheets link above a few posts ^^^


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October 15, 2011, 03:52:37 PM
 #22

So you are anti bitcoin I assume...

˙sdlǝɥ sıɥʇ ǝdoɥ ı ˙ʎɐʍ ɟo puıʞ plɹoʍ oɹɹɐzıq ɐ uı uıoɔʇıq dsɐɹƃ oʇ ɯǝǝs ǝɹns noʎ `ʍoʍ

Any significantly advanced cryptocurrency is indistinguishable from Ponzi Tulips.
WiseOldOwl
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October 15, 2011, 04:50:31 PM
 #23

So you are anti bitcoin I assume...

˙sdlǝɥ sıɥʇ ǝdoɥ ı ˙ʎɐʍ ɟo puıʞ plɹoʍ oɹɹɐzıq ɐ uı uıoɔʇıq dsɐɹƃ oʇ ɯǝǝs ǝɹns noʎ `ʍoʍ

Nice trick, maybe I didn't get what you were saying? I really thought you were saying it is relative to ixcoins and napkin iou's.

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October 15, 2011, 05:01:06 PM
 #24

So you are anti bitcoin I assume...

˙sdlǝɥ sıɥʇ ǝdoɥ ı ˙ʎɐʍ ɟo puıʞ plɹoʍ oɹɹɐzıq ɐ uı uıoɔʇıq dsɐɹƃ oʇ ɯǝǝs ǝɹns noʎ `ʍoʍ

Nice trick, maybe I didn't get what you were saying? I really thought you were saying it is relative to ixcoins and napkin iou's.


I forgot to include the obligatory sarcasm emoticon. TBH, I am not anti-bitcoin, I am anti-money. Period. I want to see bitcoin as the next evolutionary step before we get away from money altogether. I see bonds as just another way of selling silk purses.

Any significantly advanced cryptocurrency is indistinguishable from Ponzi Tulips.
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October 15, 2011, 05:54:00 PM
 #25

This is a cool idea which I'd pondered on.  If I were a wealthy person, I would absolutely do this as a form of political activism and to help change the world for the better.

Step 1: Form an endowment or foundation outside the US (maybe some Carribbean nation)
Step 2: Fund this endowment with $21m
Step 3: Create the bylaws for the endowment to dictate that it's sole purpose is to buy all Bitcoins at $1, and sell all Bitcoins at $1.50
Step 4: Make public record of these things, and announce the endowment to the world in a grand John Galt type speech. Make big PR event out of it.

Bitcoins would then never be worth less than $1 each. For the plan to be credible, the wealthy person needs to accept the fact that $21m may be lost in the purchase of a worthless good. If he can commit to that cost, then the plan works.

Come on Peter Thiel, stand up for your principles! No other form of charity I can ponder would be so useful as this to the state of the world. $21m to help guarantee a revolution in the world's monetary system. Pennies.
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October 15, 2011, 05:55:45 PM
 #26

I forgot to include the obligatory sarcasm emoticon. TBH, I am not anti-bitcoin, I am anti-money. Period. I want to see bitcoin as the next evolutionary step before we get away from money altogether. I see bonds as just another way of selling silk purses.

That's silly. Money is as natural to mankind, and as necessary, as language. If people trade, they will barter for things. If they barter for things, a natural money-commodity will emerge in the marketplace. The world should abandon national fiat monies, not money as a concept.
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October 15, 2011, 05:58:02 PM
 #27



Bitcoins would then never be worth less than $1 each. For the plan to be credible, the wealthy person needs to accept the fact that $21m may be lost in the purchase of a worthless good. If he can commit to that cost, then the plan works.


I would have to disagree with this,  someone could purchase all bitcoins for 1dollar, and they still could go to 0.

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cbeast
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October 15, 2011, 06:00:38 PM
 #28

I forgot to include the obligatory sarcasm emoticon. TBH, I am not anti-bitcoin, I am anti-money. Period. I want to see bitcoin as the next evolutionary step before we get away from money altogether. I see bonds as just another way of selling silk purses.

That's silly. Money is as natural to mankind, and as necessary, as language. If people trade, they will barter for things. If they barter for things, a natural money-commodity will emerge in the marketplace. The world should abandon national fiat monies, not money as a concept.

That's a bold statement that man needs money. If so, then why don't other intelligent animals use money? There are many animals with known language ability. In fact, most animals share resources. They care for their young and even extended family. How much do you charge your children for their breakfast? Have you never done anything for anyone without asking for something in return?

Any significantly advanced cryptocurrency is indistinguishable from Ponzi Tulips.
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October 15, 2011, 06:42:41 PM
 #29

I forgot to include the obligatory sarcasm emoticon. TBH, I am not anti-bitcoin, I am anti-money. Period. I want to see bitcoin as the next evolutionary step before we get away from money altogether. I see bonds as just another way of selling silk purses.

The Khmer Rouge already were successful in ridding their country of money. Cambodia doesn't have a real currency even now.

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evoorhees
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October 15, 2011, 06:47:22 PM
 #30



Bitcoins would then never be worth less than $1 each. For the plan to be credible, the wealthy person needs to accept the fact that $21m may be lost in the purchase of a worthless good. If he can commit to that cost, then the plan works.


I would have to disagree with this,  someone could purchase all bitcoins for 1dollar, and they still could go to 0.

Ummm no. If the foundation managed to purchase every single coin, then there would be no market price, except the $1.50 that the foundation offers to sell them at.

In practice, the price would never get to $.99, because a seller would never sell at .99 when he could sell to the foundation at $1
WiseOldOwl
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October 15, 2011, 06:51:00 PM
 #31

I forgot to include the obligatory sarcasm emoticon. TBH, I am not anti-bitcoin, I am anti-money. Period. I want to see bitcoin as the next evolutionary step before we get away from money altogether. I see bonds as just another way of selling silk purses.

The Khmer Rouge already were successful in ridding their country of money. Cambodia doesn't have a real currency even now.

Please elaborate, this is interesting.

http://cryptoswap.com
XRP/BTC/LTC/BTE
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October 15, 2011, 06:52:20 PM
 #32



Bitcoins would then never be worth less than $1 each. For the plan to be credible, the wealthy person needs to accept the fact that $21m may be lost in the purchase of a worthless good. If he can commit to that cost, then the plan works.


I would have to disagree with this,  someone could purchase all bitcoins for 1dollar, and they still could go to 0.

Ummm no. If the foundation managed to purchase every single coin, then there would be no market price, except the $1.50 that the foundation offers to sell them at.

In practice, the price would never get to $.99, because a seller would never sell at .99 when he could sell to the foundation at $1

The price could reach a point of no return if it falls below $1. People have lost faith in things before that died, like electric cars, outdoor movies, and free tv. The cool thing is that bitcoin is global, so it's unlikely that every country in the world will be dumb enough to let it happen.

Any significantly advanced cryptocurrency is indistinguishable from Ponzi Tulips.
evoorhees
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October 15, 2011, 06:55:18 PM
 #33

I forgot to include the obligatory sarcasm emoticon. TBH, I am not anti-bitcoin, I am anti-money. Period. I want to see bitcoin as the next evolutionary step before we get away from money altogether. I see bonds as just another way of selling silk purses.

That's silly. Money is as natural to mankind, and as necessary, as language. If people trade, they will barter for things. If they barter for things, a natural money-commodity will emerge in the marketplace. The world should abandon national fiat monies, not money as a concept.

That's a bold statement that man needs money. If so, then why don't other intelligent animals use money? There are many animals with known language ability. In fact, most animals share resources. They care for their young and even extended family. How much do you charge your children for their breakfast? Have you never done anything for anyone without asking for something in return?

I didn't say man "needs" money, I said man always develops money through exchange. It is natural because the only way to prevent something from being used as money is to use violence/force to prevent it. A government could perhaps "mandate" that no money be used, but even in practice you'd have people prefer one good over another for common trade, be it cigs or seashells or buttons... something always emerges as a common medium of exchange, a money. The fact that deer and alligators don't use money doesn't disprove my theory =)

Also, just because societies always develop a form of money doesn't mean every transaction requires money. People always trade/barter with other goods... but this is always a minority of transactions in an economy. And of course people always "donate" to each other also - providing goods or services with no compensation. But again, the vast majority of value exchanges in a society will tend to use a form of money. It's unavoidable, and certainly nothing to be afraid of.
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October 15, 2011, 06:57:02 PM
 #34

I forgot to include the obligatory sarcasm emoticon. TBH, I am not anti-bitcoin, I am anti-money. Period. I want to see bitcoin as the next evolutionary step before we get away from money altogether. I see bonds as just another way of selling silk purses.

The Khmer Rouge already were successful in ridding their country of money.

I guarantee you that's not true. If there are people trading, some form of money will emerge. Maybe not an "official national currency" but who cares about that.
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October 15, 2011, 06:58:44 PM
 #35

some form of 'trade' will occur....  we could always go back to cows and chickens?

How will you pay to get your wagon wheel fixed if you cant do it?

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October 15, 2011, 06:59:43 PM
 #36

I forgot to include the obligatory sarcasm emoticon. TBH, I am not anti-bitcoin, I am anti-money. Period. I want to see bitcoin as the next evolutionary step before we get away from money altogether. I see bonds as just another way of selling silk purses.

The Khmer Rouge already were successful in ridding their country of money.

I guarantee you that's not true. If there are people trading, some form of money will emerge. Maybe not an "official national currency" but who cares about that.

Here is Cambodian money. KHR
http://www.holiday-in-angkor-wat.com/images/cambodian-money-50b.jpg

Any significantly advanced cryptocurrency is indistinguishable from Ponzi Tulips.
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October 15, 2011, 07:08:03 PM
 #37


The Khmer Rouge already were successful in ridding their country of money. Cambodia doesn't have a real currency even now.

Please elaborate, this is interesting.

http://en.wikipedia.org/wiki/Cambodian_riel#The_Khmer_Rouge.2C_1975-1980

It should go without saying that the Khmer Rouge went as far as no other to bring about the Communist utopia. Correspondingly their death toll was the highest in proportion to the population:
http://en.wikipedia.org/wiki/Khmer_Rouge_rule_of_Cambodia

More interesting is that real money in Cambodia is all foreign. You can pay in USD or THB. In fact this is a country that should adopt Bitcoin large scale, maybe making a Bitcoin backed dead-tree-money. It's quite predictable if they do this will spill over the borders to Thailand, Vietnam and Laos pretty quickly and from there to the rest of the world.

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October 15, 2011, 07:10:11 PM
 #38


Here is Cambodian money. KHR


Surely you can present one from the time of 1975-1980.


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October 15, 2011, 07:33:00 PM
 #39


Here is Cambodian money. KHR


Surely you can present one from the time of 1975-1980.



The Khmer Rouge already were successful in ridding their country of money. Cambodia doesn't have a real currency even now.

OK, I thought you were trying to make a point that there is a successful govt w/o a fiat currency. Now I am unclear what your point was.

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October 15, 2011, 07:46:41 PM
 #40

I guarantee you that's not true. If there are people trading, some form of money will emerge. Maybe not an "official national currency" but who cares about that.

Right, trading is fundamental in human nature. So money is, too.

OK, I thought you were trying to make a point that there is a successful govt w/o a fiat currency. Now I am unclear what your point was.

Thought this was obvious. If you do social experiments that go fundamentally against human nature, you must be prepared to kill. In the Millions. Are you sure you want to abolish money?


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