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Author Topic: A problem with Bitcoins.  (Read 1718 times)
randerman
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May 10, 2011, 04:21:48 PM
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The current money system is in its core based on: Scarcity + Labor and bitcoins are no different. Yes it doesn't use the fiat system, but its price is still determined by scarcity. Instead it should be determined by the total amount of hashes per second divided by the total amount of bitcoins. For example if a country had a famine, the food prices would skyrocket until the famine ends or the people die.Technically the first item manufactored in a factory is the most expensive at the time of its creation, even though countless others can be easily made. Scarcity also made the fiat system and if a money system uses scarcity one day the fiat system will return(but under a different name).
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May 10, 2011, 04:26:04 PM
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You're not the first one.
You're not the last one.

Bitcoins are a rectangular brick.

Don't fix the most basic unit. Leave it for everyone to learn from.

Create a variant.

Proposal: http://forum.bitcoin.org/index.php?topic=11541.msg162881#msg162881
Inception: https://github.com/bitcoin/bitcoin/issues/296
Goal: http://forum.bitcoin.org/index.php?topic=12536.0
Means: Code, donations, and brutal criticism. I've got a thick skin. 1Gc3xCHAzwvTDnyMW3evBBr5qNRDN3DRpq
brocktice
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May 10, 2011, 05:19:05 PM
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Price will always be determined by scarcity. How can it be otherwise? The price of bitcoins is anyway not set by the software, but by outside market forces.

http://media.witcoin.com/p/1608/8----This-is-nuts

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tomcollins
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May 10, 2011, 05:34:08 PM
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Price will always be determined by scarcity. How can it be otherwise? The price of bitcoins is anyway not set by the software, but by outside market forces.

See, if we just had more food show up magically during a famine, then no one would starve!
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May 10, 2011, 06:28:35 PM
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Price will always be determined by scarcity. How can it be otherwise? The price of bitcoins is anyway not set by the software, but by outside market forces.

See, if we just had more food show up magically during a famine, then no one would starve!

Clearly this is why bitcoin price should be proportional to hashing power. Then we could just buy more food with our bitcoins!

http://media.witcoin.com/p/1608/8----This-is-nuts

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FreeMoney
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May 10, 2011, 06:33:33 PM
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Scarcity is an illusion. 

Then what are you complaining about? Bitcoins must not actually be scarce.

Play Bitcoin Poker at sealswithclubs.eu. We're active and open to everyone.
brocktice
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May 10, 2011, 06:37:06 PM
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Scarcity is an illusion.

You are wrong. Scarcity exists. Maybe not of raw materials, but of things that exist against entropy. Whether that is organized movement of things or physical objects, or even ideas. You cannot make it otherwise. That this is the atom of your argument shows that your whole argument is wrong from the very start.

What can be made to be less scarce are the raw materials and shelter needed to survive and prosper from day to day. That will not happen due to some whimsical Keynesian manipulation of the money supply, but from technological advances. Furthermore, whoever invents the technology that can make this possible will profit wildly even as humanity as a whole benefits. Will they be richer than the majority of the population? Sure! But everyone is better off than they were.

I'm a bit miffed to see all of this communist-type claptrap springing up around bitcoins. Please have a look into agorism and anarcho-socialism if you haven't already, they hold much greater promise of achieving the ends you want, and Bitcoin can be a major piece of the agorist strategy.


http://media.witcoin.com/p/1608/8----This-is-nuts

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brocktice
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May 10, 2011, 06:39:49 PM
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Clearly this is why bitcoin price should be proportional to hashing power. Then we could just buy more food with our bitcoins!

Exactly my point. Smiley.

Yes, I was playing along.

http://media.witcoin.com/p/1608/8----This-is-nuts

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barbarousrelic
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May 10, 2011, 06:56:42 PM
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The current money system is in its core based on: Scarcity + Labor and bitcoins are no different. Yes it doesn't use the fiat system, but its price is still determined by scarcity. Instead it should be determined by the total amount of hashes per second divided by the total amount of bitcoins.
You are free to value your Bitcoins in the way you describe.

Do not waste your time debating whether Bitcoin can work. It does work.

"Early adopters will profit" is not a sufficient condition to classify something as a pyramid or Ponzi scheme. If it was, Apple and Microsoft stock are Ponzi schemes.

There is no such thing as "market manipulation." There is only buying and selling.
brocktice
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May 10, 2011, 07:30:24 PM
 #10

The current money system is in its core based on: Scarcity + Labor and bitcoins are no different. Yes it doesn't use the fiat system, but its price is still determined by scarcity. Instead it should be determined by the total amount of hashes per second divided by the total amount of bitcoins.
You are free to value your Bitcoins in the way you describe.

What do you mean?

You are free to consider the value of your bitcoins as proportional to hashing power. In fact you have no control over how others will value them and there's no way for you to directly change that.

http://media.witcoin.com/p/1608/8----This-is-nuts

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May 10, 2011, 09:07:28 PM
 #11

Thanks for the fast replies.
    
You're not the first one.
You're not the last one.

Bitcoins are a rectangular brick.

Don't fix the most basic unit. Leave it for everyone to learn from.

Create a variant.
Beautifully written.
What I fear is that if I create a variant, then it will quickly forgotten.


I'm promoting variants. I'm a bitcoin zealot. Use the energy of the latter to power the former. Problem solved.

Proposal: http://forum.bitcoin.org/index.php?topic=11541.msg162881#msg162881
Inception: https://github.com/bitcoin/bitcoin/issues/296
Goal: http://forum.bitcoin.org/index.php?topic=12536.0
Means: Code, donations, and brutal criticism. I've got a thick skin. 1Gc3xCHAzwvTDnyMW3evBBr5qNRDN3DRpq
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