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Author Topic: Regarding market volume, price, and protocol modification  (Read 731 times)
NY_BTC_OG
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September 28, 2014, 10:14:26 PM
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Hello, this will be my first time posting here but my 4th year involved in the bitcoin community. My name is Brad and while trading bitcoin I have ran into a few issues.

Lets begin with market Activeness and actual hoarders.

If we all know there is 21 million coins to be created and the exact amount created so far at any given time why cant we monitor each coins "activeness"

Now I understand the protocol creates a ledger where we can monitor transaction by transaction but you cant see which coins are stuck in wallets and being saved and or deleted.


This leaves many people assuming we are trading on a volume of over 13million coins while in fact many are gone or being saved for the long haul. This creates a false assumption that there is tons of coins to be had and I believe that leads to uncertainty and price decay


What I see is another layer on top of the existing protocol where coins and wallets have different levels of validity.

So here goes my explanation as best I can describe in words

each wallet and coin should be "pinged" daily by the block chain to monitor its last activity, if its been moved within 24 hours it is considered an "active" coin.

If the coin hasn't been moved for months but the wallet has been accessed this class of coins would be classified as "Saved" coins

If a wallet and a coin have not pinged for over 1 year (meaning no one logged into the wallet or moved anything from it) then this would indicate that these coins are "Frozen" coins



if the blockchain can monitor coin movements and have things programmed into it im positive we can add this layer to the existing protocol. This will give us the knowledge we need to truly see the depth of the market and how its moving.


I can program, I can't do this though on my own. This is why I come to spread my ideas for the greater good for the success of bitcoin and humanity
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BurtW
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September 28, 2014, 10:19:53 PM
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Please define "wallet" in your description above.

Do you mean one UTXO?

Do you mean one Bitcoin address?

Do you mean a collection of Bitcoin addresses grouped together in a program to keep track of the total of all the various Bitcoin addresses?

In any case how do you propose to "ping" a wallet?

Is a physical Bitcoin a "wallet" in your definition?

Our family was terrorized by Homeland Security.  Read all about it here:  http://www.jmwagner.com/ and http://www.burtw.com/  Any donations to help us recover from the $300,000 in legal fees and forced donations to the Federal Asset Forfeiture slush fund are greatly appreciated!
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September 28, 2014, 10:29:03 PM
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each bitcoin address is its own "wallet" that should basically send a "active note" to the block chain to prove it is still being used.

then each coin, because its unique has its own method to prove its "activeness" by alerting the block chain when it has been moved but like I said it needs to be classified or else we are stock with the block chain how it is today
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September 28, 2014, 10:45:24 PM
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each bitcoin address is its own "wallet" that should basically send a "active note" to the block chain to prove it is still being used.

then each coin, because its unique has its own method to prove its "activeness" by alerting the block chain when it has been moved but like I said it needs to be classified or else we are stock with the block chain how it is today
OK, so you consider each Bitcoin address to be a wallet - good we have a clear definition there.  

So now, you can already see when there is any activity into or out of a Bitcoin address so if there is activity then it is "active" right?

Every time someone receives BTC into or sends BTC from that address the activity shows in the Blockchain.  That is the protocol.  What else do you want/need?

I can tell you what I want:  I want people to stop thinking of Bitcoin addresses as "wallets" and start thinking of them as single use transaction nodes.  I want people to only use each address one single time, send BTC to the address once, move the BTC off the address once, and then never use it again.  I want people to stop flushing their privacy and the privacy of everyone they interact with down the toilet.  I want to see a blockchain where every Bitcoin address contains 0 or 1 UTXO.

I can dream too.

Our family was terrorized by Homeland Security.  Read all about it here:  http://www.jmwagner.com/ and http://www.burtw.com/  Any donations to help us recover from the $300,000 in legal fees and forced donations to the Federal Asset Forfeiture slush fund are greatly appreciated!
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