Topic: 90 Cents is the Best Bitcoin Value (Read 6975 times)
Pegging one currency to another requires heavy intervention and market manipulation by a central bank, like how China pegs their currency to the dollar. They have trillions of dollars of US currency so whenever their currency falls by more than a percent or so against the dollar they can prop it up by buying yuan with dollars. Conversely when their currency rises vs. the dollar (which is definitely what it would be doing in a free market) they can just buy more US dollars with yuan and cause it to drop back down. But even they can't keep their currency down forever, and they've had to gradually let it rise. Bitcoins would of course do the same thing in the very long run, so it would be impossible to peg it any currency.
Why the dollar? The dollar is doomed. We should link bitcoins to the euro. Or the chilenan peso. 
How can you make the value a constant when it is a limited currency?
Binding bitcoin value to any currency destroys half the point with bitcoins.
What is so wrong with the current system?
Binding bitcoin value to any currency destroys half the point with bitcoins.
What is so wrong with the current system?
So can anyone or any group easily modify the client to establish a custum made blockchain at any time, market it better and establish a crypto currency for their own purpose? I have asked this question here many times but never seem to get a suitable response. I am not trolling or trying to agitate. I just want to gage the value of these bitcoins as an investment, short term or long term. Why can't I ask this question here without getting iced
However, it has been suggested that the US govt could establish such a "US" chain and make trades in Bitcoin illegal while using the same features for easy online currency but still with the central control that they love. Whether saving 5% credit card fee is enough incentive for that plan to succeed is a different story.
OP, could please explain to me again, why we should abandon all the good features of Bitcoin (no central control over how many coins can be in circulation, no fixed price setting / exchange rates, much less incentive for block generation) just so that you don't have to make simple arithmetics when you shop online?
This is a very US-centric position, as others have already pointed out. Why 0.90 USD and not 900 PLN or 90 JPY? I guess we in Europe are just more used to the idea of "funny" exchange rates, I still remember the pre-Euro time where prices in Belgium were 20 times "higher". And still today it seems that everything in the UK is so much "cheaper" (if you do not in fact have access to a calculator or rule-of-thumb).
Damn that Icy- guy is a retard.
Anyway the OP hurts alot of people's feelings on this forum stating that 90 cents is the best price for Bitcoin to be of use. That's the reason for all the negative comments.
Anyway the OP hurts alot of people's feelings on this forum stating that 90 cents is the best price for Bitcoin to be of use. That's the reason for all the negative comments.
what are these united states dollars and euros you speak of?
90 cents as the ultimate stable value is dumb. So 2 million people can hold enough for a meal or 50 people can hold enough to buy a nice house? Awesome money 
I'm pretty sure he's trolling guys, he just wants attention.
Life is more fun if you're never 100% serious.
I do think, however, that ever increasing Bitcoin prices and price volatility are disincentives to the wider adoption of Bitcoin for Network commerce.
There are a number of community-based alternative currencies in circulation right now, and their success revolves largely around the type of incentives I mentioned in my original post.
If the Bitcoin community doesn't address these challenges, then it is likely that some commercial fork of Bitcoin which eliminates things like mining will be the successful version of the digital currency ideas that Bitcoin embodies.
Kind of like Altavista and Google. Or the Apple Lisa and Windows 7.
So can anyone or any group easily modify the client to establish a custum made blockchain at any time, market it better and establish a crypto currency for their own purpose? I have asked this question here many times but never seem to get a suitable response. I am not trolling or trying to agitate. I just want to gage the value of these bitcoins as an investment, short term or long term. Why can't I ask this question here without getting iced
Ahh! I apologize. I forgot a single word that indeed confuses everything. Omniscient. Of course the intelligent individual would also have to be omniscient. Once again, my apologies.
The best form of government is a Good King. The worst form of government is a Bad King. All other forms of government lie somewhere in-between.
I'm the good king for me. Everyone else is a bad king for me. I guess I agree with you.
Or value them at $900, usd and move the decimal
Ahh! I apologize. I forgot a single word that indeed confuses everything. Omniscient. Of course the intelligent individual would also have to be omniscient. Once again, my apologies.
The best form of government is a Good King. The worst form of government is a Bad King. All other forms of government lie somewhere in-between.
Quote from: Holliday
Aww.. that's not true. I believe in both. I also think both can be beneficial. One requires an intelligent populace. The other requires an intelligent individual. After all, what kind of intelligence would work to destroy humanity?
Then you are confused. Central planning does not work because of the calculation problem.
Government's can't allocate resources in any rational way, no matter how intelligent and good intentioned you think the government planners are or can be. And lets face it, the political system is like a filter, only amoral sociopaths climb their way in to seats of power. The system is such that you have to lie to, pander to, and bribe voters with other peoples money in order to get elected. Complete central control is inherently total power, no moral person would want that power, no wise person would think they could use that power to make the world a better place. Only the moral/psychologically corrupt want that power, its like the smell of death attracting buzzards, they are drawn to power because of their especially flawed natures. So only the bad want to be in positions of power ("central planners"), and for the most part only the bad can succeed in becoming a part of the ruling class because they have to lie to the voters and exploit their ignorance in order to get the job. And then once they become central planners, they have very very little incentive to do a good job or pursue what is right.
And if you think that minimal role is the only one the governments of today's world has, you are naive. Please tell me you don't believe that.
Today no one believes in either totally unregulated free market capitalism, nor complete central control. Most economic systems in the world today are amalgamations of lots of things from a variety of sources.
So of course, the US and Europe aren't completely free markets. But neither are they North Korea.
The driving economic forces in the world today are Globalization, and the desire on the part of less developed nations to elevate a critical mass of their population to the middle class.
If we could make a stable market in Bitcoins at a price of 90 cents each, Bitcoins would take off as an alternative currency.
First, regular merchants could advertise that they accept payment for purchases from their store in either Bitcoins or dollars. This would give customers paying in Bitcoins an automatic 10% discount on their purchases. This discount for customers paying in Bitcoins, and the fact that the store accepts Bitcoins, would attract additional business to the merchant, and more than cover the cost of giving the discount.
Second, as long as merchants used their Bitcoins to purchase stuff they needed from other merchants also accepting Bitcoins, accepting Bitcoins wouldn't cost them anything at all. The 10% cost of converting Bitcoins back into dollars would only affect the last guy in the chain. This would suck dollars into the Bitcoin economy and keep the Bitcoins circulating.
Third, at a price of 90 cents each, early adopters who created and stashed hundreds of thousands of Bitcoins away back when mining was easy, have no chance of becoming Bitcoin Multibillionaires. They would have to settle for a modest reward for their contributions.
Bitcoins are presently trading at $15.80. What sorts of things could we do to incentivize them to trend towards their ideal value of 90 cents?
First, regular merchants could advertise that they accept payment for purchases from their store in either Bitcoins or dollars. This would give customers paying in Bitcoins an automatic 10% discount on their purchases. This discount for customers paying in Bitcoins, and the fact that the store accepts Bitcoins, would attract additional business to the merchant, and more than cover the cost of giving the discount.
Second, as long as merchants used their Bitcoins to purchase stuff they needed from other merchants also accepting Bitcoins, accepting Bitcoins wouldn't cost them anything at all. The 10% cost of converting Bitcoins back into dollars would only affect the last guy in the chain. This would suck dollars into the Bitcoin economy and keep the Bitcoins circulating.
Third, at a price of 90 cents each, early adopters who created and stashed hundreds of thousands of Bitcoins away back when mining was easy, have no chance of becoming Bitcoin Multibillionaires. They would have to settle for a modest reward for their contributions.
Bitcoins are presently trading at $15.80. What sorts of things could we do to incentivize them to trend towards their ideal value of 90 cents?
Maybe you and others whom agree with you could create an exchange and subsidize bitcoins with your own money from the market price down to ninety cents.
Just tell me when the site launches, I want to be the first one there.
I prize working code over quibbling about what things are called.
Wow, triple epic fail.And that goes double for trying to wade through buggy badly documented bloatware.
Don't all of those markets have taxes?
Yes they do, but tax collection, enforcement of contracts, and protection of private property rights are the three things the role of government is limited to in a free market.
Taxation doesn't automatically exclude something from being a free market, although obviously it has some potential to be used to that end, particularly along the tariff and subsidy axis.
You didn't even understand the very basic concepts of how bitcoin worked.
Your counterintuitive use of the term "mining" has absolutely nothing to do with my understanding of how Bitcoin works.
I prize working code over quibbling about what things are called.
Wow, triple epic fail.
You didn't even understand the very basic concepts of how bitcoin worked.
Your counterintuitive use of the term "mining" has absolutely nothing to do with my understanding of how Bitcoin works.
I prize working code over quibbling about what things are called.
Yes, explain how the United States and European markets are free.
For most goods and services, the government regulates neither price nor supply, and transactions take place between parties at mutually agreed upon prices, with neither party employing threats or fraud. This results in the aggregate market operating according to the laws of supply and demand. According to proponents of free markets, such markets are the most efficient markets.
Of course, there are exceptions, but quite a few goods and services are freely traded in the markets of the US and Europe.
You are so full of fail, stop posting.
Yes, explain how the United States and European markets are free.
For most goods and services, the government regulates neither price nor supply, and transactions take place between parties at mutually agreed upon prices, with neither party employing threats or fraud. This results in the aggregate market operating according to the laws of supply and demand. According to proponents of free markets, such markets are the most efficient markets.
Of course, there are exceptions, but quite a few goods and services are freely traded in the markets of the US and Europe.
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