Topic: Bitcoin evolution / solving adoption (Read 1575 times)

Do that man.. Start a website today and do what you said.. 

Well, that just reinforces my point. There is absolutely no way to enforce such a peg.

energy is not a fundamental commodity. labour is
the price of oil energy vs energy prices that come from coal, or solar or gas or hydro all are different. which are all different in different countries. which means if i want to work out how many loaves of bread i can buy with a bitcoin, i have to check out someones "averaged price" which means i have to trust their average, and then because its measured in dollar i then have to convert it to my native currency and then divide it down to work out how many loaves of bread i can buy.

i only use bread as an easy example. but what i mean is that by measuring against cost of living directly to bitcoin, no matter what country you live in would equal the same amount of living cost no matter what.

that way it solves the whole world financial crises as people can easily know a weeks bitcoin wage will buy them a weeks worth of food, rent, bills. without a need, reliance, or worry about price measures of outside sources

how about recognize that there is absolutely no possible way to stop us?

i could start up a website today that mentions no fiat values and just says hours. and let people trade depending on their own native hourly measures.

truly realize you dont need permission from anyone to do whatever you want with bitcoin

How about recognizing that there is absolutely no possible way to enforce such a peg?

I disagree. Because energy is the fundamental commodity. All human activity an production of goods build upon energy. A global coin tied to energy would not vary according to your local power company, it would average out on global energy/oil price.

Charities do not usually rely on anon donations. Even if someone did want to donate without revealing their identity then someone should trust the charity not to reveal their identity if they are going to trust them with their money.

Charities also do not need to raise money with this level of speed. Money received cannot be spent in a matter of hours so there is no reason to need to receive it in a matter of hours. Also if charities were running TV ads with a QR code to donate to then there would be nothing stopping a scammer from running similar ads with a QR code to a fraudulent BTC address.

pegging to a commodity?? hell no.. simply because the main commodity market can then mess with prices because commodities change value all the time.

how about going to real basics, stripping away bitcoins valuation against other markets.. and just have bitcoin pegged to "hours of labour"

EG cost of living/minimum wage.

that way no matter what country you live in if a bitcoin is worth 50 hours, people can translate that into native currency no matter what currency it is or current level.

this will help stabilize peoples lives even while government screw it up, as people will easily know the measure and what that measure can purchase.

EG a loaf of bread is almost a constant 0.333 hours minimal wage labour so if a bitcoin is worth 50 hours, instant maths makes a bitcoin worth 150 loaves of bread, no matter what country you live in.

idea's like the cost of energy are flawed as energy companies change prices everywhere and each week people wont know how many loaves of bread they can buy with a bitcoin without having to look at energy company websites then their local pricing and then a fiat pricing.

yet a cost of living peg is simpler to understand and calculate without referring to a bitcoin price, then an energy price and then a native fiat price.

for example. knowing 0.333 hours buys a loaf of bread. do the maths
october 2014 bitcoin =50 hours
january 2015 bitcoin = 80 hours
march 2015 bitcoin = 100 hours

did you need to look at an energy or other market website to work out how many loaves of bread u can buy in october, january and march?.. no

for those not good at maths highlight the area below for the answer
october=150 loaves
january=240 loaves
march=300 loaves
for those not good at maths highlight the area above for the answer

The commercial net really began in mid 90's not early.

MS and Apple existed from the 70's.

They had nothing to do with the 'net' as to being net related when they were formed.

Google is the only thing you mentioned that was a true net startup.

MS and Apple just adapted to the tech of the net, they were both tech giants before the commercial net began.

Vice use is why the global non tech savvy 'user' will adopt btc, silk road was why many early non tech users adopted btc, now it's being fueled by online btc gambling, tech related retailer adoption is only occurring due to how many users of btc now exist and those users adopted to btc to fuel vice related needs, drugs and gambling.

Now the vice of GREED is fueling investors as btc is going 'mainstream'.

As long as vice needs of users see btc as a way to get drugs and gamble the user base will continue to grow and traditional adoption by more and more retialers will continue, the overall impact of btc is how it has transformed drugs, gambling and GREED (investment) industries.

i love when people talk about economic crisis of the world to then talk about bitcoin adoption.

and here is the funny comment i have heard when speaking to groups

Person 1 "bitcoin will oneday be worth $1million each"
person 2 "yep and on that same day a loaf of bread will be worth $20k"




... think about it

It is impossible to peg bitcoin to a commodity. The BTC price is determined by hope, fear, belief, greed, etc. However, there is possible to create a cryptocurrency that is strongly pegged to the price of energy. I call it Koomey's coin: https://bitcointalksearch.org/topic/m.7533967

Debt levels in Europe even more unsustainable (France/ Italy could yet bring down the euro) and trade damaged by Russia and trade sanctions, problems are far from country specific- China's demand for commodities drying up is worrying, Ebola could yet wipe us all out before the banks do…..Sorry to hear about the letter, doesn't seem right on any level.

Read a few of those books and studied Keynes, Rostow, Marx etc - problem with economics (like bitcoin) is it keeps evolving, so economic theories and models, 'facts' etc change every 5-10 years, also a bit like the baskets that make up the CPIs!

Parallel currency yes, perhaps also a parallel wealth/ asset system? (firmly believe Hal Finney (RIP) when he spoke of the need for bitcoin to soar in value before it can 'work' - this should come with adoption and has to happen soon before competition messes up everything - tying it to a commodity/ basket would be detrimental and hinder this?)

Spreading bitcoin ownership and widening adoption is important- ETF awaiting approval in US/ investment fund launched in Jersey (UK) could also have an impact soon (if institutions get involved the value has to soar- one fund trying to invest $1bn would push the price up 500-800%?)

Hang on to 1 bitcoin and you will hopefully be ok!

Governments have started creating regulations already, generally they are being prohibitive due to a lack of understanding/ to play it safe for the time being, but governments (in most places) are elected and why would they not support bitcoin? (financial institutions are a different matter and the pressures they can exert on governments is the only real worry, especially in USA and UK)

Personally I see it as being a parallel system to 'old money' (for at least 10-20 years), but bitcoin only stands a chance of success if adoption keeps increasing

Smart contracts are revolutionary, but how long will it be before they reach the levels of adoption of bitcoin?

Cannot see how you would link bitcoin to any commodity- supply and demand would mean prices should differ?

Disagree on this, bitcoin is built for charities- allows anonymous donations and makes donations more efficient (ease and reduced time and fees)

Imagine an emergency appeal -if a QR code popped up on an approved charity TV advert, donations could be made without having to pick up a phone/ in seconds/ without much of the current hassle…

Bitcoin could then be accessed within minutes in whatever area/ country requires aid

Points you make apply just as much to fiat currency donations (obviously cash more open to theft, as no initial transaction record).

Bitcoin and charity does not generally mix very well. It is simply too difficult to verify that someone will actually put the donated money to good use and impossible to recover the money if it is not

We recently organised a CrypArt QR canvas for donations to a local charity (though was a bit disorganised and didn't receive much support from organisers, so only raised $20) at a conference and hope to do this again better  at future events, so trying!

I guess also Bitcoin adoption should help the world more than anyone could hope to raise through crowd funding?

Hmm while i do agree how come we never get involved in crowd funding for charitable purposes or research project that benefits the community. Maybe there is one being done before or have i missed out? Just to quote the doge clean water initiative or the nascar sponsoring thing...

Bitcoin industry is evolving at a frightening pace (e.g. look at wallets generated), so parallels to the tech boom, then bust of the 90s are logical

Disruptive potential of bitcoin is immense as am sure most here would agree, but is the industry in danger of 'getting ahead' of itself?

Internet start-ups (specialising in retail, security, infrastructure etc) with little to no revenue were getting huge amounts of money from Venture Capital funds in the early 90's (similar to exchanges now)- they went on to float on stock markets and raise even larger amounts years later, but most then disappeared with only a handful recovering to become some of the corporate monsters we see today (google, apple, microsoft etc)

Adoption of any new technology determines its success

Internet technology, like bitcoin was 'given away' to the public (ignoring early mining), which helped it overcome public skepticism and corporate competition (together with 'early mover' advantage)

Bitcoin can succeed for these reasons, but whilst all the investment is going into mining technology, exchanges and software, I believe the general public (95-99% of global population?) are being left behind and lost

Bitcoin should be a global currency, open to all (not just a tech savvy minority), otherwise it is meaningless?

Bitcoin needs to be understandable, so how can this be done?

TGBEX, produces physical bitcoins with keys engraved into individually numbered, limited edition coins, that makes bitcoin an ideal gift, investment or collectible

CrypArt produces QR based canvas art (launching over next month), that allows owners to store bitcoins on a canvas design of their choice

Also involved in a few other ventures we would like to progress (e.g. crypjewels and lower value physical coins)

Physical coins and Art make bitcoin a lot easier to explain and with ownership comes increased interest, awareness and by definition adoption

Bitcoin branded T-shirts, Caps etc are important to spread awareness, but to actually get a wider market 'involved' in bitcoin requires 'cross-over' products

Interested to hear if anyone agrees, or disagrees?