Could a coin price be locked in place? - page 6.

Kevin77

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Quote from: Paycheck on December 16, 2018, 10:39:13 PM

Let's say an agreement was made among all the major Bitcoin exchanges. Starting January 1, a Bitcoin is worth $5000 USD, plain and simple, and that's it. The price never goes higher or lower. A Bitcoin is $5000 today, tomorrow, next week, next month, etc. NOTHING changes it. Not a war, not the economy, not Trump getting re-elected (which he will, he's doing a great job), nothing.

I wonder if that could be done and what the effect would be.

This is out of basics of economics. Who we are to do that ? Only Apple may fix the price of Iphone X. But, USA government should not try to fix price of gold. You are talking like we are the creator and and to fix a value for bitcoins. Might be if Satoshi would have been thought this way then he might have done that. But Satoshi might have thought about deciding value of bitcoins based on market demands because this is how value of everything in this world is being fixed.

Oilacris

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Quote from: MFahad on January 05, 2019, 02:43:27 PM

Quote from: Willitivity on January 02, 2019, 01:57:49 PM

Bitcoin can never be at a stable price. Since people still trade cryptocurrencies, there can never be a time when any crypto would be stable, that would mean no need for trading or holding since there is no appreciation in value. The volatility of cryptocurrencies is one feature that can never be wiped off.

Well even the dollar and other fiat currencies are not locked and they also change their value on daily basis but the problem with bitcoin is that it is too much volatile. Dollar never rise up or down too much in a single day as compare to bitcoins and other digital assets.

People don't really ever learn even just looking on dollar or any currency.They would really able to saw that price isn't fixed.It moves its value on each second but only a few cents on a particular day but it do still have volatility but not really much compared to crypto and that's the big difference among them. When we do talk about lock up or stable price then its value would still remain and wont move even a single digit.
For exchange talks about btc price, it wont really happen at all and besides crypto and fiat are two different worlds and they do have their own corresponding usage.

abright135

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No, it couldn't be locked in place.

1. If an exchange tried it, and the price was better on another one, people would go to that one.

2. If the government tried, there would be no practical way to accomplish it. Cryptocurrency is cryptography and hashes. More broadly, it is information and algorithms which validate the information. Information can easily have it's source disguised and it's content hidden from outside observers in a variety of well tested and standardized ways. It need not even pass through the internet at all, which is what a cold wallet is (on it's own), although it is certainly more convenient. Therefore the government couldn't fix a coin price either.

MFahad

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Quote from: Willitivity on January 02, 2019, 01:57:49 PM

Bitcoin can never be at a stable price. Since people still trade cryptocurrencies, there can never be a time when any crypto would be stable, that would mean no need for trading or holding since there is no appreciation in value. The volatility of cryptocurrencies is one feature that can never be wiped off.

Well even the dollar and other fiat currencies are not locked and they also change their value on daily basis but the problem with bitcoin is that it is too much volatile. Dollar never rise up or down too much in a single day as compare to bitcoins and other digital assets.

Sengoko

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Quote from: Paycheck on December 16, 2018, 10:39:13 PM

I'm not talking about these supposed stablecoins like Tether, but normal coins. Let's say an agreement was made among all the major Bitcoin exchanges. Starting January 1, a Bitcoin is worth $5000 USD, plain and simple, and that's it. The price never goes higher or lower. A Bitcoin is $5000 today, tomorrow, next week, next month, etc. NOTHING changes it. Not a war, not the economy, not Trump getting re-elected (which he will, he's doing a great job), nothing.

I wonder if that could be done and what the effect would be.

One effect is that I wouldn't be buying BTC, because with no price volatility, how could I ever make a profit? But one good thing is that normal companies may be more inclined to use Bitcoin, since its price is now fixed and does not change.

You can’t do that, if you buy Bitcoin and keep in your wallet or an exchange , it will be fluctuating as the market price goes up and down. The only way you can keep the price stable is if you move the coins to a stable coin like USDT or TUSD. Or you can withdraw to Fiat and wait for when things get better and you can invest back in the market.

playboy654

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Quote from: Willitivity on January 02, 2019, 01:57:49 PM

Bitcoin can never be at a stable price. Since people still trade cryptocurrencies, there can never be a time when any crypto would be stable, that would mean no need for trading or holding since there is no appreciation in value. The volatility of cryptocurrencies is one feature that can never be wiped off.

Yes you are right we can see this point to any other currency but Bitcoin will not support this format because it is more and stable currency and we cannot find the perfect place it changes every day so the price of the bitcoin cannot be locked at one place

Willitivity

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Bitcoin can never be at a stable price. Since people still trade cryptocurrencies, there can never be a time when any crypto would be stable, that would mean no need for trading or holding since there is no appreciation in value. The volatility of cryptocurrencies is one feature that can never be wiped off.

akram143

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Quote from: sunsilk on December 27, 2018, 10:00:20 PM

The price of bitcoin won't be locked as you are thinking. Although that's just an example that plays to your mind but let's get into reality that bitcoin won't be volatile anymore if there's no motion for its price.

No one asks you to buy bitcoin if it has "stable" price at $5,000 or same that never moves. The purpose of bitcoin is still there but its value is going high as time passes by and it won't change.

at any time we cannot definitely fix her like the value of cryptocurrency because it is not like that , in our country blockchain Technology are more developed nowadays not only in some countries but also in all over the world so the price value will not be fit said it changes every day when people increasing investing then the value will be definitely going up and up.

sunsilk

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The price of bitcoin won't be locked as you are thinking. Although that's just an example that plays to your mind but let's get into reality that bitcoin won't be volatile anymore if there's no motion for its price.

No one asks you to buy bitcoin if it has "stable" price at $5,000 or same that never moves. The purpose of bitcoin is still there but its value is going high as time passes by and it won't change.

MFahad

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Quote from: Paycheck on December 16, 2018, 10:39:13 PM

I'm not talking about these supposed stablecoins like Tether, but normal coins. Let's say an agreement was made among all the major Bitcoin exchanges. Starting January 1, a Bitcoin is worth $5000 USD, plain and simple, and that's it. The price never goes higher or lower. A Bitcoin is $5000 today, tomorrow, next week, next month, etc. NOTHING changes it. Not a war, not the economy, not Trump getting re-elected (which he will, he's doing a great job), nothing.

I wonder if that could be done and what the effect would be.

One effect is that I wouldn't be buying BTC, because with no price volatility, how could I ever make a profit? But one good thing is that normal companies may be more inclined to use Bitcoin, since its price is now fixed and does not change.

Bitcoin price cannot be fixed because it is not controlled by any bank or government or any regulating authority. Bitcoin price should be determine by demand and supply. The more the demand of bitcoins, the more value will be of it. In case if people are not interested in buying it, it will surely lose its value.

Cosbycoin

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Quote from: Paycheck on December 16, 2018, 10:39:13 PM

I'm not talking about these supposed stablecoins like Tether, but normal coins. Let's say an agreement was made among all the major Bitcoin exchanges. Starting January 1, a Bitcoin is worth $5000 USD, plain and simple, and that's it. The price never goes higher or lower. A Bitcoin is $5000 today, tomorrow, next week, next month, etc. NOTHING changes it. Not a war, not the economy, not Trump getting re-elected (which he will, he's doing a great job), nothing.

I wonder if that could be done and what the effect would be.

One effect is that I wouldn't be buying BTC, because with no price volatility, how could I ever make a profit? But one good thing is that normal companies may be more inclined to use Bitcoin, since its price is now fixed and does not change.

Lol, are you doing campaign for Trump? By the way, what you’re asking isn’t possible, the price can’t be locked to a particular price, it fluctuates always (volatile) and there is no way to change that. What moves the price is demand and supply, so let’s assume that people stops to buy and sell for a week, maybe the price will stay stable. But you can’t stop the buying and selling.

mwaqar17

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In simple words you are going to change the whole crypto market by amending price fluctuation. On positive side people will be happy who are in favour of crypto market. On negative side people will leave crypto currency and there will be very few people who will be using BTC or any other crypto currency. I am in favour of this if it going to happen some day, but I don't think so it will happen.

Slow death

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Quote from: Paycheck on December 16, 2018, 10:39:13 PM

I wonder if that could be done and what the effect would be.

this could not be done, but exaggerated volatility can be minimized with the entry of large investors and with the entry of governments to make regulations that are favorable for bitcoin, if governments oversee the exchanges, if we do not have more pump and dump groups, if we end this habit that a simple opinion of someone expert or developer of the currency causes that the price increases 50%, if we end this, we will see a more acceptable volatility.

Hamphser

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Quote from: Paycheck on December 16, 2018, 10:39:13 PM

I'm not talking about these supposed stablecoins like Tether, but normal coins. Let's say an agreement was made among all the major Bitcoin exchanges. Starting January 1, a Bitcoin is worth $5000 USD, plain and simple, and that's it. The price never goes higher or lower. A Bitcoin is $5000 today, tomorrow, next week, next month, etc. NOTHING changes it. Not a war, not the economy, not Trump getting re-elected (which he will, he's doing a great job), nothing.

I wonder if that could be done and what the effect would be.

One effect is that I wouldn't be buying BTC, because with no price volatility, how could I ever make a profit? But one good thing is that normal companies may be more inclined to use Bitcoin, since its price is now fixed and does not change.

You already ask your question and the fact that exchangers doesn't have that power to dictate on what should be the price of each crypto. If that's the case then BTC wont be different into fiat money.
It wont be called as a crypto if it do have that kind of characteristics and you are right if its fixed or not volatile then making money is impossible and investors will surely lessen up.
It wont be recognized as crypto.

ClockworkTrader

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Locking the price at one level goes against the principle of Cruptocurrency, as it brings element of control to it - in this case it is the exchanges who will control it. And for sure there will be exchanges that disagree with this position, they will push for their own price etc. etc. etc.

On the other hand, such high volatility is the thing preventing Bitcoin from being a viable substitute to major fiat currencies, the situation is not that obvious.

Potato Chips

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Quote from: figmentofmyass on December 19, 2018, 04:45:39 PM

Quote from: Potato Chips on December 19, 2018, 07:01:27 AM

Quote from: stiffbud on December 18, 2018, 05:32:48 PM

Not really. If price is stable ppl would actually put more trust to it primarily because the risk of your money dropping value, would be gone. In that case we can assume more merchants!

only based on unsustainable price fixing. i don't see that lasting too long! Grin

the prices on off-exchange/p2p markets and the non-colluding exchanges would just diverge from the fake prices. i think the market is smart enough to recognize which prices are real.

Oh wait. I wasn't basing it on anyone's idea, I just answered hypothetically Grin

I still stand by my opinion that I can't see it becoming stable.

Nevertheless, this just adds to one of the many loopholes op's idea has.

figmentofmyass

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Quote from: Potato Chips on December 19, 2018, 07:01:27 AM

Quote from: stiffbud on December 18, 2018, 05:32:48 PM

The only use of that crypto left would be anonymous transactions which will be needed by a very few people on a daily basis and that crypto would loose all its popularity and I don't see a very long future for this kind of coin at all.

Not really. If price is stable ppl would actually put more trust to it primarily because the risk of your money dropping value, would be gone. In that case we can assume more merchants!

only based on unsustainable price fixing. i don't see that lasting too long! Grin

the prices on off-exchange/p2p markets and the non-colluding exchanges would just diverge from the fake prices. i think the market is smart enough to recognize which prices are real.

Kiryahs

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Get something stable if you don't want to lose. Or dont get anything at all

harizen

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Quote from: Paycheck on December 16, 2018, 10:39:13 PM

I'm not talking about these supposed stablecoins like Tether, but normal coins. Let's say an agreement was made among all the major Bitcoin exchanges. Starting January 1, a Bitcoin is worth $5000 USD, plain and simple, and that's it. The price never goes higher or lower. A Bitcoin is $5000 today, tomorrow, next week, next month, etc. NOTHING changes it. Not a war, not the economy, not Trump getting re-elected (which he will, he's doing a great job), nothing.

I wonder if that could be done and what the effect would be.

One effect is that I wouldn't be buying BTC, because with no price volatility, how could I ever make a profit? But one good thing is that normal companies may be more inclined to use Bitcoin, since its price is now fixed and does not change.

Don't know how you think on this.

Even we applied the "what if" here, it's quiet difficult to imagined because that's how crypto exchanges gets their profit. And pointing to bitcoin, take note also of the circulating supply which plays a big role on it's volatility.

Anyhow, it can applied on some alts.*

shield132

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You don't want stable coins like tether but then say that you want to see stable bitcoin, can't understand what you mean. Such an agreement mustn't be made and also people decide bitcoin's price, not exchangers. Also fixed price of btc is unusable because increased mining difficulty will make mining unprofitable. Without mining, your transactions won't be confirmed and so on. Bitcoin's main idea is decentralyzation, what you say goes against it.

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