I find it really funny that use the number 6%.
Because why? Did you know that the Federal Reserve, they make 6% profit for every magic US dollar they print up from thin air?
Pretty good deal eh. Print the global #1 fiat currency that every other currency is pegged to and make more than $1 profit for every $20 you print up.
http://wallstreetonparade.com/2012/12/kill-this-entitlement-program-the-6-risk-free-dividend-the-fed-has-been-paying-wall-street-banks-for-almost-a-century/
Sorry do not want to derail just thought it was at least somewhat relevant.
Topic: Fungibility and 6% of all mined coins (Read 658 times)
legendary
Activity: 1302
Merit: 1008
Core dev leaves me neg feedback #abuse #political
I believe a lot of the coins were already sold back to the market -- why do you think
the price was buried the last few weeks? I believe it wasnt just bad sentiment,
there were coins being dumped on the open market. Not sure if anyone
can prove it but i remember hearing something about big open orders
on exchanges.
the price was buried the last few weeks? I believe it wasnt just bad sentiment,
there were coins being dumped on the open market. Not sure if anyone
can prove it but i remember hearing something about big open orders
on exchanges.
I'm a strong believer that Bitcoin needs to be fungible to work. IE: all coins are equal, there's no 'dirty coins' which clients won't processes or accept.
That said, if it turns out that all of MtGox coins were stolen, and they add up to 6% of all mined coins, then it would seem we do have a little bit of a quandary. Is bitcoin really going to work if one person has 6% of all mined coins? Won't the market always be at the mercy of this individual? Perhaps not- money laundering requirements, and regulatory oversight from the government could mean that spending 6% of all coins might prove impossible for the thief, but then again, we didn't want regulation as well.
It seems like a tricky proposition to be sure.
That said, if it turns out that all of MtGox coins were stolen, and they add up to 6% of all mined coins, then it would seem we do have a little bit of a quandary. Is bitcoin really going to work if one person has 6% of all mined coins? Won't the market always be at the mercy of this individual? Perhaps not- money laundering requirements, and regulatory oversight from the government could mean that spending 6% of all coins might prove impossible for the thief, but then again, we didn't want regulation as well.
It seems like a tricky proposition to be sure.
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