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Quote from: Etlase2 on May 07, 2013, 10:55:38 PM

Quote from: nyusternie on May 07, 2013, 10:30:52 PM

that's quite a read; do you have a cliff notes version?

i'll try to digest it over the md weekend -- look forward to discussing

Check out the 4th post and see if that helps. The money supply is intended to expand when the people deem it necessary, and do so without using much energy, while also retaining bulletproof security and using an insignificant amount of energy when no new money is necessary.

I think that project is too overreaching.

nyusternie

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Quote from: Etlase2 on May 07, 2013, 10:55:38 PM

Quote from: nyusternie on May 07, 2013, 10:30:52 PM

that's quite a read; do you have a cliff notes version?

i'll try to digest it over the md weekend -- look forward to discussing

Check out the 4th post and see if that helps. The money supply is intended to expand when the people deem it necessary, and do so without using much energy, while also retaining bulletproof security and using an insignificant amount of energy when no new money is necessary.

read the post and it sounds sweet-as-hell, but i still don't get it
there is just soooo much to read; i promise i'm not lazy, i'm just incredibly busy
perhaps some pictures would help summarize the details?
e.g. http://thumbnails.visually.netdna-cdn.com/bitcoin-infographic_5029189c9cbaf.jpg

Etlase2

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Quote from: nyusternie on May 07, 2013, 10:30:52 PM

that's quite a read; do you have a cliff notes version?

i'll try to digest it over the md weekend -- look forward to discussing

Check out the 4th post and see if that helps. The money supply is intended to expand when the people deem it necessary, and do so without using much energy, while also retaining bulletproof security and using an insignificant amount of energy when no new money is necessary.

nyusternie

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Quote from: Etlase2 on May 07, 2013, 06:00:48 PM

Hello, I'm Etlase2, and I am tackling this problem. One way to ensure transactions remain fairly honest is to charge a percentage fee rather than a flat fee or a fee based only on bytes/coin age. This is possible when you use an account ledger system instead of a transaction ledger. For this and a million other details, click the link in my sig.

that's quite a read; do you have a cliff notes version?

i'll try to digest it over the md weekend -- look forward to discussing

Etlase2

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Quote from: nyusternie on May 02, 2013, 05:47:01 PM

Quote from: 🏰 TradeFortress 🏰 on May 02, 2013, 05:17:26 PM

Quote from: nyusternie on April 29, 2013, 07:36:46 AM

Quote from: bitchess on April 28, 2013, 10:16:58 PM

The magic number would be correlated with long term real economic growth rate. Trying to set the money supply growth constant at 2% is likely closer than setting it to 0% yet it has the same flaw that if your number is lower than the observed monetary demand, you will get deflation, if your number is higher you will have built in inflation.

The fractional reserve system allows banks to react to deviations from equilibrium as numbers are observed

If the algo to set money supply growth rate can take in real values of what is transacted on a regular basis then it would solve the problem completely. Not sure if this is feasible.

i like the way this sounds

+1

I don't think this is feasible. I could run a script to transfer money from A to B all the time. If you are thinking of "oh, then hard code a case to ignore that", you're thinking in the wrong direction because I'll just transfer from A to [B or C or D] to [A or B or C or D].

yeah, you're right, i really didn't take into account how easy it is to game some of these systems. i was just reading a discussion https://bitcointalksearch.org/topic/to-fee-or-not-to-fee-166302 that talks about better ways to handle transaction fees, with a focus on how to prevent mining pool collusion from gaming that system.

with that said .. i never could have imagined someone (Satoshi) creating a system like bitcoin in my wildest dreams; so if someone (or more likely a team) with that same sense of vision would tackle this problem, it could certainly materialize into the next great coin

Hello, I'm Etlase2, and I am tackling this problem. One way to ensure transactions remain fairly honest is to charge a percentage fee rather than a flat fee or a fee based only on bytes/coin age. This is possible when you use an account ledger system instead of a transaction ledger. For this and a million other details, click the link in my sig.

nyusternie

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Quote from: virtualfaqs on May 07, 2013, 03:26:29 PM

Due to the overwhelming success of Ripple XRP, we currently do not have any plans to make this project open source. Thank you and please continue making us money.

2funi

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Quote from: nyusternie on May 06, 2013, 06:34:08 PM

Quote from: virtualfaqs on May 06, 2013, 05:45:21 PM

At 8500/BTC, 100 billion XRP is valued at 11.8 million BTC = $1.3 billion USD WTF! Of course this is due to the public scarcity. Still WTF! Cheesy

i came here to post the very same thing, but you beat me to it Sad

was just on bitstamp and came across their Buy Ripples page
currently @ $1 per 50 XRP (seriously?)
that's a 2 BILLION DOLLAR valuation
don't see any way to actually SELL yet, but still, yeah, WTF!!!

with bitstamp (which i believe is the 2nd largest exchange) supporting ripple, do ya think maybe, just maybe, it might be time to flip that "code release" switch Huh

edit:
even if the next massive giveaway was 5,000 XRP per account; that's literally giving everyone a hundred dollar bill to then unload on the free market; this decentralization plan of OpenCoin is making less and less sense to me

And this is why we should be getting an announcement any day now,

Due to the overwhelming success of Ripple XRP, we currently do not have any plans to make this project open source. Thank you and please continue making us money.

This will decrease the chance of competing ripple clones which would devalue the Ripple. But for the record, I don't consider this to be a scam and more like an innovative business venture.

Just to touch on your last point, if the Giveaway thread starts giving out $100 bill, then each bitcointalk account who has not posted in that thread will be valued at $80. Hacking, buying accounts, and dead accounts coming out of the woodwork will be rampant then it was at $10-$20 range before.

nyusternie

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Quote from: virtualfaqs on May 06, 2013, 05:45:21 PM

At 8500/BTC, 100 billion XRP is valued at 11.8 million BTC = $1.3 billion USD WTF! Of course this is due to the public scarcity. Still WTF! Cheesy

i came here to post the very same thing, but you beat me to it Sad

was just on bitstamp and came across their Buy Ripples page
currently @ $1 per 50 XRP (seriously?)
that's a 2 BILLION DOLLAR valuation
don't see any way to actually SELL yet, but still, yeah, WTF!!!

with bitstamp (which i believe is the 2nd largest exchange) supporting ripple, do ya think maybe, just maybe, it might be time to flip that "code release" switch Huh

edit:
even if the next massive giveaway was 5,000 XRP per account; that's literally giving everyone a hundred dollar bill to then unload on the free market; this decentralization plan of OpenCoin is making less and less sense to me

virtualfaqs

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At 8500/BTC, 100 billion XRP is valued at 11.8 million BTC = $1.3 billion USD WTF! Of course this is due to the public scarcity. Still WTF! Cheesy

cdog

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http://en.wikipedia.org/wiki/Racketeering

🏰 TradeFortress 🏰

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Bump to prevent more people using ripple.

nyusternie

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"Living the Kewl Life"

Quote from: 🏰 TradeFortress 🏰 on May 02, 2013, 05:17:26 PM

Quote from: nyusternie on April 29, 2013, 07:36:46 AM

Quote from: bitchess on April 28, 2013, 10:16:58 PM

The magic number would be correlated with long term real economic growth rate. Trying to set the money supply growth constant at 2% is likely closer than setting it to 0% yet it has the same flaw that if your number is lower than the observed monetary demand, you will get deflation, if your number is higher you will have built in inflation.

The fractional reserve system allows banks to react to deviations from equilibrium as numbers are observed

If the algo to set money supply growth rate can take in real values of what is transacted on a regular basis then it would solve the problem completely. Not sure if this is feasible.

i like the way this sounds

+1

I don't think this is feasible. I could run a script to transfer money from A to B all the time. If you are thinking of "oh, then hard code a case to ignore that", you're thinking in the wrong direction because I'll just transfer from A to [B or C or D] to [A or B or C or D].

yeah, you're right, i really didn't take into account how easy it is to game some of these systems. i was just reading a discussion https://bitcointalksearch.org/topic/to-fee-or-not-to-fee-166302 that talks about better ways to handle transaction fees, with a focus on how to prevent mining pool collusion from gaming that system.

with that said .. i never could have imagined someone (Satoshi) creating a system like bitcoin in my wildest dreams; so if someone (or more likely a team) with that same sense of vision would tackle this problem, it could certainly materialize into the next great coin

🏰 TradeFortress 🏰

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Quote from: nyusternie on April 29, 2013, 07:36:46 AM

Quote from: bitchess on April 28, 2013, 10:16:58 PM

The magic number would be correlated with long term real economic growth rate. Trying to set the money supply growth constant at 2% is likely closer than setting it to 0% yet it has the same flaw that if your number is lower than the observed monetary demand, you will get deflation, if your number is higher you will have built in inflation.

The fractional reserve system allows banks to react to deviations from equilibrium as numbers are observed

If the algo to set money supply growth rate can take in real values of what is transacted on a regular basis then it would solve the problem completely. Not sure if this is feasible.

i like the way this sounds

+1

I don't think this is feasible. I could run a script to transfer money from A to B all the time. If you are thinking of "oh, then hard code a case to ignore that", you're thinking in the wrong direction because I'll just transfer from A to [B or C or D] to [A or B or C or D].

cdog

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http://en.wikipedia.org/wiki/Default_%28finance%29

cdog

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http://en.wikipedia.org/wiki/Confidence_trick

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Quote from: Red on April 29, 2013, 08:45:56 AM

Quote from: bitchess on April 29, 2013, 07:41:41 AM

Thanks. The "real values" part is the part that I find not feasible to put in an algorithm but let's see what the future holds.

Your ideas are very well reasoned and elucidated. Again, I encourage you to:
1) Introduce yourself here.
https://bitcointalksearch.org/topic/stablecoin-welcome-and-introduce-yourself-179918

2) Create a new thread that puts forth the ideas you've expounded here. Also, include the parts you think are infeasible. All of us are doing that.

Perhaps an odd combination of each of our ideas will turn out to be feasible. Please put [StableCoin] in the title of your new thread. That way like minded forum users will be able to find it when they search for the topic.

ok I know, I'm talking about a topic that deviates from the thread subject. My bad... I'm just responding to responses to prior posts.

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Quote from: bitchess on April 29, 2013, 07:41:41 AM

Thanks. The "real values" part is the part that I find not feasible to put in an algorithm but let's see what the future holds.

Your ideas are very well reasoned and elucidated. Again, I encourage you to:
1) Introduce yourself here.
https://bitcointalksearch.org/topic/stablecoin-welcome-and-introduce-yourself-179918

2) Create a new thread that puts forth the ideas you've expounded here. Also, include the parts you think are infeasible. All of us are doing that.

Perhaps an odd combination of each of our ideas will turn out to be feasible. Please put [StableCoin] in the title of your new thread. That way like minded forum users will be able to find it when they search for the topic.

bitchess

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Quote from: nyusternie on April 29, 2013, 07:36:46 AM

Quote from: bitchess on April 28, 2013, 10:16:58 PM

The magic number would be correlated with long term real economic growth rate. Trying to set the money supply growth constant at 2% is likely closer than setting it to 0% yet it has the same flaw that if your number is lower than the observed monetary demand, you will get deflation, if your number is higher you will have built in inflation.

The fractional reserve system allows banks to react to deviations from equilibrium as numbers are observed

If the algo to set money supply growth rate can take in real values of what is transacted on a regular basis then it would solve the problem completely. Not sure if this is feasible.

i like the way this sounds

+1

Thanks. The "real values" part is the part that I find not feasible to put in an algorithm but let's see what the future holds.

nyusternie

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Activity: 211

Merit: 100

"Living the Kewl Life"

Quote from: bitchess on April 28, 2013, 10:16:58 PM

The magic number would be correlated with long term real economic growth rate. Trying to set the money supply growth constant at 2% is likely closer than setting it to 0% yet it has the same flaw that if your number is lower than the observed monetary demand, you will get deflation, if your number is higher you will have built in inflation.

The fractional reserve system allows banks to react to deviations from equilibrium as numbers are observed

If the algo to set money supply growth rate can take in real values of what is transacted on a regular basis then it would solve the problem completely. Not sure if this is feasible.

i like the way this sounds

+1

bitchess

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Quote from: drawingthesun on April 29, 2013, 04:12:53 AM

Quote from: bitchess on April 28, 2013, 10:16:58 PM

The magic number would be correlated with long term real economic growth rate. Trying to set the money supply growth constant at 2% is likely closer than setting it to 0% yet it has the same flaw that if your number is lower than the observed monetary demand, you will get deflation, if your number is higher you will have built in inflation.

Quote from: bitchess on April 28, 2013, 10:16:58 PM

If the algo to set money supply growth rate can take in real values of what is transacted on a regular basis then it would solve the problem completely. Not sure if this is feasible.

What variables would need to taken in?

For example take a look at Bitcoin mining with the massive resources being put towards it. This is clearly a case of huge monetary demand, would the perfect algorithm increase or decrease the supply based on that demand? Would it be better to disallow mining altogether and use another variable, perhaps unique transaction info? In that case only transactions between aged unique wallets might allow for a input to allow for inflation or deflation. (aged wallets that are only transferring between other unique wallets that do not have too many connections to determine that they do not belong to the same person)

This is what the fed uses as a baseline: http://en.m.wikipedia.org/wiki/Taylor_rule
But it assumes that you have the existence of a prevailing fed funds rate you can adjust (and a banking system as well)

You can't simply look at transaction volumes because people could just sell an apple to themself and control that number. The demand for money must be linked to real economic activity.

Topic: http://ripplescam.org/ (Read 6492 times)