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Topic: Is Bitcoin going to change its inflation algorithm? (Read 4949 times)

LeonGeeste

newbie

Activity: 48

Merit: 0

Quote from: Vladimir on July 19, 2011, 02:30:16 AM

Quote

Is Bitcoin going to change its inflation algorithm?

no

/thread

Mostly correct, but a small nitpick: it's actually "fuck no, you retard, because the whole reason people joined was because of the asymptotically fixed quantity and you don't fucking changing the rules midstream, and it's not like any significant fraction of the user base is going to follow the inflatecoin blockchain anyway, go start your own damn project if you like inflation that much."

But yours was more succinct. Wink

Wink

markm

legendary

Legendary level

Activity: 2940

Merit: 1090

Quote from: Jaime Frontero on July 19, 2011, 11:07:49 PM

Quote from: markm on July 19, 2011, 03:19:30 PM

Quote from: Vladimir on July 19, 2011, 09:36:50 AM

Indeed, for last 6 month I am offering every inflation proponent to fork bitcoin and create inflatocoin and so far not a single attempt, not even a hint.

They do talk the talk but they do not walk the walk. Do we have to fork the inflatocoin for them?

Actually GRouPcoin keeps pouring out 50 coins per block forever so all those who want inflatacoin can come on over there its already up and running.

-MarkM-

ummm... yeah.

except they're hosting account has been suspended. a minor detail, i'm certain.

http://www.groupcoin.com

maybe it's just me?

I wonder if soeone simply domain squatted figuring they will try to sell the domain, or what?

It had not even occured to me to look up such a domain. What indication is there, if any, that it has anything to do with Unthinkingbit's groupcoin/devcoin project? Did they also register devcoin? Are they registering all three and four letter permutations with coin suffix? I believe there was some domain years ago called bitcoin, so what? It had nothing to do with bitcoin did it?

I don't understand what your point is? Are you implying the domain might be for sale? Why would we even bother buying it?

Is there a trademark involved or something like that?

-MarkM-

bitterness

newbie

Activity: 18

Merit: 0

Quote from: Vladimir on July 19, 2011, 07:46:19 AM

You know what is the principal difference between inflationary and deflationary currencies? Inflationary currencies facilitate transfer of wealth from children to parents, while deflationary ones facilitate transfer of wealth from parents to children. I, personally, prefer to empower my children instead of robbing them.

I prefer to pass solid investments which ideally helped to improve the world they have to live in or their growing up on to them.

Jaime Frontero

full member

Activity: 126

Merit: 100

Quote from: markm on July 19, 2011, 03:19:30 PM

Quote from: Vladimir on July 19, 2011, 09:36:50 AM

Indeed, for last 6 month I am offering every inflation proponent to fork bitcoin and create inflatocoin and so far not a single attempt, not even a hint.

They do talk the talk but they do not walk the walk. Do we have to fork the inflatocoin for them?

Actually GRouPcoin keeps pouring out 50 coins per block forever so all those who want inflatacoin can come on over there its already up and running.

-MarkM-

ummm... yeah.

except they're hosting account has been suspended. a minor detail, i'm certain.

http://www.groupcoin.com

maybe it's just me?

MoonShadow

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Activity: 1708

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Quote from: cunicula on July 19, 2011, 08:03:53 AM

You guys are really ridiculous. Does it matter if my proposal is also deflationary and offers better protection against inflationary risk than bitcoin?
Do you need to make an argument to show that it is inflationary or is it sufficient to just state this?

On it's initial presentation, it appears potentially deflationary. The problem that I have with it, already, is that it is an even more complex algo than Bitcoin presently uses, which has many co-dependent parts that function together. You're algo may appear functional, and may even be functional for decades, but the odds of a more complex algo resulting in a failure of many sorts is increased even over Bitcoin, which again is not a small risk. On it's face, I think that I can see a potential method of exploitation of the algo, so that the results are ever inflationary. Could still be better than fiat currencies, but I doubt that it's going to be better than Bitcoin's highly predictable algo. It's that kernal of doubt that will prevent me, and others, from seriously considering it. Ever.

MoonShadow

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Quote from: cunicula on July 19, 2011, 03:11:30 AM

"The ideas of economists and political philosophers, both when they are right and when they are wrong, are more powerful than is commonly understood. Indeed the world is ruled by little else. Practical men, who believe themselves to be quite exempt from any intellectual influence, are usually the slaves of some defunct economist. Madmen in authority, who hear voices in the air, are distilling their frenzy from some academic scribbler of a few years back."

-Keynes

This is, beyond doubt, the most ironic (and accurate) statement that Keynes ever made concerning his own field of study.

markm

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Quote from: Vladimir on July 19, 2011, 09:36:50 AM

Indeed, for last 6 month I am offering every inflation proponent to fork bitcoin and create inflatocoin and so far not a single attempt, not even a hint.

They do talk the talk but they do not walk the walk. Do we have to fork the inflatocoin for them?

Actually GRouPcoin keeps pouring out 50 coins per block forever so all those who want inflatacoin can come on over there its already up and running.

-MarkM-

pusle

member

Activity: 89

Merit: 10

Bitcoin is currently a super inflationary currency so there is no need for a new version yet if you like inflation.

After reading more I also came to the conclusion I was wrong and a deflationary currency might actually be the fix
we need in addition to the other superb qualities of bitcoin.

The only reason to add a very small inflation might be to give the miners more incentive in the future.
Nobody seems to agree what will happen when the majority of funding for miners comes from fees.

However this sort of group behaviour is near impossible to predict.
It's pointless to swap out one unknown future with another, so for now just let it be.

kjj

legendary

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Activity: 1302

Merit: 1026

Quote from: cunicula on July 19, 2011, 10:56:46 AM

Quote from: cunicula on July 19, 2011, 08:03:53 AM

You guys are really ridiculous. Does it matter if my proposal is also deflationary and offers better protection against inflationary risk than bitcoin?
Do you need to make an argument to show that it is inflationary or is it sufficient to just state this?

Okay answer to the above is clear. Should I take that to mean that you can't find a flaw in the proposal? I would really prefer constructive criticism to ad hominem attacks. Would love to make my idea better but need help from people willing and able to exercise their brains.

I can see one flaw. It is pointless.

I know you aren't looking for more ad hominem arguments, so I won't say that the whole proof-of-stake concept is stupid, but I will say that you are suggesting massive changes, making the system vastly more complicated than it is already, and threatening pretty much all of the key features that everyone (nearly everyone) likes about the current system.

And for essentially no real gain that I can see. The only gain I can see is to you personally. Not that I think you stand to profit from the new system necessarily, but personally in the sense that you seem to have a subjective preference for this convoluted and ridiculous system over the simple one that we already have. And I mean ridiculous as a mere statement of fact that it has been ridiculed, not as a value judgment.

wumpus

hero member

Activity: 812

Merit: 1022

No Maps for These Territories

Quote from: bitterness on July 19, 2011, 03:26:45 AM

Why is it so hard to get, that prices are not just a function of the existing money and even if they would, Bitcoin won't be the only currency on this planet.

Huh? I don't think I ever said that I believe that. I just proposed an alternative coin generation scheme for CuniculaCoin.

befuddled

member

Activity: 73

Merit: 10

What Vladimir said.

cunicula

legendary

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Quote from: cunicula on July 19, 2011, 08:03:53 AM

You guys are really ridiculous. Does it matter if my proposal is also deflationary and offers better protection against inflationary risk than bitcoin?
Do you need to make an argument to show that it is inflationary or is it sufficient to just state this?

Okay answer to the above is clear. Should I take that to mean that you can't find a flaw in the proposal? I would really prefer constructive criticism to ad hominem attacks. Would love to make my idea better but need help from people willing and able to exercise their brains.

Vladimir

hero member

Activity: 812

Merit: 1001

-

To be fair, Bitcoin is a complex concept. there is crypto, there is economics, there is block chain, there is proof of work, there is mining subsidy, there is fee mechanism given to free market to regulate, etc...

They say human brain can hold only so much information in quick access memory (RAM). I would guess that some people are just not capable to grasp the concept instantly due to large number of intertwined components of bitcoin ecosystem (brain swapping their "RAM" to somewhere).

It took me a week of reading and thinking to grasp Bitcoin concept and see how ingenious and elegant it is. However, I have my INTP intuition which told me that this may worth the effort, just based on quick read of Satoshi's paper.

Some may not put in such an effort to "get" it and simply reject what they do not understand.

Many once discover Bitcoin try to find a way to improve it, by changing some of the fundamental properties somehow. I did that too in the beginning, but I gave up on it long ago.

Piper67

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Quote from: Vladimir on July 19, 2011, 09:36:50 AM

Indeed, for last 6 month I am offering every inflation proponent to fork bitcoin and create inflatocoin and so far not a single attempt, not even a hint.

They do talk the talk but they do not walk the walk. Do we have to fork the inflatocoin for them?

Heh, Vladimir, it's not worth the effort... if someone truly wants an inflationary currency I can give them hundreds of them, starting with the USD.

It's fascinating how some people fail to grasp the fundamentals of bitcoin... not a day goes by without someone suggesting "let's make it inflationary", "let's peg it to the dollar", "let's build a central authority for it"... some of these people are trolls, others are just infected with memes that won't let go.

Vladimir

hero member

Activity: 812

Merit: 1001

-

Indeed, for last 6 month I am offering every inflation proponent to fork bitcoin and create inflatocoin and so far not a single attempt, not even a hint.

They do talk the talk but they do not walk the walk. Do we have to fork the inflatocoin for them?

hugolp

legendary

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Activity: 1148

Merit: 1001

Radix-The Decentralized Finance Protocol

Quote from: Vladimir on July 19, 2011, 07:46:19 AM

I'll put it this way.

Immediately after bitcoin algo is changed significantly with regard to inflation/deflation properties, the blockhain will be split. I will use the partition which uses current algo, lots of other people will do so too.

Inflationista funboys are free to stay in their inflationary reservation currency. On a positive note, they might get their own forum than.

You know what is the principal difference between inflationary and deflationary currencies? Inflationary currencies facilitate transfer of wealth from children to parents, while deflationary ones facilitate transfer of wealth from parents to children. I, personally, prefer to empower my children instead of robbing them.

I hope this happens soon so we can point out at an example of a currency not working when someone proposes the same idea.

Unfortunatelly he is a troll and wont do anything (hopefully Im wrong).

cunicula

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Quote from: Vladimir on July 19, 2011, 08:09:51 AM

Than you are going to have to fight "it ain't broken do not fix it" argument.

That is completely true. It is an uphill battle.

Vladimir

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Activity: 812

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-

Than you are going to have to fight "it ain't broken do not fix it" argument.

cunicula

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You guys are really ridiculous. Does it matter if my proposal is also deflationary and offers better protection against inflationary risk than bitcoin?
Do you need to make an argument to show that it is inflationary or is it sufficient to just state this?

Vladimir

hero member

Activity: 812

Merit: 1001

-

I'll put it this way.

Immediately after bitcoin algo is changed significantly with regard to inflation/deflation properties, the blockhain will be split. I will use the partition which uses current algo, lots of other people will do so too.

Inflationista funboys are free to stay in their inflationary reservation currency. On a positive note, they might get their own forum than.

You know what is the principal difference between inflationary and deflationary currencies? Inflationary currencies facilitate transfer of wealth from children to parents, while deflationary ones facilitate transfer of wealth from parents to children. I, personally, prefer to empower my children instead of robbing them.

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