And Max Keiser is going to guarantee a particular BTC exchange rate using his own funds is he?
Ok, fine.
Topic: Keiser said Bitcoin Foundation should run Bitcoin and set the price - page 3. (Read 5371 times)
April 26, 2013, 09:05:51 PM
April 26, 2013, 09:00:40 PM
Bitcoin price should be set by a mathematical algorithm as a layer on the protocol.
I was about to say that this is ridiculous, but I'll be diplomatic and suggest you tell us more about what kind of algorithm you have in mind exactly.
April 26, 2013, 08:53:52 PM
Bitcoin price is already set by a Japanese corporation. Look what good that does. Bitcoin price should be set by a mathematical algorithm as a layer on the protocol. In math we trust.
April 26, 2013, 08:40:33 PM
Well, if MK thinks the price should be around 100$, all he has to do is to sell his bitcoins whenever the price is above 100$, and buy them back whenever it is below.
Everyone has an incentive to sell when the price gets higher anyway. So there is a natural feedback loop. No need for a supreme entity, whether it is the bitcoin foundation or whatever, to fix the price. The market will do.
I doubt the bitcoin foundation owns enough bitcoins to perform price control, anyway.
Everyone has an incentive to sell when the price gets higher anyway. So there is a natural feedback loop. No need for a supreme entity, whether it is the bitcoin foundation or whatever, to fix the price. The market will do.
I doubt the bitcoin foundation owns enough bitcoins to perform price control, anyway.
April 26, 2013, 08:39:23 PM
stupid idea and not even possible given Bitcoin's design.
It's semi-possible. Other currencies have an official exchange rate but are also used for speculation. Likewise, precious metals have an "official" price but you can still trade them in a speculative manner.
If you believe that Bitcoin won't stabilise without "someone" doing "something" then you need to consider "who" and "what". You also need to consider whether now is the appropriate time to try to stabilise Bitcoin. Are there enough people wanting to use Bitcoin as a currency and enough ways to use it as a currency right now to justify trying to stabilise it or are we years away from it being viable as a currency?
You can't just ignore the fact that many people view Bitcoin primarily as a means of increasing their net worth and it's not especially useful for that purpose if it becomes a stable currency.
If you drive out the speculators, is there enough momentum to sustain Bitcoin as a currency or have we not yet reached that critical mass?
this is my reply to repentance above about the possibility of a Bitcoin peg:
https://bitcointalksearch.org/topic/m.1956126
April 26, 2013, 08:33:03 PM
I have very hard time believing Max can have written that.
April 26, 2013, 08:27:22 PM
My simple solution to this perceived problem is to simply encourage the adoption of cBTC or some other SMALLER unit as the standard unit referred to in exchange rather than the full bitcoin. This way you just change the scale of the exchange rate, thus changing the public perception.
So then, for example, today's price would be expressed as $1.35 cBTC. And it would stay in that small relatable scale until 1 BTC hit $1,000. Then that previously scary price would be represented as $10.00 cBTC, which seems like a relative pittance.
Switching over to millibits would probably be even better. Today's price would be $.135 mBTC.
Bitcoin is a *very* limited issue. Think about how small 21 million units is for a currency! The scale simply has to change and the sooner the better. This could be adopted by consensus over time. Once the exchanges adopt it, then one of the major public perception problems of Bitcoin is gone. People will want to throw money at it if they can buy units for next to nothing - just like the very early adopters did.
So then, for example, today's price would be expressed as $1.35 cBTC. And it would stay in that small relatable scale until 1 BTC hit $1,000. Then that previously scary price would be represented as $10.00 cBTC, which seems like a relative pittance.
Switching over to millibits would probably be even better. Today's price would be $.135 mBTC.
Bitcoin is a *very* limited issue. Think about how small 21 million units is for a currency! The scale simply has to change and the sooner the better. This could be adopted by consensus over time. Once the exchanges adopt it, then one of the major public perception problems of Bitcoin is gone. People will want to throw money at it if they can buy units for next to nothing - just like the very early adopters did.
April 26, 2013, 08:07:45 PM
Semi is the operative word here. The US Government did this with gold and the USD before 1971.
And here we are with people still speculating on the price of gold and the USD.
April 26, 2013, 07:51:18 PM
stupid idea and not even possible given Bitcoin's design.
It's semi-possible. Other currencies have an official exchange rate but are also used for speculation. Likewise, precious metals have an "official" price but you can still trade them in a speculative manner.
If you believe that Bitcoin won't stabilise without "someone" doing "something" then you need to consider "who" and "what". You also need to consider whether now is the appropriate time to try to stabilise Bitcoin. Are there enough people wanting to use Bitcoin as a currency and enough ways to use it as a currency right now to justify trying to stabilise it or are we years away from it being viable as a currency?
You can't just ignore the fact that many people view Bitcoin primarily as a means of increasing their net worth and it's not especially useful for that purpose if it becomes a stable currency.
If you drive out the speculators, is there enough momentum to sustain Bitcoin as a currency or have we not yet reached that critical mass?
Semi is the operative word here. The US Government did this with gold and the USD before 1971.
April 26, 2013, 07:49:31 PM
Max is starting to lose it. See this from his latest broadcast...
http://youtu.be/-ASkas1ThFA?t=1m48s
He's mad as hell, and he's not gonna take it anymore.
http://youtu.be/-ASkas1ThFA?t=1m48s
He's mad as hell, and he's not gonna take it anymore.
Thanks for posting this. Until I have good reason to do otherwise, this, my first Keiser experience, will also be my last.
That would be too far. He's a crazy-assed megalomaniac and shameless entertainer, but there is method to the madness, he's right about a lot of things where most others are wrong, & he's is worth keeping an eye on for several reasons. Just take everything with a healthy dose of salt.
April 26, 2013, 07:15:08 PM
stupid idea and not even possible given Bitcoin's design.
It's semi-possible. Other currencies have an official exchange rate but are also used for speculation. Likewise, precious metals have an "official" price but you can still trade them in a speculative manner.
If you believe that Bitcoin won't stabilise without "someone" doing "something" then you need to consider "who" and "what". You also need to consider whether now is the appropriate time to try to stabilise Bitcoin. Are there enough people wanting to use Bitcoin as a currency and enough ways to use it as a currency right now to justify trying to stabilise it or are we years away from it being viable as a currency?
You can't just ignore the fact that many people view Bitcoin primarily as a means of increasing their net worth and it's not especially useful for that purpose if it becomes a stable currency.
If you drive out the speculators, is there enough momentum to sustain Bitcoin as a currency or have we not yet reached that critical mass?
April 26, 2013, 06:58:06 PM
stupid idea and not even possible given Bitcoin's design.
April 26, 2013, 06:56:00 PM
I think Max knows that FINCEN is taking aim at bitcoin and that they will deal it a very serious blow. News of the arrests will crash the price to below $10 for a long time as all the giddy kiddies and pro-establishment pussies wet their pants and bail out in fear. (Just observe how many people on these forums are just DYING to pay their taxes to the U.S. mafia).
After that, bitcoin will stay down for a long while and its price will climb very slowly over years as it is taken up by foreigners who thumb their noses at the U.S. imperialists and those brave westerners who know how to cover their tracks. Government is, and always has been, the biggest threat to this experiment. Government is the biggest threat to everything.
I listened to the podcast "Let's Talk Bitcoin! Episode 1" which featured Bradley Jansen of FreeBanking.org who talked all about FINCEN. There IS a train wreck coming. I encourage any of you to check it out.
After that, bitcoin will stay down for a long while and its price will climb very slowly over years as it is taken up by foreigners who thumb their noses at the U.S. imperialists and those brave westerners who know how to cover their tracks. Government is, and always has been, the biggest threat to this experiment. Government is the biggest threat to everything.
I listened to the podcast "Let's Talk Bitcoin! Episode 1" which featured Bradley Jansen of FreeBanking.org who talked all about FINCEN. There IS a train wreck coming. I encourage any of you to check it out.
April 26, 2013, 06:51:49 PM
that foundation can kiss my royal irish ass!
April 26, 2013, 06:46:15 PM
I'm glad Kaiser finally came to senses. 
April 26, 2013, 06:44:18 PM
One needs someone with lots of BTC and USD to do this. What is been proposed here is in fact no different from the USD pegged to gold until Nixon closed the gold window in 1971. Why did Nixon close the gold window? Because the United States was running out of gold. I suspect that if Max Keiser and / or The Bitcoin Foundation try this they will suffer same fate as the United States did in 1971, and will have to close the Bitcoin window or run out of Bitcoin.
PS: If Max Keiser wishes to sell me some BTC for 100 USD per BTC when it is trading at 136 USD per BTC I am game.
PS: If Max Keiser wishes to sell me some BTC for 100 USD per BTC when it is trading at 136 USD per BTC I am game.
April 26, 2013, 06:40:59 PM
Max is starting to lose it. See this from his latest broadcast...
http://youtu.be/-ASkas1ThFA?t=1m48s
He's mad as hell, and he's not gonna take it anymore.
http://youtu.be/-ASkas1ThFA?t=1m48s
He's mad as hell, and he's not gonna take it anymore.
Thanks for posting this. Until I have good reason to do otherwise, this, my first Keiser experience, will also be my last.
April 26, 2013, 06:24:29 PM
So here is a thought experiment:
If Max convinces large regulatory groups to try to implement this idea as a solution to the "bitcoin" problem. By the time they figure out that it is impossible due to the decentralized nature, we will have several more 100's of THz to contend with.
Well played, Max. Well played.
If Max convinces large regulatory groups to try to implement this idea as a solution to the "bitcoin" problem. By the time they figure out that it is impossible due to the decentralized nature, we will have several more 100's of THz to contend with.
Well played, Max. Well played.
April 26, 2013, 06:18:51 PM
I think Max may have been spending some of those bitcoin millions on the SR ... this reads like a coke-fueled rant of meglomania ... if he wants to sell all his BTC to preserve the $100 peg I'm sure there are people willing to take them off his hands.
April 26, 2013, 06:14:21 PM
Max is starting to lose it. See this from his latest broadcast...
http://youtu.be/-ASkas1ThFA?t=1m48s
He's mad as hell, and he's not gonna take it anymore.
http://youtu.be/-ASkas1ThFA?t=1m48s
He's mad as hell, and he's not gonna take it anymore.
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