Topic: Keiser said Bitcoin Foundation should run Bitcoin and set the price - page 4. (Read 5372 times)

The instability of price is a very real barrier to adoption as a currency.  The problem is that at the moment the market wants that volatility.  People want to treat it like a stock or commodity because that's where quick profits lie.  You really have several very different and largely incompatible agendas at this point and the speculators have the biggest influence over price.

For what it's worth, you don't need to peg a currency to another currency.  It's convenient to do so, but you can peg it to anything which is relatively stable - you could peg it to the average price of a loaf of bread in Bumfuck Alabama if you wanted to.

Regardless of what Satoshi envisaged or what ideologues believe Bitcoin "should" be, the market will determine what it is in reality.  Right now the market want it to be a speculative vehicle, not a currency, and setting an "official" exchange rate might drive speculators off MtGox but it wouldn't drive them out of the market.

I used to be able to move the price of bitcoin a few ticks on my own with $10k a few years ago. It was much more vulnerable then to volatility. Now that $10k would be just a blip taken over by a few traders.

Now there is big money coming in and moving the price. In a few years that big money will be just a blip.  Whole governments will need to throw their money at bitcoin to have any affect.

Then they will be just a blip.

Not only is this a bad idea, it's also virtually impossible to implement. You'd have to fix the price on every single exchange. Good luck convincing every exchange to do that...

Furthermore, it defeats one of the main purposes of Bitcoin which is a way to avoid manipulation via corrupt central control.

Looking at Bitcoin's continued increasing popularity DESPITE volatility, I don't think volatility is going to be the death of bitcoin. I think it's yet another hurdle that we'll cross once serious market makers begin fighting the volatility and exchanges get their act together.

This is practically impossible. Nonsense.

Controlling the exchange rate would mean controlling the supply of bitcoins. Bringing the price down is easy; you just generate more (e.g. allow more to be mined, or sell BTC on the market). Raising the price would essentially require buying enough in the open market that the price rises to the desired target price.

Not impossible, but you would need to have very, very deep pockets to be successful (and start with a large supply of both USD (or whatever your "peg" currency is) and BTC).

It could have the effect of stabilizing the currency (this has been successful with other currencies that have pegged to the USD), but it is artificial, and goes against the idea of BTC being an independent currency.

oh hell naw

According to him , he is a bitcoin multi millionnaire. He could use his bitcoins as a cashflow type to be used as a break if the machines goes crazy. He needs the bitcoin to go at least $1000 per bitcoin for the start of a long term stable currency. iI believe that is the plan. Then MtGox will die out and everyone will exchange using his K-exchange.com.

I don't mind. Bitcoin will fail in this case, but before that I'll exchange all my bitcoins for litecoins.

So the valuations are set by 'fiat' of the Bitcoin Foundation.  I can buy BTC at $100 from anyone I can find who will sell them to me for that price (which means effectively nobody.)  When I wish to by some trinket at the bitcoinstore.com, remittance is payable in BTC and nothing else.  They won't sell the trinket to me if I pay in USD no matter what $$$ number the little official-peg-widget might display.

Not a bad idea really.  Probably it would go some distance toward solving the problem of developing an internal economy in addition to addressing some of the other regulatory and tax hurdles which might be associated with highly volatile (and rising) real values.

Keiser does seem to have an agile and orthagonal mind in addition to an exceptional understanding of real-world market economics which baffle most people.  He probably should be more careful to dumb things down sometimes.

Lol. You're going to need a lot more consensus than the foundation could muster for that one!

How did the foundation go from being a "hey guys let's pitch in and get Gavin a salary (and generally put our heads together to promote Bitcoin technology)" foundation to a multi billion-dollar conspiracy organization?

Let him I say. It could a... wait for it... teachable moment for him.

It won't be possible to "just set a Bitcoin price".

The market will always decide what the fair price for one Bitcoin is...

Aside from this being a very bad idea, i don't see how this could be achieved...?

This is pretty stupid, and no I don't think he's being entirely sarcastic, namely because of his FinCEN/exchange comments.

Pegging Bitcoin ala China to the dollar would never work because nobody controls the Bitcoin inflation rate. The market would soon figure out the true price of a bitcoin to a dollar.

if anyone actually follows max keiser, they would know most comments about giving a sole entity control, is where he is being sarcastic.

he is also making an exchange himself. for the UK pound to flow freely instead of having the dollar control over bitcoin.

so treat the statement of keiser saying allow the foundation fix prices as a sarcastic comment

Lol? Now the "foundation" is an allmighty entity? As far as i know it is only a company, and there are tons of them related to bitcoin 

One does not simply "set" the exchange rate for bitcoin.  If they attempt to, a free market exchange system could easily emerge outside whatever they try to set up.  If they try to force people to use it, users abandon the client (or not install the new one).  

There we go, the insiders are moving in to take over Bitcoin in a United States corporation. If this is not a warning, what is?

США взяла под контроль Bitcoin и выставил его на риски системы США законной. Товарищи, мы должны собраться вместе, чтобы взять под контроль код. Satoshi призывает к нашей помощи.

Los Estados Unidos han tomado el control de Bitcoin y ha expuesto a los riesgos del sistema legal de los Estados Unidos. Camaradas, hay que reunirse para tomar el control de la base de código. Satoshi está pidiendo nuestra ayuda.


米国は、Bitcoinのを制御していると米国の法的システムのリスクにさらされています。仲間は、私たちは、コードベースの制御を取るために一緒に収集する必要があります。サトシたちは助けを求めている。

美国已采取的控制Bitcoin的和已经暴露了美国法律制度的风险。同志们，我们必须聚集在一起，采取控制的codebase。聪呼吁我们的帮助。

Les Etats-Unis ont pris le contrôle de Bitcoin et l'a exposée aux risques du système juridique des États-Unis. Camarades, nous devons nous rassembler pour prendre le contrôle du code source. Satoshi lance un appel à notre aide.

De Verenigde Staten heeft de controle over Bitcoin genomen en heeft zij blootgesteld aan de risico's van de Verenigde Staten rechtssysteem. Kameraden, we moeten samenkomen om de controle van de codebase te nemen. Satoshi vraagt ​​om onze hulp.

Usono faris kun Bitcoin kaj elmontris gxin al la riskoj de Usono leĝa sistemo. Kamaradoj, ni devas kunvenigu al fari kun la codebase. Satoshi vokas nian helpon.

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