Self-issued credit! | Bitcointalksearch.org

sublime5447

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Quote from: ANTIcentralized on October 31, 2014, 01:25:06 AM

Quote from: odolvlobo on October 31, 2014, 12:54:20 AM

Quote from: sublime5447 on October 30, 2014, 10:42:08 PM

Is anyone working on a coin that is self issued! and backed by the ability to be redeemed in objective value in the form of labor or goods?

The problem with "objective value in the form of labor or goods" is that it introduces counterparty risk. You depend on somebody to back the coin and take all of the exchange risk.

This is a good point. This takes away a major selling point of bitcoin (that you do not rely on any central authority to keep track of your money)

That is a myth, there is no such thing as trustless transactions. Asic chip manufactures and their mega farms are the central issuing authority.

sublime5447

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Quote from: ANTIcentralized on October 31, 2014, 12:15:36 AM

I am not sure this would work. If you have the ability to self issue the coin, then you have the ability to issue an unlimited amount, however the person you are trading with might not be able to tell how many of the coins have actually been issued, making it difficulty to get a good idea as to the value of such coin.

You also have the issue of redemption. If for example you issue three coins, and the owner of all three coins wants to redeem them for labor then there may not be labor available when it is needed.

I could only issue the amount of coin that I could creditably redeem.

"however the person you are trading with might not be able to tell how many of the coins have actually been issued, making it difficulty to get a good idea as to the value of such coin."

That information would have to be available the system would require a reputation keeper. The value of the coin is determined by what it could be redeemed for not the amount in circulation

sublime5447

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Quote from: franky1 on October 30, 2014, 11:19:59 PM

Quote from: sublime5447 on October 30, 2014, 11:10:31 PM

Quote from: franky1 on October 30, 2014, 11:03:57 PM

hoard bitcoin and then give 0.02 bitcoin to someone, per hour they worked. Cheesy

and more seriously.. many people do this, its called '100% pre-mining'. For instance 'ether' have already sold coin before its even released, ripple gave out XRP like confetti, stella is similar too..

self issuing is easy, but having a backed value that people can use for labour or goods is the hard part

the end result is that unless its bitcoin, no one really trusts it as being truly valuable or transferable for labour/goods

That is not self issued. That is a limited coin concept. Self issued credit has no hard limit.

ripple is literally limitless as its a SQL database not a blockchain, the same as a few other 'supposed' altcoins. but the thing is that most smart people know that limitless 'credit' is worth nothing, this is why so many people hate the whole FIAT debt creation system and prefer bitcoin.

but if you want other examples of credit creation. MTGOX credited peoples accounts with fake bitcoins on his mtgox SQL database whilst karpeles walked away with the real bitcoins.

again unless they are real bitcoins, the value means nothing

"ripple is literally limitless"
I can not issue my own ripples if I could I would be happily using ripple.

"limitless 'credit"
It would be limited by the issuers ability to redeem it so it would not be limitless it just wouldn't have a hard limit

"prefer bitcoin"
No one gives a shit about bitcoin no one prefers it they just use it to extract usd. The only coin that matters in the game is USDcoin

"again unless they are real bitcoins, the value means nothing"

Currency has no value it represents value.

The00Dustin

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Quote from: franky1 on October 31, 2014, 03:00:17 AM

Quote from: ANTIcentralized on October 31, 2014, 01:25:06 AM

Quote from: odolvlobo on October 31, 2014, 12:54:20 AM

Quote from: sublime5447 on October 30, 2014, 10:42:08 PM

Is anyone working on a coin that is self issued! and backed by the ability to be redeemed in objective value in the form of labor or goods?

The problem with "objective value in the form of labor or goods" is that it introduces counterparty risk. You depend on somebody to back the coin and take all of the exchange risk.

This is a good point. This takes away a major selling point of bitcoin (that you do not rely on any central authority to keep track of your money)

?? take away?? ..... ??

for someone that has a name of anti-centralized.. seems to think that no central authority reduces bitcoin value?

infact the central authority causes bitcoin to be worth less by putting stupid rules in place. bitcoins value is the fact that its rare and self managing and every transaction can be monitored on the blockchain without central authority

You might want to re-read that one franky, I tried to help with some emphasis.

franky1

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Quote from: ANTIcentralized on October 31, 2014, 01:25:06 AM

Quote from: odolvlobo on October 31, 2014, 12:54:20 AM

Quote from: sublime5447 on October 30, 2014, 10:42:08 PM

Is anyone working on a coin that is self issued! and backed by the ability to be redeemed in objective value in the form of labor or goods?

The problem with "objective value in the form of labor or goods" is that it introduces counterparty risk. You depend on somebody to back the coin and take all of the exchange risk.

This is a good point. This takes away a major selling point of bitcoin (that you do not rely on any central authority to keep track of your money)

?? take away?? ..... ??

for someone that has a name of anti-centralized.. seems to think that no central authority reduces bitcoin value?

infact the central authority causes bitcoin to be worth less by putting stupid rules in place. bitcoins value is the fact that its rare and self managing and every transaction can be monitored on the blockchain without central authority

ANTIcentralized

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Activity: 210

Merit: 100

Quote from: odolvlobo on October 31, 2014, 12:54:20 AM

Quote from: sublime5447 on October 30, 2014, 10:42:08 PM

Is anyone working on a coin that is self issued! and backed by the ability to be redeemed in objective value in the form of labor or goods?

The problem with "objective value in the form of labor or goods" is that it introduces counterparty risk. You depend on somebody to back the coin and take all of the exchange risk.

This is a good point. This takes away a major selling point of bitcoin (that you do not rely on any central authority to keep track of your money)

odolvlobo

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Quote from: sublime5447 on October 30, 2014, 10:42:08 PM

Is anyone working on a coin that is self issued! and backed by the ability to be redeemed in objective value in the form of labor or goods?

The problem with "objective value in the form of labor or goods" is that it introduces counterparty risk. You depend on somebody to back the coin and take all of the exchange risk.

ANTIcentralized

full member

Activity: 210

Merit: 100

I am not sure this would work. If you have the ability to self issue the coin, then you have the ability to issue an unlimited amount, however the person you are trading with might not be able to tell how many of the coins have actually been issued, making it difficulty to get a good idea as to the value of such coin.

You also have the issue of redemption. If for example you issue three coins, and the owner of all three coins wants to redeem them for labor then there may not be labor available when it is needed.

franky1

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Activity: 4424

Merit: 4794

Quote from: sublime5447 on October 30, 2014, 11:10:31 PM

Quote from: franky1 on October 30, 2014, 11:03:57 PM

hoard bitcoin and then give 0.02 bitcoin to someone, per hour they worked. Cheesy

and more seriously.. many people do this, its called '100% pre-mining'. For instance 'ether' have already sold coin before its even released, ripple gave out XRP like confetti, stella is similar too..

self issuing is easy, but having a backed value that people can use for labour or goods is the hard part

the end result is that unless its bitcoin, no one really trusts it as being truly valuable or transferable for labour/goods

That is not self issued. That is a limited coin concept. Self issued credit has no hard limit.

ripple is literally limitless as its a SQL database not a blockchain, the same as a few other 'supposed' altcoins. but the thing is that most smart people know that limitless 'credit' is worth nothing, this is why so many people hate the whole FIAT debt creation system and prefer bitcoin.

but if you want other examples of credit creation. MTGOX credited peoples accounts with fake bitcoins on his mtgox SQL database whilst karpeles walked away with the real bitcoins.

again unless they are real bitcoins, the value means nothing

sublime5447

legendary

Activity: 966

Merit: 1000

Quote from: franky1 on October 30, 2014, 11:03:57 PM

hoard bitcoin and then give 0.02 bitcoin to someone, per hour they worked. Cheesy

and more seriously.. many people do this, its called '100% pre-mining'. For instance 'ether' have already sold coin before its even released, ripple gave out XRP like confetti, stella is similar too..

self issuing is easy, but having a backed value that people can use for labour or goods is the hard part

the end result is that unless its bitcoin, no one really trusts it as being truly valuable or transferable for labour/goods

That is not self issued. That is a limited coin concept. Self issued credit has no hard limit.

franky1

legendary

Activity: 4424

Merit: 4794

hoard bitcoin and then give 0.02 bitcoin to someone, per hour they worked. Cheesy

and more seriously.. many people do this, its called '100% pre-mining'. For instance 'ether' have already sold coin before its even released, ripple gave out XRP like confetti, stella is similar too..

self issuing is easy, but having a backed value that people can use for labour or goods is the hard part

the end result is that unless its bitcoin, no one really trusts it as being truly valuable or transferable for labour/goods

sublime5447

legendary

Activity: 966

Merit: 1000

Is anyone working on a coin that is self issued! and backed by the ability to be redeemed in objective value in the form of labor or goods?

Topic: Self-issued credit! (Read 1209 times)