This idea might save Bitcoin low trade volums

cupronickel

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Quote from: luke.watson on April 22, 2013, 03:41:16 PM

how would you honestly feel if you left £20 in your wallet and came back to find £18 and a note saying 'You had not spent your money in 2 weeks, therefore we have taken £2 from you'

Your £ devalues every single day. It may look like £20 remains £20 after 2 weeks but in real terms it absolutely doesn't.

5850Guy

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Quote from: Elwar on April 21, 2013, 05:30:26 AM

Quote from: bitteriest on April 21, 2013, 05:04:43 AM

I don't think many people are actually buying stuff with it.

A common misconception.

I pay my bills with dollars because currently that is the only option. Everything else, I use bitcoins.

Yes, actually if you look at bitcoincharts, you can see that $200 million in USD is spent per day in BTC.

luke.watson

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I didnt read any of the comments, but your idea is awful, no one is going to want to be part of a currency that charges you for not spending it

People will spend what they want to and wont spend if they dont want to, how would you honestly feel if you left £20 in your wallet and came back to find £18 and a note saying 'You had not spent your money in 2 weeks, therefore we have taken £2 from you'

Biro Bob

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I save Bitcoin. I spend Bitcoin. I also buy Bitcoin to spend at retailers who accept Bitcoin.

BitPay have also made this easier for retailers to do now with little risk of currency fluctuations. I have also implemented their payment gateway on my site Art Galleries Direct (www.artgalleriesdirect.com) which sells original art imported from Bali (was that a blatent plug or what?)

cupronickel

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Quote from: w00t on April 22, 2013, 11:58:07 AM

Awful idea. User added to ignore list as he doesn't understand a thing about BTC.

Nothing intrinsically wrong with the concept except that the OP didn't realise it's being done already with Freicoin. If you dig your teeth into the economics of demurrage there is very sound reasoning behind it. Worth spending 10 mins of your life understanding. But not right for Bitcoin.

w00t

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Awful idea. User added to ignore list as he doesn't understand a thing about BTC.

inge

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Quote from: bitteriest on April 21, 2013, 05:04:43 AM

An idea that might make a change is "negative interest". If you don't use your coins for for let's say a few weeks , you pay a "tax" for not using your coins and the system automatically reduces a certain amount of coins from your account.

Inflation is a similar “tax” for consumers. If you don’t spend money today, you will have “less” of it tomorrow. Are you sure you want Bitcoin being inflationary?

ManBearPig

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"Don't go in the trollbox, trollbox, trollbox"

Oh sorry I thought I'd wandered into a thread entitled, "Really, really, really bad ideas for the development of Bitcoin."

Gabi

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If you want to walk on water, get out of the boat

Quote

An idea that might make a change is "negative interest". If you don't use your coins for for let's say a few weeks , you pay a "tax" for not using your coins and the system automatically reduces a certain amount of coins from your account.

NO

cupronickel

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Quote from: Mike Christ on April 21, 2013, 05:07:26 AM

Freicoin.

This

Read up on it and the concept of demurrage before you post a reply Roll Eyes

BTCisthefuture

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I can't really imagine anyone liking a system where if you don't use your money you get punished for it.

It's true bitcoin isn't much of a currency right now because people hoard but in an open market that is peoples choice and right to do so IMO.

Birdy

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Quote from: bitteriest on April 21, 2013, 06:50:09 AM

Quote from: tysat on April 21, 2013, 06:37:48 AM

Sorry, but adding a tax into bitcoin is a retarded idea. It's an awful idea with any currency really, why would you want your money to go away as it just sits there?

If you don't spend and just keep and accumulate your money, the bitcoin will never work !
The economy grows when people use the money and don't let it die in their account.
How else would you tempt people to spend their coins ?

Easy, you give them something worth spending that money for.
As long as the deflation rate isn't crazy this is working well.

tysat

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Keep it real

Quote from: bitteriest on April 21, 2013, 06:50:09 AM

Quote from: tysat on April 21, 2013, 06:37:48 AM

Sorry, but adding a tax into bitcoin is a retarded idea. It's an awful idea with any currency really, why would you want your money to go away as it just sits there?

If you don't spend and just keep and accumulate your coins , the bitcoin will never work !
The economy grows when people use the money and don't let it die in their account.
How else would you tempt people to spend their coins ?

I'm not sure of the best answer for how to get people to spend, I just think a tax is a horrible idea. The better way is to just have more services/vendors/etc that accept bitcoin, not to take it away from people who already have it. Use the carrot not the stick.

bitteriest

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Quote from: tysat on April 21, 2013, 06:37:48 AM

Sorry, but adding a tax into bitcoin is a retarded idea. It's an awful idea with any currency really, why would you want your money to go away as it just sits there?

If you don't spend and just keep and accumulate your money, the bitcoin will never work !
The economy grows when people use the money and don't let it die in their account.
How else would you tempt people to spend their coins ?

tysat

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Activity: 966

Merit: 1004

Keep it real

Sorry, but adding a tax into bitcoin is a retarded idea. It's an awful idea with any currency really, why would you want your money to go away as it just sits there?

Tal1m0n

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One of the *many* reasons why the American economy is doing so poorly compared to previous generations is because the concept of saving has become non existant. Even otherwise comfortable middle class families seem to live pay check to pay check. When bitcoin goes mainstream and you can use them to buy or pay for nearly anything - it's concievable that people will get their paychecks deposited into bitcoins, from there they can spend as they please while also enjoying a small increase of value for what they continue to hold.

I was going to start doing this with a large portion of my extra cash through OKPay, and have them send me a debit card in the mail - before I learned about OKPay's terrible history with customers.

Hoarding, Day trader's, and price swings aren't a big deal for bitcoin. It's a natural part of the growth process.

Just like weighting over 1,200 pounds, taking up the size of a room, and only being able to do very basic calculations wasn't a big deal for the first computer. Got past all that to be the amazing tools that they are today.

Bitcoinpro

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I agree as suggested start thinking of it as 1coin = 1000mB

hugolp

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Radix-The Decentralized Finance Protocol

Bitcoin spending is at an old time high.

Elwar

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Viva Ut Vivas

Quote from: bitteriest on April 21, 2013, 05:04:43 AM

I don't think many people are actually buying stuff with it.

A common misconception.

I pay my bills with dollars because currently that is the only option. Everything else, I use bitcoins.

kangasbros

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How is people not spending their money a problem? Consumerism is the problem, and bitcoin might fix it.

Topic: This idea might save Bitcoin low trade volums (Read 2013 times)