Just as long as I am the one that gets the controls to alter the price.
I swear I will keep it stable...most of the time (except times when I am buying or selling).
Topic: Vitalik Butterin - a communist who wants to introduce price fixing to bitcoin (Read 2118 times)
December 08, 2014, 02:59:35 AM
December 08, 2014, 02:56:09 AM
Vitalik should create his own coin if he thinks that will work better. Then again, he's been handed a boatload of cash for looking smart/nerdy, knowing a good amount of CS and math, and making promises. He is a CS guy, not an economist. I doubt anybody smart will take him that seriously.
Exactly, I'm sick of people hijacking Bitcoin with their own agendas, I mean I hate some of the things that the Bitcoin foundation is doing for example, but to go and change the fundamentals behind Bitcoin just because you think you can do better is petty, it was released open source for a reason, he definitely should go and make his own coin if he thinks he can do better and if he's worried about messing it up hire some good programmers. There have been a number of attempts like this already including some weird fork attempts, zerocoin or something I believe? It needs to stop, go create your own infrastructure and networks you lazy twats instead of trying to hijack another coins' success because you aren't confident your idea will work.
At this point I'm exceptionally glad that Bitcoin is open source because if anything goes wrong I have a backup of the original 1.0 in my folder I'll happily give out if the website goes down or they get rid of everything, this is the kind of thing I have been warning you guys about for years there will be a lot more like him in the future including various politicians trying to change the Bitcoin source code.
December 08, 2014, 02:12:13 AM
Quote
Even in bitcoin's digital universe, the same basic economic rules apply, with price being determined by supply and demand. But bitcoin's algorithm makes the supply of bitcoins constant, meaning that demand fluctuates.
The author has not a clue about what he is writing. That statement could not be more wrong and it is the basis for the entire article.
December 07, 2014, 06:19:33 PM
http://www.coindesk.com/can-bitcoins-price-ever-stable/
is this the dumbest shit i have been reading in a long time or what?
I'd suggest to boycot coindesk aswell as Vitalik Butterin for facilitating mental diarrhea aswell as for excessive trolling.
On the content: it's already shown volatility goes back to inflationrate so there is from my viewpoint two choices: wait for it to fade out in bitcoin or bring an altcoin with lower inflation and lower volatility to the front. Their idea of flexible supply is utter nonsense and goes against the idea of the free market. What the heck are these communists doing in bitcoin?
is this the dumbest shit i have been reading in a long time or what?
I'd suggest to boycot coindesk aswell as Vitalik Butterin for facilitating mental diarrhea aswell as for excessive trolling.
On the content: it's already shown volatility goes back to inflationrate so there is from my viewpoint two choices: wait for it to fade out in bitcoin or bring an altcoin with lower inflation and lower volatility to the front. Their idea of flexible supply is utter nonsense and goes against the idea of the free market. What the heck are these communists doing in bitcoin?
How can you get a way from volatility while still being linked to volatile national fiat currency. Bitcoin doesn't create excessive credit. What in the bitcoin architecture lends itself to chaotic prices. Well nothing really. Get to a point where it's not getting converted into dollars and you get away from these chaotic price swings.
Correct, there's nothing inherent in the architecture that makes the exchange rate so volatile. It's all about the size of the user base, it's acceptance as money, and the amount of risk those users are willing to take with it. When it was first launched, the user base was 0.0000001 % of the planet's population and they had less than 1% of their wealth/savings in BTC. Today it's what, .01% of the planet's population, with an average of about 5% of their wealth/savings held in BTC? Whatever it is, there's still a long way to go.
Right and being so small in stature vs. the rest of this artificial bubble economy lends itself to some speculation. On the downward end you have usage increasing but it's getting immediately converted back to dollars by these retailers. So, you have pressure by buyers to pick up these coins that are going to consumables. The more overall acceptance and people willing to hold these coins for longer times especially retailers and you should see the price go up.
December 07, 2014, 05:14:51 PM
http://www.coindesk.com/can-bitcoins-price-ever-stable/
is this the dumbest shit i have been reading in a long time or what?
I'd suggest to boycot coindesk aswell as Vitalik Butterin for facilitating mental diarrhea aswell as for excessive trolling.
On the content: it's already shown volatility goes back to inflationrate so there is from my viewpoint two choices: wait for it to fade out in bitcoin or bring an altcoin with lower inflation and lower volatility to the front. Their idea of flexible supply is utter nonsense and goes against the idea of the free market. What the heck are these communists doing in bitcoin?
is this the dumbest shit i have been reading in a long time or what?
I'd suggest to boycot coindesk aswell as Vitalik Butterin for facilitating mental diarrhea aswell as for excessive trolling.
On the content: it's already shown volatility goes back to inflationrate so there is from my viewpoint two choices: wait for it to fade out in bitcoin or bring an altcoin with lower inflation and lower volatility to the front. Their idea of flexible supply is utter nonsense and goes against the idea of the free market. What the heck are these communists doing in bitcoin?
How can you get a way from volatility while still being linked to volatile national fiat currency. Bitcoin doesn't create excessive credit. What in the bitcoin architecture lends itself to chaotic prices. Well nothing really. Get to a point where it's not getting converted into dollars and you get away from these chaotic price swings.
Correct, there's nothing inherent in the architecture that makes the exchange rate so volatile. It's all about the size of the user base, it's acceptance as money, and the amount of risk those users are willing to take with it. When it was first launched, the user base was 0.0000001 % of the planet's population and they had less than 1% of their wealth/savings in BTC. Today it's what, .01% of the planet's population, with an average of about 5% of their wealth/savings held in BTC? Whatever it is, there's still a long way to go.
December 07, 2014, 01:58:39 PM
Quote
Buterin goes so far as saying that bitcoin will never move beyond its current phase as a speculative currency, hoarded by those hoping for a 'to the moon' ending, because an asset will never be stable without variable supply.
Sounds like Vitalik has never heard of gold, which Bitcoin's supply was designed after.
Bitcoin's volatility is mainly caused by massive swings in the demand for Bitcoin, usually caused by good/bad news related to the regulation and acceptance of Bitcoin etc. Bitcoin is new unchartered territory and hasn't proven itself like gold and people buying it fear one day it'll go away hence why they are quick to decide its worthless.
Given time I am confident volatility will decrease once people realize Bitcoin is here to stay. Anyone can accept it, there are no barriers so acceptance isn't an issue and while regulators control the dollar and can affect the BTC/fiat markets, they cannot impact the Bitcoin network itself so regulation isn't an issue either. Once people realize how rock solid Bitcoin really is then volatility will be virtually non-existent, Bitcoin will be a rock solid investment.
December 07, 2014, 01:15:30 PM
Vitalik should create his own coin if he thinks that will work better. Then again, he's been handed a boatload of cash for looking smart/nerdy, knowing a good amount of CS and math, and making promises. He is a CS guy, not an economist. I doubt anybody smart will take him that seriously.
he will do this. and fail.
December 07, 2014, 11:59:58 AM
http://www.coindesk.com/can-bitcoins-price-ever-stable/
is this the dumbest shit i have been reading in a long time or what?
I'd suggest to boycot coindesk aswell as Vitalik Butterin for facilitating mental diarrhea aswell as for excessive trolling.
On the content: it's already shown volatility goes back to inflationrate so there is from my viewpoint two choices: wait for it to fade out in bitcoin or bring an altcoin with lower inflation and lower volatility to the front. Their idea of flexible supply is utter nonsense and goes against the idea of the free market. What the heck are these communists doing in bitcoin?
is this the dumbest shit i have been reading in a long time or what?
I'd suggest to boycot coindesk aswell as Vitalik Butterin for facilitating mental diarrhea aswell as for excessive trolling.
On the content: it's already shown volatility goes back to inflationrate so there is from my viewpoint two choices: wait for it to fade out in bitcoin or bring an altcoin with lower inflation and lower volatility to the front. Their idea of flexible supply is utter nonsense and goes against the idea of the free market. What the heck are these communists doing in bitcoin?
How can you get a way from volatility while still being linked to volatile national fiat currency. Bitcoin doesn't create excessive credit. What in the bitcoin architecture lends itself to chaotic prices. Well nothing really. Get to a point where it's not getting converted into dollars and you get away from these chaotic price swings.
December 07, 2014, 11:20:58 AM
So he spent several years hanging around Bitcoin and he still doesn't understand it value proposition. Nowadays geniuses are not what they used to be...
December 07, 2014, 11:12:58 AM
did you guys even read Vitalik's article? He is talking about experimenting on alts, not Bitcoin or even Ethereum.
People here are just tempted to post anything they see around
Most don't read that article.
They just read the thread title and then post what they think
December 07, 2014, 11:06:38 AM
did you guys even read Vitalik's article? He is talking about experimenting on alts, not Bitcoin or even Ethereum.
People here are just tempted to post anything they see around
legendary
Activity: 1302
Merit: 1008
Core dev leaves me neg feedback #abuse #political
December 07, 2014, 10:58:17 AM
did you guys even read Vitalik's article? He is talking about experimenting on alts, not Bitcoin or even Ethereum.
December 07, 2014, 10:49:15 AM
Price fixing would defeat the point of free market for Bitcoin. Vitalik needs to create Stalincoin.
December 06, 2014, 11:50:06 PM
http://www.coindesk.com/can-bitcoins-price-ever-stable/
is this the dumbest shit i have been reading in a long time or what?
I'd suggest to boycot coindesk aswell as Vitalik Butterin for facilitating mental diarrhea aswell as for excessive trolling.
On the content: it's already shown volatility goes back to inflationrate so there is from my viewpoint two choices: wait for it to fade out in bitcoin or bring an altcoin with lower inflation and lower volatility to the front. Their idea of flexible supply is utter nonsense and goes against the idea of the free market. What the heck are these communists doing in bitcoin?
is this the dumbest shit i have been reading in a long time or what?
I'd suggest to boycot coindesk aswell as Vitalik Butterin for facilitating mental diarrhea aswell as for excessive trolling.
On the content: it's already shown volatility goes back to inflationrate so there is from my viewpoint two choices: wait for it to fade out in bitcoin or bring an altcoin with lower inflation and lower volatility to the front. Their idea of flexible supply is utter nonsense and goes against the idea of the free market. What the heck are these communists doing in bitcoin?
agreed, price fixing only causes issues later. like 3rd world countries whose currency collapses because government controls it, or the USA soon to crash the dollar since we have 18 trillion in debt and more debt to come!
December 06, 2014, 08:22:04 PM
http://www.coindesk.com/can-bitcoins-price-ever-stable/
is this the dumbest shit i have been reading in a long time or what?
I'd suggest to boycot coindesk aswell as Vitalik Butterin for facilitating mental diarrhea aswell as for excessive trolling.
On the content: it's already shown volatility goes back to inflationrate so there is from my viewpoint two choices: wait for it to fade out in bitcoin or bring an altcoin with lower inflation and lower volatility to the front. Their idea of flexible supply is utter nonsense and goes against the idea of the free market. What the heck are these communists doing in bitcoin?
is this the dumbest shit i have been reading in a long time or what?
I'd suggest to boycot coindesk aswell as Vitalik Butterin for facilitating mental diarrhea aswell as for excessive trolling.
On the content: it's already shown volatility goes back to inflationrate so there is from my viewpoint two choices: wait for it to fade out in bitcoin or bring an altcoin with lower inflation and lower volatility to the front. Their idea of flexible supply is utter nonsense and goes against the idea of the free market. What the heck are these communists doing in bitcoin?
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