[Bitcoin-development] Monetary Authority for Bitcoin

Baz bk at thinkloop.com
Wed Dec 11 00:07:19 UTC 2013


Bitcoin's volatility is not a symptom of its architecture, but a reflection
of the collective knowledge of its future acceptance. Currently that
knowledge is based on very volatile sources: how some senator feels about
it this morning, which direction departments in the Chinese government are
leaning. The issue is that proof-of-work is missing from society's end. As
time goes on, laws, regulations and policies will start to form, people
will challenge them, they will be reviewed and updated, they will be
challenged again on different grounds, re-reviewed, and so on. Each of
those confirmations will make it that much harder to change earlier
confirmations. It won't matter anymore what some senator thinks this
morning because she will have months of hard-work ahead of her before she
can affect any change. It also doesn't matter if the rulings are positive
or negative, just having them will add stability to Bitcoin at some value
between $0.0001 to $100,000 per coin.




On Tue, Dec 10, 2013 at 4:38 AM, Jorge Timón <jtimon at monetize.io> wrote:

> On 12/10/13, Ryan Carboni <ryan.jc.pc at gmail.com> wrote:
> > You're just closed minded.
>
> No, at least to persons have explained you why your proposal is not
> feasible.
> If you wanted to learn, you would have made questions on why those
> parts of your proposal are unfeasible.
> There have been many proposals about "stablecoins" in bitcointalk and
> other forums (for example, the "initial proposals" freicoin subforum).
> I have participated in several of them trying to find a solution and
> I'm now convinced that this is impossible to implement in a secure AND
> P2P system.
>
> This is off-topic for this forum, specially if (as you've shown to us)
> you are not interested in learning why this proposal is unfeasible.
>
> --
> Jorge Timón
>
> http://freico.in/
>
>
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