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Date: Mon, 9 Dec 2013 17:57:26 -0500
Thread-Topic: [Bitcoin-development] Monetary Authority for Bitcoin
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Subject: Re: [Bitcoin-development] Monetary Authority for Bitcoin
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--_000_B09A5DE3EF411243BB3328232CD25A5DABFF021E7AMAILR023maill_
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For what it's worth, once upon a time I pushed this agenda on Bitcointalk. =
I'd say early 2011 or so. The response I got was so strong and unanimous =
in favor of this point being absolutely non-negotiable that if the money su=
pply were anything other than fixed, Bitcoin may as well be pretend e-dolla=
rs. I was not just persuaded against it, I was put in my place.
I believe that if there ever becomes a consensus that Bitcoin's inflation p=
arameters were a show-stopper for the Bitcoin economy, that the power to co=
rrect it lies with merchants, who would vote for changing the rules. I bel=
ieve they would do this not by changing Bitcoin, but by accepting, in paral=
lel, a brand new alt coin that reflects the consensus as to how the inflati=
on should be. I believe such an alt coin would have its genesis at around =
the time that consensus moved toward accepting inflation, rather than adopt=
ing the seignorage of some other alt coin out there today.
Mike/Casascius
From: Ryan Carboni [mailto:ryan.jc.pc@gmail.com]
Sent: Monday, December 09, 2013 3:24 PM
To: apoelstra@wpsoftware.net
Cc: bitcoin-development@lists.sourceforge.net
Subject: Re: [Bitcoin-development] Monetary Authority for Bitcoin
It is not a violation of the trust of those holding the currency. Many peop=
le bought Bitcoin in the hopes that it's value in the relation of other cur=
rencies will increase, not because there's a fixed money supply. The majori=
ty of people using Bitcoin as a currency in exchange for real goods are usi=
ng the exchanges.
My proposal will still allow for 4.9% semi-weekly variations in the price =
of Bitcoin, allowing for it to appreciate 11,800% per year.
On Mon, Dec 9, 2013 at 2:11 PM, Andrew Poelstra <asp11@sfu.ca<mailto:asp11@=
sfu.ca>> wrote:
On Mon, Dec 09, 2013 at 02:01:07PM -0800, Ryan Carboni wrote:
> This is no doubt probably a very controversial Bitcoin Improvement Propos=
al
> and is also a very rough draft of one.
>
Ryan, you can stop there already because any change to the inflation
formula (supposing such a thing is even possible, which it's not)
would be a violation of the trust of those holding the currency, who
obtained it while believing that its inflation algorithm would not
change.
--
Andrew Poelstra
Email: apoelstra at wpsoftware.net<http://wpsoftware.net>
Web: http://www.wpsoftware.net/andrew
"If they had taught a class on how to be the kind of citizen Dick Cheney
worries about, I would have finished high school." --Edward Snowden
--_000_B09A5DE3EF411243BB3328232CD25A5DABFF021E7AMAILR023maill_
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<html xmlns:v=3D"urn:schemas-microsoft-com:vml" xmlns:o=3D"urn:schemas-micr=
osoft-com:office:office" xmlns:w=3D"urn:schemas-microsoft-com:office:word" =
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<o:idmap v:ext=3D"edit" data=3D"1" />
</o:shapelayout></xml><![endif]--></head><body lang=3DEN-US link=3Dblue vli=
nk=3Dpurple><div class=3DWordSection1><p class=3DMsoNormal><span style=3D'f=
ont-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D'>For what =
it’s worth, once upon a time I pushed this agenda on Bitcointalk.&nbs=
p; I’d say early 2011 or so. The response I got was so strong a=
nd unanimous in favor of this point being absolutely non-negotiable that if=
the money supply were anything other than fixed, Bitcoin may as well be pr=
etend e-dollars. I was not just persuaded against it, I was put in my=
place.<o:p></o:p></span></p><p class=3DMsoNormal><span style=3D'font-size:=
11.0pt;font-family:"Calibri","sans-serif";color:#1F497D'><o:p> </o:p><=
/span></p><p class=3DMsoNormal><span style=3D'font-size:11.0pt;font-family:=
"Calibri","sans-serif";color:#1F497D'>I believe that if there ever becomes =
a consensus that Bitcoin’s inflation parameters were a show-stopper f=
or the Bitcoin economy, that the power to correct it lies with merchants, w=
ho would vote for changing the rules. I believe they would do this no=
t by changing Bitcoin, but by accepting, in parallel, a brand new alt coin =
that reflects the consensus as to how the inflation should be. I beli=
eve such an alt coin would have its genesis at around the time that consens=
us moved toward accepting inflation, rather than adopting the seignorage of=
some other alt coin out there today.<o:p></o:p></span></p><p class=3DMsoNo=
rmal><span style=3D'font-size:11.0pt;font-family:"Calibri","sans-serif";col=
or:#1F497D'><o:p> </o:p></span></p><p class=3DMsoNormal><span style=3D=
'font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D'>Mike/Ca=
sascius<o:p></o:p></span></p><p class=3DMsoNormal><span style=3D'font-size:=
11.0pt;font-family:"Calibri","sans-serif";color:#1F497D'><o:p> </o:p><=
/span></p><p class=3DMsoNormal><span style=3D'font-size:11.0pt;font-family:=
"Calibri","sans-serif";color:#1F497D'><o:p> </o:p></span></p><p class=
=3DMsoNormal style=3D'margin-left:.5in'><b><span style=3D'font-size:10.0pt;=
font-family:"Tahoma","sans-serif"'>From:</span></b><span style=3D'font-size=
:10.0pt;font-family:"Tahoma","sans-serif"'> Ryan Carboni [mailto:ryan.jc.pc=
@gmail.com] <br><b>Sent:</b> Monday, December 09, 2013 3:24 PM<br><b>To:</b=
> apoelstra@wpsoftware.net<br><b>Cc:</b> bitcoin-development@lists.sourcefo=
rge.net<br><b>Subject:</b> Re: [Bitcoin-development] Monetary Authority for=
Bitcoin<o:p></o:p></span></p><p class=3DMsoNormal style=3D'margin-left:.5i=
n'><o:p> </o:p></p><div><p class=3DMsoNormal style=3D'margin-left:.5in=
'>It is not a violation of the trust of those holding the currency. Many pe=
ople bought Bitcoin in the hopes that it's value in the relation of other c=
urrencies will increase, not because there's a fixed money supply. The majo=
rity of people using Bitcoin as a currency in exchange for real goods are u=
sing the exchanges.<o:p></o:p></p><div><p class=3DMsoNormal style=3D'margin=
-left:.5in'><o:p> </o:p></p></div><div><p class=3DMsoNormal style=3D'm=
argin-left:.5in'> My proposal will still allow for 4.9% semi-weekly va=
riations in the price of Bitcoin, allowing for it to appreciate 11,800% per=
year.<o:p></o:p></p></div></div><div><p class=3DMsoNormal style=3D'mso-mar=
gin-top-alt:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:.5in'><o:=
p> </o:p></p><div><p class=3DMsoNormal style=3D'margin-left:.5in'>On M=
on, Dec 9, 2013 at 2:11 PM, Andrew Poelstra <<a href=3D"mailto:asp11@sfu=
.ca" target=3D"_blank">asp11@sfu.ca</a>> wrote:<o:p></o:p></p><div><p cl=
ass=3DMsoNormal style=3D'mso-margin-top-alt:0in;margin-right:0in;margin-bot=
tom:12.0pt;margin-left:.5in'>On Mon, Dec 09, 2013 at 02:01:07PM -0800, Ryan=
Carboni wrote:<br>> This is no doubt probably a very controversial Bitc=
oin Improvement Proposal<br>> and is also a very rough draft of one.<br>=
><o:p></o:p></p></div><p class=3DMsoNormal style=3D'mso-margin-top-alt:0=
in;margin-right:0in;margin-bottom:12.0pt;margin-left:.5in'>Ryan, you can st=
op there already because any change to the inflation<br>formula (supposing =
such a thing is even possible, which it's not)<br>would be a violation of t=
he trust of those holding the currency, who<br>obtained it while believing =
that its inflation algorithm would not<br>change.<br><span style=3D'color:#=
888888'><br><span class=3Dhoenzb>--</span><br><span class=3Dhoenzb>Andrew P=
oelstra</span><br><span class=3Dhoenzb>Email: apoelstra at <a href=3D"http:=
//wpsoftware.net" target=3D"_blank">wpsoftware.net</a></span><br><span clas=
s=3Dhoenzb>Web: <a href=3D"http://www.wpsoftware.net/andrew" target=
=3D"_blank">http://www.wpsoftware.net/andrew</a></span><br><br><span class=
=3Dhoenzb>"If they had taught a class on how to be the kind of citizen=
Dick Cheney</span><br><span class=3Dhoenzb> worries about, I would ha=
ve finished high school." --Edward Snowden</span></span><o:p></=
o:p></p></div><p class=3DMsoNormal style=3D'margin-left:.5in'><o:p> </=
o:p></p></div></div></body></html>=
--_000_B09A5DE3EF411243BB3328232CD25A5DABFF021E7AMAILR023maill_--
|
