From mboxrd@z Thu Jan 1 00:00:00 1970 Received: from sog-mx-4.v43.ch3.sourceforge.com ([172.29.43.194] helo=mx.sourceforge.net) by sfs-ml-3.v29.ch3.sourceforge.com with esmtp (Exim 4.76) (envelope-from ) id 1VqYBe-0002Ej-6j for bitcoin-development@lists.sourceforge.net; Wed, 11 Dec 2013 01:02:02 +0000 Received-SPF: pass (sog-mx-4.v43.ch3.sourceforge.com: domain of bitpay.com designates 74.125.82.47 as permitted sender) client-ip=74.125.82.47; envelope-from=jgarzik@bitpay.com; helo=mail-wg0-f47.google.com; Received: from mail-wg0-f47.google.com ([74.125.82.47]) by sog-mx-4.v43.ch3.sourceforge.com with esmtps (TLSv1:RC4-SHA:128) (Exim 4.76) id 1VqYBa-0005Rl-Ow for bitcoin-development@lists.sourceforge.net; Wed, 11 Dec 2013 01:02:02 +0000 Received: by mail-wg0-f47.google.com with SMTP id n12so5634030wgh.26 for ; Tue, 10 Dec 2013 17:01:52 -0800 (PST) X-Google-DKIM-Signature: v=1; a=rsa-sha256; c=relaxed/relaxed; d=1e100.net; s=20130820; h=x-gm-message-state:mime-version:in-reply-to:references:date :message-id:subject:from:to:cc:content-type :content-transfer-encoding; bh=Y/QLJ9vRuUoj1e4CvlY1PDYsht3BS6MMgT6YUv76h5c=; b=lKZhbm767SQxXZlhj5D6vmOyrPAMdrP5WJqxRi7b8yFVsCV81qogsRIp2DVz3+1Y7l DRafVjnUQRMYX3qa/Y9g9t3W/OdBzj6qcGmyHQljsD0fS/PDQDroycrNfwG9viG3l7pw hLci26/9GG7x1E+25HmN4dk7wd3F74KlprdBfyhJZMubmEIXBUo0tH15lNl6YF3oWj4m cpEd5aFHb/rnk8gPSb2pLp7jCPv+Wb3g46IhXdzaXBD/IivVtYFpYCeGQvw4gPAkKqT3 umd0kLGRHquHqr1ilAtBrVGmP5h89ePYiuBy+peKfEK9UJjaPJsoPq22vwAeYaYZVXXW Jebg== X-Gm-Message-State: ALoCoQkd+k3LPwqZ3Sw7XhZ7vygbKALNe19cZQToUdx9PAldLzQQzgE9lsUz2+0hppW7JUvAcoQ6 MIME-Version: 1.0 X-Received: by 10.194.109.68 with SMTP id hq4mr23680434wjb.12.1386723712453; Tue, 10 Dec 2013 17:01:52 -0800 (PST) Received: by 10.194.164.164 with HTTP; Tue, 10 Dec 2013 17:01:52 -0800 (PST) In-Reply-To: References: <20131209221130.GA22556@shavo.dd-wrt> Date: Tue, 10 Dec 2013 20:01:52 -0500 Message-ID: From: Jeff Garzik To: Baz Content-Type: text/plain; charset=ISO-8859-1 Content-Transfer-Encoding: quoted-printable X-Spam-Score: -1.6 (-) X-Spam-Report: Spam Filtering performed by mx.sourceforge.net. See http://spamassassin.org/tag/ for more details. 0.0 URIBL_BLOCKED ADMINISTRATOR NOTICE: The query to URIBL was blocked. See http://wiki.apache.org/spamassassin/DnsBlocklists#dnsbl-block for more information. [URIs: doubleclick.net] -1.5 SPF_CHECK_PASS SPF reports sender host as permitted sender for sender-domain -0.0 SPF_PASS SPF: sender matches SPF record -0.1 DKIM_VALID_AU Message has a valid DKIM or DK signature from author's domain 0.1 DKIM_SIGNED Message has a DKIM or DK signature, not necessarily valid -0.1 DKIM_VALID Message has at least one valid DKIM or DK signature 0.0 LOTS_OF_MONEY Huge... sums of money X-Headers-End: 1VqYBa-0005Rl-Ow Cc: Bitcoin Dev , Ryan Carboni Subject: Re: [Bitcoin-development] Monetary Authority for Bitcoin X-BeenThere: bitcoin-development@lists.sourceforge.net X-Mailman-Version: 2.1.9 Precedence: list List-Id: List-Unsubscribe: , List-Archive: List-Post: List-Help: List-Subscribe: , X-List-Received-Date: Wed, 11 Dec 2013 01:02:02 -0000 It is simpler than that; simple numbers. Bitcoin is volatile right now, not for fundamental architecture reasons, but for reasons why many other small issues are volatile. Low liquidity and a small issue implies that a single big player can easily the move the market. Further, it is volatile because common financial tools available elsewhere -- shorting, futures/options, etc. -- are not widely and easily available. None of these factors are special or specific to bitcoin. See http://garzikrants.blogspot.com/2013/11/solution-to-bitcoin-volatility.html However, this is getting WAY off-topic for a development mailing list. Ryan successfully trolled the list. Let's not further feed the trolls. On Tue, Dec 10, 2013 at 7:07 PM, Baz wrote: > Bitcoin's volatility is not a symptom of its architecture, but a reflecti= on > 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. A= s > time goes on, laws, regulations and policies will start to form, people w= ill > challenge them, they will be reviewed and updated, they will be challenge= d > again on different grounds, re-reviewed, and so on. Each of those > confirmations will make it that much harder to change earlier confirmatio= ns. > 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 chan= ge. > It also doesn't matter if the rulings are positive or negative, just havi= ng > 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 Tim=F3n wrote= : >> >> On 12/10/13, Ryan Carboni 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 Tim=F3n >> >> http://freico.in/ >> >> >> ------------------------------------------------------------------------= ------ >> Sponsored by Intel(R) XDK >> Develop, test and display web and hybrid apps with a single code base. >> Download it for free now! >> >> http://pubads.g.doubleclick.net/gampad/clk?id=3D111408631&iu=3D/4140/ost= g.clktrk >> _______________________________________________ >> Bitcoin-development mailing list >> Bitcoin-development@lists.sourceforge.net >> https://lists.sourceforge.net/lists/listinfo/bitcoin-development > > --=20 Jeff Garzik Bitcoin core developer and open source evangelist BitPay, Inc. https://bitpay.com/