Re: [Bitcoin-development] Monetary Authority for Bitcoin

[Ryan Carboni <ryan.jc.pc@gmail.com>]

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It is not a violation of the trust of those holding the currency. Many
people bought Bitcoin in the hopes that it's value in the relation of other
currencies will increase, not because there's a fixed money supply. The
majority of people using Bitcoin as a currency in exchange for real goods
are using 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> wrote:

> On Mon, Dec 09, 2013 at 02:01:07PM -0800, Ryan Carboni wrote:
> > This is no doubt probably a very controversial Bitcoin Improvement
> Proposal
> > 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
> 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
>
>

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