Re: [Bitcoin-development] Monetary Authority for Bitcoin

2013-12-10 Thread Jorge Timón
On 12/10/13, Ryan Carboni ryan.jc...@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

[Bitcoin-development] Monetary Authority for Bitcoin

2013-12-09 Thread Ryan Carboni
This is no doubt probably a very controversial Bitcoin Improvement Proposal and is also a very rough draft of one. Bitcoin lacks a Central Bank. This is good and bad. A central bank benefits those with political connections. But Bitcoin lacks price stability, this generates menu costs, and

Re: [Bitcoin-development] Monetary Authority for Bitcoin

2013-12-09 Thread Ryan Carboni
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

Re: [Bitcoin-development] Monetary Authority for Bitcoin

2013-12-09 Thread Jeff Garzik
On Mon, Dec 9, 2013 at 7:23 PM, Ryan Carboni ryan.jc...@gmail.com wrote: 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

Re: [Bitcoin-development] Monetary Authority for Bitcoin

2013-12-09 Thread Mike Caldwell
adopting the seignorage of some other alt coin out there today. Mike/Casascius From: Ryan Carboni [mailto:ryan.jc...@gmail.com] Sent: Monday, December 09, 2013 3:24 PM To: apoels...@wpsoftware.net Cc: bitcoin-development@lists.sourceforge.net Subject: Re: [Bitcoin-development] Monetary Authority

Re: [Bitcoin-development] Monetary Authority for Bitcoin

2013-12-09 Thread Jameson Lopp
To piggyback on Jeff, Any proposal that is going to add reliance upon data from third parties outside of the Bitcoin network itself is likely going to be rejected outright. This opens far too many potential vulnerabilities. The exchanges that are kept track of could be hard coded into Bitcoin or

Re: [Bitcoin-development] Monetary Authority for Bitcoin

2013-12-09 Thread Allen Piscitello
I've got a better idea. Ben Bernake needs a new job. Let's just let him set the block reward. On Mon, Dec 9, 2013 at 5:23 PM, Jameson Lopp jameson.l...@gmail.com wrote: To piggyback on Jeff, Any proposal that is going to add reliance upon data from third parties outside of the Bitcoin

Re: [Bitcoin-development] Monetary Authority for Bitcoin

2013-12-09 Thread Ryan Carboni
Bitcoin is made of many parts, yes, but not all parts were developed simultaneously. On Mon, Dec 9, 2013 at 2:06 PM, Gavin Andresen gavinandre...@gmail.comwrote: On Tue, Dec 10, 2013 at 8:01 AM, Ryan Carboni ryan.jc...@gmail.comwrote: The exchanges that are kept track of could be hard coded

Re: [Bitcoin-development] Monetary Authority for Bitcoin

2013-12-09 Thread Ryan Carboni
You're just closed minded. On Mon, Dec 9, 2013 at 3:10 PM, Jeff Garzik jgar...@bitpay.com wrote: On Mon, Dec 9, 2013 at 7:23 PM, Ryan Carboni ryan.jc...@gmail.com wrote: It is not a violation of the trust of those holding the currency. Many people bought Bitcoin in the hopes that it's

Re: [Bitcoin-development] Monetary Authority for Bitcoin

2013-12-09 Thread kjj
Ryan Carboni wrote: Bitcoin lacks a Central Bank. This is a feature, not a bug. Also, this is offtopic. Political debate is thataway -. bitcoin-development is for development and technical discussion. -- Sponsored

Re: [Bitcoin-development] Monetary Authority for Bitcoin

2013-12-09 Thread Rick Wesson
+1 On Mon, Dec 9, 2013 at 2:06 PM, Gavin Andresen gavinandre...@gmail.comwrote: On Tue, Dec 10, 2013 at 8:01 AM, Ryan Carboni ryan.jc...@gmail.comwrote: The exchanges that are kept track of could be hard coded into Bitcoin or the miner could choose, how this works is not something I'm