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Date: Thu, 6 Mar 2014 18:03:27 +0100
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From: Mike Hearn <mike@plan99.net>
To: Alex Kotenko <alexykot@gmail.com>
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Cc: Bitcoin Dev <bitcoin-development@lists.sourceforge.net>
Subject: Re: [Bitcoin-development] Instant / contactless payments
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Thanks Alex!

About the video - I'm curious how your device is better than just a regular
tablet. Could you give us the elevator pitch? :)

On Thu, Mar 6, 2014 at 3:39 PM, Alex Kotenko <alexykot@gmail.com> wrote:

> I mean - if with Bitcoin v0.9 transaction fees will become really
> floating, and it should eventually reach equilibrium that will reflect some
> real world value. Probably a tiny value, but probably also rather stable
> value. So confirmationless payment cap may be defined as
> <current_average_transaction_fee>x10000.
>

I guess fees will wander up and down depending on system load rather than
real world value - but maybe you're right. That said, all wallets sync
exchange rates automatically already.

In some Star Trek future, perhaps we would want Bitcoin to be independent
of other value units. But I'm not convinced such a world will ever exist.
Arguably, a stable currency would slowly become worth more over time in
line with economic growth. But then for stable prices you would need
something like a fake currency that was "backed by" (really: represented
by) a basket of goods. Otherwise over time your rent would go up in real
terms, for good real reason.

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<div dir=3D"ltr">Thanks Alex!<div><br></div><div>About the video - I&#39;m =
curious how your device is better than just a regular tablet. Could you giv=
e us the elevator pitch? :)</div><div class=3D"gmail_extra"><br><div class=
=3D"gmail_quote">
On Thu, Mar 6, 2014 at 3:39 PM, Alex Kotenko <span dir=3D"ltr">&lt;<a href=
=3D"mailto:alexykot@gmail.com" target=3D"_blank">alexykot@gmail.com</a>&gt;=
</span> wrote:<br><blockquote class=3D"gmail_quote" style=3D"margin:0 0 0 .=
8ex;border-left:1px #ccc solid;padding-left:1ex">
<div dir=3D"ltr"><div style=3D"font-family:&#39;courier new&#39;,monospace;=
color:rgb(0,51,0)">I mean - if with Bitcoin v0.9 transaction fees will beco=
me really floating, and it should eventually reach equilibrium that will re=
flect some real world value. Probably a tiny value, but probably=C2=A0also=
=C2=A0rather stable value. So confirmationless payment cap may be defined a=
s &lt;current_average_transaction_fee&gt;x10000.</div>
</div></blockquote><div><br></div><div>I guess fees will wander up and down=
 depending on system load rather than real world value - but maybe you&#39;=
re right. That said, all wallets sync exchange rates automatically already.=
</div>
<div><br></div><div>In some Star Trek future, perhaps we would want Bitcoin=
 to be independent of other value units. But I&#39;m not convinced such a w=
orld will ever exist. Arguably, a stable currency would slowly become worth=
 more over time in line with economic growth. But then for stable prices yo=
u would need something like a fake currency that was &quot;backed by&quot; =
(really: represented by) a basket of goods. Otherwise over time your rent w=
ould go up in real terms, for good real reason.</div>
</div></div></div>

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