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Cc: bitcoin-development@lists.sourceforge.net
Subject: Re: [Bitcoin-development] Monetary Authority for Bitcoin
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--001a11c25ef86656f704ed2172f5
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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
>
>
--001a11c25ef86656f704ed2172f5
Content-Type: text/html; charset=ISO-8859-1
Content-Transfer-Encoding: quoted-printable
<div dir=3D"ltr">It is not a violation of the trust of those holding the cu=
rrency. 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 exchan=
ge for real goods are using the exchanges.<div>
<br></div><div>=A0My proposal will still allow for 4.9% semi-weekly variati=
ons in the price of Bitcoin, allowing for it to appreciate 11,800% per year=
.</div></div><div class=3D"gmail_extra"><br><br><div class=3D"gmail_quote">=
On Mon, Dec 9, 2013 at 2:11 PM, Andrew Poelstra <span dir=3D"ltr"><<a hr=
ef=3D"mailto:asp11@sfu.ca" target=3D"_blank">asp11@sfu.ca</a>></span> wr=
ote:<br>
<blockquote class=3D"gmail_quote" style=3D"margin:0 0 0 .8ex;border-left:1p=
x #ccc solid;padding-left:1ex"><div class=3D"im">On Mon, Dec 09, 2013 at 02=
:01:07PM -0800, Ryan Carboni wrote:<br>
> This is no doubt probably a very controversial Bitcoin Improvement Pro=
posal<br>
> and is also a very rough draft of one.<br>
><br>
<br>
</div>Ryan, you can stop 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 the trust of those holding the currency, who<br>
obtained it while believing that its inflation algorithm would not<br>
change.<br>
<span class=3D"HOEnZb"><font color=3D"#888888"><br>
--<br>
Andrew Poelstra<br>
Email: apoelstra at <a href=3D"http://wpsoftware.net" target=3D"_blank">wps=
oftware.net</a><br>
Web: =A0 <a href=3D"http://www.wpsoftware.net/andrew" target=3D"_blank">htt=
p://www.wpsoftware.net/andrew</a><br>
<br>
"If they had taught a class on how to be the kind of citizen Dick Chen=
ey<br>
=A0worries about, I would have finished high school." =A0 --Edward Sno=
wden<br>
<br>
</font></span></blockquote></div><br></div>
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