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From: Jeff Garzik <jgarzik@bitpay.com>
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Cc: Bitcoin Dev <bitcoin-development@lists.sourceforge.net>,
Ryan Carboni <ryan.jc.pc@gmail.com>
Subject: Re: [Bitcoin-development] Monetary Authority for Bitcoin
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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 <bk@thinkloop.com> 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 <jtimon@monetize.io> wrote=
:
>>
>> On 12/10/13, Ryan Carboni <ryan.jc.pc@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 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/
>>
>>
>> ------------------------------------------------------------------------=
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>> _______________________________________________
>> 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/
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