Now that the dust has settled, can we discuss how we're going to get a true digital money crypto? New features required:
>stable price
Is it even possible? Can a coin control inflation and deflation in a decentralised way, without being backed by fiat, to stop it pumping and dumping significantly?
Two options:
1) Encode work contracts in the blockchain so the protocol can fix the price as 1 token = 1 hour of human work. (See chronobank)
2) Give rewards proportional to the amount of work done. Price go up, people mine more, supply increases, price go back down, people stop mining, economy grows, price increases, people start mining back, supply increases etc...
>1) Encode work contracts in the blockchain so the protocol can fix the price as 1 token = 1 hour of human work. (See chronobank)
Won't the price change as the efficiency of human work changes, i.e once robots are doing all the human work it will represent more wealth creation and so what the token can buy changes?
Yup that is why there is option 2, which is basically binding the token price to machine work instead of human work. The only problem is to be able to shrink the supply. We would need to convert the proof of work back into something of value. We may be able to do it if the proof of work is an encrypted general purpose computation task. 'opening' the task would destroy the token but give the solution of a problem, which can then be used to speed up computation of unrelated problems.
How about limiting orders per second/minute/hour or something to get rid of high frequency trading?
Maybe hang or public execution of some HF traders, banksters?
zerohedge.com
Maybe some blacklist of ip's so HF don't fuck around, but thats saying no to big money..
Excuse me, but are you sure you know what this thread is about ?
dude, srsly, you have no clue of what crypto is, right?
>Now that the dust has settled
LOL no. Wipes tears of laughter from eyes.
Actually I do, care to explain what you know anonymous internet user ?
>spend 1 hour shoving dragon dildos up my ass
>earn 1 hour token
>spend 1 hour doing office work
>earn 1 hour token
>spend 1 hour feeding starving children in Africa
>earn 1 hour token
>spend 1 hour shitposting
>earn 1 hour token
That's a pretty retarded system. Value is not about the amount of work you put into something, it's about how useful others find your work to be.
The next wave will be led by ethereum games.
>ethercraft.io Decentralized Dungeon Crawler
>etheremon.com Decentralized World of Ether Monsters
>decentraland.org A virtual world that runs on open standards
>worldofether.com Decentralized collectible dueling game
>parsecfrontiers.com A MMO strategy universe.
>etherarmy.com
Retard, to have your work contract established on the blockchain, you would need to have an actual offical work contract with someone. So that implies someone paid you for your dildo shoving hours. Damn
>Can a coin control inflation and deflation in a decentralised way, without being backed by fiat, to stop it pumping and dumping significantly?
The adopted ones can.
The more people holding and/or using it, the more it's stable.
I think ltc, nano and monero will stabilize soon, btc a little later.
You are so wrong. If everyone adopted bitcoin and a huge economy expansion occurred, the price of bitcoin would grow, with people holding the most amount of bitcoin getting the most amount of economic growth. Our economy shrinks and grows, but the bitcoin supply doesn't
Unironically DOGE
>Is it even possible?
Not with the current design. And if such a thing did happen, no one would invest in it. Think about it. Why do people like investing in crypto anyway? Because there's a lot of money to be made in a volatility. "1000x", "mooning", "etc". A stable crypto that could actually be useful for something in real life would be seen by the current crop of crypto investors as shitty and boring. Or to put it another way, the qualities of crypto that make it attractive to investors are the same qualities that ensure no one will ever use it for what we might call "real" purposes, as opposed to a vehicle for speculation.
>pumping and dumping significantly
Are you 16 or new to markets?
Might take a deeper look on the ZH link, cause that's what's driving markets with near to unlimited money, not some poor boy savings
well that's communism and not even what crypto is
Stellar
Man I really thought we could have an intelligent discussion on this board, but you guys are just unreal I don't even know what to say. Oh well back to memes
Just to clarify, not everyone will be paid 1token an hour, it is just a way to bind the value of the token to the average hourly wage of humans.
It wouldn't be investment, because as you point out there's no value in itself to gain. But it would be adoption. And people would want to adopt because it would guarantee a place to store wealth or trade from that position without interferences in their wealth.
Think of what Tether does for crypto, except imagine a Tether that won't ever collapse and isn't controlled by bitfinex, and the other cryptos are now real world goods and services and fiats. Do people not use Tether because it doesn't gain value? On the contrary, it almost anchors everything and people use it both for storing wealth or trading (again the only imperfection being its controlled and might collapse).