Although I have misgivings about the stability of bitcoin, I support its use. (It's the only thing out there that is completely de-linked from official currencies and from things like precious metals, that is workable for more than just local exchange).
To explain my perplexity on bitcoin stability, I quote from the site cyclonite linked:
"How much is a Bitcoin worth?
More all the time...
As you can see, over a 4 week period, recently...
The value of ฿1.00 BTC (one Bitcoin), went from US$0.06 to US$0.50 ...within only about 4 weeks. Yes... That was an 833% increase in it's value. Wow."
For me, a currency that is to be widely used, should be stable. Stable means it doesn't go down in value, but it also doesn't go up in value excessively. It should be roughly keeping its value. Going up as much as bitcoin evidently does, is a form of instability that will bring disturbance to a marketplace using bitcoin as its means of exchange.
This instability could and should be remedied by adjusting the target total of bitcoin creation with an algorithm that takes into account the number of active bitcoin users. As the number of users increases, the total target amount of bitcoins to be created (which currently is fixed at 21,000,000) should increase, slowly creeping up to accomodate the demand of new users for bitcoins, in a way to keep the value of one single coin roughly stable.
I do not know whether the creators of bitcoin would be willing to do this.
For me, such an adjustment will be necessary to take bitcoin from experimental status to widely-used alternative means of payment status.
Kind regards
Sepp
On Jan 17, 2011, at 4:44 AM, Samuel Rose wrote:
Cyclonite, personally I am ready to work with bitcoin today, although
the rest of p2pf may not be, which I'll respect
On Sun, Jan 16, 2011 at 5:17 PM, Cyclonite <
cyclonite@safe-mail.net> wrote:
Hi Guys,
I think there is some kind of misunderstanding here, you do not need to manually generate any kind of public/private keys as with OpenPGP.
You can even sign up in a website as mybitcoin.com and start making or receiving donations.
In my opinion the best available info for beginners is http://bitcoinme.com. Please take a look and you will get your doubts clear.
Best regards,
Cyclonite.
--
Secure Email contact: https://privacybox.de/cyclonite.msg
Bitcoin donations jar: 16FVZweaaJLvhAy91oDugqaf84kXiDJ9PG
-------- Original Message --------
From: Samuel Rose <samuel.rose@gmail.com>
To: james burke <lifesized@gmail.com>
Cc: Michel Bauwens <michelsub2004@gmail.com>, cyclonite@safe-mail.net, p2p-foundation <p2p-foundation@lists.ourproject.org>, Sepp Hasslberger <sepp@lastrega.com>, Georg Pleger <g.pleger@yahoo.de>
Subject: Re: Bitcoin donation
Date: Sat, 15 Jan 2011 09:30:23 -0500
On Sat, Jan 15, 2011 at 5:54 AM, james burke <lifesized@gmail.com> wrote:
Hi Michel,
Yes, I do have a public key, but yet again,
another nice idea with terrible interaction design and userbility
- most people have no clue about public private keys, so this keeps it a
geek thing
I agree, although as far as I can see, the application at least takes
care of this for the user. Still, your point is valid in that some
people may not understand what is happening.
Most of the users of bitcoin now are early adopters, however. So, if
p2pf did support donation via bitcoin, it would be joining an ecology
of early adopters, and would likely only receive donation from those
early adopters.
- the actual app upon launch is unclear. Where to click, what to do,gah!
I can't really support this even if it is a p2p solution.
James
Seems reasonable. If p2pf changes it's mind, I'm willing to
participate in any experiments with bitcoin
On Sat, Jan 15, 2011 at 5:57 AM, Michel Bauwens <michelsub2004@gmail.com>
wrote:
James,
do you have a public key?
Michel
On Sat, Jan 15, 2011 at 11:20 AM, Samuel Rose <samuel.rose@gmail.com>
wrote:
This is a p2p application, so we would need to post your's or James's
public key, and people who want to donate bitcoins would need then
send you the bitcoins by downloading the bitcoin application and
sending it to you
quote:
"Bitcoin utilizes public/private key digital signatures (ECDSA). A
coin has its owner's public key on it. When a coin is transferred from
user A to user B, A adds B’s public key to the coin and signs it with
his own private key. Now B owns the coin and can transfer it further.
To prevent A from transferring the already used coin to another user
C, a public list of all the previous transactions is collectively
maintained by the network of Bitcoin nodes, and before each
transaction the coin’s unusedness will be checked."
On Fri, Jan 14, 2011 at 11:17 PM, Michel Bauwens
<michelsub2004@gmail.com> wrote:
Sam, can you help us install it on the wiki and blog?
On Sat, Jan 15, 2011 at 11:16 AM, Samuel Rose <samuel.rose@gmail.com>
wrote:
I've downloaded and installed and am game to try with p2pf network
folks.
This could actually be really useful for lots of local economy efforts
too.
On Fri, Jan 14, 2011 at 5:32 AM, Michel Bauwens
<michelsub2004@gmail.com>
wrote:
Dear,
thanks a lot for this email,
it seems that it is worthwhile for us to experiment with this, but I
will
forward this to James Burke for possible implementation
James, I think we should do this, what do you think?
Michel
On Thu, Jan 13, 2011 at 11:42 PM, <cyclonite@safe-mail.net> wrote:
-----BEGIN PGP SIGNED MESSAGE-----
Hash: SHA1
Dear friends,
I have been looking in your site for any reference to Bitcoin for
making a
small donation.
As you probably know, Bitcoin (bitcoin.org) is a new kind
of a
P2P
crypto-currency in which the general public can make donations,
macro
or
micropayments in a secure and anonymous way usually
without
any
transaction fee involved.
You can change Bitcoins for real money (eg: https://mtgox.com) or
purchase
services or goods in an increasing number of sites.
In order to receive donations you only have to publish one
of
your
accounts as generated by the bitcoin client or any specialized
bitcoin
trader (eg: mybitcoin.com).
Currently some projects as www.i2p2.de,
www.torrentservers.net
and
organizations like the EFF are accepting donations.
In my opinion this kind of decentralized solution without the
need
to
trust any middlemen is much better than Paypal, Visa or
Mastercard
for
security-minded people as most of your donors are.
If you are interested in pushing Bitcoin forward, do not
hesitate
to
contact me if you have any doubt.
Yours,
Cyclonite