Quote from: molecular on November 20, 2012, 12:10:29 PM

Quote from: cunicula on November 20, 2012, 05:24:17 AM

Quote from: molecular on November 19, 2012, 01:21:33 PM

Quote from: cunicula on November 19, 2012, 10:22:25 AM

Quote from: bitCooper on November 19, 2012, 08:17:08 AM

Quote from: cunicula on November 17, 2012, 03:45:41 PM

Bitcoin is completely compatible with liberal central bank directed credit creation. The bank just needs to have 51% of hashing power. Then it can charge demurrage and give the demurrage fees to banks to lend out.

If someone or some organization decided tomorrow to impose demurrage via a 51% attack, the response would be:
1. What is demurrage?
2. How could I calculate it even if I cared?
3. Just wait until a miner from the remaining pools mined a block with your .001 btc fee.

No, common misunderstanding. If the organization has 51%, mining must be authorized by the organization or it cannot occur.

but if the organization imposes certain rules (demurrage in this case), the 49% can just hard-fork by rejecting blocks identified as being mined be that organization.

I'm sorry, how do you identify the organization's blocks? By the fees they charge? That would work if you imposed a mandatory fee system rather than a market-based fee. A mandatory fee is a great idea. You have to do it now, though. You can't wait for the "attack" to happen and then try to fight the government.

Only idealistic libertarians will fight the government. The 99% will reject invalid libertarian blocks.

99% would mine blocks according to some rules that charge demurrage? I doubt it.

Of course. They would mine coins that everyone else accepted. There is no point in having money that everyone else believes is counterfeit. I'd be a little suspicious if you wanted me to download an unregistered client. That prints special money that registered clients don't recognize as valid.

We are currently printing money at about 12% per year. This is equivalent to 12% demurrage. This can be stopped of course. There is no need to accept inflation and demurrage. It is a tax on your holdings. Just create your own fork with no more block reward.

I am sure everyone will welcome freedom from the inflationary tax and rapidly accept the new coin. LOL.