Post
Topic
Board Development & Technical Discussion
Re: Is this idea to counter lost bitcoins possible?
by
Rudd-O
on 19/12/2012, 01:50:59 UTC
OK, I gotta intervene.  You got me all wrong.

First, let me say this: Freicoin looks like an interesting experiment.  It appears that Freicoin proponents have a comprehensive economic theory, which appears wrong to me, but I could be wrong myself.

So, test it!

The economic theories behind Freicoin should be put to the test -- Freicoin should be released.  Then, we shall see how it fares among the people that choose to use Freicoin (just like we're seeing people choose Litecoin today).

Once you guys have a sizable base of users, it'll be very easy to test whether the testable part of the theory behind Freicoin stands (including claims like "non-zero basic interest is the cause of the boom-bust cycle").

But the very first thing, the absolute first thing that needs to happen, is this: Freicoin is going to need users, and these users need to voluntarily choose to use Freicoin over other currencies.

Until that happens, there's not even a glimmer of hope that the economic theories behind Freicoin can be tested (with the implications that such a reality carries).  The key behind this observation: testing Freicoin in a scenario where people are threatened with punishment if they choose another digital coin, would instantly invalidate all tests of Freicoin, because the experiment would have been contaminated by said aggression-based intervention.  If you were an experimenter, and you threatened people to make a choice in the experiment, then your observations in the experiment are only applicable when people are subject to threats.

It should be obvious that, if no one chooses to use Freicoin, it's clear that the people who could have chosen of their own free will to use Freicoin, have declared through their actions that Freicoin is not good enough for them, and that they prefer other alternatives (like Litecoin, Solidcoin or Bitcoin).  In this case, whatever the Freicoin theories say is entirely irrelevant, as irrelevant as theories about unicorns.

So, let's see how Freicoin does.  Let's see if people willingly choose "freedom from usury" while paying the associated price. My most sincere wishes for success.