Quote from: miscreanity on March 31, 2017, 05:05:01 AM

Quote from: iamnotback on March 29, 2017, 04:27:14 PM

Bitcoin is only a speculation and bastion of criminal activity to the masses, and that rightfully scares them. The greater fools (i.e. the majority of the population) only buy at the top of a speculation. So they won't be buying Bitcoin soon (unless Bitcoin's price has peaked in a massive bubble already, which it hasn't yet).

Armstrong points out that people are intuitively making decisions and acting on them. I find their interest in Bitcoin to be along those lines; they can feel the environment shifting and have begun to respond accordingly.

I agree. URGENCY! And that is why I decided yesterday I will not make a forum. We need less talk and more coding. Developers and I can talk in Github issue threads for actual specifications and bugs.

I might make a Wiki. Any one can add to that with myself as the master moderator for now (until someone else capable volunteers). So that answers to questions can be found in the Wiki.

Quote from: miscreanity on March 31, 2017, 05:05:01 AM

Quote from: iamnotback on March 29, 2017, 05:39:24 PM

BitNet is initially inflationary while onboarding (hopefully billions of people). When onboarding becomes mature and transactions overtake onboarding, then BitNet becomes deflationary due to burning transaction fees with a perpetually divisible unit (i.e. the satoshi in BitNet gets smaller and smaller as time goes by but never reaching 0, i.e. Zeno's paradox of the hare and the tortoise, but not to be conflated with the Zeno's tarpit). Note that doesn't mean the value of your hodlings get smaller. Your hodlings don't change until you transfer them and then you burn a tiny transaction fee (very tiny!). Actually hodlings will increase due to the interest rate you will be paid for hodling.

Being deflationary, there shouldn't be any need to provide an interest return. Burned transaction fees should reduce available supply such that unit value increases, no?

BitNet is initially minting coins for onboarding so until we reach our onboarding (goal) limit, then it will be inflationary. So we need the periodic interest payment in the ramping up phase to reward long-term HODLING.

Quote from: miscreanity on March 31, 2017, 05:05:01 AM

Continuing on that notion and Nash's Ideal Money, it may be possible to manage the inflation/deflation tension for stability by monitoring velocity versus supply. For instance, assume a total momentary supply of 1 million units, 30% of that supply having been transferred during a given period of time, and 20% as the target desired.

Targeting is self-referential and can probably be gamed. I don't want to add more potential vulnerabilities on top of a completely new consensus design. The game theory complexity is far too much to ever finish/solidify in 5 years if we complicate it. K.I.S.S.

Quote from: miscreanity on March 31, 2017, 05:05:01 AM

One question regarding Bitnet: this may have been stated earlier but I must have missed it in that case - what language is intended to be used primarily for app creation? Javascript, or maybe the language you're working on?

Afaics now, I can design so that language agnostic. But we'll know better once we get down into the nitty gritty of specification.

My preference is to offer devs a new and better platform and language, but that may or may not be realistic. (Probably not, until we have more resources)