Re: High volatility and sudden crashes will kill bitcoin, unless...
Because any currency needs a reference value if it is going to avoid those dramatic ups and downs.
I think it is not necessary to have one particular reference value. A simple backing mechanism like I'm proposing here would also help to combat volatility. But there seems to be low interest for that in the Bitcoin community. (Perhaps I should bump this idea in the next real bear market).
However, I agree with you that energy is the "purest" asset that exist in the world.
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And as I said in my other posts, the best reference value is ENERGY. The most pure asset in the universe.
And there's got to be a way to tie the value of bitcoin to Joules.
And there's got to be a way to tie the value of bitcoin to Joules.
There were some discussions about that topic in 2011 to 2013 about a cryptocurrency whose price would be tied to energy. Now they are buried in the altcoin forum:
GEM
Encoin
some discussions here about a so-called "MordorCoin"
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I have looked at it, but I don't understand how your energy-to-cryptocurrency peg would work.
Cheers from your southern neighbors
