Post
Topic
Board Bitcoin Discussion
Re: There's nothing wrong with trading Bitcoins
by
DeathAndTaxes
on 25/10/2011, 12:46:50 UTC
I do fear for bitcoin to have a future as a trade facilitating currency, rather than as casino chips,  someone is going to have to come up with a bright idea for bitcoin 2.0.

No somebody just needs to come up with a way to provide hedging for merchants.  Obviously this involves some risk and it is risk they can be compensated with.  I would have no problem holding assets in bitcoins if I could be at least partially shielded by volatility.  I have no problem giving up some of the upside potential for downside protection.  I don't need bitcoin to go up 10,000% a year to make money as a miner. 


An ever better system would be one which partners with a pool and allows members to be paid in both bitcoins & cash (to cover electrical costs).  By heding part of the posistion and locking in a cash rate which covers electrical cost miners would have more confidence in keeping some of their assets in bitcoins (and bitcoin economy).

A Bitcoin 2.0 is doomed just like alt-chains are doomed.  Bitcoin achieved massive community interest and is still unknown by 999,999 out of 1 mil people on the planet.  Any version 2.0 would have an even tinier base.  Any alt coin has an even tinier base.  Combine that with the inability to "stop" Bitcoin 1.0 the idea of a reboot is simply fail.  It won't happen.  Ever.

Trying to fight speculation without govt decree is futile.  If someone can do something highly repeatable and gain x% they will.  It is human nature.