There are some pretty epic developments in terms of technology and things we can explore with viacoin. Looks like there are some more really interesting OP codes to add to the scripting language for viacoin.
Hi drak,
Great to hear about the progress, and looking forward to your detailed update next week.
In regards to the OP codes, i'd like to suggest something for your/ Peter's consideration or dismiss.
I have long been disturbed by the lack of consensus regarding BTC price. From my experience in markets, I see this as a major flaw for establishing advanced contracts, especially when price at any moment can be manipulated by whales, or by the 'last trade' that in reality could have been of insignificant volume (e.g. 1-Satoshi), hence not really reflective of anything.
I do not have a solution for 'price consensus', but Satushi himself gave a solution.
Satoshi taught us that:
In the absence of a market to establish the price, NewLibertyStandard's estimate based on production cost is a good guess and a helpful service (thanks). The price of any commodity tends to gravitate toward the production cost. If the price is below cost, then production slows down. If the price is above cost, profit can be made by generating and selling more. At the same time, the increased production would increase the difficulty, pushing the cost of generating towards the price.
I therefore humbly suggest we embrace Satoshi's thought in the form of adding an OP code that relates to the DIFFICULTY of bitcoin mining. This can then benchmarked as a measure for price in contracts between traders and so forth without need to quote a centralized exchange, or to average a few exchanges in order to obtain a consensus of an asset's price.
my 2cents.