Quote from: TechieCFO on December 20, 2013, 05:37:03 PM

mpex.co - yep I could just go there. Who are they? How long will they exist? why
should I line their pockets? Its a brush off answer on the replier's part, but
the fact remains. Using mpex.co requires I trust them. I'd rather not go down
that road as the BTC is not about trusting some institution.

bitcoin has no stable purchasing power. What item to peg its value to?
Of course, you are right, everything tangible fluctuates in value so
clearly Bitcoin cannot be pegged to anything.

By implementing an ability, within the wallet, to buy or sell BTC, current or on
a forward basis, the BTC system could collect very small fees, far far lower
than the fees charged by the exchanges, and hold these fees, in BTC, as reserves,
in the system, in a decentralized manner.

then, BTC has backing. that leads to stability of value. Without backing BTC will
fluctuate wildly every time a reasonable rumor surfaces. As long as that is the
case, BTC will not attract material (e.g.. $Trillions) investment.

the problem remains until we all admit its there and develop a solution.

i'd like to see BTC become a global currency, or even just distributed on 5 billion cell phones, each with
$50 of BTC in them for small payment opportunities. But, lets face it, if 7-11 accepts bit coins you can
be sure they've been sold and converted to real currency before you've walked out the door with your
bottle of water or soda. That is the problem. BTC has no stable purchasing power. No one wants to hold
it. Perhaps this will just change in the future? That's wishful thinking to me.

Until real currency doesn't exist or is hyperinflated out of existence, in which case, you'll be holding BTC and only converting to fiat when you have to.

I think this issue is your mindset. You want bitcoin to act like what you are familiar with because the current state of bitcoin is unexplored. The people that will invest in bitcoin are the ones that are comfortable with it. You obviously are not that person.

Forbes just had an article that there are something like 250,000 people using bitcoin. That is miniscule! If 10 million or 100 million people use it, then it won't fluctuate as much. Why? Because people will be more likely to bid on a price change (buy or sell) when there are more people watching the price. Just like if you have more contracts on an infrastructure project.

I'm perfectly fine with bitcoin fluctuating, because I'm patient and I know that the internet which created this phenomenon will iron out its problems. Do I know what that solutions will be? Nope. But I know that people have innovative ideas that none of us have thought of yet.

Just resorting to the same old market strategies that have shown themselves to fail 100 times over, is not what I want to see.

With each great innovation comes change, a new way of doing things. We don't use telephone booths, because we don't need them. We don't use horses, because we have automobiles. We don't have scriveners, because we have computers and hard drives. I could go on.

There was a time when people said "How will you get anywhere without a horse?" or "Cars breakdown all the time?" or "How can you be near to an object that is 2000 degree?". And yet, the automobile has solved all those problems (through infrastructure, and technological improvements). (Look up Voltare saying it was impossible for humans to go 50 MPH).

My point is this, you are coming up with old solutions to new problems. They will be solved, and maybe some of the solutions will be used, but on the whole, it is going fresh thinking for the bitcoin to work. Maybe these aren't even problems...they'll just solve themselves.

I've ranted long enough.

--GarbageName

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