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General Discussion / Re: Canon Coins? Bitshares CC?
« on: July 27, 2014, 01:04:27 am »Most current Crypto Currencies are very difficult, if not impossible to change, especially if their inflation rate, or the amount of the currency that is put into production at any point in time is hard coded. We consider all such as dumb currencies. The smartest coins are coins that are most able to rapidly and decisively act with significant improvements and well timed changes in the market place. We believe the smartest coins will, in the long run, vastly out compete all dumb coins. We predict that people supporting dumb coins will do so, till the market proves to them the superiority of smart coins, and after they have lost significant capital betting on losing flash in the pan dumb coins.
Interesting project.
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Most current Crypto Currencies are very difficult, if not impossible to change, especially if their inflation rate, or the amount of the currency that is put into production at any point in time is hard coded. We consider all such as dumb currencies.
I take the opposite view, I think dumb coins will vastly out compete smart coins.
If you want to win the coin race as well as benefit humanity you will do best to give them a currency with pretty hard coded initial rules and no or low, unchangeable inflation. (Alternatives will result in coin holders damaging themselves through greed and short termism as well as the financially uneducated succumbing to supporting strategies promoted by a small smarter minority usually using instant gratification as the hook.)
This is why gold has maintained a stable value for thousands of years - because we can't mess with the initial rules (regarding it's inflation and production) too much.
Fiat money on the other hand I would say is the example of 'smart money' - coins where there is no hard-coded limit/backing and no guarantee/confidence they will maintain 'X' limit in the future with regard to inflation/production. No pure fiat currency has lasted more than 50 years & in their collapse 'smart coins' have left the bottom 90% of their users much worse off. I suspect applied to crypto we will see the same events unfold, just on an accelerated time-scale.