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Camp Statement

Go live Time : 01 September 2013, 10:25 PM

Distributed Control

We agree that the mining limit should not be changed, in the short term, or in any other way than the following.

So far, the emerging expert consensus is predicting that as Bitcoin becomes an ever more dominant currency in the world, it will tend to increase the boom / bust cycle that has been so destructive in the past. To some degree, even though the amount of gold produced has always increased, the value of Gold works in this destructive way. In Bitcoin's short history, this behavior is already clear The Cypriot Financial crises being just one of many clear examples. All shocks to any Fiat currency, or stock market, significantly accelerates the increase in the value of Bitcoin.

Bitcoin will rightly quickly gain a better reputation than Gold, and quickly surpass it as being used for such. As Currencies, stock markets, bonds, real estate, or anything of value turns down, people will tend to dump all such capital and move it into whatever is the leading Crypto currency. This will significantly accelerating its increase in value as any such shocks to any other stores of value occur. As crypto currencies increase in value as any depressions becomes even a possibility, people will be loath to spend them on anything other than Bitcoin, unless absolutely necessary, till the cycle reverses.

Because of such problems, any inflexible currency will contribute to society far less than it could otherwise do, if it was flexible. We think Bitcoins should be mined with real work. We also think that it is possible to have some amplification of the wisdom of the Bitcoin holding crowd that would far outperform any current Fiat Currency's central bank, and that such could be done in a way for which it's authority would be derived from all holders of Bitcoin, all over the world, in real time.

A division of powers in such a system would be good. One group of experts and/or survey topics would be used for the purpose of determining how much Bitcoins could be produced, at any given time. A different set of topics and experts could determine how those allocated new coins could be 'earned' or given out as charity to help mitigate boom/bust cycles, while focusing on the needs of the people at the bottom, before the people at the top.

If there is lack of consensus that something like an open survey system could work in such an intelligent way, we believe that some other system could be proven to work, to the point where all people would agree, achieving any necessary consensus to make it so.

This open survey topic is part of the expert "Crypto Currency Survey Project".

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