Apparently we lost this post from 11th november
https://blog.ethereum.org/2014/11/11/search-stable-cryptocurrency/
Last time I left a comment about nubits on the weak subjectivity post, it did not get published.
Lets the comments rain on this, Vitalik is no Coindesk (well… bitcoinmagazine actually =) )
well basically his view was used by the paper mentioned here: Must Read: Seigniorage Shares Whitepaper
@desrever A genius programmer is still a programmer, not economist. In my impression, Vitalik is typical young expert from IT industry, however, he has no vision of the masters such as Keynes, Hayek, Friedman,even Marx. Anyway, those are the most smart brains on our planet.
As Vitalik said, he worries about voters may collude and make an dishonest choice, eg. they vote a bad coin price and make profit and harm whole system.His thought is ridiculous because what he analysises is just within the software itself. But for a deliberate economist such as Hayek, his vision is the whole market where the customers and many other competitors exist. If Nushare holers vote for a bad number( bad interest rate, bad anti-inflation coin price), the free market will punish them, NSR price drops, customers turn aside away for bitUSD, NXT, ripple… NBT circulation shrinks.
With crystal clear of Nu data exposed to the public, let NSR holders collude something bad, if they dare to lose the profitable business .On the contrary, NSR holders are so keen to vote a proper number so that their NSRs will go up, they may make some mistakes unintentionally, and the free market will teach them how to run a DAC by punishment on their wealth (NSR).
Another ridiculous thought of Vitalik is so called “Endogenous Solutions” which means he wanna find some service inside the network(mining difficulty, data storage, bandwidth) to capture the coin price in real world. This direction is utterly wrong because too much uncertain involved and not precise/timely at all. And 5% calculation error may ruin the whole system! Never has a sane economist thought in this way, I promise.
at least now my comment is on the top voted… keep upvoting and eventually he will notice, hopefully
I’ve upvoted it. But why we need their attention? Will they give us good advice on how to improve Nu?
@Sabreiib I too think it is logically not possible to get accurate information about the external demand from an internal variable…
The theory is 38 years old and the block chain several years ago.
Hayek theory + satoshi blockchain = revolution. Let’s trigger it 