Currency - why not bitcoin?


#1

I dont know if the currency system of HF are already maked… But the idea to use the bitcoin for ingame corrency can be fabulous.


#2

How easy is it to convert bitcoin to US or Canadian dollars? For that matter, how easy is it to convert to any other currency and cash out, get the money in your hand?


#3

Just checked from the bitcoincharts:
During last 7 days bitcoin-usd trade volume was about 15 000 000. I think you can squeeze in your sell or buy orders quite nicely.

Using bitcoins which is already volatile and secure as a currency instead of something just made for the system makes in my world more sense.


#4

Dogecoin!
https://www.cryptocoincharts.info/v2/coins/info


#5

BTW. If you haven’t yet, go and read this thread:
https://alphas.highfidelity.io/t/cryptocurrencies-and-blockchain-proofs/288

We have been talking about this already. :smile:


#6

It gets easier every day :slight_smile:

Right now, I would point you to http://coinbase.com, but Circle ( http://circle.com ) is looking to be really promising.


#7

I would love to see Doge too…there’s probably no reason that people couldn’t implement it if they wanted to. I mean, whatever “implement” even actually means in this context. I’m not really sure what sorts of cryptocurrency “integration” people have in mind, beyond simply spending it on things in-world, which doesn’t require any actual integration, just the display of an address somewhere.

Although actually, I guess you could have some system where you have some money deposited for Hifi spending, and with a single click you can purchase something in-world, so it could make it more convenient. I dunno.


#8

I think nothing prevents HF from implementing support for different blockchains. But I think plain old Bitcoin should be priority one, because it’s already established and always in the news. Helping to run HF could be seen as a form of mining.


#9

I’m no expert but…

Yes, it’s always in the news but in a bad way. I mean, from everything I’ve read, most people associate bitcoin with either a total scam or a failed enterprise.

Maybe I’m wrong, and I could be. But it has gotten a ton of bad press lately. And didn’t Apple pull all apps with Bitcoin trading from the app store recently?


#10

I have the opposite impression - in spite of the hate campaign of bankers and nanny-state bureaucrats against cryptocurrencies, there is more and more positive coverage by mainstream “serious” media. The semi-official (and de-facto official) http://bitcointalk.org/ forum has a notable press hits session (https://bitcointalk.org/).


#11

I understand the discussion that is taking place, but let’s please not turn this into a political discussion.


#12


#13

I love BTC myself, but what is not to love about Zoidburg! RIP (for now) Futurama.


#14

Another very interesting initiative in the cryptocurrency space, seems very compatible with High Fidelity. MaidSafe takes the distributed architecture a bit further :wink: extending it to the whole of the Internet. See http://skefia.com/2014/05/31/maidsafe-is-very-interesting/


#15

The challenge with using BTC directly (right now) is that the exchange rate fluctutation against other currencies is very high. For example http://bitcoincharts.com/markets/btceUSD.html shows around a 40% fluctuation in the trailing month. BTC at present is mostly used for speculation, acting functionally like a commodity and not a currency. This wouldn’t work for someone whose business had any kind of real costs (like salaries for example).

Also we’d like to create a system in which the creation of new currency is tied to positive benefits to the simulation of the grid, not just blockchain mining. It seems best to do that with a new freestanding currency, or a sidechain of some kind that was initially linked to BTC.

I’ve not researched the other alt-coins to look at price stability, it would be interesting to see if any other systems have (yet) achieved greater stability.


#16

Note: As long the currency can be used in europe with paypal or other system (still preffer paypal) its good. Creditcards are bad system here because many cant use it. and the prepaid creditcards seems to have so its problems what i hear and read.


#17

The only issue I see here is with BTC and even other alt currencies is that the control is taken out of HiFi’s hand. It would be like if LL lost the ability to control the events that added new money into the world because someone outside was able to “find it” elsewhere.

With credits being granted for contributing to the work of the ecosystem of HF, sort of a bonus, you could then convert that to say HF$ (taking on a personal vision of how something could maybe work) where HiFi was able to control the flow depending on the needs of the world of the community as a whole.

In this case we need HiFi as the central bank that knows when adding more might be over saturation (as in adding for free from credits thus it takes more work to earn a credit so HiFi can control how much “free money” is being injected into HiFi. Greater demand for processing? Earn more credits to convert. Less demand? Credits come slower, you earn slower, thus a control.

My personal thought is credits should be separate from HF$ (or whatever its called) so you can only earn credits through a single means then have methods of conversion. As I said above it gives you a lot of controlling power over the influx of actual “spendable” money in the world.

Right now I have “Balance ₵18.47828968” which makes me wonder how much other people have, but I am also contributing 3 servers to the processing power.


#18

I guess Linden $ are quite stable:) though I suppose that s not an option…


#19

As long as HighFidelity openly allows the trading of “HiFi Credits” for BTC / LTC / DOGE / etc, I think it’s a great idea to make sure HighFidelity has its own credit/currency/point system of some kind.

BUT, the second you allow open trading against other digital currencies - due to arbitrage you may start to see that HiFi Credits move up and down with the value of Bitcoin and the like - potentially causing it to be highly volatile, which i something you’re obviously trying to avoid.

For example, look at the charts for Litecoin / Bitcoin on BTC-e… they move almost exactly the same…
https://bitcoinwisdom.com/markets/btce/ltcusd
https://bitcoinwisdom.com/markets/btce/btcusd

(Open up both links in 2 separate tabs, so you can tab back and forth between them - and make sure you click Time Interval: “12h” at the top left.)

Just something to think about - I really like the idea of having a “mining currency” tied to HighFidelity, but you may have to kick the worry of high volatility idea to the curb. Unless you implement the same methods as the banking system which is corrupt as heck when you get right down to it.


#20

How is bitcoin beneficial for us considering how unstable it is?