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Published on GitHub in February 2024 as part of Martti Malmi's testimony in the COPA v. Wright trial

这是个很好的观点:既然你知道现有币的数量和新币生成的速度,就可以根据你拥有的传统货币数量设定一个支撑价格,并确信自己有足够的资金满足所有需求。我原先设想的是拍卖,但按某个特定汇率提供支撑会简单得多,也更能让人有信心。

拿出货币为比特币提供支撑会吸引想占便宜的人,好处是也会吸引大量关注。起初,人们主要会把它看成一种利用电脑空闲时间获得免费钱的方式。也许可以这样宣传:帮助支持电子商务的未来,同时用电脑的闲置算力赚一点钱。随着人们把币兑现并真的拿到钱,消息会呈指数级传播。

把最低交易金额设在普通用户用一台电脑所能积累的数量之上,可能会有所帮助,这样用户就得彼此交易,才能由某个人收集到足够的数量去兑现。聚合商会开店,以更小的份额购买比特币;如果除了你之外还有更多随时可以买入的买家,这会增强用户对自己能够卖出比特币的信心。

起初,人们显然会怀疑这种支撑能否经受住试图拿到免费钱的人潮冲击,但随着竞争推高工作量证明难度,比特币会保持稀缺这一点应该会变得清楚。人们会看到,他们不能想要多少比特币就得到多少。这会在比特币之下确立一个最低价值,使其能够被用于其他用途——但愿正有其他用途在等待一种可用的东西。

如果有某种东西可供人们用它来做,就会有帮助。我们需要一个应用来启动它。有什么想法吗?

我一直在考虑一种货币兑换服务,用欧元和其他货币买卖比特币。能够直接兑换成现有货币,会给比特币带来尽可能好的初始流动性,从而让新用户最容易接受。每个人都会接受用可以轻松兑换成普通货币的币来付款,但并非每个人都会接受用只能保证买到某一种特定产品的币来付款。

如果同时还有一个范围较窄的产品市场可供使用它,那会更有力。一些虚拟货币,比如腾讯的 Q 币,已经靠虚拟商品取得了进展。如果官方虚拟货币受到限制打压,能有某种办法挤进那样的市场就太好了。不是说没有这种东西就行不通,但如果它能满足一种现成而具体的交易需求,成功的把握就会更大。

最简单的形式是,这种兑换服务可以是一个网站,交易者——可以是个人——能够发布自己的汇率,普通用户则可以留下交易请求。网站上可以显示某种平均汇率估值。在大多数国家,个人进行的小规模交易不会陷入法律上的麻烦,同时也能避免把所有鸡蛋放在同一个篮子里。

基本上就像一个带用户评价的 eBay 网站,以此设法确定哪些卖家值得信任。托管功能会有帮助,但不能解决所有问题。建立这样一个网站要比只建立一个你自己的单一兑换网站费事得多,而且要到以后才会有足够的用户让它运转起来。我觉得要到以后再做 eBay 类型的网站才有意义。

另一个想法,可以作为前一个想法的补充,是一种自动化兑换服务。该服务会自动计算汇率并执行交易。这对用户会更友好:交易请求肯定会完成,而且是即时完成。如果比特币有命令行界面,制作这种服务实际上可能相当容易:随便采用一种 Web 应用框架,并使用 PayPal 后端集成,在收到比特币时自动发送欧元,反之亦然。如果成立一家公司,并处理好经营货币兑换所需的一切官僚手续,这种业务在更大规模上也会非常可行。(我其实有一家注册公司,一直用它为一些 IT 工作开具账单,我可以用它作为基础。)

即使实现了自动化,你多半还是会想在处理订单之前手动审核它们。手工处理订单并不难,尤其是在一开始。你随时可以设置最低订单金额,让订单不那么频繁。

我对经营这种兑换业务很感兴趣,也具备足够的技术能力。不过,在这件事能够开展之前,应该先有一个非 alpha 版的比特币(以及命令行界面 / API)。

如果这件事启动了,非常欢迎捐助者 / 高风险投资者提供资金,为这种货币提供后备支撑。

那么,你觉得这个想法怎么样?请注意,如果你正忙于其他事情,我并不是在请你来做这件事(除非你愿意)。只要能得到对这个计划的正面评价,我可以自己来做。

那太好了,我或许能找到一位捐助者把货币寄给你,由你兑换成欧元,再通过对用户方便的方式支付出去。我不想亲自经营兑换业务,但它可以独立于我来开展。正如你所说,首先还需要完成更多软件开发工作,而且我也想再花一段时间,继续设法想出一个使用比特币的启动应用。我有过一些只有在兑换服务出现之前才能实现的想法。

顺便说一句,我在开始之前曾试图买下 bitcoin.com,但毫无机会,它归一个专业域名投机者所有。开源项目使用 .org 很正常,所以也不算太糟。

英文原文 ​

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That's a good point that since you know how many coins exist and how fast new ones are created, you could set a support price based on the amount of legacy currency you have and be sure you'll have enough to meet all demands. I had imagined an auction, but it would be far simpler and more confidence inspiring to back it at a specific exchange rate.

Offering currency to back bitcoins would attract freebie seekers, with the benefit of attracting a lot of publicity. At first it would mostly be seen as a way to get free money for your computer's idle time. Maybe pitched like help support the future of e-commerce and get a little money for your computer's spare cycles. As people cash in and actually get paid, word would spread exponentially.

It might help to keep the minimum transaction size above an amount which a typical user would be able to accumulate with one computer, so that users have to trade with each other for someone to collect enough to cash in. Aggregators would set up shop to buy bitcoins in smaller increments, which would add confidence in users ability to sell bitcoins if there are more available buyers than just you.

People would obviously be sceptical at first that the backing will hold up against an onslaught of people trying to get the free money, but as the competition raises the proof-of-work difficulty, it should become clear that bitcoins stay scarce. People will see that they can't just get all the bitcoins they want. It would establish a minimum value under bitcoins enabling them to be used for other purposes if, hopefully, other purposes are waiting for something to use.

It would help if there was something for people to use it for. We need an application to bootstrap it. Any ideas?

I've been thinking about a currency exchange service that sells and buys bitcoins for euros and other currencies. Direct exchangeability to an existing currency would give bitcoin the best possible initial liquidity and thus the best adoptability for new users. Everyone accepts payment in coins that are easily exchangeable for common money, but not everyone accepts payment in coins that are only guaranteed to buy a specific kind of a product.

That would be more powerful if there was also some narrow product market to use it for. Some virtual currencies like Tencent's Q coin have made headway with virtual goods. It would be sweet if there was some way to horn in on a market like that as the official virtual currency gets clamped down on with limitations. Not saying it can't work without something, but a ready specific transaction need that it fills would increase the certainty of success.

At its simplest this exchange service could be a website where traders, who can be individual persons, can post their rates, and random users can leave trade requests. Some kind of an average rate estimate could be shown on the site. Small-scale trading by individuals would be outside legal hassle in most countries, and putting all the eggs in the same basket would be avoided.

Basically like an eBay site with user reviews to try to establish which sellers can be trusted. The escrow feature will help but not solve everything. It would be far more work to set up such a site than just to set up a single exchange site of your own, and there won't be enough users to make it go until later. I'm thinking it wouldn't make sense to make an eBay type site until later.

Another idea, which could be additional to the previous one, would be an automated exchange service. The service would automatically calculate the exchange rate and perform the transactions. This would be nicer to the user: completion of the transaction request would be certain and instantaneous. Making this service might actually be quite easy if there was a command line interface to Bitcoin: just take any web application framework and use PayPal back-end integration to automatically send euros when Bitcoins are received, and vice versa. This kind of business would also work great on larger scale if you set up a company and take care of all the bureaucracy needed to practice currency exchange. (I actually have a registered company that I've used for billing of some IT work, I could use that as a base.)

Even if you had automation, you'd probably want to review orders manually before processing them anyway. It wouldn't be hard to process orders by hand, especially at first. You could always set a minimum order size to keep orders more infrequent.

This exchange business thing is something that I'd be interested in doing, and I also have the sufficient technical skills to do it. Although, before this can be done, there should be a non-alpha version of Bitcoin (and the command line interface / API).

If this gets started, donors / high-risk investors would be very welcome to bring capital for the currency's backup.

So, what do you think about the idea? Note that this is not something that I'm asking you to do (unless you want to) if you're busy with other things. I can do it myself, if I get positive reviews about the plan.

That's great, I could probably get a donor to send currency to you which you convert to euros and pay out through methods that are convenient for users. I don't want to do an exchange business myself, but it can be done independently of me. Like you say, there is more software development to be done first, and also I'd like to keep trying for a while to think of a bootstrap application to use bitcoins for. I've had some ideas that could only be done before an exchange exists.

BTW, I tried to buy bitcoin.com before I started but there was no chance, it's owned by a professional domain speculator. It's normal for open source projects to have .org so it's not so bad.

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