A Bond for Me
I just found this domain name which hasn't been registered, abond4.me. Taking after "Satoshi Nakamoto," I'm working toward a protocol. However, instead of enabling a cryptocurrency, I want to facilitate a kind of ad hoc decentralized fraud insurance system. I have only thought about it enough to have a handle on the major bones of the skeleton.
Judges suborning perjury (!)
However, before I go into that, I have a request. Nobody likes it when judges do things that are illegal, but what's worse is when those who would punish a judge for doing something illegal refuse to take any action. There are two judges working to set a precedent for forcing someone to perjure themselves. They are judge Nancy G Edmunds and judge Victoria Roberts. I signed a petition that seems like it might put some pressure on the system to correct this problem and wanted to request that you check it out and consider signing it as well.
I might be reinventing Ripple (use Google if you're curious), but I'll take that risk. The idea is that any trustworthy person can leverage the trust others put in them. For example, if you trust me, you could register a promise along with a way people can hunt you down to hold you to that promise if and when I cheat (or dies, and my heirs cheat), and the promise would be something like "I'll pitch in 1 bitcoin if Dave breaks an agreement that I've had a chance to review."
If you are entrepreneurial and/or a good marketer, feel free to register abond4.me and start working on a website that allows people to make promises. A promise might be something like this:
If the owner of BTC address A breaches a contract that has been signed by that address, I will kick in 1BTC as long as I get 0.01BTC along with the contract before it gets breached. I have reserved 100 BTC for this, and if it has all been spoken for before I receive the contract but after I received the 0.01BTC, I will refund it with apologies.
Anyone can write up such a contract, sign it, and then give it to their friend who owns the bitcoin address mentioned. If I got a bunch of such emails, I might present them to someone who wanted to trust me but was just a hair unsure, and your trust in me could then help build my relationship with that person, and also provide you with a little profit, and also give that person some peace of mind in return for a little bitcoin.
Street Prices vs Exchanges
Some of you may have noticed that my price is quite a bit higher now that it usually is. If you know of a term for what I think is happening, please reply to let me know what it's called. I think that the difficulty of getting cash to exchanges is creating a financial incentive to move cash to exchanges ("the supply/demand curve" seems too generic). A few people are starting to take advantage of this, and when that trend catches up, prices will return to "normal" although it might be a "new normal".
For one theory (I have two people who suggested this) about the recent drop from the 280s and 290s to the 240s, Google "Josh Garza" or click here to see the first (and only) hit I checked out. It will be useful to remember that understanding an assertion can be divorced from believing it. In fact, let's promote that idea! And this one too: coercion perverts authority.
Thanks for thinking about my ideas and reading my newsletter.