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Title: USD Coin - Thoughts? Post by: Astrophysical on April 22, 2013, 09:33:30 PM I had an idea for an alt coin after seeing people repetitively say getting fiat funds into exchanges is a slow, painful process : USD Coin - always worth 1 US Dollar.
Assuming this isn't counterfeiting (which it very well might be), this would make transacting funds a much simpler easier process by shifting the fiat to crypto conversion over to an exchange that exclusively traded Fiat Dollars for Crypto Dollar Coins and vice versa. The crypto USD Coin could then be deposited in the main exchanges that exist now for trading USD Coins in for Bitcoins and other alt coins. This would make withdrawals of USD Coin from the main crypto exchanges trivial and (if someone desired to) reduce the difficulty of converting the crypto coin back into fiat in a bank account into one step that could be handled by the USD Coin / Fiat Dollar exchange. Just a thought about streamlining the process of converting fiat into crypto and vice versa. Let me know what you guys think: Positive, negative, etc. Title: Re: USD Coin - Thoughts? Post by: thep33t on April 22, 2013, 09:34:46 PM I don't know if ASICS are fast enough to keep up with how fast the FED is printing USD.
Title: Re: USD Coin - Thoughts? Post by: Stampbit on April 22, 2013, 09:37:36 PM The only way you could do that is if you create a crypto currency that had its own central bank. That would be ripe for scammers.
Title: Re: USD Coin - Thoughts? Post by: Francesco on April 22, 2013, 09:38:19 PM LibertyDollar creator was arrested for creating a currency "too similar" to Dollar, but I still don't understand what "too" really means. Whatever they deem it should mean, probably.
Title: Re: USD Coin - Thoughts? Post by: scrybe on April 22, 2013, 09:43:17 PM Requires centralized controls including a go-button for Bernake, and a stop-button for congress.
Block rewards are completely unpredictable unless you are a major bank in which case you get a steady diet of FiatUSDCoin which trades on par with the USDCoin used for central bank deposits. This was a joke originally, but it actually might work*, fun thought experiment. *Assuming it is implemented by a competent government which may disqualify the scenario due to excessive oxymoronism. Title: Re: USD Coin - Thoughts? Post by: Walter Rothbard on April 22, 2013, 11:06:48 PM I don't think it's a good idea, and I wouldn't use it.
Unless you are personally prepared to back the system with a dollar for every coin in it, you will never be able to force this coin to stay at par with a dollar. I will put it up on my exchange, and we will determine its true value. :) Here are some very helpful books to read: http://mises.org.money.asp https://mises.org/document/3060/ Title: Re: USD Coin - Thoughts? Post by: Shad3dOne on April 23, 2013, 12:10:44 AM i think the Fed already pre-mined it..
another coin i could not be an early adopter of... ;) |