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1  Bitcoin / Bitcoin Discussion / comment/status currency on: January 30, 2014, 07:16:24 PM
This probably already exists or wont work.  Here goes:


If reddit or someone sponsored a digital currency, put money backing it (a small amount at first to discourage immediate redemption, 500 bucks for XXXX number of issued coins) and gave it to top commenters who could place the currency in circulation by giving special coin Rep points to users whos comments or links they like, maybe the market could grow, the value of each coin taking on more value as users gain more thru good posts or cool links. Giving a coin or receiving one would do stuff like increase the prominence of your comments you make or something.

The value is based on status at first more than redeemable cash/products and the monetary value could maybe grow thru the fact you could exchange them for products (reddit tshirts, etc) if you get enough.  It might encourage traffic and people signing up to comment which would then increase ad revenue (perhaps you could gain coins for spending certain time on sponsored links or ads) a portion of which could go in a central bank backing the currency.

Bueller?

http://www.theonion.com/articles/best-most-original-idea-mans-ever-had-returns-1140,35025/
2  Other / Beginners & Help / Re: Decentralization of Bitcoin vs. centralization of exchange market on: December 28, 2011, 01:17:46 AM
Basically, the exchanges follow the price history of mtgox.

This sounds like the sort of thing the Federal Reserve does for the dollar.  Or not?  Maybe a little?  I was an English major...
3  Other / Beginners & Help / Could bitcoins be made illegal? on: December 28, 2011, 01:11:35 AM
If tomorrow all the international drug peddlers, arms dealers, human traffickers, bonsai kitten merchants decided to trade solely in Bitcoins, could the US or any other government actually make the bitcoin itself illegal?  Instead of cracking down on illegal businesses, could a government actually outlaw the process of mining or transfering a bitcoin itself?
4  Other / Beginners & Help / Re: Decentralization of Bitcoin vs. centralization of exchange market on: December 28, 2011, 12:47:26 AM
No each exchange literally has different values.

Bitcoins are primarily tokens.

We give them value just because we feel like it.

How many exchanges are there out there, and how closely do their respective rates usually agree?
5  Other / Beginners & Help / Decentralization of Bitcoin vs. centralization of exchange market on: December 28, 2011, 12:35:28 AM
First of all, thanks for having a section for Newbies, it saves me from having to apologize for all the future face-palms I will be generating...

I think I have a rough idea of BTCs and how they work (though if someone could direct me to a good link that would go more into depth on the concept of "force work" in relation to BTCs and how computer networks go about actually confirming BTCs being released that would be cool) but I had a question about the exchange rate.

I get how the actual bitcoin itself is not "stored" on any central server or bank, and I get how buying and selling of BTCs are used to calculate the exchange rate to any given real-world currency, but my question is since it seems like you would have to have a central marketplace to exchange BTCs, the actual real-world exchange rate DOES rely on a centralized system....in other words, it seems like for BTCs to have any value in relation to real world currency you do have to have a place to go to trade these things for dollars.  Is this right, or can exchanges occur outside of something like Mt. Gox?  If so, how are these exchanges recorded and then organized to produce the rate of exchange?  

EDIT:  Also, is the overall exchange rate simply an average of all the different exchange markets out there?  If so, how is it determined which markets make the cut for being considered in exchange calculation?
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