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Author Topic: Surely the first crypto to succeed....  (Read 1007 times)
montgolfier
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April 12, 2013, 08:47:46 PM
#1

.... Will be the first one that isn't exchangeable?

Seems like It's the trading for $・」 that's the problem here..

Wouldn't a coin that can only be a)mined and b)exchanged for goods/services, be much less volatile and susceptible to manipulation?

Bitcoin addresses contain a checksum, so it is very unlikely that mistyping an address will cause you to lose money.
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tycho
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April 12, 2013, 08:53:24 PM
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Uh. How would you prevent exchanging it for fiat?

bitcoin: 17Bovc1hKhqi8FhwwhZAAthbz1ThehyNfA
litecoin: LXpz8PcQzg5HazmnyybAjH7MFDSu4XzgXt
montgolfier
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April 12, 2013, 08:55:06 PM
#3

Good question

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April 12, 2013, 09:51:53 PM
#4

You could setup a system like ebay and only this cryto is used as payment also the only way to get this cryto is to sell something.

So you sell something and get 10 coins then you spend the 10 coins on something in the market, but then this limits you choice and what you can buy.

also you cannot withdraw this coin from the site so this makes it centralized, limited and vulnerable this does not sound very wise.

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April 13, 2013, 01:08:27 AM
#5

I don't think you can ever make a coin that will see the difference between a product and another currency. Good idea, but not possible to make.

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April 13, 2013, 02:08:40 AM
#6

you might as well figure out how to divide by 0, or maybe the slightly harder traveling backwards in time (if you figure that one out, DO tell us.)
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April 13, 2013, 03:14:03 AM
#7

.... Will be the first one that isn't exchangeable?

Seems like It's the trading for $・」 that's the problem here..

Wouldn't a coin that can only be a)mined and b)exchanged for goods/services, be much less volatile and susceptible to manipulation?

so it would succeed because it is worthless?

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April 13, 2013, 03:15:30 AM
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you might as well figure out how to divide by 0, or maybe the slightly harder traveling backwards in time (if you figure that one out, DO tell us.)

Make a clock whose hands go counter clockwise. 1 trillion dollars please.

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April 13, 2013, 03:22:05 AM
#9

Actually that isn't that far from the point.

It being exchangeable isn't the issue here - that it's value is derived by the amount of cash put into it is. The currency must be representative of something valuable, namecoin goes in the right direction, but the concept can be extended much, much further.
There are even discussions of how the mining network itself providing something of fundamental value. The pinnacle would be that the secret needed to spend the coins to represent fundamentally valuable information. Wink

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montgolfier
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April 13, 2013, 10:18:48 AM
#10

.... Will be the first one that isn't exchangeable?

Seems like It's the trading for $・」 that's the problem here..

Wouldn't a coin that can only be a)mined and b)exchanged for goods/services, be much less volatile and susceptible to manipulation?

so it would succeed because it is worthless?


Not worthless (it is still decentralised, universal and anonymous) , it would just have it's own 'exclusive' value rather than being constantly measured against the $ or the 」

Like others have said it's probably near to impossible, but still worth thinking about..

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April 13, 2013, 10:41:43 AM
#11

Uh. How would you prevent exchanging it for fiat?

By making fiat no longer exist with cryptocurrency in its place

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April 13, 2013, 10:53:27 AM
#12

Cryptocurrency is about freedom. Freedom to exchange it for fiat too  Wink
A_Free_Man
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April 13, 2013, 11:27:05 AM
#13

OP doesn't know shit.

A burger costs $2
If the restaurant accepts 5 Xcoins in exchange for the burger doesn't that make each coin worth 40 cents each?


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April 13, 2013, 01:20:06 PM
#14

OP doesn't know shit.

A burger costs $2
If the restaurant accepts 5 Xcoins in exchange for the burger doesn't that make each coin worth 40 cents each?




A burger only costs 2$ without daily inflation* And that assumes, also, that the coins in question are even backed by USD.

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