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January 18, 2018, 10:06:02 AM Last edit: February 14, 2018, 01:45:57 PM by bitcoin8x Merited by ArkadiyDeliev (1) |
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Sorry, but I believe this idea to be impossible. You cannot control the price of a currency as everything is relative and investors trade on absolutely everything. The price will naturally fluctuate as that's how trading works. A seller sets a price, if demand is not fulfilled he lowers it until someone finally buys it. The other part of your idea where exchanges will have to reach a consensus is unethical as larger exchanges will have more strength in such a debate, which might mean that only these major exchanges will benefit from flatcoin, while the smaller exchanges will be left off to die. Additionally, if flatcoin is created what incentive is left for the holders of other cryptocurrencies to continue holding them? If everyone sells their bitcoin for flatcoin during bear markets, the price of the coins will crash leaving no point in investing in them afterward. Miners will stop mining these currencies as well because the value of a block will crash and won't be profitable considering all the expensive hardware and investments. Also, take into account the difficulty of mining some of these cryptos. Bitcoin, for example, lacks an algorithm that decreases the difficulty, meaning that a dump in mining will result in the death of usability for it as blocks won't be generated and no transactions will be confirmed.
TL,DR flatcoin will destroy the market if it is ever to exist.
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