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Author Topic: Using colored coins to distribute a token pegged to the USD?  (Read 1945 times)
dillpicklechips (OP)
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October 23, 2013, 04:30:31 PM
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Is there a country where a business could be safely set up that sells colored coins/tokens of btc that are pegged to the dollar? Somewhere where they could sell as well as buy back the tokens and having the all funds all backed up in a bank or is such a business always at risk of being seized making the tokens worthless?
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Each block is stacked on top of the previous one. Adding another block to the top makes all lower blocks more difficult to remove: there is more "weight" above each block. A transaction in a block 6 blocks deep (6 confirmations) will be very difficult to remove.
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October 23, 2013, 06:01:16 PM
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Quote from: dillpicklechips on October 23, 2013, 04:30:31 PM
that sells colored coins/tokens of btc that are pegged to the dollar?
I don't understand, these tokens will be denominated in USD or BTC?
dillpicklechips (OP)
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October 23, 2013, 06:13:24 PM
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Quote from: giantdragon on October 23, 2013, 06:01:16 PM
Quote from: dillpicklechips on October 23, 2013, 04:30:31 PM
that sells colored coins/tokens of btc that are pegged to the dollar?
I don't understand, these tokens will be denominated in USD or BTC?
They would be colored coins respresenting a dollar each. The company would buy and sell these tokens. Then others would be able to transact using the blockchain using USD. It would of course all depend on the trust of the company that stores the actual dollars in a bank.
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October 23, 2013, 06:16:05 PM
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No, there is no country in the world where a traditional business can safely issue a convertible USD token.

In the future the infrastructure will be in place such that a non-traditional, P2P system for doing this can operate.
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October 24, 2013, 10:40:59 PM
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Quote from: dillpicklechips on October 23, 2013, 04:30:31 PM
Is there a country where a business could be safely set up that sells colored coins/tokens of btc that are pegged to the dollar? Somewhere where they could sell as well as buy back the tokens and having the all funds all backed up in a bank or is such a business always at risk of being seized making the tokens worthless?

isn't this what ripple does essentially?
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