Is it possible? Unstable amount of coins in circulation?

[quantumer]

Hi, i have some question for programmers, for example creating a new cryptocurrency, it is possible to create  cryptocurrency with unstable amount of coins in circulation?

For example:
1. First, the program will check the current USD exchange rate and the current marketcap status(checking from coinmarketcap.com)
2. Next, the program will calculate the amount of coins needed for the price to be 1 USD    ---> *program think* price =  Timely marketcup/amount of coins, so i need to know how meny amount of coins needed if the price is to be 1 usd ---- > for example     current marketcup 1 000 000 USD / 1 000 000 coins, and it will be checked by the program every few seconds.

What if the marketcap goes down? The program would have to DESTROY the necessary amount of the moent, of course not belongings to someone. It would have to be equipped with a "nobody's" wallet from which it is able to remove coins in the right moe, so that the price is still stable.

What if the marketcap will goes up? The program would have to create the needed amount of coins in the 'nobody's' wallet

For example, Day X 2018.  Marketcap = 1 000 000 usd ,  1 000 000 coins   price = 1 USD
                   Day X2 2018  Marketcap = 2 000 000 usd   , 2 000 000 coins(1 000 000 coins in the "nobody" wallet) so      2 000 000 / 2 000 000 = Price still 1 USD
                   Day X3 2018  Marketcap = 500 000 usd  , 500 000 coins( -1 500 000 coins, will be deleted)   so     500 000 / 500 000 = Price still 1 USD

I hope you understand me, if you now some about that, please answer, is that possible to write it in C++?


Thanks.

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[CryptoSingleBrew]

Hey! I think you're describing exactly how Tether works!

They are maintaining the value of 1 USDT close to 1 USD at all times by minting more coins into circulation or burning some. Not sure about the tech details about how they do it, but if I wanted to create a stable coin that is pegged to USD I would (as a creator) call the smart contract to update the liquidity supply by calling an oracle that would tell me how many coins I should add or burn so the value remains at 1 usd. Now that oracle would take into account a lot of things to come to the conclusion of what to do with the supply to maintain 1 usd per coin (info from exchanges or coinmarketcap, how the dollar is doing, etc).

Hope that helps!

[quantumer]

Hey! I think you're describing exactly how Tether works!

They are maintaining the value of 1 USDT close to 1 USD at all times by minting more coins into circulation or burning some. Not sure about the tech details about how they do it, but if I wanted to create a stable coin that is pegged to USD I would (as a creator) call the smart contract to update the liquidity supply by calling an oracle that would tell me how many coins I should add or burn so the value remains at 1 usd. Now that oracle would take into account a lot of things to come to the conclusion of what to do with the supply to maintain 1 usd per coin (info from exchanges or coinmarketcap, how the dollar is doing, etc).

Hope that helps!

Yes, it's very similar. But in teter this is done in such a way that the whole is supervised by Tether corp, and I mean more so that I can free myself from any "distributor".