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Author Topic: [ IDEA ] New Coin Pegged to USD or EUR  (Read 493 times)
fasbit
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November 23, 2013, 02:01:34 PM
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Has anyone ever (seriously) tried to release a coin and peg it to the dollar (or Euro)?  I would like to start a project like this; as an attorney  I can handle the regulatory/government side of things, if we could get some community buy-in on the idea.  It IS NOT impossible to do legally, no matter what you may have heard or read; its just impossible to do on the LD.   I think I know how to pull this off, but there is no way I will go at it alone.  Security would be the number one issue, not speed.  Every coin purchased would be a liability to the issuer.  Mining the coins would not be the best way to get them into circulation.  There is no get rich quick scheme here, this would truly be a labor of love.  Essentially we are talking about PayPal with a wallet you control and keep.

Advantages:  Built in value. Instant recognition around the world.  No currency conversions necessary.  Sell anything anywhere in a price that everyone knows. Would allow a true dark exchange or blind escrow to take place. MOVE DOLLARS INSTANTLY.  Very attractive to retailers and cross-border trading, even large transfers.

Disadvantage:  No/Limited return as an investment. (No reason to hold on to them as they wont increase in value). High value target for double spend attacks. High value target for future government regulation. No incentive to be early adopter.

I would be interested in your thoughts or ideas.
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Sukrim
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November 23, 2013, 02:28:08 PM
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You can do that right now with Ripple for example (which is kinda like a general purpose web wallet) - the problem with pegging is the issuing and redemption process with the issuer which (as you probably know) is quite regulated with KYC/AML etc.

https://www.coinlend.org <-- automated lending at various exchanges. No fees(!).
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idev
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November 23, 2013, 03:32:38 PM
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Has anyone ever (seriously) tried to release a coin and peg it to the dollar?
Someone has, it's called CryptoDollar - https://bitcointalk.org/index.php?topic=287947.0
fasbit
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November 23, 2013, 08:06:09 PM
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Has anyone ever (seriously) tried to release a coin and peg it to the dollar?
Someone has, it's called CryptoDollar - https://bitcointalk.org/index.php?topic=287947.0

Interesting... the crypto dollar cant actually be exchanged for USD by anyone....not sure how that are going to get it in circulation ... I read their release... they are on the right track on the idea... but it will fail for that reason mentioned...

I am working on the white paper as we speak... will publish soon... You have any ideas on best spot/forum to publish? 
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