what if we come up with a new cryptocurrency that is tied to the US dollar

[jongameson]

People would be able to mine them, but they would all end up in a central "wallet", minus a small incentive (1%) paid to the miner.  

Each mined coin would be linked to the US dollar.  So what you put in you will be able to withdrawal (minus 1% fee)

[MPOE-PR]

You fundamentally misunderstand what mining is.

[freethink2013]

quantitative ez-coin

[GBGglenn]

Would'nt that force the banks to get involved? Dont want anything to do with them.

[jongameson]

Would'nt that force the banks to get involved? Dont want anything to do with them.

why would you say that?

[VeniVidiVici]

the idea of these kind of currencies is to be independent. So no 1:1 link to any curreny like the dollar, no centralized, etc.
thats what is going wrong with currenty fiat currencies and what shoud be prevented

[Gator-hex]

They already made an inflationary Bitcoin, it's called Quark.

As far as I'm concerned, you can stick Quarks where the sun don't shine, I'm not interested in having my store of value inflated away at any percentage.

[hbismyname]

Asking this question itself is lame  

[freethink2013]

retardocoin

[beetcoin]

part of the reason why BTC and gold have done so well is because people want to run away from the dollar, not to it.

[jongameson]

part of the reason why BTC and gold have done so well is because people want to run away from the dollar, not to it.

your not thinking of the big picture

we could call it Dope Coins

cause people don't wanna have to invest in a wild and unstable crypto coin when buying their shit

[GBGglenn]

part of the reason why BTC and gold have done so well is because people want to run away from the dollar, not to it.

your not thinking of the big picture

we could call it Dope Coins

cause people don't wanna have to invest in a wild and unstable crypto coin when buying their shit

The name of the currency does'nt matter. As Beetcoin says. People want to get away from the current currencys. People also does'nt want to get involved with the bank aswell due to fees and taxes etc.

Would also call the currency "retardocoin" as freethinking2013.

Convince me instead of coming up with names for the currency.

[freethink2013]

part of the reason why BTC and gold have done so well is because people want to run away from the dollar, not to it.

your not thinking of the big picture

we could call it Dope Coins

cause people don't wanna have to invest in a wild and unstable crypto coin when buying their shit

Maybe the way to mine would be playing the knockout game. One knockout would = one coin.

[Mike Christ]

I'm not saying you can or can't...but why would you tie a coin to this thing?

[msc]

Each mined coin should be linked to the US dollar.  So what you put in you will be able to withdrawal (minus 1% fee)

We already have that, and there's no fee.  The US Dollar.  $1 always equals exactly $1.

[jongameson]

ok but what about if we go with the same idea (mining everything into a central wallet, giving miners a small portion, etc..)

then we start the trading a certain amount at a particular Ask.  and then a certain amount at a higher ask, etc..

eventually create a market of sorts

[zosi]

I think you misunderstood the whole bitcoin concept.

[mindfulmojo]

I don't think this one is going to able to be mined... but an ecurrency backed by gold:

http://www.zerohedge.com/news/2013-11-29/e-gold-founder-launches-new-gold-backed-currency

[TRJohnnyc]

Wouldn't that defeat the whole purpose of a finite supply cryptocurrency ?

[oser41eric]

 So what you put in you will be able to withdrawal (minus 1% fee)

Lol, this is what banks already offers