Bitcoin Forum
November 14, 2018, 11:09:34 PM *
News: Latest Bitcoin Core release: 0.17.0 [Torrent].
 
   Home   Help Search Login Register More  
Pages: « 1 2 [3]  All
  Print  
Author Topic: Mining USD?  (Read 3367 times)
ShakyhandsBTCer
Sr. Member
****
Offline Offline

Activity: 448
Merit: 250


It's Money 2.0| It’s gold for nerds | It's Bitcoin


View Profile
August 10, 2014, 01:54:55 AM
 #41

Why would anyone hold a currency, that is GUARANTEED to depreciate in value. And there is nothing you can do about it, as long as you hold it!

I'd mine the shit out of it then dump it into BTC.
1542236974
Hero Member
*
Offline Offline

Posts: 1542236974

View Profile Personal Message (Offline)

Ignore
1542236974
Reply with quote  #2

1542236974
Report to moderator
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1542236974
Hero Member
*
Offline Offline

Posts: 1542236974

View Profile Personal Message (Offline)

Ignore
1542236974
Reply with quote  #2

1542236974
Report to moderator
1542236974
Hero Member
*
Offline Offline

Posts: 1542236974

View Profile Personal Message (Offline)

Ignore
1542236974
Reply with quote  #2

1542236974
Report to moderator
1542236974
Hero Member
*
Offline Offline

Posts: 1542236974

View Profile Personal Message (Offline)

Ignore
1542236974
Reply with quote  #2

1542236974
Report to moderator
thew3apon
Hero Member
*****
Offline Offline

Activity: 784
Merit: 500


Presale Starting May 1st


View Profile
August 10, 2014, 02:16:52 AM
 #42

Would anyone be interested on mining USD, if it was possible, @ $0.01  per block (scrypt)?

Its easier for the federal bank to print them, 100million a minute...


▄▄███████▄▄
▄▄██▄▄ ▀▀   ▀▀ ▄▄██▄▄
▄████████▄     ▄████████▄
███████▀▀  ▄   ▄  ▀▀███████
██████▀  ▄█████████▄  ▀██████
██████  ▄█████████████▄  ██████
█████  █████████████████  █████
██████  █████████████████  ██████
█████  ███████████████████  █████
█████  ███████████████████  █████
████  ███████████████████  ████
▀▀█▀   ▀███████████████▀   ▀█▀▀
▄      ▀█████████████▀      ▄
█▄   ▄    ▀▀▀▀▀▀▀    ▄   ▄█
▀  ████▄▄▄▄▄▄▄▄▄▄▄████  ▀
▀█████████████████▀
▀▀▀███████▀▀▀
.
.A DECENTRALIZED MARKETPLACE FOR DATA.
████
██
██
██
██
██
██
██
██
██
██
████
               ▄▄▄
         ▄▄▄██████
   ▄▄▄███████▀████
▀█████████▀ ▄████
   ▀████▀ ▄██████
      ▀ ▄███████
        ██▀█████
        █   ▀██


        ▄▄▄▄
      ▄█████
      ███
    ▄▄███▄▄
    ███████
      ███
      ███
      ███
           ▄▄▄
 █▄       █████▄▀
 ███▄▄ ▄▄██████▀
  ▀█████████████
   █████████████
    ▀██████████
    ▄████████
▄▄████████▀▀


 ██▄     ▄██▄
 ████▄  ▄█████
 ███████████ █
 ██████████ ██
 █████████ ███
 ████▀███ ████
 ████  ▀ █████
 ▀███     ▀▀██
████
  ██
  ██
  ██
  ██
  ██
  ██
  ██
  ██
  ██
  ██
████
ShakyhandsBTCer
Sr. Member
****
Offline Offline

Activity: 448
Merit: 250


It's Money 2.0| It’s gold for nerds | It's Bitcoin


View Profile
August 10, 2014, 02:17:53 AM
 #43

Would anyone be interested on mining USD, if it was possible, @ $0.01  per block (scrypt)?

Its easier for the federal bank to print them, 100million a minute...

And if the difficulty gets too high, they can just change the blockreward Cheesy

1000 USD notes will come back :p
Mayuyu48
Hero Member
*****
Offline Offline

Activity: 644
Merit: 500



View Profile
August 10, 2014, 02:38:37 AM
 #44

Would anyone be interested on mining USD, if it was possible, @ $0.01  per block (scrypt)?

Its easier for the federal bank to print them, 100million a minute...

And if the difficulty gets too high, they can just change the blockreward Cheesy

1000 USD notes will come back :p
and we all know that centralized currency with unlimited amount of coins (paper) will be worthless garbage Grin
hope people understand this and leave that shitty worthless paper for economic transaction

botany
Legendary
*
Offline Offline

Activity: 1554
Merit: 1062


View Profile
August 10, 2014, 06:20:49 AM
 #45

Would anyone be interested on mining USD, if it was possible, @ $0.01  per block (scrypt)?

Its easier for the federal bank to print them, 100million a minute...

And if the difficulty gets too high, they can just change the blockreward Cheesy

1000 USD notes will come back :p
and we all know that centralized currency with unlimited amount of coins (paper) will be worthless garbage Grin
hope people understand this and leave that shitty worthless paper for economic transaction


You have to procure that worthless garbage, at least to pay your taxes.  Wink
sandykho47
Sr. Member
****
Offline Offline

Activity: 252
Merit: 250

Knowledge its everything


View Profile
August 10, 2014, 10:18:00 AM
 #46

USD can't mined  Grin
they only can created by print it / edit it  Grin

i hope you don't mean Altcoin USDe  Tongue

Kemampuanku Tidak semua orang memiliki dan dapat melakukannya . Tidak memakan kaum sendiri . dan mempunyai kode etik yang tidak masuk akal.
ShakyhandsBTCer
Sr. Member
****
Offline Offline

Activity: 448
Merit: 250


It's Money 2.0| It’s gold for nerds | It's Bitcoin


View Profile
August 10, 2014, 03:22:26 PM
 #47

Would anyone be interested on mining USD, if it was possible, @ $0.01  per block (scrypt)?

Its easier for the federal bank to print them, 100million a minute...

And if the difficulty gets too high, they can just change the blockreward Cheesy

1000 USD notes will come back :p
and we all know that centralized currency with unlimited amount of coins (paper) will be worthless garbage Grin
hope people understand this and leave that shitty worthless paper for economic transaction


Yes, and the average life for a reserve currency is only 80 years. For normal currency it is even shorter. Good future ahead of us Cheesy
vm_mpn
Hero Member
*****
Offline Offline

Activity: 602
Merit: 500


View Profile
August 10, 2014, 05:13:13 PM
 #48

This idea better applies to power utilities... They pay you $0.01 per block and you pay them $0.02 per block at the end of the month for power usage... Perfect business model Smiley
notme
Legendary
*
Offline Offline

Activity: 1904
Merit: 1001


View Profile
August 10, 2014, 05:40:57 PM
 #49

Is this topic related to the troll army draft in the service forum?

https://bitcointalk.org/index.php?topic=695428.0

Only central banks can "mine" dollars, unless you want to practice a federal crime that can give you 10 years in jail


Let us say the creator of an altcoin deposited a stash of dollars, from which miners would be gradually rewarded.
Works similar to 'mining' of USD.
I don't think this would make very much sense to me. How would the creator of the "dollar coin" be compensated for doing this? What incentive would he have?

The incentives look much better if you consider the creator to be a large portion of the mining capacity of the network.  By backing the blocks he doesn't earn, he gets to float the blocks he does.  An open market will really back things in the long term as the initial seed USD runs out.  In addition, he can gain transaction fees if the network becomes popular.  After the seed USD runs out, it may have to break the peg and USDcoin would possibly become more valuable than USD unless more backers are found to keep mining more USD.

https://www.bitcoin.org/bitcoin.pdf
While no idea is perfect, some ideas are useful.
12jh3odyAAaR2XedPKZNCR4X4sebuotQzN
Mobius
Hero Member
*****
Offline Offline

Activity: 984
Merit: 1000



View Profile
August 10, 2014, 07:13:03 PM
 #50

Is this topic related to the troll army draft in the service forum?

https://bitcointalk.org/index.php?topic=695428.0

Only central banks can "mine" dollars, unless you want to practice a federal crime that can give you 10 years in jail


Let us say the creator of an altcoin deposited a stash of dollars, from which miners would be gradually rewarded.
Works similar to 'mining' of USD.
I don't think this would make very much sense to me. How would the creator of the "dollar coin" be compensated for doing this? What incentive would he have?

The incentives look much better if you consider the creator to be a large portion of the mining capacity of the network.  By backing the blocks he doesn't earn, he gets to float the blocks he does.  An open market will really back things in the long term as the initial seed USD runs out.  In addition, he can gain transaction fees if the network becomes popular.  After the seed USD runs out, it may have to break the peg and USDcoin would possibly become more valuable than USD unless more backers are found to keep mining more USD.
I think this would really amount to paying others to mine their altcoin by buying the coins miners mine back from the miners at a fixed rate. Once the fund to buy the coins back is dried up the miners would no longer have an incentive to mine and since you were the only buyer the price of the coin would drop to near zero (or more likely to zero).
botany
Legendary
*
Offline Offline

Activity: 1554
Merit: 1062


View Profile
August 11, 2014, 06:10:27 PM
 #51

Is this topic related to the troll army draft in the service forum?

https://bitcointalk.org/index.php?topic=695428.0

Only central banks can "mine" dollars, unless you want to practice a federal crime that can give you 10 years in jail


Let us say the creator of an altcoin deposited a stash of dollars, from which miners would be gradually rewarded.
Works similar to 'mining' of USD.
I don't think this would make very much sense to me. How would the creator of the "dollar coin" be compensated for doing this? What incentive would he have?

The incentives look much better if you consider the creator to be a large portion of the mining capacity of the network.  By backing the blocks he doesn't earn, he gets to float the blocks he does.  An open market will really back things in the long term as the initial seed USD runs out.  In addition, he can gain transaction fees if the network becomes popular.  After the seed USD runs out, it may have to break the peg and USDcoin would possibly become more valuable than USD unless more backers are found to keep mining more USD.
I think this would really amount to paying others to mine their altcoin by buying the coins miners mine back from the miners at a fixed rate. Once the fund to buy the coins back is dried up the miners would no longer have an incentive to mine and since you were the only buyer the price of the coin would drop to near zero (or more likely to zero).

The network could run on transaction fees alone. Retailers could adopt it as it removes price volatility totally. If the number of transactions is high, miners would have a lot of incentive to keep their clients running.
Pages: « 1 2 [3]  All
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!