Mining USD?

[natd]

 Thanks, pjviitas. So the difficulty DOES have to be variable as done in bitcoin.

[Thylacine]

I'm already mining alternative currency AUD, but it's very time intensive. I work 9-5 and get rewarded fortnightly. Difficulty has been pretty stable.

[natd]

I'm already mining alternative currency AUD, but it's very time intensive. I work 9-5 and get rewarded fortnightly. Difficulty has been pretty stable.

What's AUD?

[Light]

I'm already mining alternative currency AUD, but it's very time intensive. I work 9-5 and get rewarded fortnightly. Difficulty has been pretty stable.

What's AUD?

AUD - Australian Dollars
He's just saying he works a job 9-5 so that he can "mine" some money.

[natd]

I'm already mining alternative currency AUD, but it's very time intensive. I work 9-5 and get rewarded fortnightly. Difficulty has been pretty stable.

What's AUD?

AUD - Australian Dollars
He's just saying he works a job 9-5 so that he can "mine" some money.

lol indeed

[sana8410]

I use the low usage preset in GUIMiner Scrypt. The high usage makes me uncomfortable with the way it makes my entire system hang for 2-3 seconds at a time.

[sana8410]

I would quit mining and put throwaway_value dollars into it instead. There's no coin that will be comfortable for you, you'll have to either invest into some mining gear or just buy some coins directly :S that's how it is yo.

[spazzdla]

Banks do it all the time when they buy Treasuries from the Federal Reserve that are destined to be converted to currency.

In my wonderland case, i'm talking about regular bitcoin miners.
Imagine the Fed starts issuing dollars through mining, 0.01 USD per block. Would you be interested on mining?

.01 USD per block or 25 BTC...

Even at $5000 usd a block I'd mine BTC...

I'm running 720 GH/s, nothing amazing.

[hashman]

USD is a proof of stake coin.  The stake is often called "collateral" and the coinbase transaction is called a "loan". 

[ShakyhandsBTCer]

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

If you are serious about this then it would be an alt-coin not the United States Dollar.

[oceans]

I didn't even think it was possible to mine USD? There are so many regulations regarding USD that I am sure it would be impossible to mine. I personally would not even consider mining USD even if it was possible because of the regulations behind it.

[troisky]

get a pickaxe and mine gold instead

[botany]

Is there any block reward for realcoin?

http://www.coindesk.com/brock-pierce-announces-dollar-backed-cryptocurrency-realcoin/

[Ayers]

Only BANKS can do that

they steal it actually, but whatever

[InwardContour]

Yes I would mine USD but only if I could have some btc profit from that.
Btw you can mine USDe, an altcoin which was created some months ago.

[Brewins]

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

[botany]

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.

[michaelwang33]

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.

The created of the altcoins would have no reason to do this. And the miners would need to trust that the creator would actually payout the dollars.

The closest thing to mining dollars would be to mine bitcoin or some other alt and convert your mined coins into dollars.

[Gargulan]

Only BANKS can do that

Actually, it is the US mint that does it for coin.

The cost of producing each dollar coin is less than 20 cents based on the metal and labor cost, and they are selling them at 1 dollar each, which you can use anywhere in the US.

[Mobius]

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?