ShakyhandsBTCer
Sr. Member
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Activity: 448
Merit: 250
It's Money 2.0| It’s gold for nerds | It's Bitcoin
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August 10, 2014, 01:54:55 AM |
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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.
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"You Asked For Change, We Gave You Coins" -- casascius
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thew3apon
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August 10, 2014, 02:16:52 AM |
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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... |
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ShakyhandsBTCer
Sr. Member
Offline
Activity: 448
Merit: 250
It's Money 2.0| It’s gold for nerds | It's Bitcoin
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August 10, 2014, 02:17:53 AM |
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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  1000 USD notes will come back :p |
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Mayuyu48
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August 10, 2014, 02:38:37 AM |
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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 1000 USD notes will come back :p and we all know that centralized currency with unlimited amount of coins (paper) will be worthless garbage  hope people understand this and leave that shitty worthless paper for economic transaction |
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botany
Legendary
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Activity: 1582
Merit: 1064
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August 10, 2014, 06:20:49 AM |
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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 1000 USD notes will come back :p and we all know that centralized currency with unlimited amount of coins (paper) will be worthless garbage 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.  |
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sandykho47
Sr. Member
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Activity: 252
Merit: 251
Knowledge its everything
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August 10, 2014, 10:18:00 AM |
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USD can't mined they only can created by print it / edit it i hope you don't mean Altcoin USDe  |
Kemampuanku Tidak semua orang memiliki dan dapat melakukannya . Tidak memakan kaum sendiri . dan mempunyai kode etik yang tidak masuk akal.
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ShakyhandsBTCer
Sr. Member
Offline
Activity: 448
Merit: 250
It's Money 2.0| It’s gold for nerds | It's Bitcoin
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August 10, 2014, 03:22:26 PM |
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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 1000 USD notes will come back :p and we all know that centralized currency with unlimited amount of coins (paper) will be worthless garbage 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 |
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vm_mpn
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August 10, 2014, 05:13:13 PM |
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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  |
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notme
Legendary
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Activity: 1904
Merit: 1002
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August 10, 2014, 05:40:57 PM |
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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. |
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Mobius
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August 10, 2014, 07:13:03 PM |
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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). |
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botany
Legendary
Offline
Activity: 1582
Merit: 1064
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August 11, 2014, 06:10:27 PM |
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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. |
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