Steal this idea: USD Mining market

[hashcoin]

Build a mining market.  People deposit USD and can submit "buy orders" for mining.  A buy order is a merkleroot (or large collection of them), a target, and a price.  The semantics are that you are buying a nonce that makes that blockheader hash below target.

Let miners query the market, find the order with highest price per 1/target, and go to work.  Whoever finds the hash first gets paid out.

I am NOT a lawyer, but this should also skirt many problems bitcoin exchanges face and maybe even be doable in the US.  In particular, there is no way to launder money in this exchange.


This is also appealing to miners who just want instant cash, since they'd be paid in USD.

[1715068285]

1715068285

[phelix]

+1

[nmat]

This is also appealing to miners who just want instant cash, since they'd be paid in USD.

Isn't it more or less the same for miners? They will still have to set a price for their work. Selling bitcoins or nonces is not very different...

[foggyb]

Sounds like a great concept.

Thanks for posting.

[shotgun]

Not sure why this would help. Miners need consistency, not a time consuming process of looking for "orders" - not sure how you would order a specific hash to mine anyway, everyone is looking for the next block regardless. Also, what makes ordering hashes any different than placing a trade for BTC at mt.gox?

[python]

This is also appealing to miners who just want instant cash, since they'd be paid in USD.

[shotgun]

This is also appealing to miners who just want instant cash, since they'd be paid in USD.

Please explain how this would work faster than the current methods. You would still have to link a bank account and those transfers are just as fast now as they can be made... ie: Exchanging BTC to USD on MtGox is a slow process. In either case you're still mining for BTC and then converting it to cash.. only now there is some middle man handling the work request (which I'm sure takes a fee similar to MtGox).

Maybe if someone explained this a bit better I'd see where the benefit is.

[markm]

You won't need to care about what is being mined, you simply get paid to do hashing.

You have no need to know whether the entity paying you USD to do hashing is mining Bitcoins or Ixcoins or merged-mining Martian Botcoins and United Kingdom Britcoins and Bitnickels and Namecoins and Czech Bitcash and United Nations Scrip etc etc etc all at the same time.

You just look who will pay you a steady rate of USD the longest reliable time and the best USD price per hash and let them worry about which coins to mine and whether to merged mine and if so what to merge with what and so on and so on.

You simply selling hashing for USD.

-MarkM-

[dovewing2000]

i do agree it's a good idea +1
just need to figure out how to exactly do this and preventing scams from happening...?

[hashcoin]

I'll have time in 2 weeks, and if noone steals this idea by then, I might put something together. 
Indeed, as markm mentioned that is the main point of this which I should have emphasized in OP.  The same system could be used for mining anything, not just bitcoins.

[OgNasty]

Cool idea.  I like that there are still some hoops to jump through to get paid though.  Makes me feel like we're all still early adopters.  I think the hoops to get cash also encourages growth to the bitcoin economy.  I buy lots of silver and gift cards on these forums, if I were just paid cash, I'd hold the cash and wouldn't do anything to stimulate the bitcoin economy.

[Anonymous]

I'll have time in 2 weeks, and if noone steals this idea by then, I might put something together. 
Indeed, as markm mentioned that is the main point of this which I should have emphasized in OP.  The same system could be used for mining anything, not just bitcoins.

If you want a cool domain name for it I own hashwith.me

 

[shotgun]

You won't need to care about what is being mined, you simply get paid to do hashing.

You have no need to know whether the entity paying you USD to do hashing is mining Bitcoins or Ixcoins or merged-mining Martian Botcoins and United Kingdom Britcoins and Bitnickels and Namecoins and Czech Bitcash and United Nations Scrip etc etc etc all at the same time.

You just look who will pay you a steady rate of USD the longest reliable time and the best USD price per hash and let them worry about which coins to mine and whether to merged mine and if so what to merge with what and so on and so on.

You simply selling hashing for USD.

-MarkM-

Perfect. I'm sold. Now someone just needs to make it and I'll sign up.