[ANN] [MAJ] *Major Piece* *First coin to equal 1 Euro, no more, no less* 3/01/14

[MajorPiece]

€ 2,000,000 pre-mine 

Most pre-mines are at 1% or higher. We will probably lower the pre-mine and release an outline of who gets what bounties. Most if not all of the pre-mine will go to bounties and giveaways.

[atom1cdonkey]

So will this coin hit the usual exchanges? If so, what or who is there to stop me from dumping this cheaper? Not saying I will, just a question.

[MajorPiece]

So will this coin hit the usual exchanges? If so, what or who is there to stop me from dumping this cheaper? Not saying I will, just a question.

As Major Piece is different than the usual crypto-currencies different practices will have to be implemented.

We will be working this out with exchange sites to find the best possible solution.

[vivalinux]

sound just like another scam coin

Scam coins are based on Pump and Dumps. That's not possible with Major Piece.

Scam coins are based on cheaters, no matter who they are.

[Pasco60]

Weird but also interesting 

[asweetnessa]

Hm, what we have been needing is a stable coin. I hope this is successful I would have a lot of uses with this.

[pbjam]

the basic idea behind this is a good one, but there are economics laws that you are ignoring.

You have no way to set a price for a coin. Once it hits an exchange the market will tell you what it's worth unless you are holding the coins hostage or you have the funds in reserve to back each coin. You do not have this.

I admire the thinking here though, and I'm curious how you plan on enforcing this - because I'd like to just print up two million of whatever currency I like as well.

[Megabit monster]

the basic idea behind this is a good one, but there are economics laws that you are ignoring.

You have no way to set a price for a coin. Once it hits an exchange the market will tell you what it's worth unless you are holding the coins hostage or you have the funds in reserve to back each coin. You do not have this.

I admire the thinking here though, and I'm curious how you plan on enforcing this - because I'd like to just print up two million of whatever currency I like as well.

Lolz +1

[chaosagent]

I'll have a pool up and running on/before release
Pre-sign ups will probably come in tommorrow

[bongsoup]

the basic idea behind this is a good one, but there are economics laws that you are ignoring.

You have no way to set a price for a coin. Once it hits an exchange the market will tell you what it's worth unless you are holding the coins hostage or you have the funds in reserve to back each coin. You do not have this.

I admire the thinking here though, and I'm curious how you plan on enforcing this - because I'd like to just print up two million of whatever currency I like as well.

Literally what I was thinking the entire time.

What if someone with some serious hashing power decided to lowball an exchange, cutting the value in half? People are going to much rather pay for the ones costing .50 euro. Or what if someone with not a lot of Majors just wants to get the few he has off his hands quickly? What's stopping him at selling for .5 euro?

I don't see how you can promise a price on any coin. All are volatile. Unless you force an exchange to make a flat price (which how many exchanges would be willing to do that?), how will this price be solid?

I'm sold but seriously, need some explanations devs.

[passionsurf]

Hm, what we have been needing is a stable coin...

The idea is nice, but practically speaking it is impossible.

[temple]

We have had a lot of interests in potential pools. Thanks to everyone for the early support.

bondni.com is interesting. PM me when your source are ready.

[almightyruler]

OP: I don't understand why you're pegging the coin's value to EUR yet the block reward is totally disproportionate to the cost of mining it. A single block is supposed to be worth EUR 1000?   Even with difficulty at around 20 you could generate EUR 1000 worth of coins in 24 hours with only 1MH/s of hashing power. In this case the coin's value would be 1000+ times the actual cost to mint it.

...plus a 2m EUR premine just screams greed...

[MajorPiece]

OP: I don't understand why you're pegging the coin's value to EUR yet the block reward is totally disproportionate to the cost of mining it. A single block is supposed to be worth EUR 1000?   Even with difficulty at around 20 you could generate EUR 1000 worth of coins in 24 hours with only 1MH/s of hashing power. In this case the coin's value would be 1000+ times the actual cost to mint it.

...plus a 2m EUR premine just screams greed...

The pre-mine WILL CHANGE along with the other values to best meet the needs. Along with on an outline to how it will be spent to ensure everyone how ALL the funds will be spent. Most if not all funds will go to bounties and giveaways. The OP has been edited. My focus for this is creating the first stable coin doing so by retaining the value of the Euro, not profiting.


For those of you questioning the market, I'll say this again

As Major Piece is different than the usual crypto-currencies different practices will have to be implemented.
We will be working this out with exchange sites to find the best possible solution.

We are working hard with many people to ensure Major Piece's success.


The most revolutionary ideas start at inception with people saying it will never work. Many people said Bitcoins couldn't work and look where they are now. I could give numerous examples but bottom line, we will do everything possible to succeed.

[pbjam]

OP: I don't understand why you're pegging the coin's value to EUR yet the block reward is totally disproportionate to the cost of mining it. A single block is supposed to be worth EUR 1000?   Even with difficulty at around 20 you could generate EUR 1000 worth of coins in 24 hours with only 1MH/s of hashing power. In this case the coin's value would be 1000+ times the actual cost to mint it.

...plus a 2m EUR premine just screams greed...

The pre-mine WILL CHANGE along with the other values to best meet the needs. Along with on an outline to how it will be spent to ensure everyone how ALL the funds will be spent. Most if not all funds will go to bounties and giveaways. The OP has been edited. My focus for this is creating the first stable coin doing so by retaining the value of the Euro, not profiting.


For those of you questioning the market, I'll say this again

As Major Piece is different than the usual crypto-currencies different practices will have to be implemented.
We will be working this out with exchange sites to find the best possible solution.

We are working hard with many people to ensure Major Piece's success.


The most revolutionary ideas start at inception with people saying it will never work. Many people said Bitcoins couldn't work and look where they are now. I could give numerous examples but bottom line, we will do everything possible to succeed.

You're missing a very fundamental part of the puzzle. The only way you can execute this is if you were to do 100% premine and sell each coin for a euro.

[MajorPiece]

SHA or Scrypt?

Scrypt

[Hapex]

OP: I don't understand why you're pegging the coin's value to EUR yet the block reward is totally disproportionate to the cost of mining it. A single block is supposed to be worth EUR 1000?   Even with difficulty at around 20 you could generate EUR 1000 worth of coins in 24 hours with only 1MH/s of hashing power. In this case the coin's value would be 1000+ times the actual cost to mint it.

...plus a 2m EUR premine just screams greed...

The pre-mine WILL CHANGE along with the other values to best meet the needs. Along with on an outline to how it will be spent to ensure everyone how ALL the funds will be spent. Most if not all funds will go to bounties and giveaways. The OP has been edited. My focus for this is creating the first stable coin doing so by retaining the value of the Euro, not profiting.


For those of you questioning the market, I'll say this again

As Major Piece is different than the usual crypto-currencies different practices will have to be implemented.
We will be working this out with exchange sites to find the best possible solution.

We are working hard with many people to ensure Major Piece's success.


The most revolutionary ideas start at inception with people saying it will never work. Many people said Bitcoins couldn't work and look where they are now. I could give numerous examples but bottom line, we will do everything possible to succeed.

You're missing a very fundamental part of the puzzle. The only way you can execute this is if you were to do 100% premine and sell each coin for a euro.

Very true, there is no possible way to control the value of a currency unless you have 100% control over it. (central banks the world over can attest to this very fact). While I like the idea, it just isn't going to be practical in the wild. You do not have the 1,000,000,000 EUR it would take to back each coin. So the only other alternative would be like this individual suggested, 100% premine, and sell each coin for 1 EUR each. But with that in mind you could never claim it to be decentralized and miners would have virtually no incentive to mine it.

[mahorelee]

OP: I don't understand why you're pegging the coin's value to EUR yet the block reward is totally disproportionate to the cost of mining it. A single block is supposed to be worth EUR 1000?   Even with difficulty at around 20 you could generate EUR 1000 worth of coins in 24 hours with only 1MH/s of hashing power. In this case the coin's value would be 1000+ times the actual cost to mint it.

...plus a 2m EUR premine just screams greed...

The pre-mine WILL CHANGE along with the other values to best meet the needs. Along with on an outline to how it will be spent to ensure everyone how ALL the funds will be spent. Most if not all funds will go to bounties and giveaways. The OP has been edited. My focus for this is creating the first stable coin doing so by retaining the value of the Euro, not profiting.


For those of you questioning the market, I'll say this again

As Major Piece is different than the usual crypto-currencies different practices will have to be implemented.
We will be working this out with exchange sites to find the best possible solution.

We are working hard with many people to ensure Major Piece's success.


The most revolutionary ideas start at inception with people saying it will never work. Many people said Bitcoins couldn't work and look where they are now. I could give numerous examples but bottom line, we will do everything possible to succeed.

You're missing a very fundamental part of the puzzle. The only way you can execute this is if you were to do 100% premine and sell each coin for a euro.

Very true, there is no possible way to control the value of a currency unless you have 100% control over it. (central banks the world over can attest to this very fact). While I like the idea, it just isn't going to be practical in the wild. You do not have the 1,000,000,000 EUR it would take to back each coin. So the only other alternative would be like this individual suggested, 100% premine, and sell each coin for 1 EUR each. But with that in mind you could never claim it to be decentralized and miners would have virtually no incentive to mine it.

The last sentence is the point. If there was a 100% pre-mine and we had to pay him to get a coin. That's ridiculous and would never work.

If the devs can manage to get an agreement with some exchanges to put it on for non-variable amount then it couldn't change.

The value of the Euro, Dollar etc. is only what it is because they say it is and we believe it.

But if you think about it the value will change. The value of the coin changes on the price of the Euro and if you placed this against other coins on cryptcy I could see this working. That's the only way though, along with strong supporters.

[Gokufan]

This idea idea is interesting non the less, alldough I ask myselfe the same questions posted above, here is another one.
If this coin will be equal to an euro that means if euro grows so will this one, and the some gose the other way around, if the euro falls so will the coin.
Now Euros are still printed now and then, this coin has a maximum cap.. this will bring indirect inflation to the coin..

I love the way this discution is goin.. pleas post more!

[Hapex]

If the devs can manage to get an agreement with some exchanges to put it on for non-variable amount then it couldn't change.

That won't work either, private exchanges (person to person, or alternative exchanges as well) can decrease the value of coin determined by supply and demand. Look at BTC now with the different USD/BTC exchanges. The value can sometimes be as much as 200 U.S. dollar from BTC-e and MtGox.

The value of the Euro, Dollar etc. is only what it is because they say it is and we believe it.

That's because we're forced to "believe" it due to legal tender laws. With Legal tender laws you have an unintended consequence called Gresham's law takes effect. Basically bad money chases good money out of the system. As an example, try finding a 90% silver quarter in circulation now. People horde it because they know its worth far more than the quarter it represents in melt value. In theory this coin could run into the same problem due to the currency that will be used to supposedly back it's value. We all know that central banks only have a hammer and every thing is a nail. Meaning all they know how to do is inflate their currency for whatever possible problem comes along. Say this coin goes forward as is, the euro will continue to be inflated next to the dollar because the end of fiat currencies is inevitable. It's impossible to keep a system of debt going forever, you can't print a currency at interest and not print the interest to pay it. To me, that's the biggest flaw of this coin is backing it with a known inflating currency while limiting the supply of the coin. Is the dev, or someone going to continue watching the Forex looking for value deviations and adjust accordingly? Yeah a Euro is a Euro to the guys and gals out using them. But for Forex traders a Euro is worth a $1.35 one day, or $1.42 the next day. It's value does fluctuate just not as much as cryptos.

But if you think about it the value will change. The value of the coin changes on the price of the Euro and if you placed this against other coins on cryptcy I could see this working. That's the only way though, along with strong supporters.

Due to person to person transactions, or alternative exchanges I don't see how any exchange can keep the value of the coin to where the dev's of this coin would like them to be. Without the Dev's having 1,000,000,000 EUR to back each coin, or 100% premine they will never be able to keep the value of the coin for their intended target. The law of supply and demand mandate it. It would do the same to national currencies if central banks didn't inflate to make up for the rise and fall in interest rates.