mined'n'stable crypocurrency

[hakabit]

Hello !

As we know, modern days there are either mined or stable cryptocurrency.
Mined example - bitcoin, stable example - binance coin.
Disadvanatge of mined currency is that - it is volatilic and exchange ratio to USD can drop-raise tens of percents per day.
Disadvanatge of stable currency is that - it is centralized and central authority can block any wallet due to any reason.

There are attempts to create mined'n'stable currency, but in fact all of them are centralized.

I have idea how to create mined'n'stable cryptocurrency. It will be 100% de-centralized.
Only one disadvantage I see - it will be low currency supply.
If sha-256 used and all-all bitcoin miners are used, then per day there will be only +-40mln. USD supply.

I am interested to hear, will such currency be interesting to public ?!...

[vv181]

Mined example - bitcoin, stable example - binance coin.
Disadvanatge of mined currency is that - it is volatilic and exchange ratio to USD can drop-raise tens of percents per day.
Disadvanatge of stable currency is that - it is centralized and central authority can block any wallet due to any reason.

Binance Coin is not a stablecoin. And BNB[1] has more volatility than Bitcoin[2].

It will be 100% de-centralized.

What and how do you measure the decentralization and why can you be sure that the exact decentralization will be pitch-perfect?

[1] https://messari.io/asset/binance-coin/chart/daily-vol
[2] https://messari.io/asset/bitcoin/chart/daily-vol

[blockman]

Relax and take time to check first what you're writing and posting. Yeah, those are just simple wrong spellings but it's kind of odd upon reading although it's manageable and understandable.

There are attempts to create mined'n'stable currency, but in fact all of them are centralized.

There's a decentralized stable currency and the one that I'm talking about is DAI.
(https://coinmarketcap.com/currencies/multi-collateral-dai/)

[wheelz1200]

Hello !

As we know, modern days there are either mined or stable cryptocurrency.
Mined example - bitcoin, stable example - binance coin.
Disadvanatge of mined currency is that - it is volatilic and exchange ratio to USD can drop-raise tens of percents per day.
Disadvanatge of stable currency is that - it is centralized and central authority can block any wallet due to any reason.

There are attempts to create mined'n'stable currency, but in fact all of them are centralized.

I have idea how to create mined'n'stable cryptocurrency. It will be 100% de-centralized.
Only one disadvantage I see - it will be low currency supply.
If sha-256 used and all-all bitcoin miners are used, then per day there will be only +-40mln. USD supply.

I am interested to hear, will such currency be interesting to public ?!...

Mined stable coin?  What would be the point.  I think you are just trying to combine 2 things that aren't meant to be together lol.  Why would ypu want to mine a stable coin anyway?

[TastyChillySauce00]

Im sure that if you didn't even understand how the concept of stable token is working right now. It can be seen from what you have said above didn't even make sense for me. Mined stable token? what is this? the stable token being created to avoid the volatility but the point is if it was backed by the real money to keep the value stable. You said that also if you promise that will become decentralized. are you new in the crypto or what? there's no decentralized stable tokens.
Stable tokens were backed by the fiat money that we known that fully controlled by the government. What you are saying above was not even make any sense.

[hakabit]

Thanks for all for answers and sorry for delay.

[hakabit]

Mined example - bitcoin, stable example - binance coin.
Disadvanatge of mined currency is that - it is volatilic and exchange ratio to USD can drop-raise tens of percents per day.
Disadvanatge of stable currency is that - it is centralized and central authority can block any wallet due to any reason.

Binance Coin is not a stablecoin. And BNB[1] has more volatility than Bitcoin[2].

It will be 100% de-centralized.

What and how do you measure the decentralization and why can you be sure that the exact decentralization will be pitch-perfect?

[1] https://messari.io/asset/binance-coin/chart/daily-vol
[2] https://messari.io/asset/bitcoin/chart/daily-vol

I mean BSUD(https://coinmarketcap.com/currencies/binance-usd/),
but not BNB(https://coinmarketcap.com/currencies/bnb/).

BUSD is really stable.



In my cryptocurrency de-centralization will be at same level as in bitcoin.
As we know, in theory in bitcoin absolute de-centralization, but in fact miners can cooperate, get 51% of mining power, and in such case 51% equale to 100% centralization.

[hakabit]

Relax and take time to check first what you're writing and posting. Yeah, those are just simple wrong spellings but it's kind of odd upon reading although it's manageable and understandable.

There are attempts to create mined'n'stable currency, but in fact all of them are centralized.

There's a decentralized stable currency and the one that I'm talking about is DAI.
(https://coinmarketcap.com/currencies/multi-collateral-dai/)

I'm not sure what do you mean. My english is poor ? Yes, I am sorry, I am BEL-UKR origin and my native language is RUS.
But I am trying to write as good as I can.

You provided me URL to DAI. thanks !
But...
I've read white paper there
https://makerdao.com/en/whitepaper#fast-low-cost-remittances
"The Maker Protocol, also known as the Multi-Collateral Dai (MCD) system, allows users to generate Dai by leveraging collateral assets approved by “Maker Governance.”"
1) it's 100% centralized = any wallet can be blocked
2) I found no info how this DAI can be mined.

[hakabit]

Im sure that if you didn't even understand how the concept of stable token is working right now. It can be seen from what you have said above didn't even make sense for me. Mined stable token? what is this? the stable token being created to avoid the volatility but the point is if it was backed by the real money to keep the value stable. You said that also if you promise that will become decentralized. are you new in the crypto or what? there's no decentralized stable tokens.
Stable tokens were backed by the fiat money that we known that fully controlled by the government. What you are saying above was not even make any sense.

In short, I understand why are you wondering.
My idea is very unique and it's against modern day crypto-currency principles.
It's hard to understand how crypto-currency can be at same time be 1) mined 2) stable 3) de-centralized

I've already filled patent priority request to WIPO. It will take +-8 months to get preliminar answer from them. Before that monet I can't provide technical details.


But I am still can't find answer - is such currency needed to anyone at all ?!

[hakabit]

Hello !

As we know, modern days there are either mined or stable cryptocurrency.
Mined example - bitcoin, stable example - binance coin.
Disadvanatge of mined currency is that - it is volatilic and exchange ratio to USD can drop-raise tens of percents per day.
Disadvanatge of stable currency is that - it is centralized and central authority can block any wallet due to any reason.

There are attempts to create mined'n'stable currency, but in fact all of them are centralized.

I have idea how to create mined'n'stable cryptocurrency. It will be 100% de-centralized.
Only one disadvantage I see - it will be low currency supply.
If sha-256 used and all-all bitcoin miners are used, then per day there will be only +-40mln. USD supply.

I am interested to hear, will such currency be interesting to public ?!...

Mined stable coin?  What would be the point.  I think you are just trying to combine 2 things that aren't meant to be together lol. 

Why would ypu want to mine a stable coin anyway?

I don't know :-) So that's why I am writing here May be someone explain me, that no one needs such. Or otherwise that all are waiting such

And why others are mining bitcoin ?!

[slaman29]

And why others are mining bitcoin ?!

Forget about technical discussions about scalability and price and volatility and technology. I always answer the most simple and yet sometimes to people the most non obvious reason.

I can buy and sell Bitcoin anywhere in the world. Like literally right now. I can use it to pay online for so many things. USE. UTILITY.

And I do. And many others do. The proof is in blockchain.

Show me one way I can do the same for BNB or any altcoin.

Utility is the ingredient Bitcoin has.

[Bitstar_coin]

And your idea is to combine a decentralized coin like btc and a centralized coin like busd ^{you must be referring to} as bnb is not a stablecoin.... to form a coin that will be mine-able and serve as stablecoin?
Let me say this in case you haven't noticed, if it is not btc .... it is not btc, there is no lookalike.
Whatever stable mine-able coins you have in your mind to create will fall under the category of alts and will be regarded as shitcoins by the btc maximalist. Hope it is clear.

[vv181]

It will be 100% de-centralized.

What and how do you measure the decentralization and why can you be sure that the exact decentralization will be pitch-perfect?

In my cryptocurrency de-centralization will be at same level as in bitcoin.
As we know, in theory in bitcoin absolute de-centralization, but in fact miners can cooperate, get 51% of mining power, and in such case 51% equale to 100% centralization.

That is horrendously wrong. 51% mining power does not equal as 100% centralization. Let's assume that miners will indeed cooperate and are not interested in making monies anymore, what about the people who run Bitcoin nodes? What about the code that runs within all the nodes?

And there is no way that your project will have the same level of decentralization as bitcoin.

[TastyChillySauce00]

Im sure that if you didn't even understand how the concept of stable token is working right now. It can be seen from what you have said above didn't even make sense for me. Mined stable token? what is this? the stable token being created to avoid the volatility but the point is if it was backed by the real money to keep the value stable. You said that also if you promise that will become decentralized. are you new in the crypto or what? there's no decentralized stable tokens.
Stable tokens were backed by the fiat money that we known that fully controlled by the government. What you are saying above was not even make any sense.

In short, I understand why are you wondering.
My idea is very unique and it's against modern day crypto-currency principles.
It's hard to understand how crypto-currency can be at same time be 1) mined 2) stable 3) de-centralized

I've already filled patent priority request to WIPO. It will take +-8 months to get preliminar answer from them. Before that monet I can't provide technical details.


But I am still can't find answer - is such currency needed to anyone at all ?!

Hmmmm, is not that too long for you? for me 8 months were too long but will you answer this? whether the token will be backed by the fiat money or not? i meant if you must also aware that if algorithmic stable token has become the biggest failed in the crypto. This means if this will be related to the algo stable token and that will not be so useful. I think that if you must also aware about this too. As long as it can keep its value and there would be people who will be interested with it.

[hakabit]

And why others are mining bitcoin ?!

Forget about technical discussions about scalability and price and volatility and technology. I always answer the most simple and yet sometimes to people the most non obvious reason.

I can buy and sell Bitcoin anywhere in the world. Like literally right now. I can use it to pay online for so many things. USE. UTILITY.

And I do. And many others do. The proof is in blockchain.

Show me one way I can do the same for BNB or any altcoin.

Utility is the ingredient Bitcoin has.

as for me the bigest Bitcoin problem - is volatility.
let say 3months ago I bought BTC for 40000$. but now it cost only 20000$. is this OK for you ?

also I can't agree that you can pay only using Bitcoin. for example Ethereum and Monero is also acceptable in many places.

[hakabit]

And your idea is to combine a decentralized coin like btc and a centralized coin like busd ^{you must be referring to} as bnb is not a stablecoin.... to form a coin that will be mine-able and serve as stablecoin?
Let me say this in case you haven't noticed, if it is not btc .... it is not btc, there is no lookalike.
Whatever stable mine-able coins you have in your mind to create will fall under the category of alts and will be regarded as shitcoins by the btc maximalist. Hope it is clear.

yes, I already made a note that I was speaking about Binance-USD, but not BNB.

I see you are second bitcoin maximalist here. first was slaman29.

in any case, thanks for your opinion. it's important for me.
may be my idea is bad in any case (

[hakabit]

It will be 100% de-centralized.

What and how do you measure the decentralization and why can you be sure that the exact decentralization will be pitch-perfect?

In my cryptocurrency de-centralization will be at same level as in bitcoin.
As we know, in theory in bitcoin absolute de-centralization, but in fact miners can cooperate, get 51% of mining power, and in such case 51% equale to 100% centralization.

That is horrendously wrong. 51% mining power does not equal as 100% centralization. Let's assume that miners will indeed cooperate and are not interested in making monies anymore, what about the people who run Bitcoin nodes? What about the code that runs within all the nodes?

And there is no way that your project will have the same level of decentralization as bitcoin.

the concept of Bitcoin is such that 51% mining power = 100% control of Bitcoin.
sabotge via controlling nodes is not possible.

>And there is no way that your project will have the same level of decentralization as bitcoin.
no, absoutely the same level of centralization. trust me ;-)

[hakabit]

Im sure that if you didn't even understand how the concept of stable token is working right now. It can be seen from what you have said above didn't even make sense for me. Mined stable token? what is this? the stable token being created to avoid the volatility but the point is if it was backed by the real money to keep the value stable. You said that also if you promise that will become decentralized. are you new in the crypto or what? there's no decentralized stable tokens.
Stable tokens were backed by the fiat money that we known that fully controlled by the government. What you are saying above was not even make any sense.

In short, I understand why are you wondering.
My idea is very unique and it's against modern day crypto-currency principles.
It's hard to understand how crypto-currency can be at same time be 1) mined 2) stable 3) de-centralized

I've already filled patent priority request to WIPO. It will take +-8 months to get preliminar answer from them. Before that monet I can't provide technical details.


But I am still can't find answer - is such currency needed to anyone at all ?!

Hmmmm, is not that too long for you? for me 8 months were too long but will you answer this? whether the token will be backed by the fiat money or not? i meant if you must also aware that if algorithmic stable token has become the biggest failed in the crypto. This means if this will be related to the algo stable token and that will not be so useful. I think that if you must also aware about this too. As long as it can keep its value and there would be people who will be interested with it.

WIPO is serious organisation. they should to verify patent priority request against all patents in the world.
my experience shows that it take +-8month to get preliminar answer.
before getting such answer it is better not to reveal idea to public.

>whether the token will be backed by the fiat money or not?
no, it will not be backed by fiat.
by the way, all backed by fiat currencies are in fact fraud such as Tether.
sooner or later all of them are making fake records about fiat reserves.

[hakabit]

I will think a lot and may be I reveal details of my idea here.
I am not sure if it can ruine my patent priority request. In theory - not. But...

[vv181]

It will be 100% de-centralized.

What and how do you measure the decentralization and why can you be sure that the exact decentralization will be pitch-perfect?

In my cryptocurrency de-centralization will be at same level as in bitcoin.
As we know, in theory in bitcoin absolute de-centralization, but in fact miners can cooperate, get 51% of mining power, and in such case 51% equale to 100% centralization.

That is horrendously wrong. 51% mining power does not equal as 100% centralization. Let's assume that miners will indeed cooperate and are not interested in making monies anymore, what about the people who run Bitcoin nodes? What about the code that runs within all the nodes?

the concept of Bitcoin is such that 51% mining power = 100% control of Bitcoin.
sabotge via controlling nodes is not possible.

My point is any amount of mining power can't control how many coins they generated per block, spend other people's coins, reversing any transaction. thus there is none of 100% control. You are excluding nodes within the decentralization aspects.

Conversely, since your project is brand new, untested, and even unknown about how all of the aspects will look like, it surely has a greater chance of having a majority attack and lack of decentralization.