After an IRC Converstation, I have decided that the Federal Reserve needs to be introduced and offered an option to Paper Money. The current system of currency is expensive and easily corruptible. The added Digital Currency by use of Cards is even more corruptible. This entire design is intentional to sell Insurance Services to protect owners, not users.
The problem I see with the current crypto currency is, one wallet is trying to be the central bank. Replacing one problem with another is no solution. Why not have multiple wallets that work together to balance the power?
I propose twelve coins: Boston, New York, Philadelphia, Cleveland, Richmond, Atlanta, Chicago, St. Louis, Minneapolis, Kansas City, Dallas, San Francisco
Each coin will have to produce enough coins to handle demand. I do not believe PoS is appropriate to this project. With the cost efficient of scrypt ASIC, many people can power and help produce coins for a considerable amount less.
Each district will have new versions each year. This will allow new Developers to Surface and continue to improve code.
We will be participating in "M"s
http://en.wikipedia.org/wiki/Money_supply Which would require the 12 wallets to produce about 12,000,000,000,000 dollar equivalent per year. With the power of satoshi, 1.1e+13 can be divided by 100,000,000 then multiply it by a tenth of a Penny ($.001) to come to 120,000,000 Coins to produce.
Blocks will be 30 seconds, that makes 1,051,898 Blocks per year, each wallet will produce 10 coins per block.
1000 Satoshi's will be worth the current $1. Anything above is a premium and anything below is a discount. All Marketing will be set to that solid 1000.
That would produce 240 coins per minute.
<continued>
https://docs.google.com/a/mitchellmint.com/document/d/1TvG0ENxNqTQ7B7Q1jAi9VC91KalbLNSy5X7sgZJBVg4/edit
