MAYBE WE DON'T NEED FIAT ANYMORE

[Vivisector999]

You / your store would need a huge bankroll to try to get this idea to float.  Or are you planning on pre-mining 100% of the coins, and selling them at 1 Euro to others, where they in turn could use them for 1 Euro at your store?

The problem, if you do it the regular PoW way, is say the rewards are even super low (IE 1 coin per block).  And say you have approx 300 blocks per day (About a 5 minute block time).  If everyone was mining the coins, and just selling them to your store, you would have to have a bankroll to cough up 300 Euros a day, and get nothing in return aside from some coins that people may/may not buy back from you.  With a huge enough wallet, I am sure you could keep it going until they caught on, but most small businesses would fail before this ever took off.  And even if it did take off, you would personally lose alot of money, as the only way you could break even would be if you sold every single coin back, and if that was somehow possible, you would have only broke even for all this work/risk. 

This isn't the case if the coin is a 100% premine, but almost no one buys into heavily pre-mined coins.

[rikkejohn]

It's a good idea, and will happen, or maybe it has happened.

Pegging a currency to another currency is normal. The country I live in has pegged its currency to the Euro. Before that it was to DMark. You have wriggle room, The currency that is pegged does not follow exchange rates religiously. There is always a gap of a few percent that the pegged currency can choose to exchange at.

[12Lc7Wxjtpe]

Vivisector999

All the coins are premined
The only can be bought @ our store, you can sell them elsewhere, but we ask you to honor the agreement "1 coin = 1 euro". The coin got a lot of advantages

- Stable price
- Fast transaction
- 0,01 transactioncost

[rugrats]

Would it help if we had a cryptocurrency that is pegged
to fiat? For instance 1 coin is 1 euro. Obviously the
advantage of this is that merchant don't have to
immediately convert their cryptocurrency to fiat, sucha
coin could also substitute usage of a bank for some people.

We premined a coin, with this goal, but unfortunately
nobody is making use of the coin, because people assume that
if you hold sucha coin and people fall for this idea, your super
rich. You can buy the coin in a webstore on the bases of 1 coin
is 1 euro. This is not the ideal set up, because we hold the coin,
but to really give it the value of the euro, you got to have the
euro's in return for the coin.

What we wanted to accomplish with our coin, was to make it
unnecessary to change to fiat. Please provide feedback

But there is already a crypto that is pegged to fiat!
Introducing..... Major Piece coin.

The first alt-coin of its kind to retain the value of a major world currency * 1 Major Piece = 1 Euro * Release date: 3/01/14

Sadly, the coin died a few weeks after launch due to natural causes.
Our thoughts and prayers go out to its family and friends.

[12Lc7Wxjtpe]

Funny I never heard of the coin.

To bad that they stopped, because there is always a market for people
who want to get away from high fees, volatile prices and banks.