Brock Pierce launches "Realcoin" a dollar-backed coin that competes with Bitcoin

[SpontaneousDream]

Short read. I hope this fails miserably. SMH

[Suspicious link removed]j.com/moneybeat/2014/07/08/dollar-backed-digital-currency-aims-to-fix-bitcoins-volatility-dilemma/

http://www.coindesk.com/brock-pierce-announces-dollar-backed-cryptocurrency-realcoin/

[1715008815]

1715008815

[enter`name`here]

This has nothing to do with the bitcoin technology as the "block chain" is centrally managed, I.E. no mining. Forget about comparing this to bitcoin because they are not at all similiar, what would be the advantage of "Real coins" over USD in a bank account?

[jonald_fyookball]

eh whatevs it's not so bad its using the MasterCoin protocol which uses Bitcoin, so really you need bitcoin for this to even exist.  so it can only help bitcoin.

however I don't like the name, implying that somehow other coins aren't real?

[darkota]

Anything made by that accused pedophile, Brock pierce, should be burnt.

[Meuh6879]

  crypto-currency backed by FIAT ...

[Mowcore]

however I don't like the name, implying that somehow other coins aren't real?

Yeah, it's a stupid name. It's hard to think this was the best name they came up with.

[Stephen Gornick]

crypto-currency backed by FIAT ...

I'ld think of it as being something of a current account -- the same thing that customer deposits are referred to by banks, PayPal, Dwolla, etc. etc.

If this were a decentralized cryptocurrency (e.g., using proof-of-work), I don't know how they'll be able to get a money transmitter's license as they are said to be planning.  But this is on Mastercoin.

I don' know enough about Mastercoin to how how this will work.  Does the "issuer" (e.g., Realcoin, Inc/Ltd/???) have the ability to censor transactions, and/or reverse transactions?

[Beliathon]

however I don't like the name, implying that somehow other coins aren't real?

Yeah, it's a stupid name. It's hard to think this was the best name they came up with.

It's the perfect name. Capitalists (read: scam artists) almost ALWAYS use language in this deceptive way, by claiming something is the exact antithesis of what it is in reality. This "RealCoin" is really a "fake coin".

For example, when Americans say "freedom", they mean "tyranny". Most Americans are blissfully unaware of that contradiction, though.

When PayPal calls themselves your "pal", they really mean "company that exploits you for profit".

When McDonalds calls its product "food", they really mean "poison".

Get it?

[jonald_fyookball]

I don' know enough about Mastercoin to how how this will work.  Does the "issuer" (e.g., Realcoin, Inc/Ltd/???) have the ability to censor transactions, and/or reverse transactions?

I read the mastercoin whitepaper a while back.  I don't think so.

[bigreddmachine]

however I don't like the name, implying that somehow other coins aren't real?

Yeah, it's a stupid name. It's hard to think this was the best name they came up with.

It's the perfect name. Capitalists (read: scam artists) almost ALWAYS use language in this deceptive way, by claiming something is the exact antithesis of what it is in reality. This "RealCoin" is really a "fake coin".

For example, when Americans say "freedom", they mean "tyranny". Most Americans are blissfully unaware of that contradiction, though.

When PayPal calls themselves your "pal", they really mean "company that exploits you for profit".

When McDonalds calls its product "food", they really mean "poison".

Get it?

Not sure how serious you are being, but I wish you all the best in your journeys, and hopefully you find some reasons to trust society a little bit.  I don't know your life story, but something bad must have happened to turn your views so negative, and I hope that you are doing better now!

[Stephen Gornick]

I don' know enough about Mastercoin to how how this will work.  Does the "issuer" (e.g., Realcoin, Inc/Ltd/???) have the ability to censor transactions, and/or reverse transactions?

I read the mastercoin whitepaper a while back.  I don't think so.

It will be interesting to see if they are successful at getting licensed as a money transmitter in the states where that's required.

[capoeira]

"competes"


today I want to move my assets form one xchange to another, but i'm in fiat and i don't want to buy BTC just to send my assets and than have to sell it again to be in fiat. A coin like this is realy necessary.

[capoeira]

community is stupid not to understand that it would be good for BTC to be able to send a "hedgeBTC".

we could trade BTC/Realcoin instead of BTC/USD

[JorgeStolfi]

community is stupid not to understand that it would be good for BTC to be able to send a "hedgeBTC".
we could trade BTC/Realcoin instead of BTC/USD

Community is not stupid, its people like you don't understand that BTC want to leave the fiat and monetary currency standards.

Do not underestimate Brock Pierce.  Do not underestimate human stupidity.

[Spoetnik]

community is stupid not to understand that it would be good for BTC to be able to send a "hedgeBTC".

we could trade BTC/Realcoin instead of BTC/USD

just what we always needed.. yet MORE crap to trade

[capoeira]

community is stupid not to understand that it would be good for BTC to be able to send a "hedgeBTC".

we could trade BTC/Realcoin instead of BTC/USD

Community is not stupid, its people like you don't understand that BTC want to leave the fiat and monetary currency standards.

it's people like you that don't understand that THIS is the way out of fiat

[Nullu]

Not quite following this....so what does it do, exactly? Guarantee a floor value for each coin? Surely the coin is still volatile, as it's dependent on a single company's reserve funds?

Still, it's interesting. I imagine it'll be next to impossible to profit mine after an hour, though.

[dreamhouse]

Not quite following this....so what does it do, exactly? Guarantee a floor value for each coin? Surely the coin is still volatile, as it's dependent on a single company's reserve funds?

Still, it's interesting. I imagine it'll be next to impossible to profit mine after an hour, though.

I think all these are simply marketing terms, trying to boost the value of a shitcoin.

[Nullu]

Not quite following this....so what does it do, exactly? Guarantee a floor value for each coin? Surely the coin is still volatile, as it's dependent on a single company's reserve funds?

Still, it's interesting. I imagine it'll be next to impossible to profit mine after an hour, though.

I think all these are simply marketing terms, trying to boost the value of a shitcoin.

At best it creates a floor value, which is heavily dependent on a centralised reserve. Will the reserve increase? Decrease? How much is the reserve?

[JorgeStolfi]

At best it creates a floor value, which is heavily dependent on a centralised reserve. Will the reserve increase? Decrease? How much is the reserve?

I haven't seen anything about Realcoin after the announcement.  Either Pierce realized that it was a bad idea and gave up, or he is working quietly on it.