pow or pos makes no difference. Coins cant be mined into existence. That won't work. Coins need to be issued into existence from trusted parties.
I would never put a penny into some old boy network coin. They are worthless to me. The fact that anyone can compete for coins makes senses and is fair. Issuing coins is one of the big problems in monetary systems that bitcoin solves.
Such hypocritical bullshit spews out of bitcoin zealots mouth.. Let me dumb it down for you.. bitcoin's networks is a good old boys network now. That is what this thread is about. Everyone can not participate or compete.
So who are the lucky people who will receive your coins? Am I going to get some? Or am I suposed to buy them from your friends?
I gave and sold off all my coins 10 months ago. I am not in it for personal gain and no longer support bitcoin or the scarcity model for currency.
I meant the coins in the system you outlined.
My concern with any system that issues coins is that the issuer has total control over that process. They can issue them or not issue them to whom ever they like. The fact that bitcoin solves the problem of distributing coins by rewarding anyone willing to strengthen the network is brilliant.
I just don't trust a system that requires people I don't know to do the right thing, especially when there is an incentive to do the wrong thing. Nobody decides who I can buy bitcoins from. Nor can anyone tell another peer that they can't try for a block reward. Who decides in an issued coin system?
Under the proposed system anyone with the ability to produce something of value to other people could issue their own coins. If you can back a coin you can issue a coin people can choose if they want to accept it or not. If you dont have credibility people are unlikely to take your credit.
watch this..
https://www.youtube.com/watch?v=XyWfUqEyIZc There is a full proposal outlined here
http://www.moneyasdebt.net/ ,the system I am talking about was not developed by me but Paul grignon. I am just a rabid supporter of it.
quote by E.C. Riegel
"There is a treasure buried in your consciousness. If you will dig it up from the debris of superstition and fear that covers it you will gain a freedom and self-mastery that will lift your life to a higher plane. This is the money power in you.
The power to create money with which to purchase wealth, health and happiness actually lies dormant within you. You have thought of the money power as something remote from you and beyond your grasp. You have dreamed of the good you could and would do if you had money power. You have blamed others for not accomplishing this good. You have blamed them for evil economic and political conditions; for unemployment, for poverty, for crime, for war.
It is quite logical to blame these maladies upon the malfunction of the money power, but you have not suspected that the money power resides in you and because of your failure to exert it the world is afflicted with miseries. You have the power; you have the responsibility. The power and responsibility to banish poverty, unemployment, insecurity, misery and war rests entirely with you.
You, in cooperation with other intelligent persons, can drive economic and political evils further and further from the area of your life and ultimately they may be driven from the face of the earth. You can do this by the money power in you, expressed first in your own prosperity and happiness, and radiating to others. You can do it and you must do it. There is no power outside of you that can bring these blessings to you.
Petitioning the Government is like writing to Santa Claus. You need no laws — there is a law, a natural law that governs your money power. You need no government aid. You need only cooperation with and from persons who, like you, have resolved to exert the money power inherent in us all. This power in each of us needs only the recognition and respect of our fellows to spring forth and exert its blessings.
We need not petition Congress and we need not waste time to denounce bankers, for they can neither help nor hinder our natural right to extend credit to each other, and this is the perfect basis for a money system."
