OK guys here is the image for the coin buy need to know what you would like the coin to be loaded with 100,500,1000
looks great!!
if it's a 100 MΣC coin then it would be worth the same as a hundred dollar bill once 1 MΣC = 1 USD, which will happen.
so I'm wondering, how is a physical coin going to work.. is it backed by the amount of MΣC in one particular account? if one of the physical coins gets destroyed, what would happen to the corresponding value in that account? and will there be a danger that a coin made now might be duplicated, counterfeited in the future?
thanks MobGod, great work! thanks everyone for all the megacoin projects going on!
Good question here is my thinking each coin will have it's own number for example only 200 made 000-200 has me being the seller I would keep a list safe offline so if a coin did get destroyed I would still be able to send the buyer the amount of coins put on the coin if that makes sense to you.
well, here are my thoughts:
assuming the coins won't get counterfeited, I suggest there should be a MΣC account (or several) specifically designated just to hold the MΣC of all outlying coins in circulation. you (or a trusted banker that won't EVER inflate the currency) would issue physical coins in exchange for MΣC transfers into the account. only an un-damaged physical coin can be redeemed for its value in MΣC from that account.
so, if a physical coin gets destroyed, the value should just be gone, no longer owned by anyone. the bank should never give out or spend the extra MΣC that was lost, it should just sit there in the account. otherwise someone could say they lost their coin to get paid back, but someone else might find the coin and also try to redeem it. physical coins need to be directly associated with their real MΣC value, never inflated.
the problem, though, is most bankers are greedy and untrustworthy. whoever controls the MΣC account would eventually be in control of a lot of money, and it would be a disaster if the account got robbed.
