I'm trying to work out what the incentive would be for the non-miners, the ones providing the mastercoin. Basically for them it would operate as a mastercoin to bitcoin exchange? I suspect they would see that as a little bit risky, that they would be more likely to get better rates on the open market.
When you think about it, mining is an operation where the financing is highly distributed, through the exchange system. Person A mines and sells his Bitcoin on the open market; Person B purchases the Bitcoin that A put up for sale. B is really a miner, in a sense - he's the one financing the operation. Or say Person C mines for boogercoin and sells it on an exchange for Bitcoin; Person D purchases boogercoin for Bitcoin on the exchange. There's nothing in the blockchain that makes it happen, but Person C is really actually mining for Bitcoin just like Person B in my previous example, using Person D as an intermediary.
My head is spinning now...
Topic: [MASTERCOIN] - MINING for MASTERCOINS (Read 1771 times)
If you know something about Mastercoin then I'm sure the title surprised you, because of course it's not possible to mine for mastercoins as they are all set by the Exodus address back in August.
However it gave me an interesting idea- what if someone setup a mining pool where your processing power could be used to mine for Bitcoin (Or Litecoin) and instead for every share you submitted for a successful block, you were rewarded with some fraction of a mastercoin- determined by the current going rate of mastercoins for sale.
Even more wild, with a distributed P2P exchange, what if this transaction could occur automatically? A sort of Meta/proxy mining. An automatic method of mining for Mastercoins. No it would not 'create' any new mastercoins, but it would allow users to pay p2p pay for purchasing mastercoins via their hash power for mining some other coin.
Possible?
However it gave me an interesting idea- what if someone setup a mining pool where your processing power could be used to mine for Bitcoin (Or Litecoin) and instead for every share you submitted for a successful block, you were rewarded with some fraction of a mastercoin- determined by the current going rate of mastercoins for sale.
Even more wild, with a distributed P2P exchange, what if this transaction could occur automatically? A sort of Meta/proxy mining. An automatic method of mining for Mastercoins. No it would not 'create' any new mastercoins, but it would allow users to pay p2p pay for purchasing mastercoins via their hash power for mining some other coin.
Possible?
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