Surely the first crypto to succeed....

VforVictory

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V for Victory or Rather JustV8

Quote from: A_Free_Man on April 13, 2013, 06:27:05 AM

OP doesn't know shit.

A burger costs $2
If the restaurant accepts 5 Xcoins in exchange for the burger doesn't that make each coin worth 40 cents each?

A burger only costs 2$ without daily inflation* And that assumes, also, that the coins in question are even backed by USD.

A_Free_Man

full member

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OP doesn't know shit.

A burger costs $2
If the restaurant accepts 5 Xcoins in exchange for the burger doesn't that make each coin worth 40 cents each?

Gabi

legendary

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If you want to walk on water, get out of the boat

Cryptocurrency is about freedom. Freedom to exchange it for fiat too Wink

Operatr

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Quote from: tycho on April 12, 2013, 03:53:24 PM

Uh. How would you prevent exchanging it for fiat?

By making fiat no longer exist with cryptocurrency in its place

montgolfier

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Quote from: meebs on April 12, 2013, 10:14:03 PM

Quote from: montgolfier on April 12, 2013, 03:47:46 PM

.... Will be the first one that isn't exchangeable?

Seems like It's the trading for $€¥£ that's the problem here..

Wouldn't a coin that can only be a)mined and b)exchanged for goods/services, be much less volatile and susceptible to manipulation?

so it would succeed because it is worthless?

Not worthless (it is still decentralised, universal and anonymous) , it would just have it's own 'exclusive' value rather than being constantly measured against the $ or the £

Like others have said it's probably near to impossible, but still worth thinking about..

ElectricMucus

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Marketing manager - GO MP

Actually that isn't that far from the point.

It being exchangeable isn't the issue here - that it's value is derived by the amount of cash put into it is. The currency must be representative of something valuable, namecoin goes in the right direction, but the concept can be extended much, much further.
There are even discussions of how the mining network itself providing something of fundamental value. The pinnacle would be that the secret needed to spend the coins to represent fundamentally valuable information. Wink

Craftyman

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Quote from: tgsrge on April 12, 2013, 09:08:40 PM

you might as well figure out how to divide by 0, or maybe the slightly harder traveling backwards in time (if you figure that one out, DO tell us.)

Make a clock whose hands go counter clockwise. 1 trillion dollars please.

meebs

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Quote from: montgolfier on April 12, 2013, 03:47:46 PM

.... Will be the first one that isn't exchangeable?

Seems like It's the trading for $€¥£ that's the problem here..

Wouldn't a coin that can only be a)mined and b)exchanged for goods/services, be much less volatile and susceptible to manipulation?

so it would succeed because it is worthless?

tgsrge

member

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you might as well figure out how to divide by 0, or maybe the slightly harder traveling backwards in time (if you figure that one out, DO tell us.)

skull88

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I don't think you can ever make a coin that will see the difference between a product and another currency. Good idea, but not possible to make.

Liquid

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Crypto Somnium

You could setup a system like ebay and only this cryto is used as payment also the only way to get this cryto is to sell something.

So you sell something and get 10 coins then you spend the 10 coins on something in the market, but then this limits you choice and what you can buy.

also you cannot withdraw this coin from the site so this makes it centralized, limited and vulnerable this does not sound very wise.

montgolfier

member

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Good question

tycho

newbie

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Uh. How would you prevent exchanging it for fiat?

montgolfier

member

Activity: 119

Merit: 10

.... Will be the first one that isn't exchangeable?

Seems like It's the trading for $€¥£ that's the problem here..

Wouldn't a coin that can only be a)mined and b)exchanged for goods/services, be much less volatile and susceptible to manipulation?

Topic: Surely the first crypto to succeed.... (Read 1128 times)