Quote from: virtualmaster on April 12, 2013, 08:38:53 AM

Quote from: biganth on April 11, 2013, 10:26:31 PM

It seems pretty obvious we need a new coin with a fixed conversion rate that can only be traded between individuals & businesses. How else can we stop hackers, governments or wall street from f**king everything up?

Yes we need. I posted already a proposition.
Cryptodollar and Cryptoeuro. They should be like Liberty Reserve for USD and EUR just decentralized and based on bitcoin technology.

1) Who will mine it with enough resources to secure it?
2) Who will store and send/receive dollars and euros when people exchange them for this?
3) Who will control the issuance of this currency to make sure there's always exactly one CryptoX for each dollar/euro?
4) Who will prevent this single point of failure that's holding the cash from simply disappearing?
5) Who will prevent this single point of failure from issuing CryptoX that's not actually backed by any dollars/euros, just so they couldgive themselves more money, and debase the value of CryptoX through inflation in the process?

Besides, I think you just described a bank, "but with Bitcoin technology." The two aren't compatible.