Re: Multicoin, Namecoin, Goldcoin, Silvercoin, OilCoin, 1971coin, backed by bitcoin!
I know, that's why I'm telling you that you can't.
I yield on this issue. Bitcoins can't be created out of thin air. I've decided this after contemplating a doomsday scenario thought experiment here: http://forum.bitcoin.org/index.php?topic=31645.msg403514#msg403514
Well yes, since they're bitcoin denominated, the price in dollars of the commodity doesn't matter at all.
Since you got inputs from markets to the chain, you could also denominate them in dollars Even in dollars from 1971 or any other reference currency. Miners would have to agree on what PCI to look at.
Since you got inputs from markets to the chain, you could also denominate them in dollars Even in dollars from 1971 or any other reference currency. Miners would have to agree on what PCI to look at.
So what happens if bitcoin prices fall 90%? I don't understand how the dollar-denominated contracts would stay valid without an escrow fund.
It is very simple how it would work, you create another chain with your rules, if you need it, with its own currency.
After proposing to add demurrage to bitcoin (freicoin) I would say that is not easy to convince people when you have to modify the rules of what blocks are acceptable.
I have a second proposal that may be more acceptable by the bitcoin community. If it can't be added to bitcoin or namecoin, middlecoin will be needed.
After proposing to add demurrage to bitcoin (freicoin) I would say that is not easy to convince people when you have to modify the rules of what blocks are acceptable.
I have a second proposal that may be more acceptable by the bitcoin community. If it can't be added to bitcoin or namecoin, middlecoin will be needed.
I agree that something like this might be the way to go, especially if the bitcoin community is lukewarm on the idea of polluting the protocol with my crazy ideas
