This isn't going to work the way you think it would work.
It might not - but it's worth trying at least. There has never been a contender to become a real new currency since the advent of digital trading. BitCoin may not take center stage. But I'd like to see it do so.
Although the idea is non-evil, it will never happen.
Thanks for realizing it's non-evil, please explain why it will never happen.
If you create a "non free market" situation where a giant lump of cash is keeping the price fixed... Then you are giving hackers / theives a huge amount of money once they steal it.
I think you mean if they steal it. Mtgox today became officially Verisign secured, so it's approximately as secure as any other site on the Internet.
They can sell it all at once, and your "investors" or whoever put in the 21$million is the one going to lose a ton of money. Why would any investor agree to such a situation?
The investors are free to come and go as they please. They can set their bid prices at any point they wish. They aren't required to agree to anything.
And even worse is if suddenly noone likes this block chain anymore, they can all cashout and your investors are stuck again with worthlessness instead of their $21million.
Why hasn't this happened already? If it was that easy to create a new block chain and have it accepted by the BitCoin network, this scam would have already happened countless times.
In fact it would make the most sense for everyone to just cash out and start a new block chain without the $21million blocker on it. Everyone wins except the guys who put up the $21 million.
If only it was that easy, yes.
Sure is fun to tell other people to put up a bunch of money for one of your own silly ideas isn't it? Too bad it has no basis in reality.
There's no factual basis for financially backing a currency in the history of finance.
It has no basis in reality.
And please note the difference between tell someone, and ask someone.