Quote from: Revelations86 on February 08, 2014, 10:26:14 PM

Quote from: 42Dice on February 08, 2014, 05:09:10 PM

Quote from: Revelations86 on February 08, 2014, 06:21:35 AM

Quote from: MajorPiece on February 08, 2014, 05:59:15 AM

Quote from: Nullu on February 07, 2014, 08:29:51 PM

So it's worth 1 euro per coin because you say so?

Not quite sure you understand how market pricing works.

1 Euro is worth what it is because millions upon million of people, as well as major financial institutions worth billions of Euros, Dollars, Pounds, Yen, you name it- say it is.

How will you make everyone agree 1 Major Piece is with 1 Euro? I hear a crazy idea with nothing to back it up.

While this is a valid argument it does not necessarily fit in to this idea quite the way you envision it. While it is true that we are relying on a bit of faith from people to believe the coin is worth what we say it is worth it is no different than a person having to put in faith that their dollar will actually mean something or that their Yen will mean something. By saying that it will be worth one euro we have already planned for part of this faith issue. Also on the issue of changing market value we have seen that this issue cannot arise because the true value will always be that of a euro. Its not like gold or oil were the price can be arbitrarily inflated or deflated based on faith and amount of product. Also while people can hope and believe that their one dollar is actually worth more than it is it is only worth what it is at that point and time. So while people may say that the Major Piece is worth more or less then the euro they are actually wrong because it has already been decided that the value will only fluctuate directly with the value of the Euro.

Decided by whom? You really have no understanding of how basic economics works. You can't have something worth something else simply because you "decided" and "dictated" its going to be that. People assess value on something because it is either backed something else (dollar is backed by US economy, Euro is backed by Eurozone, meaning within those regions I can use dollar and euro as a means of exchange for service or products) or based on speculation which 100% of crypto world fall into as none of the crypto is backed by any economy. Speculation = wild price fluctuation which is what you are not aiming for. At the very least, many of the other coins are driven by speculation around a new type of encryption, code, feature, future utility and even value of meme. Yours has absolutely none of that except for the fact that you are going to somehow magically will everyone in the world to value your coin at 1 euro and not just make them will it at 1 euro, but make them will it at 1 euro forever. As I also mentioned before, not even fiat currencies stay stable and also are subject to fluctuations and teams of economists, governments do their best to try minimize this fluctuation (to prevent widespread panic and bank runs) but will never be able to completely stop it as it is DEPENDENT ON THE VALUE PEOPLE ASSESS TO IT AND ARE WILLING TO TRADE THEIR GOODS AND SERVICES PER THAT VALUE ASSESSED. Unless you've come with some mind control technique, this is impossible. Why is this hard to understand!

What I bolded in what you said. Euro works because you can exchange it for a product. Well if Major Piece can be used to trade for products on line then it should be able to work under the same concept.

If you can figure out how to do that, then by all means. After 5 years, Bitcoin is just beginning to become accepted by some retailers, however, this is still a very small fraction (less than .000001 %) and the price is still fluctuating wildly.

What the op is proposing is an impossibility that no human being has ever achieved unless he comes up with a mind control technique to brain wash the masses into valuing this his altcoin at a constant 1 Euro no matter what based on the simple fact that he said so. Why stop there? Let's peg to a bar of gold simply because we say so. He fails to understand the principles of supply and demand and market valuation to which every single currency is subject to, fiat or crypto. It always has been that way and it will always continue to be that way as long as human beings exist.

^ This

Like I said in a previous most, the law of supply and demand is a brutal teacher. The dev's of this coin will discover this very quickly. Without 100% premine, or the dev(s) having 1 Billion Euro to back this digital currency it's just not going to happen. Even the valuations of precious metal currencies fluctuated with the discovery of new ore veins and extraction. The Comstock Lode of 1859 dropped the value of silver by a few percentage points. I can't remember exactly by how much, but it decreased the value because of how large it was, and how much silver was being pulled out of it.

Sorry OP, but without you actually having 1 billion euro to back this currency the peg your setting it at just isn't going to stay. The market will determine the value of your coin. Because without you actually promising the miners, and those who actually cash out and expect euro's won't be able to get it. The currency valuation will collapse. That IS the reason Nixon severed the gold standard in 1971 in the United States. France was demanding gold for all the dollars they held. Since the Federal Reserve had debased the currency it could no longer maintain the 35 dollar per ounce peg. So something had to give, and Nixon said no more. In reality that's called a default, but since the U.S. had a global currency everyone continued to use it, even though it was no longer as good as gold. The same will happen to your currency. No euro remittance, no true euro peg. Simple as that.