Re: [ANN] [MAJ] *Major Piece* *First coin to equal 1 Euro, no more, no less* 3/01/14

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.

It is not expected that Major Piece will take off from the start. It will start with small numbers and build slowly gaining more trust as more people start to mine it and use it.

Part of the reason that not many markets accept Bitcoins is due to that price fluctuation, and because it is so new. Since Major Piece's value does not fluctuate (not counting the fluctuation of the euro) more companies will start to accept it. Maybe not at the beginning, but in the long run.

As I said before we are working with exchanges and online businesses to accept Major Piece at a value of 1 Euro. As it spreads to more markets and more people use it it will grow. People will use it because there is a huge demand for a crypto-currency that does not fluctuate in price (once again not including the fluctuation of the euro) This is a long term project and needs to be viewed that way.