Re: [ANN][VTC] Vertcoin - Adaptive N-factor in Scrypt - No more ASICs
This is a very early thought/concept: is it possible to setup "exchanges" connected to every Vtc pool? So, the pool will have a bunch of Vtcs sitting in reserves that everyone can see (avoiding mt gox transparency problems).
Miners can elect the percentage they wish to keep and the percentage they wish to make available on the exchange and what crypto they are willing to accept. The percentage made available would be sold by the pool and then paid to the miner in the crypto of their choice.
Over time, miners can also add bank details to accept dollars via the pool/exchange mechanism, to sell Vtc for fiat.
Just an idea. Feel free to point out obvious problems with this setup.
Miners can elect the percentage they wish to keep and the percentage they wish to make available on the exchange and what crypto they are willing to accept. The percentage made available would be sold by the pool and then paid to the miner in the crypto of their choice.
Over time, miners can also add bank details to accept dollars via the pool/exchange mechanism, to sell Vtc for fiat.
Just an idea. Feel free to point out obvious problems with this setup.
That is a VERY good idea. I like it a lot. But how could we make it secure?
This is something that needs to be coded right away. In light of the Mt Gox scandal, we can de-centralize exchanges and re-establish the public's trust.
Re: security. I think something like localbitcoins could work at the pool level for reputation and number of trades. The pool would hold the coins and act as mediator at the same time. It can decide to pay the miner or the buyer but not itself.