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.
Bitcoin holders would trade their BTC for VTC in droves. (That will be good for 3 weeks until a new decentralized exchange comes out for the new kid on the block.. no fun intended)
I think Vertcoin should be all about safety and security (in Maslow's chart). Although I have not done a scientific poll, my talks with people as to why they would not use Bitcoin has everything to do with security of their money.
Apologies if I'm pointing out something obvious: One of the key strengths of Vertcoin compared to Btc, Ltc and Doge, in my view, is the decentralised pools in Vtc. It would be good to use this natural competitive advantage to decentralise exchanges somehow. It would really cement Vtc's position as a coin for ordinary people, where people trade with people and not big businesses (like ASIC companies and big exchanges).
Colored coins should allow this, but that's is 1-2+ years away. Vertcoin could be at a significant advantage by allowing (more or less) direct P2P altcurrency exchange NOW.
This is a wonderful idea. But ideas are a dime a dozen. 1) who is going to execute the idea; 2) when; 3) how. Once we figure out those 3 then we may have something. Other coins are reading this for sure, so if we are interested in doing something like this we have to be more organized and move quickly.