Quote from: mpfrank on October 14, 2011, 11:53:43 PM

(C) Each user of the reference client, which is copyrighted in every country, is required to first register their real-world identity with a central service, and sign a legally-binding contract promising that, in exchange for a perpetual license to use the reference client or any other software derived from the reference client, they will, in perpetuity, accept 1 BC2 from anyone in place of at least US$1 worth of any existing sovereign currency that is owed them

* Suppose the difficulty is calibrated by the algorithm so that on average, 1 new block will get added to the block chain every minute. Then the reward for each new block is
500B/365/24/60 = 951,293, or almost a million dollars' worth of BC2!

* Due to this, if you think the growth of the existing Bitcoin network was impressive, the gold rush towards this new system will be so explosive that it will make the growth rate of the existing system look plodding in comparison!!! In almost no time, everyone will switch over to mining BC2, because the rewards will be so much greater than with BTC.

Any thoughts?

Why is everyone focusing on the central service part? The most striking part should be the legally-binding contract for $1/coin part.

So............. the OP want a new Bitcoin that would that miners would pump out 950,000 coins every minute = 1,368,000,000 coins a day. And these coins will be sold to bitcoin users who are FORCED to buy them at at least $1 per coin.

I think there's around 100,000 - 200,000 bitcoin users (based on Mt.gox hack last few months revealing 60,000 accounts). Probably, less than half of that is active.

You know what, i'll up that number and give you 1,000,000 bitcoin users, who will be absorbing the coins from your new system. This means each user today will have to spend $1,368 a day to buy the coins popping out from miners. Would you like that? (If they don't buy it, the miners will trade them for $1/coin worth of goods from Bitcoin-accepting merchants anyway)

In short, you solve declining price by fixing a minimum price, and want more growth by pumping out 100 times more coin.

Sounds really promising... I have a few questions:

... How old are you? If you're over 13, are you high when you post this? or just plain silly.