Quote from: DeathAndTaxes on February 08, 2012, 05:45:37 PM

Quote from: SgtSpike on February 08, 2012, 04:52:43 PM

Quote from: DeathAndTaxes on February 08, 2012, 06:17:53 AM

Quote from: TheGlobber on February 06, 2012, 09:26:18 AM

Also, we do NOT disapprove the creation of other exchanges around RLC. We want a competitive market because it is in the best interest of all.

Come on have you actually spent any time thinking this through.

Central agency will sell unlimited coins ONLY $100 ea.
Central agency will buy any sold coins for ONLY $100 ea.

What "competitive market" could exist?
Who would be stupid enough to pay > $100 when they could simply buy a coin from you for $100.
Likewise who would be stupid enough to sell for <$100 when they could simply sell a coin back to you for $100.

What purpose would external exchanges serve? The same purpose the redundant and useless miners serve?

I'm not seeing much of a use for other exchanges either. Unless, perhaps, a black market exchange that loopholes around laws and sells/buys RLC without asking for identification. But beyond the illegal... why buy/sell from anyone but the central agency?

Exactly. Since RLC is issued by central agency and backed by that agency it functions very similar to a prepaid giftcard.

But wait people buy & sell prepaid giftcards on ebay. Well they do but only because prepaid issuers don't give refunds.

Say you had $100 Best Buy gift card and you could go to Best Buy and get $100 the only reason to sell it on ebay would be if you could get $101+ for it. However Best Buy sells $100 gift cards for $100 so why would a buyer pay more? Only reason a buyer would be looking on ebay would be to pay $99 or less however why would a seller take $99 when the Central Agency will pay $100?

Just thought of something though: What about RLC to BTC? Or BTC to RLC? Since RLC is tied to USD and not BTC, perhaps the central authority won't be trading for anything but USD, and that is what TheGobbler meant about other exchanges picking it up - other exchanges would pick up the RLC to BTC trades.