Quote from: Hapex on February 05, 2014, 03:44:20 PM

Quote from: pbjam on February 05, 2014, 03:29:52 PM

Quote from: MajorPiece on February 05, 2014, 03:12:30 PM

Quote from: almightyruler on February 05, 2014, 10:38:12 AM

OP: I don't understand why you're pegging the coin's value to EUR yet the block reward is totally disproportionate to the cost of mining it. A single block is supposed to be worth EUR 1000? Huh

Even with difficulty at around 20 you could generate EUR 1000 worth of coins in 24 hours with only 1MH/s of hashing power. In this case the coin's value would be 1000+ times the actual cost to mint it.

...plus a 2m EUR premine just screams greed...

The pre-mine WILL CHANGE along with the other values to best meet the needs. Along with on an outline to how it will be spent to ensure everyone how ALL the funds will be spent. Most if not all funds will go to bounties and giveaways. The OP has been edited. My focus for this is creating the first stable coin doing so by retaining the value of the Euro, not profiting.

For those of you questioning the market, I'll say this again

As Major Piece is different than the usual crypto-currencies different practices will have to be implemented.
We will be working this out with exchange sites to find the best possible solution.

We are working hard with many people to ensure Major Piece's success.

The most revolutionary ideas start at inception with people saying it will never work. Many people said Bitcoins couldn't work and look where they are now. I could give numerous examples but bottom line, we will do everything possible to succeed.

You're missing a very fundamental part of the puzzle. The only way you can execute this is if you were to do 100% premine and sell each coin for a euro.

Very true, there is no possible way to control the value of a currency unless you have 100% control over it. (central banks the world over can attest to this very fact). While I like the idea, it just isn't going to be practical in the wild. You do not have the 1,000,000,000 EUR it would take to back each coin. So the only other alternative would be like this individual suggested, 100% premine, and sell each coin for 1 EUR each. But with that in mind you could never claim it to be decentralized and miners would have virtually no incentive to mine it.

The last sentence is the point. If there was a 100% pre-mine and we had to pay him to get a coin. That's ridiculous and would never work.

If the devs can manage to get an agreement with some exchanges to put it on for non-variable amount then it couldn't change.

The value of the Euro, Dollar etc. is only what it is because they say it is and we believe it.

But if you think about it the value will change. The value of the coin changes on the price of the Euro and if you placed this against other coins on cryptcy I could see this working. That's the only way though, along with strong supporters.

mahorelee

Posts

Merits