Quote from: DeanK on April 24, 2013, 04:15:51 AM

Quote from: CryptoCurrencyMiners on April 24, 2013, 04:09:07 AM

Quote from: DeanK on April 24, 2013, 04:03:05 AM

Quote from: CryptoCurrencyMiners on April 24, 2013, 03:57:05 AM

Quote from: DeanK on April 24, 2013, 03:54:33 AM

Quote from: DeanK on April 24, 2013, 03:30:14 AM

FIATCOIN (FCT)

The way it works is the difficulty skyrockets right after the first block, however, the coin initially trades at a reasonable value but over time it becomes worth less and less and collapses entirely.

Update:

Also, I hold the printing plates so i can create an unlimited amount to bail out my FIAT banking buddies further watering down the value of the coins you earned with your hard work but not to worry because if we have a financial crisis we will simply declare a FIAT Coin banking holiday and seize your coin accounts, haircut you!

I'm another country, and we'd like to loan you trillions of your own FCT, interested?

Definitely, but we would need collateral for backing...something along the lines of paper FTC futures perhaps or FTC Bonds. We could offer you -3% returns on 10 year bonds or fake gold from our empty bullion repositories but we would have to pay out FTC if you asked for physical delivery.

PM me Ben@fed.racket

Ok, what if we print your money over here, then loan it to you. It will be backed by gold (that hasn't been mined yet) on land we do not own, deal?

Deal but we need a few minutes to reach into our pockets to communicate with the elected officials that govern the land that you don't own so they can change the laws to make their FTC depositors shareholders in their phony banks instead of depositors, that way if we have financial contagion we can do a bail-in to cover our trading losses. Make sense?

Have to sign off now but we'll always have Cyprus...or was it Ireland? It's so hard to keep track these days.

DeanK

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