Quote:
Originally Posted by ilnjscb
Two really big things. One, the mining. That confuses the issue, and is a drawback from the seriousness of what you are attempting. Two, the first (and most reasonable) question anyone would have is: exchange. Plenty of things are in demand but that does not make them currency. Beads are in demand at Mardi Gras. Girls who wouldn't take their shirts off for $100 will do it for beads. But since beads have no real exchange, they are functionally worthless as a currency regardless of the demand.
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What's the problem with mining? The currency needs to be distributed in some kind of "fair" and stable way.
As the number of users grow so does the rate of the currency (because of the CPU power). The person with the fastest CPU (or the biggest botnet) will benefit most but is there any better way to distribute the currency?
You can exchange from USD to bitcoin and from bitcoin to USD today if you want to. LibertyReserve works the same way and lots of people are using that.