Transaction

j"1LAnZuoQdcKCkpDBKQMCgziGMoPC4VQUckMU<div class="post"><div class="quoteheader"><a href="https://bitcointalk.org/index.php?topic=1790.msg27461#msg27461">Quote from: bencoder on December 06, 2010, 08:30:07 PM</a></div><div class="quote">I like DomainChain as well.<br/><br/>I would also argue against any particularly special attachment to bitcoins, what would the purpose of that be except to hopefully promote bitcoin? I prefer to allow it to be a separate market in it's own right. With people able to pay for domains from those who've managed to generate them using whatever payment method they want to agree on.<br/><br/>Do we have a wiki yet?<br/></div><br/>Well, I've proposed that Bitcoins be used as an incentive for mining the chains, which I suppose is a way to promote the use of Bitcoins as well. &nbsp;If you are talking about the "miners" simply creating their own floating currency that could then in turn be put into one of the exchanges.... that may solve the problem of getting miners paid (hmmm.... I've got to think about that one for a little bit) but it does create the problem of what anybody is going to do with that "floating currency"?<br/><br/>Just thinking aloud here... if we used a "floating currency" in this system instead that was a "DomainChain coin" similar to Bitcions but not pegged to Bitcions as all, could that work here? &nbsp;I'm sure Mt. Gox would certainly be interested in exchanging these coins if they had some value, and the point here is mainly to come up with the formula for creating these coins. &nbsp;The only real use of these coins would be to pay registration fees for domain names, so I think the drop-off could happen a lot faster than is the case with Bitcoins. &nbsp;<br/><br/>In theory we could even set up some sort of link to Mt. Gox or some other trader so that in the interface you could do a "quick buy" of these "DomainChain coins" in such a way that for an end-user they would be buying them with BTC and then putting those recently purchased coins right into the transaction as a fee for the miner to claim when it gets put into the chain. &nbsp;If the transaction block is rejected, that miner loses the claim to those coins and they become unconfirmed.... where it is the responsibility for the exchange to worry about the validity of a particular set of "DomainChain coins". &nbsp;A similar kind of "quick exchange" could even happen with LR Dollars or any other currency that may be tied to some exchange system, or they could simply get the "coins" on a "manual" basis from the exchange if they wanted to get a better exchange rate or have somebody "send" them some of these "DomainChain coins" with a direct hand-over of cash.<br/><br/>I like this a whole lot. &nbsp;It may "solve" this problem I've been thinking of in terms of getting miners paid. &nbsp;Are there any other hiccups anybody sees with this situation? &nbsp;The exchange itself isn't even fixed.<br/><br/>The only real problem I see is that it sets up a situation where this kind of currency could supplant the main Bitcoin for intrinsic value. &nbsp;Not overnight, but gradually. &nbsp;We need somebody with a whole lot more economic theory behind them to figure this one out, because I would vote for a "weaker" currency than Bitcions be set up in this situation, however we want to define that. &nbsp;How would you set up the parameters for a relatively strong currency that the desire would be to trade it in for Bitcions instead when possible? &nbsp;Would the fact that Bitcions has an absolute limit but these kind of "DomainChain coins" would continue to inflate (aka the 50 DCC produced per block would continue to be produced indefinitely creating a mild sort of inflation over time) be sufficient to make Bitcoins stronger?<br/><br/>I need to think overnight on this particular subject as it is starting to make my head ache thinking about it, but it sounds like an interesting idea to seriously consider.</div> text/html