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LinusCoin

xxmoney96xx
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Posted

so uh... the currency would be backed by discarded CDs?

 

That's more than any other *coin is backed by  :P

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I agree.

We should build USB powered ASICs that go in your rear.

Did you know that every human's butt has a usb plug for mice, keyboards, usb miners and USB buttplugs.

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If anyone wants to donate their server, I would set one up.

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Posted

so uh... the currency would be backed by discarded CDs?

 

Sorry but I will not be supporting this coin.

 

A Digital Crypto-Currency with an analog physical backing is a liability, not a feature, nor does it provide intrinsic, or even tangible value.

When something is backed, it adds a central authority and a single point of failure. It also requires high fees to pay for storage, security, and transport of the physical backing.

This is why we will never see a gold backed crypto-currency in the same realm, or freedom as Bitcoin.

 

Bitcoin and Litecoin gain some of their value because they require no backing or central authority. It's a trustless system with no liabilities able to transmit fungible value anywhere in the world instantly for free.

You keep using that word. I do not think it means what you think it means.
Users cannot, and will not securely manage key material. Most users can't and the ones that can, wont.

Ask me about Bitcoin, Litecoin, Crypto-Currencies, and/or Mining them.

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I think we should use a different algo like SHA-2056 so it cant be mined with GPU's or ASIC's until software is built for it :P

"If a Lobster is a fish because it moves by jumping, then a kangaroo is a bird" - Admiral Paulo de Castro Moreira da Silva

"There is nothing more difficult than fixing something that isn't all the way broken yet." - Author Unknown

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Posted

Sorry but I will not be supporting this coin.

 

A Digital Crypto-Currency with an analog physical backing is a liability, not a feature, nor does it provide intrinsic, or even tangible value.

When something is backed, it adds a central authority and a single point of failure. It also requires high fees to pay for storage, security, and transport of the physical backing.

This is why we will never see a gold backed crypto-currency in the same realm, or freedom as Bitcoin.

 

Bitcoin and Litecoin gain some of their value because they require no backing or central authority. It's a trustless system with no liabilities able to transmit fungible value anywhere in the world instantly for free.

I think this thread is more of a joke than anything :P

"If you do not take your failures seriously you will continue to fail"

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