Would it be feasible to have an optional aspect to the safecoin wallet which in some way locked the value of some or all of your safecoin to other currencies (both fiat and crypto)?
Sounds like something you could do on an exchange, maybe like options to buy back at some point in the future.
If I’ve got this right, I’m thinking safecoin is just a dumb token, nothing else, but on an exchange it could represent anything.
The Ethereum makers are talking and writing about [Shellingcoin] : https://blog.ethereum.org/2014/03/28/schellingcoin-a-minimal-trust-universal-data-feed/ So called oracles are payed a little fee for providing the BTC/USD price. Or the price of Google stock. Users in the network kan issue a “contract for difference” (CFD) to pin their price to an asset. If 95% of the oracles provide the right value of an asset, and 5% tries to trick the system, this 5% will be punished.
I think a system like hat could work. But on Ethereum a blockchain is used to store these values provided by oracles. I have no idea if this would work on the SAFEnetwork. With blockchain technology there’s a consensus on time. In the SAFEnetwork there is not for as far I know.
Bitreserve and Coinapult got their solutions to this issue. The Colorcoins idea comes really close to what you describe. The problem with Coinprism is that you can create assets, but unfortunately your users still see Bitcoins as transportation vehicle. Which will totally confuse new users, because what does your asset got to do with Bitcoin? It would be nice if you could create an asset and the transactionfee is paid in the asset. From the Colorcoin perspective all they would have to do, is uncolor the coin to pay the TXfee to the Bitcoin miner. So I would send you euro’s, pay Txfee in euro’s and the miner would get the minerfee in Bitcoins out of sight of the sender and receiver.
[quote=“chrisfostertv, post:2, topic:2033”]
I’m thinking safecoin is just a dumb token
[/quote] Safecoin as I understand it, seems to be woven into the fabric of the Maidsafe network. So it’s more complex than just another “Tie money to your project and it will work idea”. It would be breathtaking if Safecoins would be intelligent.
What if you could do things like enter a Bitcoin PrivKey in a Safecoin and you would only be able to spend that Bitcoin if you own the Safecoin. Obviously the Safecoin would communicate with the Bitcoin network and change the password to the Privkey immediately. Who needs an exchange in the cryptosphere if a coin could do that? It would also be neat if Safecoin have a builtin exchange function. For instance, your Safecoin holds an Bitcoin and if I send you the value in Safecoins I would receive that Safecoin. So I enter your Safecoin address and press exchange instead of send. Send would just be the plain old send, exchange would just exchange my Safecoin for whichever coins/property your Safecoin hold. Cryptocoins are nothing but privkeys so in that sense, they could be locked in a Safecoin.
Fiat is another story
You’t have an optional aspect if the trade isn’t pre-funded or escrowed.
One can put his MAID (or later SAFE) coins in escrow, issue an asset backed by that escrow and instruct escrow agent to buy it back at certain date and at a pre-annouced buy-back price. You can do this today without any exchange or wallet, but you can also use any of today’s Bitcoin 2.0 platforms and wallets.