I've been interested in Bitcoin for a while. I've been thinking I'd like to give it a go and see if I can make my own cryptocurrency, just to see if I can.
I run my own small web hosting company, the main reason why I don't want to accept Bitcoin is its price volatility. I mean, at one point it was worth $1000 and now its worth $315.
I was wondering, from purely an economics standpoint, would a currency in which all payments, transactions etc ... where decentralised work if one key part was centralised.
I'd like to make all clients download a text file once a week. In the text file would a number, and that number would tell all of the transaction verifiers how many new currency units can be created in any 24 hour period.
I would like to use this file to control the rate at which new currency units are created, there would be no overall limit like Bitcoins 21M. The value would be controlled by controlling the number of currency units that can be created in any 24 hour period.
So since I know nothing about economics I was wondering, would this work?