> I basically think that mining was a trick used to help adoption
Think again - mining is closely tied to a "proof of work", a guarantee that the coins are not created out of thin air. That property is lacking from the system you are suggesting. How do you prove that your "DollarPegCoin" is actually backed by anything?
I agree that this has caused an inelastic supply and wild price fluctuations, and these will continue, but it serves an additional purpose besides being an adoption incentive.
Think again - mining is closely tied to a "proof of work", a guarantee that the coins are not created out of thin air. That property is lacking from the system you are suggesting. How do you prove that your "DollarPegCoin" is actually backed by anything?
I agree that this has caused an inelastic supply and wild price fluctuations, and these will continue, but it serves an additional purpose besides being an adoption incentive.