I still need an explanation how the premine can work as a stabilization fund if the peg will always be > marketprice.
In that case the premine can never be sold. Wrong/Right?
Imho the premine is needed because: when there is a flashcrash or a quick dump, they won't re-peg it at the exact moment. People could rush to buy RCs on the webshop and they lose money. Basically thats why there is a small "insurance". Thats no answer at all. How does the "insurance" work? How does a premine stop people from buying cheap coins and buy on the webshop? it works like this. We have EUPH pegged above exchange on webstore. Our margins are sufficient on product that we still make small profit. If we get hit by a flash dump and actually take losses then we can offset that against the value of EUPH that we have in store in our webshop. Some premine will be sold to cover those losses. Once we are back being profitable on sales we can repurchase the premine with some of our profits to keep the stabilisation there and keep offering people product at a solid discount over fiat and still be profitable selling our chems. We make our money on chems, as do all in chems industry. Margins are good. There is also a hell of a lot of competition, we are prepared to make a sacrifice to margin for sales and a USP, which so far has worked really well and got us lots of new customers. If people use this coin for the purpose it is intended they can't lose. Buy Euph on exchange, buy chems, get chems. You can't lose. This is what we have made the coin for and how we hope it is used. If we can peg EUPH at a good price per coin then volatility becomes less of an issue because our premine has much more power. It allows us to hit bigger losses without being forced to change the peg of the coin or go bust. |
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Question, if the price ends up going beyond 1500 will the peg go higher?
yes of course, at 1500 peg goes to 2k and at 2k it goes to 3k and at 3k it goes to 5k and so on and on until we reach the stated 7.8M USD marketcap (1 euph = 0.5GBP). All this is backed by the very same webshop. Hurray, we have found a new way to endlessly print money  Serious question: Why would you as the owner of the webshop even want to rise the peg? You said you want a stable currency, you can have that at the current peg. because it's not only going to be one webstore. We are already talking with other uk retailers about accepting euph and are in discussions with a US retailer about a domestic partnership there. As it stands our premine that we have held will not go very far for using as subsidy with other retailers so they can be guaranteed a stable price and also won't go very far subsidising peoples orders. The lesss euph are spent per order the easier it is for us to be able to use our stash to stabilise the price and the wider we can get adoption. Think of it like this, if there are 1000 euph to 0.5 gbp then if we have to subsidise an order or another merchants order to the tune of 5 gbp then we need to use 10000 of our premine. If there are 10 then we use 50. The less of our premine we have to use the more we can stabilise and entice other retailers to take the opportunity to spread to a wider audience. Look I appreciate that 0.5 is a very ambitious target but you have to aim high and see where you can go in life. and all of a sudden it is not just a webshop, but a bunch of retailers, a us retailer and so on. Did I miss that somewhere earlier? premine: That simply doesnt work. If you subsidy with euph, those euph will be dumped on the market by the retailers, which will put pressure on the exchange rate, which will in turn generate losses on every sale you make as you are guaranteeing a higher rate via your webshop. To subsidy with the premine you need to sell it, which you cant because you are guaranteeing the (minimum) exchange rate. Do I miss somthing here? clearly you did miss that earlier yup. Already posted that we have been in talks with other retailers. ok, sorry for that. can you answer the premine question? Oh, and I apprectiate the answers, usually someone is yelling just "fud" Sure. Of course the euph will be sold on exchange by retailers but there is always sells and buys. As long as the amount of people who want to buy chems is increasing not decreasing, once POW is finished buy support will out strip sell support. One of the advantages of having an industry specific coin like this over bitcoin is that demand can outstrip supply a lot easier. People need to purchase euph to purchase the chems. Most chems retailers don't accept credit / debit cards and use WU moneypaks or bank transfer. Euph will make it much quicker and easier to purchase your chems. If adoption goes as we hope it will then buy support should be good. We need to get POW finished before we can get any sense of stability here but once that is done I believe we can get buy support to be strong. A lot of people in crypto are into chemical research and the market is a natural fit. The broader we can get merchants to accept chems then the better buy support will be, so although merchants will be selling on exchange people will also be buying. Believe it or not there are quite a few chems retailers on this site already, bitcoin is popular in the chems business and we have had contact from quite a few on here alone who are interested in getting involved in the project. All this doesnt solve the critical problem. You cant sell a single coin of your premine as long as the peg is above market price. And that is what you said you will do and where this discussion started. If you presented your concept and guaranteed a minimum price via your webshop, I wouldnt be that critical. The promise of a rising peg (which you cant keep) makes this look super scammy, sorry. No problem, you are totally entitled to your view. We can agree to disagree it doesn't have to be acrimonious. You will notice I haven't moderated this thread (which maybe I will regret) because I want transparency. We are not asking anyone for anything here it is a free choice to buy or not buy and use or not use the coin for its intended purpose. People are receiving their orders and getting their stuff in a timely manner. We can do no more than present our concept and do our best to make it work. |
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if you want success longterm your enemies are hype (speculative bubbles) and too high complexity (too many merchants) before the system has settled from said initial speculation. That's what i think.
agree, this is why we have a floating peg in these early stages. Unlike URO we are already fulfilling and sending orders on a daily basis, we can use our margins and premine to mitigate the volatility for purchasers for the long term stability but in reality the coin is only a week old. We fully intend to have a final value of product v asset, but at this stage we would just go bust if we did that. We need some kind of history and stability before we can really pin it down hard. At the moment we are still in POW and we are about to hit the final big blocks. |
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sorry just to add. The retailers we are talking to will not expect to get full fiat value in euph. Their margins on product are already very good and if they can reach new customer base by taking less for their product but still make profit they will.
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Question, if the price ends up going beyond 1500 will the peg go higher?
yes of course, at 1500 peg goes to 2k and at 2k it goes to 3k and at 3k it goes to 5k and so on and on until we reach the stated 7.8M USD marketcap (1 euph = 0.5GBP). All this is backed by the very same webshop. Hurray, we have found a new way to endlessly print money Serious question: Why would you as the owner of the webshop even want to rise the peg? You said you want a stable currency, you can have that at the current peg. because it's not only going to be one webstore. We are already talking with other uk retailers about accepting euph and are in discussions with a US retailer about a domestic partnership there. As it stands our premine that we have held will not go very far for using as subsidy with other retailers so they can be guaranteed a stable price and also won't go very far subsidising peoples orders. The lesss euph are spent per order the easier it is for us to be able to use our stash to stabilise the price and the wider we can get adoption. Think of it like this, if there are 1000 euph to 0.5 gbp then if we have to subsidise an order or another merchants order to the tune of 5 gbp then we need to use 10000 of our premine. If there are 10 then we use 50. The less of our premine we have to use the more we can stabilise and entice other retailers to take the opportunity to spread to a wider audience. Look I appreciate that 0.5 is a very ambitious target but you have to aim high and see where you can go in life. and all of a sudden it is not just a webshop, but a bunch of retailers, a us retailer and so on. Did I miss that somewhere earlier? premine: That simply doesnt work. If you subsidy with euph, those euph will be dumped on the market by the retailers, which will put pressure on the exchange rate, which will in turn generate losses on every sale you make as you are guaranteeing a higher rate via your webshop. To subsidy with the premine you need to sell it, which you cant because you are guaranteeing the (minimum) exchange rate. Do I miss somthing here? clearly you did miss that earlier yup. Already posted that we have been in talks with other retailers. ok, sorry for that. can you answer the premine question? Oh, and I apprectiate the answers, usually someone is yelling just "fud" Sure. Of course the euph will be sold on exchange by retailers but there is always sells and buys. As long as the amount of people who want to buy chems is increasing not decreasing, once POW is finished buy support will out strip sell support. One of the advantages of having an industry specific coin like this over bitcoin is that demand can outstrip supply a lot easier. People need to purchase euph to purchase the chems. Most chems retailers don't accept credit / debit cards and use WU moneypaks or bank transfer. Euph will make it much quicker and easier to purchase your chems. If adoption goes as we hope it will then buy support should be good. We need to get POW finished before we can get any sense of stability here but once that is done I believe we can get buy support to be strong. A lot of people in crypto are into chemical research and the market is a natural fit. The broader we can get merchants to accept chems then the better buy support will be, so although merchants will be selling on exchange people will also be buying. Believe it or not there are quite a few chems retailers on this site already, bitcoin is popular in the chems business and we have had contact from quite a few on here alone who are interested in getting involved in the project. |
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Question, if the price ends up going beyond 1500 will the peg go higher?
yes of course, at 1500 peg goes to 2k and at 2k it goes to 3k and at 3k it goes to 5k and so on and on until we reach the stated 7.8M USD marketcap (1 euph = 0.5GBP). All this is backed by the very same webshop. Hurray, we have found a new way to endlessly print money Serious question: Why would you as the owner of the webshop even want to rise the peg? You said you want a stable currency, you can have that at the current peg. because it's not only going to be one webstore. We are already talking with other uk retailers about accepting euph and are in discussions with a US retailer about a domestic partnership there. As it stands our premine that we have held will not go very far for using as subsidy with other retailers so they can be guaranteed a stable price and also won't go very far subsidising peoples orders. The lesss euph are spent per order the easier it is for us to be able to use our stash to stabilise the price and the wider we can get adoption. Think of it like this, if there are 1000 euph to 0.5 gbp then if we have to subsidise an order or another merchants order to the tune of 5 gbp then we need to use 10000 of our premine. If there are 10 then we use 50. The less of our premine we have to use the more we can stabilise and entice other retailers to take the opportunity to spread to a wider audience. Look I appreciate that 0.5 is a very ambitious target but you have to aim high and see where you can go in life. and all of a sudden it is not just a webshop, but a bunch of retailers, a us retailer and so on. Did I miss that somewhere earlier? premine: That simply doesnt work. If you subsidy with euph, those euph will be dumped on the market by the retailers, which will put pressure on the exchange rate, which will in turn generate losses on every sale you make as you are guaranteeing a higher rate via your webshop. To subsidy with the premine you need to sell it, which you cant because you are guaranteeing the (minimum) exchange rate. Do I miss somthing here? clearly you did miss that earlier yup. Already posted that we have been in talks with other retailers. |
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you say "we are offering you a guranteed rate independant of exchange volatility." i do not believe that. Please do if you can but i think 1 year from now the rate will be very different than it is today. (up or down i don't know) If you have enough products to purchase back all the coins and are prepared to do so that might be a completely different story. In the long run to uphold a price peg better than exchange rate on the exchanges you'd need to have a good profit margin in your products but you likely have that. Well, watching  Good luck with the experiment then. watch out for speculative bubbles though, because they can cost you big money. anyone in crypto knows well that nothing is guaranteed. Fully appreciate that. However we have to play around with concepts around crypto and its use to move it forwards. I love crypto and I think its possibilities are huge and we are trying to create a use case for it here and some kind of stabilisation in what is a volatile world. Volatility is both the bane and beauty of crypto. It creates profit (and loss) opportunities for traders and also creates issues with adoption for merchants who want a stable price. Coinbase did a great job of doing instant fiat conversion for merchants. We are trying to do the opposite and protect the purchaser from volatility by guaranteed price and merchant with premine. RC merchants have good profit margins and don't mind taking a little less profit to extend the base to new customers, just not too much. Can I guarantee you 100% it will work and we will achieve our aims? of course not I am not stupid and understand the risks of crypto and not going to try and bravado it out to say we are the messiahs of adoption and can do anything. What I can say is that we have thought the plan through very carefully done the maths and will do our utmost to get where we want to be. |
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because we are offering you a stable price on the product independent of exchange volatility the coin is a derivative of the asset (chems). We are not selling our product for crypto plain and simple because we are offering you a guranteed rate independant of exchange volatility. we are backing your purchase with our asset by taking a loss against exchange and using our premine to stabilise that. The coin becomes a derivative of our stock. The fact is it is not possible when a coin is simply a week old without wider adoption and support to have a once and final rate. We need to do it in increments.
interesting concept. Did you think about the fact that when you are offering a guaranteed rate better than exchange on free market in the long run you will not be able to sustain that because it would also mean you pay out of your own pocket for the costs of running the network, right? You will in the long run be short by 4% a year (the pos inflation) well, our margins are considerably more than 4% and our paypal fees for fiat are well over 2%. If it means we get into a wider audience and more customers then the small loss is more than acceptable. |
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" Current price peg on our store 1EUPH:1500SAT" (from OP) you can not call your coin 'asset backed' if you change the purchasing power of the coins in regards of your products. What you do here is just sell your products for crypto. Plain and simple and nothing fancy. Do you know coinpayments.com? Since when can a coin that is just accepted by a merchant claim it would be backed by that goods? Check your vocabs to avoid confusion. This coin just comes with a shop and that's it. No real 'backing' of any sort takes place. The case would be a different one if you would go ahead and say 'this product xy will ALWAYS no matter what happens cost the same amount of coins' but the moment you do that trading the coin becomes senseless but you'd have a stable (and trust based) crypto. Oh, the asset backing please correct in the OP and party on. This coin is not and probably never will be "asset backed". because we are offering you a stable price on the product independent of exchange volatility the coin is a derivative of the asset (chems). We are not selling our product for crypto plain and simple because we are offering you a guranteed rate independant of exchange volatility. we are backing your purchase with our asset by taking a loss against exchange and using our premine to stabilise that. The coin becomes a derivative of our stock. The fact is it is not possible when a coin is simply a week old without wider adoption and support to have a once and final rate. We need to do it in increments. |
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Question, if the price ends up going beyond 1500 will the peg go higher?
yes of course, at 1500 peg goes to 2k and at 2k it goes to 3k and at 3k it goes to 5k and so on and on until we reach the stated 7.8M USD marketcap (1 euph = 0.5GBP). All this is backed by the very same webshop. Hurray, we have found a new way to endlessly print money Serious question: Why would you as the owner of the webshop even want to rise the peg? You said you want a stable currency, you can have that at the current peg. because it's not only going to be one webstore. We are already talking with other uk retailers about accepting euph and are in discussions with a US retailer about a domestic partnership there. As it stands our premine that we have held will not go very far for using as subsidy with other retailers so they can be guaranteed a stable price and also won't go very far subsidising peoples orders. The lesss euph are spent per order the easier it is for us to be able to use our stash to stabilise the price and the wider we can get adoption. Think of it like this, if there are 1000 euph to 0.5 gbp then if we have to subsidise an order or another merchants order to the tune of 5 gbp then we need to use 10000 of our premine. If there are 10 then we use 50. The less of our premine we have to use the more we can stabilise and entice other retailers to take the opportunity to spread to a wider audience. Look I appreciate that 0.5 is a very ambitious target but you have to aim high and see where you can go in life. |
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Dev has impressive profit margins.. Me thinks.
they are not bad for sure. Like any industry if you buy in good bulk prices drop very significantly. Our prices are competetive with any chems seller but in the industry margins are quite good if you have the right contacts with labs and buy the right amounts. |
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new peg now 1500 SAT
Well, i think that we will see some dumping first since big reward blocks are coming closer... yup definitely possible, thats what our premine is for, to protect us against this volatility. |
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Question, if the price ends up going beyond 1500 will the peg go higher?
yes of course, at 1500 peg goes to 2k and at 2k it goes to 3k and at 3k it goes to 5k |
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new IRC chann on freenode #EuphoriaCrypto
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mmmmm shiny new announcement  |
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 I like this  PoW end at 15000 block ? (don't kill me) yeah 15k end of pow |
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Some more coin logos (sorry for the size):  Can give them in varius sizes and quality, had to make them smaller so I can insert it here. logo competition closed, this is the winner. 10k bounty is yours if you can do ann headers too. Great entry |
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I sure hope these guys are legit, but in the cryptoworld probability is it's a scam.
No SSL on the web store.
Translation: Your personal information (credit card) is not safe when placing orders.
It is unheard of that a shopping cart doesn't have SSL. These guys don't know what they're doing.
we don't accept credit cards. The reason we haven't made it a priority is that we don't store any financial details on store. We accept bank transfer, paypal (done offsite on paypal website) and euph. There is no sensitive information stored on site. Like I said, it is on the to do list but it hasn't hit priority because we are not in a situation where anyones financial information can be stolen. Thanks for the response, got it. I went through your store and there is no where to pay with paypal or bank transfer? (which is good IMO, +1 crypto only stores) That is good credit card details are not stored but without SSL you are still vulnerable to personal information theft. For example first & last name, address, email, phone number were all required to place an order on your site. Yup, appreciate it does need to be done and is on the to do list. With regard to payment options we have an intelligent checkout that will only display payment options relevant to the currency you are in, soo if you have currency set to euph, fiat payment options are not shown. |
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I don't see any copyright issues there. breaking bad don't own the periodic table.
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