Latest posts of: sonulrk

thank you for so rich text. but Minex bank will not do Interventions for buying or selling coins to keep price on same level. May be there is that mehanism, but it is not for daily use. parking % will be adjusted like: as price go lower, so the % going higer, and same to oposite way. But price will go up from ICO for 33% yearly. That mean if ICO price now is 0.0023 and parking % is 0.08% per day in one year price must be 0.003059 to keep same 0.08% per day. May be it looks not so much but do not forgot about BTC price rising. Example you invested today 1 BTC(4000$) to mnx for ICO price and You did profitable parking at the moment for one year(70%). So you parked 434.78 MNX, ater one year you will get 739.13MNX on your balance and each coin will be worth 0.003059BTC and it is 2.261BTC(9044$) at todays price. But nobody can know BTC price afer one year.

Very good discussion, i wish that it continues.
Refer to WP, this coin should be stable in term of dollar not BTC.
MNX is going to address the problem of speculation and uncertainty of cryptocurrencies using a central bank idea.
You can see the whole crypto market are tightly bind to btc price, so in many cases, when it goes up bank should decrease intrest and sell mnx in market and vice versa...

There are 2 problems in the above analysis.

First, how much btc team have for MinexBank? Are btc under the control of MinexBank software or is it require human intervention? If yes how?

Second, MinexBank controls volatility for very short term i.e. for 1 day. But if volatility is for several days in one direction (up and down) then MinexBank should ALSO have a big amount of btc because it already have a fair amount of mnx to cover up the excess in both direction. If price of 1 mnx is 0.0023 btc, then due to dumping for a week it may down to 0.0016. And for price below that everyday MinexBank has to buy mnx against btc.

This is only for 1 exchange. For more exchanges, Minexbank should have account in all exchange to control the volatility.

In my opinion, MinexBank do not have btc under its control and would not buy-sell mnx against btc. Its only purpose is to control parking interest. For more buyers it will decrease interest rates and for more seller it will increase interest rates. That's all.

OK, in their proposal they declare a main exchange vs other exchanges, normally it should be enough for bank to be on main exchange, the others will balance by market, and the price could speculate +-5% each day that for most cases is enough after that they have interest rate as an indirect interposition to control price and in much less cases they should directly interposition market.
sure like all central banks they need good resources (USD+BTC+ETH), if they don't use the resources or they don't have enough, simply the coin fails and become a shit useless code in our wallet.
one issue is that MNXBank do not offer an API for parking functionality, so it cant affect market price quickly.

Agreed! In the official exchange e.g. MinexExchange they would have required currency to control the volatility but in 3rd party exchange it just don't have any control over mid-term volatility.