The developing world is not China any more dumbass. You are like 10 - 15 years behind the times.
You said 6 billion people. Who are they? So you agree then that Chinese can invest because they have a lot of savings and would like to diversify from Renminbi which their government likes to inflate too? China has already banned Bitcoin for use as a currency.
And you think 1.5 bln. people will just stand and watch in silence their savings in fiat fade away and at least some of those Chinese not try to do anything about it. You're being naive in thinking that if something's banned, nobody will use it. Among other things that can function as store of value they will use crypto currencies too, be sure of it. And it doesn't have to function as currency at merchant level, peer-to-peer level is good enough. |
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You have a math error.
A higher percentage rate of 1/10 the income, doesn't mean they have more to invest. In fact, food is stilll 30% of their budget. And as always the savings is power-law distributed and most of the people in the developing world have very little savings because they can barely meet their basic consumption expenses (and they've gotten a taste of materialism and spend to join the lifestyle of westerners).
No I don't have an error. I'd bet an average Chinese has more to invest than an average American. This works on both personal and on a country level. Who is the largest debtor nation of the world? Who is the largest creditor nation of the world? |
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I told you already that the people in the developing world for the most part don't have money to invest in coins.
Actually, that's incorrect. People in the developing world have much higher savings rates than people in developed world countries. It doesn't mean most of them wouldn't go for tangible stores of value, but some could and do invest in cryptos too. Yes, full fledged digital fiat and decentralised cryptocurrencies are a separate animal. One question might be why the average person would want to use something like bitcoin when the government is offering them what they know already in a safer and more convenient form.
Because supply of crypto currencies is predictable and cannot be inflated at a whim and thus can be a store of value? |
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I am still waiting to hear how digital or digitized is different from fiat in electronic form. Fiat is fiat, no matter how you slice it. Fiat is 'by decree'.
Crypto currencies function by no decree. They are decentrally produced.
And it's not even by decree that matters, although that is important too. What matters is predictability of supply, which never works for fiat, because governments always tend to overspend and overproduce fiat. Fiat has been around for ages and we all know how it ends every time. So what does Ecuador change here?
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What are the features of CAPTcoin? Maybe I missed them in that thread, can someone quickly list them?
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This is like an old man's club of guys who hide behind their medallions and spend way too much time on BTT complaining that Bitcoin is too low in price.
Pay respect to senior citizens, young man!  |
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Making it more advantageous for buyers to use these instead of BTC. Thereby raising prices. Making it more... see where I'm going?
You're going good, keep going |
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none honestly, invest in btc straightly
That's advice of a very very lazy investor  |
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Doge will conquer Litecoin. Yes. It will.
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They better hurry up, people can't even burn doges any more. It's been stuck for 2 days now.
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It's really striking how all we ever get from you pos guys are ad hominem attacks instead of real technical responses to a post like Peter's.
Why do you expect technical responses to the post that implies NXT is crap. If you call something that other people value crap, you don't deserve any meaningful response. NXT people don't call Bitcoin crap by the way, they just call it the first stage crypto that bootstraps other crypto technologies. This will be obvious further down the road. Bitcoin is just software, well, there is other software it is in competition with. It's innovate or die. |
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Oh, did I just say a blasphemy? I am sorry, didn't mean to hurt your religious feelings  |
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...nation-states to adopt their own digital currencies.
And what does that change? Most developed nations already use digital currency, as most payments are in electronic form. How does this affect crypto currencies though, which are stateless? Care to explain? |
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Kodtycoon and Mr. E: That paper is completely fluff. It reminds me of Nxt's "transparent forging" claim that is supposed to make Nxt robust to "91% attacks" (a statement I think is most likely nonsensical). Don't you find it strange that the real innovations and technical details in bitcoin can be explained at any level of depth that you're interested in, yet many of these "alt-coin innovations" remain hidden and vague in perpetuity? Don't you find it odd that very few of the many bright people here are even interested?
For example, how is James going to implement cross-chain trading (what he calls InstantDEX)? I've heard Nxt advocates talk about trustless cross-chain trading, yet it's generally accepted that it's impossible to transact with external systems/blockchains in a trustless manner. If it's not trustless, but rather "low trust," then a solution using m-of-n oracles is already known. There's never a need for things to be "powered by Nxt." It seems like a ridiculous statement to me.
The alt-coiners don't appreciate the importance of Satoshi's contribution. If bitcoin adoption continues, it will be written about in textbooks for centuries to come. Some of the developers here such as Greg and Gavin will likely be famous historical figures too. The alt-coin sideshow is largely a distraction. I don't want to say that all the alt-coin work is crap, because I think there's a small amount of genuine innovation [for example, I think Cryptonote's ring-signature approach made a contribution, and I think the concept of sophisticated contracts popularized by Ethereum made a contribution too (although I think it's much better executed using m-of-n Oracles as per Gavin's suggestion)]. If the alt-coin community does make a real innovation, we are going to take notice. But to date, the vast majority is either a folly or a scam.
This post is full of butthurt that someone else makes innovations and takes value from Bitcoin and puts it into something else. Well, get used to it, it's gonna happen more and more. Bitcoins act as seed capital, Bitcoins fuel and propel all the other crypto 2.0 technologies, decentralized companies, etc. It makes no sense sitting on Bitcoins. Bitcoins can potentially give you 1-10x returns over the next 5 years, keeping with inflation or not. But crypto 2.0 technologies and decentralized companies stock can potentially give you 10-1000x returns over the same period. There you go, deal with it. Your and Bitcoin's status quo will change whether you want it or not. With or without your participation. |
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Saturday-Sunday may not convenient for some folks as they could be away from their computers. So has to be Friday.
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Now how much notice is needed before the start?
24 hours is more than enough, no point to delay more. |
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P.S. A simplified version of the price changing could be done on NXT AE like shortNXT does, eg. if there is some big price change. At the exchange, it is just a 1:1 dividend, so it is pretty simple using NXT AE.
Hopefully that means yes for NXT AE enthusiasts in whatever form it happens there, doesn't have to be complex or involve calculation of the price to the last NXTQuant. NXT AE enthusiasts can trade a few NXTQuants for the trustless purchase mechanism. |
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You could also put a new ask offer once a day, that will take into account the new NXT/BTC rate and the 15%, 14%, etc. discount for early investors.
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The price will be changing every minute based on exchange rates and bonus.
I am thinking on this. I will post the process soon and then once this is understood, I am open to suggestions on how to do it without having to babysit it or write a custom code as I am trying to get the time to debug the Teleport
James
I understand that. Lock in the price of NXT/BTC at the start of the sale including the 5% bonus, you don't have to babysit it and change the price of ask offer with every NXT/BTC fluctuation. The price can change in both directions, and investors will take that risk in exchange for more security provided by a trustless decentralized trading platform. Of course, who doesn't like that - they can buy at Poloniex, but give people a choice. |
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James,
have part of the sales done on NXT AE.
If one token on Poloniex is to be priced at 0.01 BTC, just put it for sale at NXT AE at ~150 NXT which is the same price in BTC + 5% bonus for NXTers, or whatever the 0.01 BTC divided by NXT price in satoshi will be at the start of the sale. Some investors like to buy at Poloniex, some would prefer NXT AE, why limit options? This helps diversify exchange risks as well. Not that I don't trust Poloniex, but I trust NXT AE more, I am sure some NXTers would agree with this point. Because you will store some NXTs in reserves, the option of selling some tokens on NXT AE makes perfect sense, don't you think? Yeah sure, there are price fluctuations of NXT/BTC, but BTC/USD fluctuates too, and I think the trustless NXT AE vs centralized exchange more than justifies the risk of exchange rate fluctuations for some investors. Don't limit their options, give them a choice. Issue a big enough quantity of tokens and then send the unsold ones to Genesis block to destroy after the sale is over and everyone got their purchased quantities.
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