I will join your beta test and ICO but you cannot keep 20% of the coin after ICO just so you can setup large sell walls.
are you crazy ? that's not how Market Making Works.
I would like to highlight that these are not
large sell walls. They will not be on the sell orders in the exchange. These coins will be purchase-able in small quantities on a daily basis for users who do not trade or wish to worry about navigating the markets. If the average user comes on and wants $0.50 worth of SNS, they will use the direct-purchase ability to guarantee a very small, but sufficient and reasonably priced amount of SNS to ask their question or two. The purchase rate will not impede the growth or value of SNS. In functionality, you can think of this as coin generation. Similarly to how BTC is mined. The inflation created will not exceed or hinder growth of SNS in any regard, but will allow more for easy access for the average non-trading user.
Again in the event the community disagrees, a better solution is constructed, or initial testing shows this allotment is not needed, it will be burned.
Does this seem reasonable? (anyone feel free to contribute your stance)
Do you see how that's still a large sell wall regardless of where you put it ? if you say 20% of the coin can be purchased @ $0.50 then regardless of where you sell from the value of investors coins would never go past that $0.50 mark. A better resolution must be achieved, but anyway thanks for responding to these concerns and being cordial.
It is 20% as it must last years to come. Again, it is not a wall sold at the 50 cent mark. It is 50 cents worth of sns sold at a moving, yet reasonable discounted price if you will. Each user will only be entitled to a few cents worth at this rate per day to ensure all users can ask and participate regardless of market fluctuations. If you dont mind my asking, how would this be any different in affect than staking or mining?
I think the only real question is if 20% is too high of an allocation.
Firstly i don't understand the need for this 20% to be held by you or to be held at all and the convoluted system for it's distribution. the difference between this and mining and staking is that Satoshi Nakamoto doesn't own 20% of bitcoin in perpetuity he had to invest time and mining power to get his coins he didn't just will it to himself when he created bitcoin. also does this mean that Sensus doesn't have a coin production function through mining or staking ?
Sensus does not require mining as it is a distributed ledger. The allotment serves its function to make sensus accessible to the larger population beyond crypto users. It will be under a contractual agreement, of course. We are open to suggestions. I'd be interested to hear more opinions on the matter.
Oh wow so it doesn't have a coin emission protocol, quite interesting. so how do you incentivize hodling or people sustaining nodes and participating in the network ?
also doesn't it make sense for new users to buy their coins from people who gave you money in the ICO, instead of them buy coins from you even though people already gave you money in the ICO.
Excellent question. We do not incentivize node participation as our project is approved by Ripple (formerly Ripple Labs) to build our platform upon their existing infrastructure. If you would like to learn more about the ripple network and all the backers behind it feel free to read more: https://ripple.com/
With regards to promoting the value of SNS and driving purchases, there are two factors I'd like you to take into consideration:
1. Users pay 1 SNS per answer, not per question. While the numbers aren't set in stone and this is just a hypothetical... If each user is allocated 0.5-2 SNS per day, that is only 0.5-2 answers to one
question per day. If a user would like to ask multiple question or receive more than a couple answers, they will need to purchase SNS at full cost. It is my understanding that most users will desire more information than this. Now, you could argue that one would be able to stockpile SNS utilizing this mechanism. My response to that would be, in the event a user chooses to sign-on day after day to earn a penny or two worth of Sense (not even for free, but at a discounted rate), so be it. However, it would be much more simple to purchase a few dollars at once or earn SNS through answering questions.
2. It is important to bare in mind that Sensus is only one
application to be built upon the greater Sense Network. Once the network is opened to third party developers, more and more applications, each with their own price point and service provided, will pop into existence. This will continue fueling the demand for SNS beyond answering questions on Sensus alone. Not every one of these services will cost 1 SNS as the price point will be set by the application developer. If a service requires 100 SNS, it would be entirely infeasible (or at minimum irrational) for a user to accrue partially discounted SNS on Sensus for months and transfer these tokens to said third party application all for a menial discount. That being said, If a participant is truly is in a situation in which this is necessary or beneficial for them, I feel this discount is well deserved.
Hopefully this clears things up!