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TimereumDev (OP)
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August 05, 2017, 02:42:19 PM |
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The Timereum Roadmap is now available. This proposal describes the first real world service provided by manual mining. This document proposes a system in which both the borrower and
lender are rewarded when the borrower returns a loan. The act of repaying the
loan will be analogous to a trigger from child to parent, except in this system
both the child and parent will earn currency. Miners who do not need loans for
temporary spending can issue loans to themselves by moving tokens between
pairs of addresses. Through the process of issuing and repaying loans, currency
will be generated.
If, as in the road map it is written, a loan repayment will generate a reward, then the number of coins will increase indefinitely? Someone will give himself credits and constantly generate coins? Or do I misunderstand whether the limit of the number of coins will be at all, how was the parent and the child set to a maximum of 50,000? The supply will not increase indefinitely. Strategies to reduce inflation are discussed in the section "Combatting Long Term Inflation." The block unit reward, or the reward per block per unit of currency loaned will likely be reduced over time. As far as someone issuing themselves credits to generate coins, this is described in the Mining and Clever Mining sections. |
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TimereumDev (OP)
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August 05, 2017, 02:46:58 PM |
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The Timereum Roadmap is now available. This proposal describes the first real world service provided by manual mining. This document proposes a system in which both the borrower and
lender are rewarded when the borrower returns a loan. The act of repaying the
loan will be analogous to a trigger from child to parent, except in this system
both the child and parent will earn currency. Miners who do not need loans for
temporary spending can issue loans to themselves by moving tokens between
pairs of addresses. Through the process of issuing and repaying loans, currency
will be generated.
If, as in the road map it is written, a loan repayment will generate a reward, then the number of coins will increase indefinitely? Someone will give himself credits and constantly generate coins? Or do I misunderstand whether the limit of the number of coins will be at all, how was the parent and the child set to a maximum of 50,000? Yes I have the same question. And this explains only reward, not usage. I don't get how to use this new currency generated by the lending reward. Maybe I don't understand the roadmap though. Dev needs to explain to us how it works in a few words, so everyone can understand it clear . This was the motivation for the first paragraph under the section "The Service": For a party that wishes to send another party currency to borrow, this
system will motivate them to buy these tokens even if their holdings are initially
in an unrelated virtual currency. Upon repayment of the loan and after a waiting
period, a reward will be generated in both the lender and borrower addresses.
Borrowers will also be able to receive extra rewards for acquiring funds to pay
back a loan early.If anything remains unclear, please ask. The scenarios I will be releasing shortly will provide further examples. |
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thepo1m
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August 05, 2017, 02:49:59 PM |
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I think the developer just make the project more difficult to grasp with the new road map, by now I would have expected the developer to release a simplified version for none technical person to understand
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TimereumDev (OP)
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August 05, 2017, 02:50:43 PM
Last edit: August 05, 2017, 03:02:14 PM by TimereumDev |
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I think the developer just make the project more difficult to grasp with the new road map, by now I would have expected the developer to release a simplified version for none technical person to understand
Non-technical conceptual explanations are contained within the sections "An Application" and "The Service." Scenarios with specific examples will be released shortly. |
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gnurta
Member
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Activity: 76
Merit: 10
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August 05, 2017, 03:19:36 PM |
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What would happen if a borrower decided to default on his debt? Is there any kind of punishment or recourse? And how can an interest rate be set?
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TimereumDev (OP)
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August 05, 2017, 03:26:30 PM |
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Lending Reward Scenarios are now available. These are non-technical examples of how to use the loan service. |
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TimereumDev (OP)
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August 05, 2017, 03:28:09 PM
Last edit: August 05, 2017, 03:41:22 PM by TimereumDev |
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What would happen if a borrower decided to default on his debt? Is there any kind of punishment or recourse? And how can an interest rate be set?
What would happen if a borrower decided to default on his debt? If the borrower cannot pay the principal and interest, there is no reward for either party (see the section "Total Failure"). Please also read the section "Partial Failure" for an example in which the borrower manages to pay the principal but not the interest. Is there any kind of punishment or recourse?This loan system is meant to replace how loans are distributed in the real world. Punishment or recourse would likely be dictated by the lender, as is often the case already. This new currency will have a competitive advantage because it will further incentivize a borrower (beyond any legal ramifications) to play by the rules, and a lender to adopt this new currency. And how can an interest rate be set?An interest rate is set by the amount sent from the borrowing address to the burn address upon locking. |
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minereum_investor1
Member
Offline
Activity: 110
Merit: 10
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August 05, 2017, 03:30:13 PM
Last edit: August 05, 2017, 03:53:07 PM by minereum_investor1 |
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I think the developer just make the project more difficult to grasp with the new road map, by now I would have expected the developer to release a simplified version for none technical person to understand
Considering the fact that TME wasn't even created 1 month ago, let Dev the time to make things clear. As we read it few posts ago, his full dedication to the project can only be seen as great news! It also means the published roadmap will be built up then brought to the real world even faster than expected  |
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loli974
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August 05, 2017, 03:42:35 PM |
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Lending Reward Scenarios are now available. These are non-technical examples of how to use the loan service. thanks dev for the document, timereum is in a good way i think. I can waiting any month for discover a great exchange for us |
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mt55
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August 05, 2017, 05:04:56 PM |
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Lending Reward Scenarios are now available. These are non-technical examples of how to use the loan service. thanks dev for the document, timereum is in a good way i think. I can waiting any month for discover a great exchange for us This helps spread the word for sure. Always good to have something tangible for people who still have questions. |
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| Whitepaper
Medium
Reddit
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BMG86
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August 05, 2017, 06:55:43 PM |
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Lending Reward Scenarios are now available. These are non-technical examples of how to use the loan service. Great job Dev!!! Thanks for continuing to work hard on the success of this project!! Keep up the good work! |
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bob75coin
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August 05, 2017, 10:59:04 PM |
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Great job! I put the whitepaper on my kindle. I believe in this project. Fantastic Idea of self mining!
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Miou
Member
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Activity: 108
Merit: 10
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August 06, 2017, 12:51:37 AM |
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Nice work, dev.
Could you use actual numbers and figures if you explain next time? Maybe I understand the mechanism but I'm not sure these incentives are enough strong to work. I'd like you to explain what the benefit of holding TME or this new currency is as well. Thanks.
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george888055
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August 06, 2017, 01:00:05 AM |
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i try to send 0.1 TME1 to parent address .but it's failed . why ?
I want to ask if there is any minimum TME one can send to the parent address for mining, I see 1TME token in my account, do I need to send this 1 TME token to the parent address or I need to send part of it to mine TME tokens you can send any amount. 0.1, 0.001, 0.0037 - it does not matter. x amount of coins triggers the batch what will happen when send TME to parent address?? |
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Aabcde
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August 06, 2017, 01:40:29 AM |
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i try to send 0.1 TME1 to parent address .but it's failed . why ?
I want to ask if there is any minimum TME one can send to the parent address for mining, I see 1TME token in my account, do I need to send this 1 TME token to the parent address or I need to send part of it to mine TME tokens you can send any amount. 0.1, 0.001, 0.0037 - it does not matter. x amount of coins triggers the batch what will happen when send TME to parent address?? You will mine TME. If you send it to parent address 0.1 TME, you will get around 1250 TME in your child address |
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AweJohn
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August 06, 2017, 01:59:29 AM |
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Lending Reward Scenarios are now available. These are non-technical examples of how to use the loan service. Thank you dev for the prompt release of this non-technical / average joe explanation of how timereum makes you income, besides holding the tokens ! |
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gnurta
Member
Offline
Activity: 76
Merit: 10
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August 06, 2017, 05:02:06 AM |
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Lending Reward Scenarios are now available. These are non-technical examples of how to use the loan service. I really appreciate your lending reward scenarios. They clear some of my misunderstanding. But IMO, most lenders A will do clever mining instead of lending their tokens to someone else. That way, A can earn more rewards (for both lender and borower) without accepting the default risk. In addition, how do you propose to control inflation since lender A can lend unlimited times? |
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nik009
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August 06, 2017, 05:09:17 AM |
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TimereumDev Why on etherdelta.github.io no trade? Any tokens are added can
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TimereumDev (OP)
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August 06, 2017, 07:39:43 AM
Last edit: August 06, 2017, 08:21:48 AM by TimereumDev |
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Lending Reward Scenarios are now available. These are non-technical examples of how to use the loan service. I really appreciate your lending reward scenarios. They clear some of my misunderstanding. But IMO, most lenders A will do clever mining instead of lending their tokens to someone else. That way, A can earn more rewards (for both lender and borower) without accepting the default risk. In addition, how do you propose to control inflation since lender A can lend unlimited times? Initially I too expect there will be more clever miners than real lenders, as many readers on this forum are individuals interested in buying or mining cryptocurrencies. But once a bank or lending service gets undercut by a lender offering lower interest rates for equally risky loans, larger players will likely pay more attention. In addition, how do you propose to control inflation since lender A can lend unlimited times?This should be covered in "Combatting Long Term Inflation" in the Dynamic Pair Lending document. If anything is unclear there, I can elaborate more. |
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jtalk
Legendary
Offline
Activity: 1610
Merit: 1004
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August 06, 2017, 08:26:33 AM |
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It is very interesting concept of lending reward but need to read carefully to understand everything. I have gone through the whole explanation in hurry to catch up with big and important points. I must say it is interesting and that's why I have put it apart for reading at later time when I have free time just for this. Looks promising at this point.
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