Won't 600% of annual interest cause the coins to be subjected to a very fast inflation?
Hi,
I'm an avid fan of this coin, and would like to ask about the long term plan for ROIcoin.
This coin has an annual rate of 5.93x. So just to take a simple example of a miner with a 10 year investment horizon, let's say a miner is able to mine 10000 coins a year. And just to make it really simple, he only deposits his coins once a year on 1st Jan.
Also assume diificulty reduces coins mined by 1000 a year.
So here are my questions:
Q1: What is the total supply of coins? I think i read somewhere earlier in the thread that PoW is 1 billion coins, and PoS is unlimited? Is this correct? Then how would you control how much each miner is able to stake?
Q2. Also someone above commented that once a deposit is made, the supposed number of coins is pre-allocated in the blockchain?
Q3. How do you intend to control inflation? Looking at the rate of growth, it's incredible that one miner can amass 106 billion coins within 10 years, this will definitely depress the value of the coin.
Q4. What real world uses / integrations do you foresee having for ROIcoin? It would be great if the roadmap had some plan to allow ROIcoin to be used in the real world.
Thanks!
There will be no inflation issues with the coin. In the future and as deemed necessary POS and Term Deposit rates will be adjusted as needed to prevent any type of inflation issues. At launch these existing rates have a purpose and it is part of the strategy and design of this coin.
This is a discussion that is just too early right now. When a coin has just launched and is a few weeks old it seems premature to be talking about things a decade in the future and especially when the existing rates are subject to change at any time if necessary.
Also, I've heard the coin supply argument many times and I have seen users get this wrong and lose tons and tons of profit opportunities. 1st case in point. XP coin. Some people generated negative energy on this coin and one of their talking points was that the supply was just too big and the POS interest was just too high. Oh really? Current circulating supply of XP is 197,600,246,598 and the total supply is 243,583,196,077. In other words look at those numbers that are 100's of billions of coins. Bear in mind this coin also POS's with a strong interest rate.
Now had you of got wrapped up in inflation and supply numbers and avoided this coin you just hurt yourself very very bad. Instead of doing that you should have ran not walked to the nearest exchange and bought up as many XP as you could then hold them and stake them as much as possible. Wrap your head around this please: If you would have bought $500 worth of XP last August 1st or say 5 months ago when you woke up and got out of bed this morning your XP would be worth around $400,000.00 US dollars. I challenge anybody to invest 500 and 5 months later they have 400K. Thing is you will never make these profits if your focus is amiss. ROI coin will never even remotely approach the total supply of XP coin...
Now let's break your questions down:Q1: What is the total supply of coins? I think i read somewhere earlier in the thread that PoW is 1 billion coins, and PoS is unlimited? Is this correct? Then how would you control how much each miner is able to stake?
A: Total supply of coins is impossible to calculate due to unknown variables like how many people term deposit, how long they term deposit etc. We do not attempt to control how much any miner or user stakes. That is totally up to them.
Q2. Also someone above commented that once a deposit is made, the supposed number of coins is pre-allocated in the blockchain?
A: The coin has a fixed number of coin supply that would allow for POW mining for approximately 30 years. POS and Term Deposit coins are "minted", "created", "forged", (pick a word you like) by the code. Those POS/Term Deposit coins are added to and then become a part of the total supply.
Q3. How do you intend to control inflation? Looking at the rate of growth, it's incredible that one miner can amass 106 billion coins within 10 years, this will definitely depress the value of the coin.
A: If you are worried about future inflation and that prevents you from making great profit on this coin that is your call. Inflation will never be a problem with this coin because that problem will not be allowed. If and when needed the interest rates will be changed to control inflation as needed. These future changes will be a result of the community of this coin and they will decide when and what the interest changes will be. A general consensus will be reached. Between the entire dev team and the entire community I have zero doubts in terms of making the proper decision and at the proper time.
Q4. What real world uses / integrations do you foresee having for ROIcoin? It would be great if the roadmap had some plan to allow ROIcoin to be used in the real world.
A: This is also a bit premature but let's discuss it. Smart phones replaced land lines. Google search replaced the phone book. Cryptocurrency will replace fiat currency. Real world use of crypto is not that far off. Already, there are ATM's that spit out fiat from your BTC balance. Already there are MasterCards that spend from and connect to cryptocurrency funds. In the future people won't be asking what is the real world use of altcoins no more than they would ask what is the real world use of a smart phone or Google Search. Now with all that being said we do have some very cool plans for the coin and one of those is an integrated E-commerce portal where people can buy/sell products and services using ROI coin specifically. Thing is with the coin only being a few weeks old now I can assure you this is not in place yet.
On a side note if we like to discuss inflation maybe we should start a tread on how the US Government is printing something like 10's of billions of dollars each month LOL! That would make any POS coin anywhere look like a starter kit
Now give me a minute because we have had numerous people ask about the real world use of this coin and there is something very important that I have not sufficiently presented and discussed with the community. In my opinion the most important real world use of this coin stems from the intent of this coin at the time of conception and design and that is to
change the lives of people and by that I mean
ordinary people. Not rich people who run around buying piles of bitcoins, not rich people who build multi-billion dollar ASICS data centers. ROI wants to change the lives of ordinary people by giving them a simple way to get some of this coin and multiply it and wait for it to value using non-technical skills and common hardware. We want someone in Brazil to mine this coin with an i5 and years from now we want that coin to be worth enough money to change their life. We want another person in India to collect a bounty and term deposit those coins and in the future have that make a difference in their life. We want a struggling single mom and college student in the USA to let their laptop mine at night while they sleep and then multiply those coins and then experience a substantial economic gain at a future time. Is this doable?.... I think it is and we will work very hard to get there. It' won't happen overnight but with hard work, dedication and patience it will happen.
