CORION - Price stable cryptocurrency - Always around $1

[db71]

This topic is about CORION and CORION Premium.

What is CORION?

CORION is a cryptocurrency which started with an ICO which ended in august 2017. This cryptocurrency has a stabilizing system which keeps the price of one CORION as close as $1.00

How does this stabilization system works?

When there is demand for CORION, the price will rise. Every 270 ETC-blocks, about 3 hours, the price of CORION is checked. If the price is above $1, then 0.3% of new coins will be released. Those coins go to all CORION investors who are connected to a so called Service Provider or are a Service Provider. Because of the increased circulating coins, the price will drop again. If the price is below $1, then 80% of the transaction fees will be burned which reduces the amount of coins in circulation. If this is now enough, then the CORION foundation can use a stabilization fund to buy coins on the market.

What is a service provider?

A service provider is an investor who blocks 3000 of his/her CORIONS in the CORION wallet and were other investors can connect to. A service provider can give up to 70% of the coin emissions to the connected investors. This is a fully automated system with smart contracts. The connected investors can check if there was/were coin release(s) and claim the coins if available. Many service providers have extra services. If you want to connect to a service provider, then you can check every service provider's extra service and decide which suits you most.

Can I mine CORIONS?

You can't mine CORIONS. New coins are released upon coin emissions.

What is CORION Premium?

CORION Premium is a secondary coin with a low market cap. There are just 852 CORION Premiums in circulation, ever. During the ICO major investors got 1 or more CORION Premiums. The CORION Premium is kind of share and cause they are rare, they are very valuable.

Where can I get CORIONS?

You can buy CORION at Cryptopia. In the near future CORION will have an exchange in the wallet and there will be so called 'Hubs' where you can buy/sell CORIONS with Fiat.

Where can I find more information about CORION?

CORION has a website at http://coin.corion.io where you can also register for the free online wallet and find the whitepapers and future roadmap.

You can also check out the CORION Telegram group: https://t.me/joinchat/Au-wC0N27oHzr1uj22X0PA

In this topic you can discuss CORION. Do not promote other cryptocurrencies or other business in this topic!

If you still have not received the translation bounty, please send an email to contact@corion.io

[gracezie]

First time I heard this alt and now considering buying some after seeing its historical graph on coinsmarketcap yet still having little doubt since it has quite low volume. Maybe devs need to spend a little on awareness and advertising programs so many people would have an eye for corion.

[db71]

The devs will start a big marketing campaign in the next couple of days/weeks.

[FransL]

How large is the "stabilization fund"?

And will it be refilled when being used?

[db71]

29% of the capital after ICO can be used for stabilization. These funds can and will be (partly) refilled by selling CORIONS via 'Hubs' which are local exchanges from/to fiat which will be rolled out in the near future.

[bitok50]

Hi Dev in your technical documentation wrote that the participants who have COR tokens will be credited with dividends every month but I have about 250 COR tokens on them there is no dividend you can tell why no dividends are accrued? Thank you

[bitok50]

Tell  where can I now sell or buy COR tokens? Heard that they are traded on the exchange of cryptopiya to transfer tokens from the COR purse to the exchange I will need to have on the balance of the ETC purse or the commission for the transaction is paid to the COR tokens?

[samy_voc]

Not sure what is this different from Tether.

Tether also always stays at 1 USD and it can be used when the alt market is volatile. We can buy tehter(USDT) and hold it for some time until it is time to invest back in the market.

[db71]

Tell  where can I now sell or buy COR tokens? Heard that they are traded on the exchange of cryptopiya to transfer tokens from the COR purse to the exchange I will need to have on the balance of the ETC purse or the commission for the transaction is paid to the COR tokens?

You can trade COR on Cryptopia and send them to the online wallet, if you registered one at http://coin.corion.io On Cryptopia you can trade different coins to COR. Bitcoin is ofcourse one of them.

Not sure what is this different from Tether.

Tether also always stays at 1 USD and it can be used when the alt market is volatile. We can buy tehter(USDT) and hold it for some time until it is time to invest back in the market.

Tether is indeed a coin where you can safely store your cash when other coins are volatile, but Tether has also some bad reputation. Check the news from last week about Tether. It's up to you what you believe is true.

CORION on the other hand is also a stable coin, but has the advantage that you can gain profit from CORION with coin emissions. It's kind of Tether++

[db71]

First time I heard about. It is a cool project and we definitely need more things like this. But I do not see so many uses to invest. Will be only good for the exchanges that start to adopt this. But would still be treated as an altcoin and not the way USDT is see.

CORION is quite new. It's gaining slowly more and more investors. There where 4 coin emissions past 24 hours, so there where probably a couple of new investors. Tether is 2 years old and only the last 6 months there was serious volume. It takes time for a new coin to grow and get widely accepted.

CORION is a coin which goal is to become a worldwide accepted payment method, unlike Tether, which is mainly developed to convert cryptocurrency to fiat and vice versa and mainly on exchanges.

[Suslived]

I don't get it. Can you ELI5 (explain like i'm 5) how a coin, which is driven by supply and demand on an exchange can, as you say, maintain its $1 value? What if a big whale sells 1000000 million corion coins at $0.0001?

I don't see how that can be done without manipulation. Sounds like a scam if you can't explain it simply.

[db71]

Is the stabilization fund standardized?
Can it stabilize its price?

Depends.

Stabilization if the price rises above $1 is a smart contract based system by releasing new coins. Releasing new coins causes a higher market cap and this normally would depress the price. If the maximum of 2.5% new coin release a day appears to be not enough, then the CORION foundation can sell as much coins as needed.

If the price drops below $1, then transaction fees will be burned. If the price keeps dropping, only then the stabilization fund will be used to stop the dropping.

I don't get it. Can you ELI5 (explain like i'm 5) how a coin, which is driven by supply and demand on an exchange can, as you say, maintain its $1 value? What if a big whale sells 1000000 million corion coins at $0.0001?

I don't see how that can be done without manipulation. Sounds like a scam if you can't explain it simply.

Extreme sell or buy orders can influence the price. This can happen with all coins on exchanges, also with the other stabilized coins like Tether. Buy realistic, there are not big wales yet and if there will be in the future, then the market cap is also bigger and even then big wales can't influence the price that much as in your example.

Edit:

And yes, you can think of stabilization is manipulation. But is manipulation not a synonym for stabilization in this case, and not a bad thing? The CORION foundation buys CORIONS from sell orders which are below $1 and it costs the foundation BTC. Doesn't look like a scam to me...

[Suslived]

Don't twist my words. My request was simple. What technology do you have in place that will ensure that price will not continue downward? New coin or whales or not, what if people think your coin is shit and everyone sells, what the hell are you talking about when you say price will remain at $1?

Cmon, you offer 2.5% dividends daily? Do you expect people to fall for this? Sorry but until you give more details, this smells like a ponzi scam.

[db71]

Don't twist my words. My request was simple. What technology do you have in place that will ensure that price will not continue downward? New coin or whales or not, what if people think your coin is shit and everyone sells, what the hell are you talking about when you say price will remain at $1?

Cmon, you offer 2.5% dividends daily? Do you expect people to fall for this? Sorry but until you give more details, this smells like a ponzi scam.

I don't twist your words. If everyone sell at the same time, then CORION is dead. This can happen with all coins or normal money (fiat).

2.5% is not a daily dividend. It could be up to 2.5%. Last couple of weeks is was 0% Just the past day there was 4 times an emission of 0.3% so together 1.2% in a day. Today nothing, cause there is not enough demand.

So not a Ponzi scam. Only when there is demand, there will be emissions.

Just compare with other cryptocurrencies. Take BTC for instance. People are mining new BTC. This will increase the market cap. If there was no demand for BTC, then the price of BTC would drop. But there is demand and the price is rising so there is profit for people who keep BTC. CORION works slightly different. If there is demand, the price would rise like BTC. But now new coins will be released to drop the price again. Those new coins are divided to all CORION holders (who are connected to a provider) so like BTC you gain profit, not because the coin is worth more, but because you get more coins.

Both BTC and CORION generate profit when there is demand. So they are not that different. The only thing that does really make a difference is that BTC can fluctuate enormous but CORION will always be worth around $1 (unless your doom scenario kicks in)...

[Suslived]

Allow me to quote myself:

What technology do you have in place that will ensure that price will not continue downward?

You said so many things but it seems you are having a hard time answering that simple question eh?

Keyword is downward. I get than when there is demand (price is upward), you will release corion emissions whatever. But what about when price is downards? Will you reclaim destroy corions?

[db71]

Allow me to quote myself:

What technology do you have in place that will ensure that price will not continue downward?

You said so many things but it seems you are having a hard time answering that simple question eh?

Keyword is downward. I get than when there is demand (price is upward), you will release corion emissions whatever. But what about when price is downards? Will you reclaim destroy corions?

I quote myself:

If the price drops below $1, then transaction fees will be burned. If the price keeps dropping, only then the stabilization fund will be used to stop the dropping.

[Suslived]

If the price drops below $1, then transaction fees will be burned. If the price keeps dropping, only then the stabilization fund will be used to stop the dropping.

Ha. Heres some food for thought:

1. The transaction fees will be burned? You think having a shitcoin with no transaction fees will cause it's value to rise?
2. Your stabilization fund should be called manipulation fund. Do you think you will have enough funds to influence the market? And if ever you do have enough, why would you in the first place?

Red flags everywhere.

[sp_skeptic]

The terms of service are hard to find, but they are at https://www.corion.io/tos. In part:

OUR LIABILITY

The material displayed on this Site is provided without any guarantees, conditions or warranties as to its accuracy. To the extent permitted by law, we, other members of our group of companies and third parties connected to us hereby expressly exclude:
All conditions, warranties and other terms which might otherwise be implied by law.
Any liability for any direct, indirect or consequential loss or damage incurred by any user in connection with the Site or in connection with the use, inability to use, or results or the use of this Site, any websites linked to it and any materials posted on it, including, without limitation any liability for:
Loss of income or revenue;
Loss of business;
Loss of profits or contracts;
Loss of anticipated savings;
Loss of data;
Loss of goodwill;
Wasted management or office time;​
and for any other loss or damage of any kind, however arising and whether caused by breach of contract or otherwise, even if foreseeable.

So Corion tells us explicitly that we are not to rely on anything we are told on their website.

Lots of other very pertinent caveats too.

Can't get much clearer than that.

[db71]

I'm not from the CORION foundation, I'm just an investor. But I have invested in other coins to. Can you show me one coin which has terms and services where they do not almost completely put the liability at the investors?

Everybody knows/should know that cryptocurrencies are a risky business.

[rooster2000bka]

The current stable price has been USDT, Altcoin is currently required to have a low transaction fee, USDT transaction fee is still quite high, approximately $ 5