[ANN] Goodomy [GOOD] v3 with DAG-based smart contracts and 0.7s transactions

[Iruwen]

I'm not sure that's a good idea. There are currently less than 40 people holding more than 1m tokens, either only they are rewarded or it'll lead to a pump and dump situation, especially when you also sell some part of your reserve for funding. I see you're underfunded due to a lack of volume, but I'd still try to come up with some other kind of solution. Whale bonuses are generally unpopular.

[kosmost]

I'm not sure that's a good idea. There are currently less than 40 people holding more than 1m tokens, either only they are rewarded or it'll lead to a pump and dump situation, especially when you also sell some part of your reserve for funding. I see you're underfunded due to a lack of volume, but I'd still try to come up with some other kind of solution. Whale bonuses are generally unpopular.

We'll see if the number changes from 40 by that time. But what Goodomy is has not been seen before in crypto, so our first assumptions are likely to be mistaken. We must look more closely.

I would anticipate more large holders converting their tokens to GOOD $, not selling tokens in a low volume market. Someone with 30% more tokens has basically two choices: hold, or convert. If someone still has 1M+ tokens right before launch, they're not getting rid of them anytime soon.

We cannot consider the 30% bonus by itself, but in combination with the current favorable exchange rate.

The current token-to-dollar exchange rate is a 'bonus' for everyone, even those with just 1 token. The bonus here would be over 30,000% if the exchange rate is 1 token=GOOD $0.01. The more popular the app becomes the lower the exchange rate might be.

1M tokens = potential 30% bonus* (~40 holders) = "whale bonus"
1 token = potential 30,000% exchange rate bonus* (200+ holders) = "fish bonus"

*this does not represent profit, as no profits are to be made with utility tokens like GOOD

And that is to say nothing of the possibility of more people obtaining tokens before the snapshot date, which could increase demand for tokens, benefiting those with just a few tokens.

Would it make sense to provide a bonus of 30% more Bitcoin (to those with more than 1 Bitcoin) if it ended up increasing the value of each satoshi 50% or even 300% from increased demand? Would it cause those with 'almost' 1 Bitcoin to get more? Or someone who has been sitting on the Bitcoin sidelines to jump in with a big order? Who knows.

This isn't Bitcoin, though. it's Goodomy. And nobody else is using exchange rates like we are. This changes the dynamic completely.

It's also a good idea to reposition any weak hands before launch. Anyone who is holding at the end of this month is probably a firm believer in what we're doing, and might have a good idea of what the strategy is. If one person has doubts because they saw someone else "dumping" $15 worth of tokens, then crypto is probably not suited for them.

But I know that's not you, because you've been around for a while. Then you should know this.. We're not playing checkers here

[kosmost]

Curious.. what do people think is a good minimum?

500,000?

250,000?

Your input is appreciated!

[Apollyon2017]

Hi,

Considering the prevailing prices of Goodomy on the exchanges, the 1M threshold will be futile in encouraging new users into buying the token to avail of the bonus. (Prices translate to a minimum of 8.5 Ethereums at 0.00000850 ETH which is more than 6K USD at the current rates on the low end)

Since you will still send 30% of a value, why not lower the figure down to 10,000 perhaps? Around 100 USDollars of investment will not be too much for many new users to put into Goodomy ecosystem.

That and some marketing may get enough additional funding as you need.

[kosmost]

Hi,

Considering the prevailing prices of Goodomy on the exchanges, the 1M threshold will be futile in encouraging new users into buying the token to avail of the bonus. (Prices translate to a minimum of 8.5 Ethereums at 0.00000850 ETH which is more than 6K USD at the current rates on the low end)

Since you will still send 30% of a value, why not lower the figure down to 10,000 perhaps? Around 100 USDollars of investment will not be too much for many new users to put into Goodomy ecosystem.

That and some marketing may get enough additional funding as you need.

Hi. Thanks for your input! We're not looking for funding, actually.

We can't do much about things price-wise. The number that would be chosen is arbitrary and independent of price.

It's more of a determination of how much time it would take for me to either 1) develop a script that can make the transactions, or 2) do it manually.

[kosmost]

A minimum of 50,000 tokens for the 30% reward is fine for me (time-wise)

However, it would mean that the snapshot would happen around the 20th in order to give me a few more days for all the transactions to be completed before the OTOL snapshot at the end of the month.

There's never going to be a number that everyone would like (nor should there be) but I'm not set on any one particular number. Heck, there are even some that don't want the extra tokens 

[Iruwen]

But I know that's not you, because you've been around for a while.

I never moved my GOOD since mid 2017. Your points are valid, I agree.

/e: just to be clear about that: I didn't make that comment because of my holdings, I'm quite comfortable. I was just unsure if that's actually helping liquidity in the long run or if its just a band-aid for a short term increase, which is exactly what we don't want. I didn't do the math on the order books, but at the current liquidity I guess if only a handful of people get 1m tokens the price will increase sharply which will effectively make others hesitate to jump in. It makes sense to facilitate smaller trades for volume increases, otherwise we're stuck with expensive tokens and no liquidity. It wasn't my intention to reach or increase the bonus. Maybe it'll attract more people if the threshold is lower though, people are usually trading smaller sums on Coinexchange (the others don't matter anyway since they're not even listed on CMC). How about stacking the bonus? That's not as harsh as a pure whale bonus. Like (completely arbitrarily chosen)
10,000 GOOD - 5%
100,000 GOOD - 10%
500,000 GOOD - 20%
1,000,000 GOOD - 30%
Not sure if that reduces the reserve too much.

/e: edit²

[kosmost]

I think what we may do is this... (I will decide tomorrow)

1) 35% bonus to token holders with more than 50,000 tokens on a May 20th snapshot, to be distributed sometime between the 21st and the 30th. This is halfway between the 30% that I think would work best for the Shopomy economy and the 40% our economist thinks would be best. An earlier snapshot provides me with more time to make the additional distributions.

2) All app testers who have exchanged more than 50,000 tokens will also get the 35% bonus for any tokens they have exchanged on May 8th or before. This means if you exchanged 100,000 tokens  you will get 35,000 tokens in the wallet that you exchanged from. (And thanks for testing this feature!)

-However, there were 4 transactions from coinexchange to Shopomy. If you did this, you just need to send me a private message and I will confirm your wallet address and all will be well

3) If you hold tokens on CoinExchange you won't be able to receive the reward (as they transfer it to a cold wallet that belongs to them). They will need to be in a wallet that you control, like myetherwallet.com

[Iruwen]

All app testers who have exchanged more than 50,000 tokens will also get the 35% bonus for any tokens they have exchanged on May 8th or before. This means if you exchanged 100,000 tokens  you will get 35,000 tokens in the wallet that you exchanged from. (And thanks for testing this feature!)

Huh, I didn't realize the app can be downloaded already, cool 

[kosmost]

But I know that's not you, because you've been around for a while.

I never moved my GOOD since mid 2017. Your points are valid, I agree.

/e: just to be clear about that: I didn't make that comment because of my holdings, I'm quite comfortable. I was just unsure if that's actually helping in the long run or if its just a band-aid for a short term increase. It wasn't my intention to reach or increase the bonus. Maybe it'll attract more people if the threshold is lower though, people are usually trading smaller sums on Coinexchange (the others don't matter anyway since they're not even listed on CMC). How about stacking the bonus? Then it's still a whale bonus, but not that harsh. Like (completely arbitrarily chosen)
10,000 GOOD - 5%
100,000 GOOD - 10%
500,000 GOOD - 20%
1,000,000 GOOD - 30%
Not sure if that reduces the reserve too much.

It was never a whale bonus, but I suppose it could be perceived as such if the minimum is 1M. 50,000 is a much lower number, but it's still large for some.

Here's what I assume...

A) At least 15% of people who receive the reward will convert tokens to GOOD $; and
B) A further 70% will hodl; while
C) the remaining will want to sell their reward but won't be able to until there is far more volume; and
D) Some on the sidelines may be prompted to participate in the Shopomy economy

Assuming 15% conversions, at the current exchange rate this would represent an additional $72,756,680 in the Shopomy economy, distributed around the world from what would probably be productive and enthusiastic users. Not within 2-6 months, but more or less overnight.

I don't see it as a 'whale bonus' or even a token bonus so much as an injection of GOOD $ into the Shopomy economy into the hands of people who are most likely to find ways to use it. Some will create their own markets or even find new ways to transact with GOOD $

I'm still inspired by McDonald's and how they have done things from the start. To use an analogy, this would be like the corporation providing $1M to each of 500 franchise owners for them to make improvements and come up with inventions like the Drive-Thru and more efficient systems. They'd be injecting their franchise owners with passion, rather than using the $500 million to give everyone a free burger. Most people want the free burger, of course, because they don't understand how it's better to give to franchise owners so they can benefit from Drive-Thrus later on.

[kosmost]

All app testers who have exchanged more than 50,000 tokens will also get the 35% bonus for any tokens they have exchanged on May 8th or before. This means if you exchanged 100,000 tokens  you will get 35,000 tokens in the wallet that you exchanged from. (And thanks for testing this feature!)

Huh, I didn't realize the app can be downloaded already, cool 

Yes. It's in beta now.

[kosmost]

But I know that's not you, because you've been around for a while.

I never moved my GOOD since mid 2017. Your points are valid, I agree.

/e: just to be clear about that: I didn't make that comment because of my holdings, I'm quite comfortable. I was just unsure if that's actually helping liquidity in the long run or if its just a band-aid for a short term increase, which is exactly what we don't want. I didn't do the math on the order books, but at the current liquidity I guess if only a handful of people get 1m tokens the price will increase sharply which will effectively make others hesitate to jump in. It makes sense to facilitate smaller trades for volume increases, otherwise we're stuck with expensive tokens and no liquidity. It wasn't my intention to reach or increase the bonus. Maybe it'll attract more people if the threshold is lower though, people are usually trading smaller sums on Coinexchange (the others don't matter anyway since they're not even listed on CMC). How about stacking the bonus? That's not as harsh as a pure whale bonus. Like (completely arbitrarily chosen)
10,000 GOOD - 5%
100,000 GOOD - 10%
500,000 GOOD - 20%
1,000,000 GOOD - 30%
Not sure if that reduces the reserve too much.

/e: edit²

Curious. Wouldn't that be considered a "whale bonus"?

We'll go with 35℅ for all wallets of 50,000 tokens or more on May 20th. I will announce it later on today to confirm the details.

[kosmost]

Announcement of the one-time 35% GOOD token reward

On the Shopomy blog

[Iruwen]

Installed the app now, pretty cool
Gonna look into it more throroughly this weekend.

[r1s2g3]

It was never a whale bonus, but I suppose it could be perceived as such if the minimum is 1M. 50,000 is a much lower number, but it's still large for some.

Here's what I assume...

A) At least 15% of people who receive the reward will convert tokens to GOOD $; and
B) A further 70% will hodl; while
C) the remaining will want to sell their reward but won't be able to until there is far more volume; and
D) Some on the sidelines may be prompted to participate in the Shopomy economy

Assuming 15% conversions, at the current exchange rate this would represent an additional $72,756,680 in the Shopomy economy, distributed around the world from what would probably be productive and enthusiastic users. Not within 2-6 months, but more or less overnight.

To buy 50,000 good token is investment of $500 and I am following this token for a couple month and its average volume in Coinexchange.io is around $250.  I do not think even after your announcement of 35% bonus caused any stir for purchase of this token.
so 15% conversion will bring 72 million dollars (as you assume) or will crash the price at sub satoshi levels (as I think.)
I do not know what I am missing here?

if you want to rewards early investor, they automatically get rewarded when company/product become valuable.

I'm still inspired by McDonald's and how they have done things from the start. To use an analogy, this would be like the corporation providing $1M to each of 500 franchise owners for them to make improvements and come up with inventions like the Drive-Thru and more efficient systems. They'd be injecting their franchise owners with passion, rather than using the $500 million to give everyone a free burger. Most people want the free burger, of course, because they don't understand how it's better to give to franchise owners so they can benefit from Drive-Thrus later on.

Might be  McDonald benefited by Drive through (But they are surely not the one to invent it.)
I still feel you have good concept/product but still is not reaching to masses. I think instead of giving bonus you can use this for marketing.
Like $5 worth of Good token for downloading shopnomy app. or use of signature campaign here.
I think this will help to reach crypto masses easily here in turn we can reach there family and friends and ultimately to masses.

Current scheme ask for minimum investment for $500 for any bonus and cryto currencies are too volatile, and if price crash then this 35% bonus means  nothing. I Will suggest to reach more to masses with the funds you currently set asides for bonuses.

I wish you all the luck.

 

[Eliza beth]

The project is really very interesting and promising. I would say even unique. It has a bright future. The only one thing I'd like to pay attention to is social networks activity. It is very low so far while it's one of the most important point in marketing strategy. It's can't be omitted
egretia

[Kenely]

For me, this is really an interesting project, because the contract with Goodomy is very promising, success in development.

[kosmost]

Installed the app now, pretty cool
Gonna look into it more throroughly this weekend.

Good. Thanks!

[kosmost]

It was never a whale bonus, but I suppose it could be perceived as such if the minimum is 1M. 50,000 is a much lower number, but it's still large for some.

Here's what I assume...

A) At least 15% of people who receive the reward will convert tokens to GOOD $; and
B) A further 70% will hodl; while
C) the remaining will want to sell their reward but won't be able to until there is far more volume; and
D) Some on the sidelines may be prompted to participate in the Shopomy economy

Assuming 15% conversions, at the current exchange rate this would represent an additional $72,756,680 in the Shopomy economy, distributed around the world from what would probably be productive and enthusiastic users. Not within 2-6 months, but more or less overnight.

To buy 50,000 good token is investment of $500 and I am following this token for a couple month and its average volume in Coinexchange.io is around $250.  I do not think even after your announcement of 35% bonus caused any stir for purchase of this token.
so 15% conversion will bring 72 million dollars (as you assume) or will crash the price at sub satoshi levels (as I think.)
I do not know what I am missing here?

if you want to rewards early investor, they automatically get rewarded when company/product become valuable.

I'm still inspired by McDonald's and how they have done things from the start. To use an analogy, this would be like the corporation providing $1M to each of 500 franchise owners for them to make improvements and come up with inventions like the Drive-Thru and more efficient systems. They'd be injecting their franchise owners with passion, rather than using the $500 million to give everyone a free burger. Most people want the free burger, of course, because they don't understand how it's better to give to franchise owners so they can benefit from Drive-Thrus later on.

Might be  McDonald benefited by Drive through (But they are surely not the one to invent it.)
I still feel you have good concept/product but still is not reaching to masses. I think instead of giving bonus you can use this for marketing.
Like $5 worth of Good token for downloading shopnomy app. or use of signature campaign here.
I think this will help to reach crypto masses easily here in turn we can reach there family and friends and ultimately to masses.

Current scheme ask for minimum investment for $500 for any bonus and cryto currencies are too volatile, and if price crash then this 35% bonus means  nothing. I Will suggest to reach more to masses with the funds you currently set asides for bonuses.

I wish you all the luck.

 

Goodomy isn't an investment, of course. It's a utility token. We are not "rewarding early investors" but allowing people to exercise greater utility on the platform.

Our product hasn't launched yet. That could be why you feel it is " not reaching to masses." Our market is consumers, not crypto. That's where we are devoting our efforts.

Thanks for your input, though!

[kosmost]

The project is really very interesting and promising. I would say even unique. It has a bright future. The only one thing I'd like to pay attention to is social networks activity. It is very low so far while it's one of the most important point in marketing strategy. It's can't be omitted
egretia

We haven't launched yet. Because our market is consumers, there'd be nothing for them to socialize about until there is something for them to actually use.

Yes, a lot of coins build up hype before launch. There is often good reason to do so, because there is a tremendous amount of competition in cryptocurrency right now.

But we currently have no competition. Big difference.

Other coins are free to hype themselves all they want. Consumers don't care about what they are doing. (The proof is that cryptos aren't used by everyday consumers)

When you see a Goodomy commercial on national television in a prime-time spot, then you will understand what I mean