IMZ
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Activity: 1498
Merit: 1000
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March 08, 2015, 04:32:45 AM |
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Guys, are there any flat-out errors here?:
1)How do you define scarcity, and how does your mining schedule differ from that of other cryptocurrencies?
[There will only ever be 250,000 Uno, and 50,000 will be the ‘fuel’ of a centuries-long maintenance mode. (There is a sound discourse to the effect that the number of ‘coins’ in any currency is the total number of the smallest units; but no matter how you approach the math, Uno is rare.]
So, readers, of the 200,000 units of the ‘core’ currency, well over 190,000 have been mined. Consequently, while the markets of currencies like Bitcoin need to soak up over 3,000 coins a day to hold their price, Unobtanium mining presently produces about fifteen Uno a day; and after the halving in May, it will be about seven.]
2)As a store of value stability is crucial, how do you keep people from buying or selling large amounts of UNO all together, causing price bumps?
[ The point to make here is this:
we’ve had price bumps; but at this point, we’re in the home straight. Our community is small, tightly-knit, focused on this issue -- and has trading-talent out the wazoo. At the same time, Uno is, quite literally, becoming scarcer by the week.
Result? A steadily increasing ‘buy-pressure.’
And we also have ‘Core-tanium,’ a (new) formal project that holds Bitcoin ready as ‘anti-dump ammo.’
I note also that surprisingly large numbers of Uno have been in their ‘vaults’ since originally mined. I am still working on the maths of this; but the units of this crypto that are ‘in play’ are well under that 200,000 figure.
3)To use unobtainium as a store of value one must be confident that he'll be able to sell the currency fast, when needed, how do you ensure that?
[We have a fiat-Uno facility on Bleutrade; and as with other currencies, you can always bail to Bitcoin, and cash out that way. We also tend to trading Uno for bullion among ourselves; but two things here are the real answer to this question:
the first is that the community is developing Unobtanium as a low-volume-high-value ‘instrument,’ like gold or gems, that will be used to buy big-ticket items, and will therefore ultimately be exchanged for fiat much less often than other cryptos.
The second is our (still new) ‘liquidity engine’ which provides quantities of fiat currencies to buy our merchants’ ‘incoming’ coin.
But the bottom line is the ‘buy-pressure’ mentioned above: there are always buyers for Unobtanium! ]
4)The presence of business that set their prices in, say, dogecoins tends to determine their actual value. But unobtanium is not meant for that kind of use so what does determine its value?
[I enjoy answering this particular theoretical question:
Unobtanium is a cryptographic currency of a type that allows its community to logically market it as a ‘crypto-commodiity.’ Any cryptographic currency (or fiat currency or a sack of potatoes that you want to barter) is, of course, ultimately only ‘realised’ as an ‘instrument of exchange’ by being used as one.
Unobtanium has a good merchant-network, and has quite sufficient volume to satisfy this theoretical criterion.
Readers may not know that for decades during the cold war, Cuba and Russia swapped tanker-loads of sugar for oil. This is a really good example of the mode of use that Unobtanium is settling into: it’s a ‘commodity,’ but commodities have been used as ‘money’ since forever.]
5)Given the limited availability of the currency, and its current success (the value is indeed quite stable and in general growing), how do you keep its price from exploding in a bubble?
[Forgive me if I misapprehend: isn’t Question Five almost the same as Question Two? Could we skip this question?]
6)Most currencies rely on their mining schedule to reward miners to secure their networks, but unobtanium mining schedule is by definition very tight, how do you keep your network safe from 51% attacks or similar threats?
[ ]
7)What kind of community revolves around unobtanium and what do they do to support their currency?
[A little background here: IndiaMikeZulu was already trading a range of alts in May, 2013. It was my task (we are an alliance) to analyse communities. So, I have analysed and worked in a far wider range of crypto communities than most coiners.
What became apparent over time is how a currency’s community mirrors the nature of the currency. ‘Coin Z’ – 200% annual interest! A million coins with every large fries! – will soon spiral back into the crypto darkness from whence it came.
Conversely, Unobtanium is – by design – a ‘serious’ coin; and it has consequently attracted serious coiners, particularly miners.
How are we developing Unobtanium? There’s a prototype android wallet, a multi-sig wallet, great analytical tools, and a constant ‘feed’ of high-quality market analysis on the threads.
(How is that ‘development’? Price-stability/increasing price is the goal. This might sound trite, but consider how any currencies are ‘all about’ how the value is gonna explode somewhere down the track.
For Uno, there’s no ‘down the track.’ This crypto stores value. Now.)
We’ve struck a nice balance of exchanges, on which we manage disciplined buy-support ‘actions’ when necessary. We keep current a good core of sites
And there’s Un-Ex, the community crypto-theory ‘laboratory.’ When Bitcoin took a dive last year, out of all cryptos, the one that arguably held its value best was ‘Distribued-Vault Coin,’ which is, I think, the only ‘in-community’ coin in existence.
Two final notes. Firstly, we focus tightly on keeping our crypto ‘tight,’ ‘solid’ – almost sorta ‘no frills.’
Secondly, we are at present a remarkably small and tightly-knit community, with a fabric of trust that I have seen in absolutely no other coin tribe. In a way then, what we do for the crypto is that we develop the community.]
8)Ultimately as a store of value unobtanium needs to be traded with other cryptocurrencies and can only be part of an ecosystem, do you actively try to favor such exchanges? Is there a cryptocurrency you like to work with most?
[Yes! Though we do tread a (conscious, well-theorised) path between (a) having an attractive range of trading-pairs/exchanges, but (b) not spreading our volume too thinly.
Un-Ex figures again here. On it we trade an expanding array of things: DVC I’ve mentioned. Various cryptos. Some theoretical ‘instruments’ are in the pipe line. Many Uno folk are bullion enthusiasts, so we trade bullion.
We ‘P-WIP’ (sell fiat currencies by Internet-bank transfers – it’s a great way to assist newcomers to get an initial stake of coin). We trade gift cards.
Actually – because Un-Ex is trust-based, unhackable – we can trade almost anything, and we fully intend to. Our goal is ‘The Mall,’ a multi-million-dollar trading-enterprise anchored in this trust-network.
And what currencies do we favour? Tee hee – I’m not gonna put my head on the block over this one!
When I was originally analyzing Unobtanium, before IndiaMikeZulu set up shop there, I noticed that a lot of the coiners who posted there were (are) also members of other communities. It’s safe to safe there’s a preference for SHA 256 coins/POW coins.]
9)What is your vision for the future of cryptocurrencies, and where do you think unobtanium will stand?
[Part of the answer here shall come from Uno folk, and part from IndiaMikeZulu:
IMZ foresees a steady increase in the percentage of crypto market-cap held by alts. Non-currency applications (Etherium!) will eventually be the greater field of application.
In currencies, there will be confusion between ‘state cryptos’ – Ecuador already has one – and ‘genuine’ cryptos. A ‘second round’ of ‘country coins,’ this time genuinely associated from the outset with the nations in question, is a possibility.
GFC Two is going to change the entire anti-state crypto-currency landscape, potentially raising the value of cryptos by huge percentages.
And Uno folk:
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