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cryptoJJ
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August 06, 2014, 09:28:37 PM |
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First of all, let me just say, I love this coin, this dev, and this community. We are less than a day till the end of POW!!! My only regret is that I didn't get in sooner.
The coin belongs to Mesterlovesz, he can take it down whichever path he chooses, and because I have faith in him, I will follow. Some of the traits that I find most endearing to him are his patience, a long term outlook(not a get rich quick plan), and an openness to suggestions and ideas. That being said, it's time start thinking about the future. My suggestions here are merely suggestions/ideas to try to get the community involved and thinking. No more, no less.
Value to me is not the monetary value of a item, but rather, ones feelings and attitude toward that item. I also believe when my definition of value is satisfied, it will inevitably lead to a higher monetary value. From my observations there are three things a coin needs to give it value post POW...trust, community, and trust in the community(yes, it sounds redundant, and there's a lot more involved than that, but without getting into micro/macro economics I will use these general ideas to keep it simple). As I said, I have trust in Mesterlovesz, he is the leader of the community, and none of the suggestions are meant to undermine him or his efforts in any way.
Which leads me to the following list. I apologize in advance if some of the items have been suggested already, or if they don't/won't/can't apply to this coin, or, if they flat out just don't make any sense at all. It is merely a list of free flowing thoughts...
Let's start with trust/faith, it is the same thing an economy(or any relationship) needs to be successful, without it, you have nothing. Cryptocurrency is no different. One of the things I've noted in the past with all coins as being a concern, is having a single person with all the control. I am personally okay with this for now, but will eventually create uncertainty and doubt. One possibility could be to setup a board of trustees. Maybe the top 5 or 10 shareholders, where the gold cannot be withdrawn without consent of a certain percentage of the board. I don't have an MBA and I'm not a lawyer so I don't know exactly how this would work, I do know for a fact that it can be done.
On the other side of the withdrawal process, we have the deposit. Transparency is key here. Currently XGR has donation accounts for BTC and XGR as well as a Startjoin account to send your funds to. One idea might be to add links on the goldreserve website that will open a page which shows you a simple rundown of the history of all transactions to/from these accounts as well as the current size of the XGR wallet/funds(from the premine and donations) that will be used to buy future gold. It would also be great if there was a way to skip the donation account transfers completely, and purchase gold for the fund directly through some kind of money/wire transfer.
Let's talk about community now. Admittedly, I am new to the game. I am still trying to wrap my head around the concepts of exchanges, voting lists, social media campaigns, etc.,. From my observations, as far as the exchanges are concerned, it seems like it's the devs/communities that push hard to get their coin listed early that fail, or turn out to be scams. I do use a few different exchanges, but, contrary to my optimistic outlook on life, my gut tells me, every time I sign on to an exchange, that they are trying to rip me off somehow, or manipulate currency to their benefit. I believe in the slow road, not forcing the issue, with time the exchanges will come and they will have a more rational view of XGR, it does not take a rocket surgeon to know that irrational behavior will lead to doubt and uncertainty. As far as voting lists go, I don't place too much importance there. I don't think it hurts to vote for XGR, publicity is publicity, but I also don't think that it is going to add any substantial value to XGR in the long run and could possibly lead to more irrational thinking and behavior in the short term. Lastly, we have social media. We all know and have seen the power of social media. Facebook, Twitter, etc., is the number 1 way to create interest in XGR. To have a community willing to campaign for XGR and spread the word of what XGR is, and why it is so great, will lead to higher interest, which will inevitably lead to higher value.
Finally, trust in the community. Trust in the community is trust in the community to listen, be rational, be open, be active, and to make wise decisions . My hope is to stimulate the brains of those whom actually know more about how all this works(as opposed to my incoherent ramblings) and to create an atmosphere where you are not afraid to throw out your ideas, no matter how crazy they may sound.
JJ
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