I have some questions about Startcoin and wonder if someone can help me out....
1. I understand that StartJOIN is a site where you can submit an idea and if the "crowd" likes it, then it gets funded, but who pays for that funding?
2. I still don't really understand what Startcoin has to do with Startjoin. If your project is funded, are you payed in Startcoin or something?
3. For the life of me, I can't figure out where Startcoin gets its value and what would make its price go to the moon? Is outside money (money outside of crypto) going to buy Startcoin off of Bittrex, and if so, why and for what purpose?
Thanks a lot in advance!
1. The crowd (the users of startjoin) funds it, sometimes with some help from startjoin itself.
2. Startcoin is the currency built into startjoin. It can be used to fund projects, and you get weekly interest on the startcoin's that's deposited on your account on startjoin. If you pledge to a project using startcoin you get some of it back as rewards each Friday. The rewards and interest are taken from the premine. The project's can be funded with startcoin, paypal (or if over 100% funded also bitcoin). The project owner decides what kind of payment is wanted, and usually get a mix of fiat and startcoin.
3. It gets its value from actually being used for useful stuff, a whole economic ecosystem is being built around it. I use Startcoin every day, but Bitcoin just once in a blue moon. The goal (in my opinion) is to make it a faster, cheaper, better alternative to the current economy. The start developers are building all the parts, some are finished, others are not. The value of startcoin should increase as adoption increases. A bit like bitcoin, but Startcoin has the advantage of a premine that can be used for supporting development, it has a company supporting it and holding it, and it starts at a much lower level (less than 1/1000 of the value of bitcoin) (the much faster transaction rate also does not hurt).