HyperStake continues expanding (##hyp-poker released, Hypberry on the way...) and climbing the marketcap ladder. One can rejoice, relax and enjoy, or can be proactive about the consequences. I prefer the latter.
HYP to the moon considered harmfullocohammerhead raised the first issue: barrier to entry
<locohammerhead> question and this is just speculation. IF we hit 1 USD/HYP and it takes 1,500 HYP at least to stake how are we going to get new people into the coin?
<locohammerhead> I'm thinking if thats the case we will be in the same situation where NXT is
Without going that high, the price of HyperStake could one day make it difficult for people to get at least 1,000 HYP (which is the recommanded minimum to have a good chance to ever stake). At this point, what do we do? Giveways would probably be taken mostly by the same persons, same for faucets. In any case, this would mean that HYP would be under medical care, with artificial life-support, which is neither good nor durable.
With great power comes great responsabilitiesLook at the
richlist. The biggest whales (presstab, waxo, me, crazyloaf) have 6% of the coins. We know each other well and we have an ethic and we won’t sell like this and the community trust us. But this doesn’t suffice. The same way a coin shall not be on medical assistance, it should not depend on the good will on whales. A peculiarity of PoS is that the biggest holders are generally also the biggest “miners”. As
someone pointed it on reddit.
PoS coins [...], always end with centralization because, as I have said, once someone [...] gains majority possession of the units of money, they control the currency forever.
So,
noblesse oblige. We just cannot do whatever we want with our HYP. If we sell, some other people will become the biggest whales. At least you know us and so far, we had the best interest of HYP in mind. But as in the
benevolent dictator for life model, this is a gamble. For you smaller holders (Sword of Damocles, anyone?), but also for us: if you distrust large whales, you could sell and turn the price down. At least we don’t care about cashing out so even if the market entered a bearish mode, you can be confident the money would still be in good hand — if we decided to sell a large stake of our HYP, future rich list leaders might not have that kind of scruples.
Okay, all of this may look academic and just food for thoughts. So let met make it more real: we are still under the radar for the moment (partly because of the economic model of HYP, which doesn’t require big pumps, which attract people), because we are still pretty low in marketcap, but we already outpaced Mintcoin and at times Boolberry. The higher we will climb the ladder, the more FUDers, unscrupulous traders, pump-and-dumpers and the lot will attack HyperStake. “No one attacks shitcoin” (© smooth) and since HYP is proving daily that it is not a shitcoin, you can be sure we’ll be attacked — and the question of whales will sure be the subject of many attacks.
So, we will be attacked and must prepare ourselves to this.
Si vis pacem, para bellum. Announcing it is for the moment my best line of defense.
HyperBankMillionnaires (or HYPllionaires
) don’t use their money like you and me use it. I use my money to buy enough to eat, go in holidays, buy some gifts and give a bit to charities. Millionnaires do not simply do the same but on a higher level (well, at least some don’t —
philanthropreneurs). They invest their money in things that cannot be done with less money.
Being millionaire in HYP is not different than being millionnaire in fiat. You have opportunity to do Things That Matters™.
True to my belief that “emulation works” (see
Stone=1; Birds=many), I try to constantly listen to ideas from other people, then test the water to see if other persons are interested enough into it; then I try to act accordingly. This is how I decided to pursue the idea of HyperBank. And since this requires gathering a (good) team, I also want to make it with the best people around.
HyperBank is such a project (it might not happen, a lot of things are speculative and depend on availibility and motivation of the coders and designers). It is an extension of my previous proposal (see
Where no coin had gone before) of fighting financial illiteracy among the youth — at a time when everything is decided.
In turn, having a themable wallet make it easier to have a theme for children - remember what I said about learning?
financial illiteracy is plaguing the modern world. Piggycoin was the first coin to try to address this topic and we believe that HyperStake with HyperSend could help raising awareness on sharing and saving - plus the ease of keeping track of spending thanks to the blockchain technology.
HyperBank would itself kill several birds with one stone. It would partially address the problem of “too big to stake” that I mentionned on the first section of this post and would help unwealthy adopters to step in - as well as, as a part of the HyperShield initiative, help securing HyperStake by increasing visibility, hence volume.
It is the combination of four ideas:
- HyperBank proper (cycoinminer, iantunc and Cor2)
- HyperLoan (cycoinminer)
- Hypiggy, the children-friendly educative wallet (me)
- Hyppi the tardi, a proposal for a mascot, both cute and resilient (me for the name, Crazyloaf for the tardigrade)
HyperBankHyperBank helps to widen adoption and to increase the bounty wallet ("all benefits go to the community wallet", a not-for-profit bank, ^^).
I will just copy verbatim cycoinminer, iantunc and Cor2.
cycoinminer:
So, whilst I’ve been away on holiday for a few days, I’ve been thinking about HyperStake, and how we could build some more services around it.
One which came to mind would be HyperBank.
We all know that HyperStake offers us around 18% interest every 9 days, and looking over the statistics of late, HYP is keeping a pretty reasonably steady price.
What I’m proposing is to open HyperBank, offering owners of BTC the chance to share some of the high interest gains, without any of the risk.
HyperBank would operate a guaranteed return on investment of 2% every 10 days, for BTC deposited in the “bank”. With their investment, the Bank can invest this in HYP, and make a tidy profit from staking.
So, if you were to invest 1BTC in HyperBank today, then in 10 days time, you’d be paid back 1.02 BTC.
It could also open up the “Richlist” hoarders an opportunity to sell to the market, without flooding the market and causing a price crash.
iantunc:
Let's model the idea of HyperBank. It surely will increase visibility, at least at Poloniex. Every time an investor will try to allocate, for example, 5 BTC, a correlated buy order will drive the price and volume up. But after 10 days this investor will wait for his interest given back, e.g. 2%, or 5.1 BTC. At this moment the price will fall back to the mean, and an attempt to sell 5.1 BTC worth of HYP can fill all orders down the floor and even more. It will show up like pump & dump. It's very attractive for traders, but not so appreciated by investors. We need to find an equilibrium to satisfy both.
Cor2:
What I see at this moment is that even an order of 0.5 BTC causes a major price move (on Allcoin) although Polo has a bit more traffic but won't be able to sustain multiple-BTC orders without large price swings either.
What I feel is that such a bank should be similar to a savings account - you can deposit and start earning but not pull out unlimited at any time, so the bank has time to prepare for your withdrawal and does not need to emergency-sell positions.
Alternative would be that the bank is not transferring every incoming BTC to HYP and back, but there is a buffer, an investor group if you will
that has holds the HYP and gets funded from the BTC in the bank but they buffer the BTC, so the amount of HYP stays the same even though the amount of BTC fluctuates.
It would even be viable to keep half the BTC untouched as buffer while the other half gets converted to HYP as the market can absorb the changes, so that immediately withdrawal of BTC is possible up to half the total balance at any point, any more and the HYP first needs to get whittled down without crashing the market. Likewise with investment in BTC: the amount of HYP can slowly grow to half the amount of the extra BTC deposited. That means of the 18% staking rewards, virtually half is used, the other half is sitting unused in BTC buffer. But it could be an attractive bank anyway.
I am occasionally borrowing some BTC to an investor that makes 10% but can't buy BTC fast enough, so he gives me 5% to borrow my BTC for up to a week. That is a very attractive deal and very similar to this banking idea.
I readily recognize I did not understand everything here. Being a leader means recognizing when you need help from someone else, so I contacted Cor2, who is willing to help in setting this up. He and presstab understand better these aspects of finance than I do, so I will mainly be the “cheerleader” here (look for the mention of Larry Wall earlier in the HDJ for the side effect of this).
HyperLoanThis is cycoinminer’s idea, before HyperBank was even considered and I felt it would fit nicely in HyperBank.
The HyperLoan Experiment
Here a HyperStake, we’re looking to build community participation amongst our followers, so we’ve put together an opportunity for people to take part in what we’re calling the HyperLoan Experiment.
We’re offering to Loan one member of the community, 10,000 HYP, for the duration of 1 staking period (approximately 10-14 days)
Once the HYP has staked, we ask that you return the initial 10,000 HYP to us – YOU keep the interest!
What’s the catch? Well, to be eligible, there are a few things you’ll need to do for us.
We’d like you to at least do 2 or more of the following:
1. Like the HyperStake Facebook page, and share it with your friends
https://www.facebook.com/hyperstake2. Come up with 5 HYP slogans, and periodically write them on Poloniex TrollBox
for example: “HYP – it’s hotter than my girlfriend”.....
3. Help re-tweet the Twitter page
https://twitter.com/HyperStake4. Actively visit and contribute to the IRC page -
http://webchat.freenode.net/?channels=##hyperstakeWe’ll also have specific promotions we’d like you, the community, to help us with over the coming weeks.
The HyperLoan Experiment is based totally on TRUST between followers. We’re well aware that one rogue member could walk away with the 10k HYP and never be seen again, but we’re hoping that won’t happen. To that extent, we’ll also have a “Wall of Fame” on the ANN showing which members have successfully taken part in the HyperLoan Experiment!
We have a couple of criteria that you MUST have met in order to be eligible:
1. Your Bitcointalk activity must be 50 or higher
2. You must have positively posted on the HyperStake ANN on, or before 15th September.
Each time we have the 10,000 HYP available for loaning, we will take the top 5 followers who we believe, in our opinion have been actively promoting Hyperstake the most, and from these 5, we will randomly pick someone to loan the HYP to.
In order to comply with Bitcointalk rules, anyone who posts their HYP address on the thread will automatically be excluded for consideration for the HyperLoan. In fact, we don’t need anyone’s address until we’ve chosen the initial receiver of the loan – so if you’re chosen, we’ll ask you for your HYP address.
To have yourself considered for the HyperLoan, send a private message to my username, Cycoinminer, along with examples of your promotions, and between myself and Presstab / David Latapie, we’ll judge who’s helped promote Hyperstake the most during the time period.
We will give out our first HyperLoan on Wednesday 1st October.
Be our first participant – get promoting HyperStake NOW!
With an additional Wall of Shame for rogue members.
HypiggyHypiggy, the child/educational version of HyperStake
Hypiggy is really “Piggycoin, HyperStake edition”, thanks to a themable wallet and hopefully a simpler interface. At the time of writing, this is particularly speculative, because I have no idea if it is possible to hide certain features and to automate coin control. Even if it is not possible to automate it, it is not much of an issue: staking performance will be lower than the full experience, that’s all. Performance is not the goal of Hypiggy; education and adoption is.
Hyppi the tardiThe blue cartonnish mascotte
Crazyloaf was the first to propose a tardigrade. The water bear is a tiny animal which is both cute (looks like puffy baby/walking duvet), alien-looking and incredibly resilient when in cryptobiosis mode. Cuteness matters for a mascot, alien-looking definitely qualify for SF-themed HyperStake and one can say that HyperStake price is incredibly resilient!
Now imagine it in blue (like the 5th Element’s Diva).
As you can see, we are continuing to innovate with HyperStake but now with a focus on preparing a possibly more challenging future.
Commander DavidLatapie, over!
