I´m not confused about Ripple, sorry man. So ok, here we go:
You said:
.....and indeed WLD can be redeemed outside of Ripple, even if it is issued there in the first instance.
I say:
How? Where? And backed by?
You said:
What World Dollar is based on is called the Equal Opportunity Standard.
99,99% of world poulation say:
LOL
You said:
This is the idea that, since money is nothing but a social convention, the ultimate
basis for money is for it to be issued to everyone, equally.i say:
Remembers me when i was about
11yrs 5 yrs old EDIT - Damn i can´t stop laughing about this ...issued to everyone, equally ... WTF?!?!?!
You said:
The "barrier to entry" that prevents others from launching their own WLD is the massive investment of time and resources
I say:
So you guys (how many are you?) have a "massive investment of time and resources" ? - Which resources?
You said:
If you set up your own gateway and issue WLD, without actually uniquely identifying everyone as Coin Autonomy and others will be doing, your version of WLD will be worthless.
I say:
Sorry man, YOUR WLD is worthless!
You said:
Anyone can launch a new cryptocurrency
I say:
Anyone can launch a Ripple IOU! But cryptocurrency ( NO IOU!!) - ehhmmm no or not easy as an IOU. Try to launch a cryptocurrency and keep it alive for 6 months! - Never ever
You said:
The video is required to uniquely identify everyone. It prevents anyone from being able to claim 10,000 WLD more than once.
I say:
Are you kidding me? 1) You want a video and call it " Equal Opportunity" - hahahahaha Even for me it´s impossible because i have no chance to do this - NO CAMERA! And even if - i would never do.
2)It prevents nothing
And last thing:
You own how much coins? 7 billions x 10 000 coins = 70 000 000 000 000
Let´s say you find 1 million people (lol) you still own 69990000000000 coins............ LOL
and every single person 10000
And why should anybody trust you? You can give the coins to whom you want (with or without video, real or fake persons,...)
ps: i miss your old account:
https://bitcointalk.org/index.php?action=profile;u=366991;sa=showPosts....WLD now has 2nd highest market cap after BTC ..... hahaha
dadingsda, if you cannot write english properly, nor present any logical or coherent arguments, how do you expect people to take what you are saying seriously?
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You are (thankfully) not employed by anyone associated with World Dollar, which means you do not have any information with which to make the assertion that people will not be able to use WLD outside of Ripple. Also, as explained in this thread on XRP talk:
http://xrptalk.org/topic/4092-what-you-never-knew-about-ripple-it-can-actually-be-used-to-transfer-currencies-other-than-xrp-in-a-form-that-is-not-an-iou/,
even if it was only based on Ripple, WLD is still a legitimate currency in its own right, capable of being used for payments and for trading with other currencies. There is no difference between the WLD currency and any other currency, in terms of monetary economics.
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The idea that you could understand the concept of equal issuance as a 5 year old is a great strength of the World Dollar concept, not a weakness. This is similar to how, in the game of Monopoly, everyone starts off with an equal amount of money. The reason for this is that it is simply the most logical, fair way for money to be distributed in the first instance.
If you read:
http://www.world-dollar.com/what-is-world-dollar/ it could be an enlightening, educational experience for you.
Here are some highlights:
2. How is Money a Social Convention?
Money is a social convention in the sense that it is not valuable in itself, but valuable because people agree to take it as valuable. It is a medium of exchange, a tool that allows us to trade with one another without having to resort to barter, which inefficiently depends on the double coincidence of wants.
3. Why is Equal Opportunity the ultimate basis for issuing money?
Equal opportunity when it comes to issuing money is guaranteed acceptance by virtually all of mankind.
This is because it appeals to the highest standards of morality. "We hold these truths to be self-evident, that all men are created equal".
It also appeals to the highest standards of economic reason. It rejects the idea that producers of money, i.e. producers of something that is not actually valuable in itself, should appropriate scarce resources from the other, productive members of society, i.e. producers of goods and services that are actually valuable.
Therefore, money that is issued on the basis of equal opportunity is virtually guaranteed to be taken as highly valuable.
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Your conjecture that WLD is worthless has no grounds. Even now, when it is practically unheard of by almost everyone, it has been trading for between .01 BTC and .025 BTC. I reiterate, if you do not invest significant amounts of time and resources into your own (hypothetical) clone version of World Dollar, you have zero chance of competing.
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I reiterate, yes, anyone can launch a cryptocurrency. I could personally set up a clone of bitcoin in under a day, it is all open source. It is entirely wrong and irrational to say something is worthless because it is based on Ripple. Take a read of the explanation in the XRP Talk forum, and also contact
support@ripple.com if you are still confused. The reason why World Dollar was launched on Ripple, rather than with its own crypto coin, is because 1) Ripple transactions take 1 second, whereas it takes e.g. 1 hour to get 6 confirmations for btc, 2) it is far more convenient for the average person to use, 3) it does not depend on the wasteful, inefficient process of "mining".
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The video does prevent anyone from being able to claim more than once due to facial verification. You are of course not forced to claim (equal "opportunity"), but you would be acting against your own financial interests in not doing so. You don't personally have to have a video camera in order to claim, you can instead use the video camera of a dependable 3rd party that you can trust. This is why it is indeed accessible to the entire world.
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The issuing network is independently audited, which ensures that World Dollar issuance is reliable.
For every unique video submitted, there is a “snapshot” photo taken that is used for facial verification.
· An auditor does not need to review that every video corresponds with a snapshot photo, but rather that a random selection corresponds.
Every unique “snapshot” photo correlates with a new issuance of 10,000 WLD.
· An auditor does not need to match every photo with every issuance, but only to verify that the quantity of unique photos = the quantity of times that 10,000 WLD has been issued.
Note, of course, that a “solution” to this would be to require all videos to be public (and matches with an issuance of WLD) but it’s not worth it as there are a great many people who prefer that their videos are kept private.
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As explained on our website, the market cap calculation takes 5 USD to be value of 10,000 WLD, and then this is multiplied by the approximate human population at the present time, 7 billion, to give 35 billion USD. Under this assumption, it is held that the total supply of WLD at this time is 70,000,000,000,000. However, please note that the amount of WLD that has actually been "claimed" by people at this time is nowhere near the level of 70,000,000,000,000, and so 35 billion USD is NOT a representative figure for the valuation of all WLD currently in circulation for the purpose of payments and trading.
