zcaboah
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Activity: 1
Merit: 0
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August 23, 2017, 08:59:25 PM |
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No the issue is that the majority of people, especially on Twitter are only seeing the update as "More features" and are feeling very misled. I reckon GeoCoin should retweet the post but only showing the final update in the thumbnail so the paragraph can be clearly read.
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Shooriko
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August 23, 2017, 09:05:21 PM |
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Yeah, I would remove the last "update" from your direction of the coin. Saying that you would be able to drop other coins, is pretty much providing everything you have worked so hard for to any other cryptocurrency out there. Then GeoCoin will not be special at all, if you can just drop any cryptocurrency on the app. That's like nerfing the entire coin, who would invest into that? Very bad idea. That's the whole point of GeoCoin, that it is the only coin that you can mine by collecting it. You can see how the investors responded to that news, right?
I disagree, I think it creates further demand for GEO as a fee is necessary to make the drop of another coin (meaning someone has to buy GEO first before they can drop other coins). It turns geocoin into a platform for crypto location services, rather than just some novelty coin hunting game. The real value of GEO in my mind is its potential in marketing and advertisement based on location (i.e. if a business wants to create their own token to run promotions at a given location, they can utilize geocoins infrastructure which would ultimately drive up demand for GEO. That makes sense, but as long as people cannot simply mine other coins via this platform also. Though still, it may create confusion in the eyes of investors as to what GeoCoin is. A platform for other currncies, or a coin that you can mine by collecting? By no means would it become just a novelty if it is just specified for GeoCoin. The ability for other cryptos to drop on the GeoCoin platform is just an extra feature, not the main drive. And it could cannibalize Geo, though now that you mention that Geo will first have to be purchased and that the fees are charges with Geos, then it somewhat makes sense. But it looks pretty bad at first sight. You saw the market cap drop. |
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alexinv
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August 23, 2017, 09:06:05 PM |
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maybe to add other coins is not so bad idea but this suggestion is too early. geocoin was to be the only one and would have to conquer the market with its idea and only then when it had settled to introduce the function of placing any coins  now it would be better for geocoin to specialize on its primary functions, this is my private opinion |
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Shooriko
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August 23, 2017, 09:11:27 PM |
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If you analyze the chart carefully, the investors became pleased with the idea that the coin can be mined by collecting, instead of using software. This simplifies the entry barrier and reduces it to just having an app, instead of downloading a bunch of miscellaneous software and being very tech savvy to figure out how to mine coins. This will also make a fun way for people to "mine." Likewise, it will go viral, just like Pokemon Go, but it will never get old because it's money, not just a game that you can beat in two weeks (that's a novelty). Likewise, becoming an Ubix coin is great for security and preventing hacking. This was the best direction for the coin. The second news update was just a promise to make the app cool. The third.... it freaked out investors because they think that the platform is given away to other coins. If it is just being able to drop other coins, then cool. It freaked me out, to be honest. But it makes sense if that is all they will be able to do, is just drop them for a fee and not mine them via location. I would also be very careful to provide other coins your secret sauce to the Geo software, because then it CAN become a novelty, if other coins just simply recreate what you have been working so hard for. Then Geo will go down the drain.
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greyworld
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August 23, 2017, 09:19:16 PM |
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So is the idea something like....
Six Flags wants to run a promotion where people are encouraged to wander around the park to certain rides and attractions. So Six Flags creates their own coin on Ubiq, and attaches that coin to a Geocoin which the visitors can then pickup by standing near it while running the app?
What happens to the geocoin in that case? Does the user collecting Six-Flags coins get it? Does it go back to Six-Flags? Does it disappear?
If the case scenario above is what devs have in mind, won't this keep the value of GEO down, since no customer is going to pay $5 per coin to promote their $1/worthless coins?
It's a neat idea but I'm not sure how the moving parts work. Devs?
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What if... every time the visitor picks up the geo/flags coin, they get the flags coin but most of the geo coin goes back to six flags to be attached to a new one of their coins. The portion that didn't gets added to a pool of coins to be air dropped somewhere randomly in the world. So whenever the 'fee portion' builds up to a full coin, it randomly appears somewhere out there for people to go pickup.
I think in that case, GEO could continue to build value and still exist as it does today.
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mamichula
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August 23, 2017, 09:25:28 PM |
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Wait a minute. I've never heard of this coin, but isn't this like PokemomGO?
The potential that this would have had if Pokemon go players knew about it.
Edit: Just saw the chart on coinmarket cap. I've been really missing out.
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greyworld
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August 23, 2017, 09:30:09 PM |
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Wait a minute. I've never heard of this coin, but isn't this like PokemomGO?
The potential that this would have had if Pokemon go players knew about it.
Edit: Just saw the chart on coinmarket cap. I've been really missing out.
With latest ANN, if I understand correctly, now it's like Pokemon Go that businesses can use for their own coins, in their own locations. Buy now while it's comparatively cheap. I just bought some more. |
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Shooriko
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August 23, 2017, 09:30:31 PM |
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Look, the last news is probably a great idea. As long as other coins cannot mine their coin on the Geo platform, but simply just drop them for a fee - being issued with GeoCoins. LIKEWISE, as long as competing cryptos do not have any capabilities to steal the platform, then it is okay. Otherwise, the coin is down the drain, and everyone is doing it. It is a great idea, but the intellectual property and specialty must be protected here. I mean, I'm sure you did not work on this coin for the past 3 years to have someone else mimic what you made.
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weifa
Sr. Member
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Activity: 776
Merit: 308
GeoCoin Developer - GIS Technologist
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August 23, 2017, 09:31:30 PM |
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Seems that a lot of people didn't see the full image we posted since they did not click on the image. So in case you missed our part 3 here's another post. https://twitter.com/geo_coin/status/900466646506029056 |
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weifa
Sr. Member
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Activity: 776
Merit: 308
GeoCoin Developer - GIS Technologist
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August 23, 2017, 09:34:44 PM |
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Only GEO will be able to mine using Proof of Location, we don't control the specs of other cryptocurrencies. We would like to add the ability to drop others in the future! Hope that helps clear things up.
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Shooriko
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August 23, 2017, 09:37:14 PM |
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Only GEO will be able to mine using Proof of Location, we don't control the specs of other cryptocurrencies. We would like to add the ability to drop others in the future! Hope that helps clear things up.
Yes. AND, as long as other cryptocurrnecies cannot steal the GeoCoin platform for their own use in the future. We need to find ways to protect this software from being duplicated by others. Any and all precautions should be taken. |
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Shooriko
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August 23, 2017, 09:38:46 PM |
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Only GEO will be able to mine using Proof of Location, we don't control the specs of other cryptocurrencies. We would like to add the ability to drop others in the future! Hope that helps clear things up.
Likewise, the fees should be charges in GeoCoins, as to incentivize other cryptos to buy Geo in order to drop their own coins for promotional campaigns. |
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weifa
Sr. Member
Offline
Activity: 776
Merit: 308
GeoCoin Developer - GIS Technologist
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August 23, 2017, 09:40:48 PM |
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GeoCoin is not an open-source project, the source is closed/private.
The fees will be charged in GEO as stated in the roadmap.
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Shooriko
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August 23, 2017, 09:44:38 PM |
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Perfect!!! Then it is a good decision!!! Go GeoCoin!!!
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Shooriko
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August 23, 2017, 09:48:37 PM |
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I sincerely apologize and I hope that I did not mislead anyone. Please forgive me for my freaking out. |
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420coupe
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Activity: 6
Merit: 0
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August 23, 2017, 09:49:15 PM |
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Is there an ETA to Mobile app Launch ?
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DAVETUN
Full Member
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Activity: 728
Merit: 101
Bitcoin is the currency of this age
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August 23, 2017, 10:05:20 PM |
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Geocoin will tend to compete favourably with other coin, and get stabilize in the near future,it worth investing on.the clear understanding of the Geo world is a platform for solving major environmental global issues.
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alexinv
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August 23, 2017, 10:06:01 PM |
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anyway this new idea wouldn't allow geocoin to reach to new heights because now this coin lost its authenticity, as I said earlier this this idea could be impelemented after one year of sustainable using of geocoins but not now. now many people/shops/coins creators etc will win but not geocoin community. I would be really glad if I'm not correct now
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mfqrs3
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August 23, 2017, 10:13:56 PM |
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anyway this new idea wouldn't allow geocoin to reach to new heights because now this coin lost its authenticity, as I said earlier this this idea could be impelemented after one year of sustainable using of geocoins but not now. now many people/shops/coins creators etc will win but not geocoin community. I would be really glad if I'm not correct now
Lost ? By who ? Which coin stole it ? As I can see any feature about Geo is unique, and it will be that way, because this is "not" open source. |
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Shooriko
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August 23, 2017, 10:36:59 PM |
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Yes, I think having the platform as a close source should help to prevent it from being copied. Again, I am sorry for my earlier freaking out. I was wrong about the dropping of other currencies, I think it is actually a great idea!!! Keep it up development team!!! I think GeoCoin will do very well!!! I hope that I did not sway the decision of any investors!!! I am truly sorry if I did!!! I would feel horrible if someone sold out because of my initial post!!! Please make your own decisions in buying or selling these currencies!!! Thank you everyone!!! |
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