Here's why I want SAFECOIN

[happybeing]

Hey @dyamanaka I like your new rose tinted glasses!

I don’t see cryptocurrency being taken seriously as a store of value, and following Martin Armstrong very closely, I think you underestimate the attraction of the stock market in this situation. He thinks it’s likely that US stocks and Gold will come into synch in a new low, and then take off - not least because the old safe havens are the best, and one of those is the US dollar. When global capital seeks a safe home, where do you expect it to flow. To safety, and the US is the safest bet (just look at its geopolitical strength and track record compared to Europe and the East).

However, even that appears to be a stage, Armstrong is well worth reading I think, even if I disagree with him on quite a lot, he has some very interesting observations and convincing reasoning about economics and markets. Don’t let his polemical style put you off (he has his demons, for understandable reasons).

[dyamanaka]

I follow Martin Armstrong as well and have seen much of his work.

Actually, I look at everything. But it doesn’t necessarily mean I have rose tinted glasses. I’m only pointing out the “potential” which I spoke about in the ANTS podcast. See below.

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My view on the stock market 1:27:40 to 1:32:30

LIFE IS PEOPLE #109 ANTS 11 @n_9_9_ Building On @maidsafe Technology

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My view on the potential paradigm shift 1:50:20 to 1:51:05

LIFE IS PEOPLE #109 ANTS 11 @n_9_9_ Building On @maidsafe Technology

[janeannford]

The avg. Joe non-tech, I think, will probably hear about the safe network from the buzz created around money made from safecoin. He will try farming and find that it was easy to do - unlike other cryptocurrencies. When he makes some safecoin, of course, he’ll want to check the exchange(s) to see what it’s worth. I think what he sees will persuade him to buy more, not sell. With bitcoin there is a constant influx sold on the exchanges out of necessity to recoup mining costs. Not so with safecoin. I think there will be tremendous upward pressure on safecoin price coming from far outside the mostly tech adept traders we see now.

This will, also, expose Mr. Avg Joe to what the safe network can really do - lighting the safe economy on fire.

I don’t really know what to expect. But, yeah, I like safecoin.

[FollowTheCycles]

@happybeing

even if I disagree with him on quite a lot,

I’m curious about what you disagree with him about…especially if it covers a lot of his points. I’ve dared my colleagues to defy his economic theory. Those who have followed his economic theory and actually traded his calls have made a fortune.

[Safety1st]

Here’s why I want Safecoin - because Coinbase (who knows more information about me then my mother and has had me as a customer since 2013) recently locked my account until I can give them all kinds of details about what I do with my money.

[happybeing]

@FollowTheCycles

My opinion is that Martin has great insights and experience, but that he’s prone - in his blog - to unjustified (not necessary wrong) statements of fact, and a degree of selection bias. This reminds me not to take too much as true, but as possibly true and think critically about it.

For example, on climate change, he doesn’t believe man has any influence on climate and says we’re headed into a mini ice age. He might be right…

But from time to time he makes statements based on news reports that either aren’t backed up by the report when I read it - in fact on reading to the final paragraph recently the report was actually supporting the opposite position.

Another example is him linking to a weather report for the UK and claiming it as evidence for the coming Ice age, when it was typical UK tabloid hyperbole creating a headline of a “cold freeze” for which there wasn’t any real cause - and certainly hasn’t happened. Things have got colder lately, but compared to a very mild period lasting two months, and even now that has ended, the weather is still milder than last year, and where I live we’ve only just had our first (very mild) frost. Last winter the canal froze solid in places during December. Nothing like that so far this winter.

But even if it was as he suggested, a cooler spell, this is not significant within the climate change debate. I’m sure he knows that, so I’m left wondering why does he do this.

These kinds of incident are quite frequent on that topic, but I also notice other claims that don’t add up when I think about them. For example, I’m still trying to figure out how he can suggest Pi is a factor in a cycle of Pi*1000 days. Why not Pi * 10 then? Or 100, or even Pi * 1234. Clearly this needs explaining, and I can’t think of a way to deal with that.

I’m not knocking him here, these are my observations, and I regard him as a source of high quality information and insight that I’ve not found anywhere else. He certainly gets me thinking in new ways, and that’s very valuable to me, because I share his passion for understanding what the underlying factors are that govern the human world, and I agree with him on many things.

I just think he rattles those blog posts out at a high rate, without necessarily reading or selecting his sources well enough, and also let’s his emotions push his opinions beyond what the evidence he’s presenting leads him to conclude.

[FollowTheCycles]

Roger and I agree with the above. His commentary is often “interesting” - and sometimes maddening.

[dyamanaka]

@smacz

Look at M-Pesa, and how “minutes” on cell phones have become the de-facto currency of Kenya(?). They are meant to be used as minutes, but are now valued as currency.

This morning, my friend asked if I knew about a phone banking system being used in Africa. As he described it, I realized he was talking about M-Pesa. I explained how it works and his eyes lit up. He’s not interested in crypto at all, yet he instantly saw M-Pesa’s usefullness as a mobile payment system. He asked will it come to America?

I said, “possibly, but the banks won’t like it. Transferring minutes is an alternative to traditional banking.”

Then I remembered what @smacz said in the quote above, and wondered if Safecoin will go down a similar path? In other words, will Safecoin be used for P2P transactions instead of buying PUTS?

M-Pesa is not perfect, but it works, and people find it very useful.

Anyway, I’m just thinking out loud.

[bluebird]

For what it’s worth, I disfavor bending the algorithms to make Safecoin divisible.

If Safecoin can only be spent in whole units, being primarily intended for payment of PUTS, then that is not necessarily a problem.

It opens a market niche for smaller, private, automated currencies that exist only on the SAFE network, tied at some fixed exchange rate to Safecoin.

There is precedence for this. We tend to forget how things were done in former times:

The small-denomination-coin industry had developed to the point at which 20 independent mints were involved in making coins. These private coins served the merchants and the workers, while the government’s currency served only the landed rich. The new industry was like capitalism itself: it was designed for everyone to the benefit of everyone.

• from https://mises.org/library/ramble-round-old-birmingham

Such common coinage was often issued by large merchants, and it worked quite well right up until the government shut it down.

And “bank notes” get their name from the fact that in the 19th century they were issued by banks. That led to fractional reserve banking, bank runs and bank collapses, of course.

The fractional reserve problem would be cured by competition and reputation, and we would see something more like the private coinage of Birmingham, I think.

[chrisfostertv]

@dyamanaka

In other words, will Safecoin be used for P2P transactions instead of buying PUTS?

Instantaneous, zero cost transactions of Safecoin would surely endear itself to supply chain management. Think of what David said regarding machines owning themselves in safecoin and apply it to entire automated supply chains, with the ability for humans to insert themselves at points in that chain for example crowdfund/groupbuy products and components.

I really think the theory of ‘self liquidating credit’ (based on consumer demand for goods) can drive this entire automated, safecoin enabled supply chain. SAFE can bring this system back.

08/17 Prof. A. Fekete: Self-liquidating credit

[mvanzyl]

As long as it is divisible by some method I can agree with that. Having the minimum spend be 1 coin though will never let it reach the pricing potential of say Bitcoin…

Opening payment channels, etc could do this, but not having the coin divisible by some method will keep the price artificially low, crippling free market gains and (somewhat selfishly) ruining any hopes I have of appreciation of price so I can end up buying my new yacht!!!