MaidSafeCoin (MAID & eMAID) - Price & Trading topic (Part 2)

[oetyng]

@Sotros25

If I’m understanding this correctly, the Network is aware of how many SNT everyone has in their wallets. In that case, the assumption is that no one could stockpile SNT in a location that is not on the Network.

Yes. Without DBC, the tokens exist only in the network.
With DBC there are other ways of recording, but that is a topic for another day

[Sotros25]

Cool, thanks!

[jlpell]

@Antifragile

Do not forget that coins are destroyed when used

Don’t forget that for the first 10 years a crypto mentality may likely prevail. This means that a lot of the new supply will be hoarded instead of spent on data.

1st law of safe network: nothing is destroyed, save everything.

[oetyng]

@Antifragile

Do not forget that coins are destroyed when used.

Not currently. There have been proposals where this was true, but as of now used tokens are distributed to node operators.

[jlpell]

@oetyng

but as of now used tokens are distributed to node operators

Perfection. 20 chars.

[archytect]

I remember this

MaidSafeCoin (MAID) - Price & Trading topic (Part 1)

just a fun thing I decided to type up. A few errors/lack of details more so in the 1st-ish half.

[jlpell]

@Antifragile

The economy where all coins used for upload are distributed to miners requires forever increasing coin supply

No, it doesn’t.

@Antifragile

But without it, what are the forces that allow huge rewards in case there are too many uploaders and too few miners

The network can hold on to it “temporarily”.

[jlpell]

Put_charges = Farmer_reward + Network_commission

Aka

Income = Expenditure + Savings

Aka

Input = Output + Storage

[jlpell]

Just for the current testnet. I’m pretty confident that ‘storage’ will return, since it makes for a more stable system, ie. a better design. The alternative is to rely on the “hoarders” we previously discussed to provide the storage/saver role.

[Dimitar]

I just want to remind to all that the economy of the Safe Network should always, absolutely always be considered not in itself, but in relation to other Safe copies. If we have too much premining we will be attacked on this basis by copies that can be advertised as “fair”.

---

Privacy. Security. Freedom

[anon57419684]

Shouldn’t this discussion take place in a reward algo topic so it’s not lost in price history?

[oetyng]

@Antifragile

It did not sound like testnet only implementation. @oetyng is it testnet only solution or it will be also in final version?

@oetyng

Not currently. There have been proposals where this was true, but as of now used tokens are distributed to node operators.

We don’t know about final version at this point.

More details here: MaidSafeCoin (MAID & eMAID) - Price & Trading topic (Part 2) - #2573 by oetyng

[dirvine]

Yes the previous was destroyed and paid to farmers, now it’s directly paid to farmers, basically that same thing. It leaves a client, never to be seen again until a farmer earns it.

[dirvine]

No need to worry just yet, we start with an algo that works, i.e. the network keeps going techically. When the testnet is up then the huge debate over economics can rage. So this is not set in stone, but we can show folk pay to store/mutate, farmers earn to store etc. We take it from there. I wont right now say what I think it should be as I honestly don’t yet know, but I have a very strong feeling the simpler the better.

[Sotros25]

@oetyng

as of now used tokens are distributed to node operators.

I think this is a positive development. This very much simplifies not exceeding a max supply of 4.29 B tokens. I always wondered why destruction of the token was necessary and how this could be efficiently handled when tokens are divisible. The positive thing is that the Network decides the cost of service based on relative supply and demand, not on market price. So long as the Network provides valuable services, people will pay for / earn tokens to use those services. With regards to people hoarding tokens, there is a price at which everyone would be willing to sell.

[neo]

@oetyng

For testnet, a minting algorithm is chosen where minting scales with network usage, and does eventually reach max.

David said you have come up with a way that means no section has a large number of tokens in its token balance.

I am guessing this “minting” has something to do with that. Maybe if you have time you could explain what you came up with and the algorithms behind it. I think it would be a very interesting read. Maybe a topic under the Development section. I realise you may not have time and that is all good if you don’t.

[Josh]

Decided to go from paper to Trezor for MAID.
Why are people complaining about ETH fees holy cow try moving some MAID… WTF
.

[waveman352]

Any particular reason you decided to do it now? I’ve been contemplating for a while.

[Josh]

Idk. Been a long time coming. Just figured I’d get it done. No reason really.

[waveman352]

Fair enough