Generally debt based assets that have been created for productive purposes and lent to credit worthy people make a lot of sense to me (including much fiat currency, bonds, shares, and some derivatives).
Not all debt based assets fit that bill & there’s a lot of nonsense (like was shown in 2008 with nonsense mortgage debt products), but debt per-se can be, and is very helpful. It has been transformative to the pace of human progress in the past decades & couple of centuries & without it I doubt technology would have progressed at the rate it has or levels of human poverty dropped as fast (though perhaps we’d have found another way).
Crypto assets could create more of the sensible debt, via platforms like SALT lending, and bring further accountability to prevent bad / nonsense debt product from going undetected due to idiots who issue & trade them losing track of underlying assets.
This can break the monopoly banks have on creating debt backed money, and the new money can have far fewer restrictions, at the same time as far greater accountability & transparency where required.
There’s also greater potential for crypto currencies & assets than they’ve currently achieved, so the future will very likely be bright for them.
Bittrex get brutal reviews over at trustpilot for not allowing a significant number of people to withdraw crypto in addition to long periods without any support response for panicking customers with frozen funds. A cursory search on them turns up pages and pages of the same complaint. Seems risky.
This occurred as part of the long announced removal of legacy accounts. The people had to give ID. Its a problem of the regulations of USA more than being doggy. And Poloniex is the next one doing it too, so expect the howls from their legacy users
Most exchanges have had support problems over the last 6-9 months.
Credit worthy in what sense? Do you mean the average Joe who makes enough money to never quite pay off his credit cards, and thus always be a slave to his holiday cycle and consumer addictions? Debt might be great for those who understand how to use it, but most do not, and become slaves of it, which I think is what central banks love.
Debt is good if it increases your net worth or has future value. If it doesn’t do that and you don’t have cash to pay for it, it’s bad debt.
Sadly seeing that most people are in the latter category, debt is just another form of control.
Credit worthy in the sense that they can quite comfortably afford to make repayments and understand what taking on debt entails & its potential pitfalls.
Apparently in the UK 16.1% of the population have ‘problem debt’, which is terrible & should be tackled, but is far from ‘most people’ - 83.9% don’t have problem debt. Most people are either borrowing responsibly, or not borrowing at all.
I’m not for banning debt because some abuse it, but I am for innovations that enable good debt and discourage bad debt. I think well designed non-bank, non-government lending products may have a role in helping to achieving this, so that in the future fewer people get into debt problems, or can find ways out of existing problems.
Can you give any examples of ‘control’ that lenders have over debtors other than demanding re-payments?
Anyway really hope the price goes up soon. It’s like the whole biggest-crypto-boom-ever-recorded never even happened for MAID. Was around 40 or 45 or 50 cents before, and now only 67. Ludicrous! Feels like a hundred other projects have tons more value increase than that.
Kill me, but I love it. Shows that MAID stands and falls with what it has to offer; not riding anyone’s coattail. It also allows me to get preloaded. It’s not a problem. It’s an opportunity.
I just don’t like it because it makes people have a false notion of the project and think that it’s unproven. Is this project deserving of its "unproven" status? Feels like nobody considers MAID part of crypto, just because it’s not block chain, let alone its being provable.
Well, if Bitcoin does get to $50K this year, that would leave BTC with a market cap of ~$750B. If the Maidsafe team surprised us all, and I don’t know, hit beta by midyear and went live on, say, new year’s eve (I know, I know, crazy aggressive, but suspend disbelief for a moment), then–at a price of $1000 per coin–the market cap for MAID (or more aptly, Safecoin) could be ~$450B on 12/31/18. That would be about 60% of BTC’s market cap. Do recall back in June 2017 when the flippening almost happened between BTC and ETH. A girl can dream…
I’m on board with this dream, but I think a few post-beta milestones have to be met, e.g. key partnerships, widespread community development, education of the blockchain-biased world, and just time itself for testing attack vectors and people to feel comfortable with further adoption. Certainly, having actual safecoin is a seal of approval. The whole intermediate Omni layer token is a pretty huge impediment IMO.
Yes I agree. For me it’s really easy to convince people of buying MAID, But then the problem begins…No easy exchange, explain that MAID is not the real safecoin, Omnilayer…no one understands and they back off.
Maybe we should launch a new ICO ;-), swap MAID for this new coin. Give the coin a decent name (sorry maid). ICO’s are hot, we got a better coin, and a lot of attention! win-win maybe?
Polo is the smoothest exchange around. Deposit some BTC, exchange for MAID and take it back home. Doesn’t get much easier. Then there’s Cryptopia and a couple of others.
The current MAID is not the problem. People around Crypto projects with any depth tend to be pretty non-stupid, therefore they will get it rather quickly.
The problem is that some people want MAID to go on the roller coaster ride so they can finally play the trading game big time. Nothing wrong with that I guess, but they will have to wait a couple more years.
I like it. This way, I can slowly amass a decent amount without taking any risks.
Naw. Sunk costs. We just need to move forward. We’ve suffered (relatively only!) in price and in awareness/attracting devs. Adding additional confusion and unknowns vs. just being more patient and surprising everyone…which would you really choose? One is definitely lower risk and for the value investor, it extends the time to buy in more.
As per the Omni asset statistics, 50 addresses have done just that. Granted 3-4 are exchanges, but those others? And imagine the people taking risks on the exchanges. That aside, there’s likely a few more big hodlers whose hodlings are hidden in the exchanges wallets. Those complaining about the price now will be complaining about not having accumulated later.
I own some MAID and I’m just trying to estimate what is the possible future worth of it.
So, first, MAID in exchangeable to Safecoin in a rate 1 = 1. The maximum available amount of Safecoin is going to be 4.3 billion, when Safenet goes live.
It seems to me that Safenet has a potential to make the blockchain technology obsolete by making all that stuff better - and more. So I assume it can collect in all the value that is now spread in cryptomarkets. The marketcap of all the cryptos is at the moment of my writing about 560 billion dollars. If all that value would funnel into Safecoin the price of it would be 560B / 4.3B = 130$.
This is just my quick way of trying to figure some ballpark of the future price and it lacks any reasoning based on value of the Safenet functions, or the effects of price speculation. But this is the best I can do. What do you think about it? What kind of guesstimations other people have, and how do you end up making them?
