It seems to me that every project has a total amount of coins that is to small. There is 8 billion people on this planet. Each will possible have 10 000 dollars. Safe need to have enough safecoins so that each human on this planet can have 10 000 safecoins. If not at first then at least in the end. Anything less than that and the total amount of coins will be to small and thus becasue of this be not as usable and desirable to use for trade as it could be.
Safe should aim for safecoin being the most practical and desirable medium for trade and wealth-storage. And to that end the number of coins need to be around the amount of humans on earth times 10 000. A to small number will in itself hamper the coins usefulness for trading and as the everyday medium to make business. It would be very unfortunate to choose a total number of coins that is to small.
Don’t forget the coins are divisible and are not pegged to a conversion rate or specific fiat currency. Your post is assuming that $1 = 1 Safecoin.
$10,000 could equal 10,000 safecoins or 500 safecoins or 0.5 safecoins so having 8 billion x 10,000 coins is not necessarily needed.
Also, if every human had 10k in their pocket the world would be a paradise, but unfortunately for us, most people have very little net worth and at least in the US we prefer to run with a negative net worth just to live on the edge!!
Well I could have written units not dollars. There should be 10 000 units for each human and each unit should be divisable by at least 4, or best 100. Every currency in the world uses a divisablity of 10 or 100 and that is because it is desirable and what people need and want. The main point is that whatever this unit is called when we go live it must be enough of them in the end that they are useful. To be all that it can be from that standpoint of being usable and practical for trade and wealthstorage there should be about 10 000 units for each human on earth and the unit should also be divisable by 10 or possible as much as 100. Fewer coins than that will mean that safecoin is being hampered by the fact that there is to few coins around.
The fact that there would be to few safecoins would meake them less practical and therefore less desirable to everyday trade and life and that means that the competition, like fiat money or whatever comes in the future, will be more popular in comparisson to safecoin on the merit alone that the number of safecoins are to few. That would be most unfortunate.
This many units will not be needed the first ten years or perhaps even the first 50 years. But if we aim high, then there would in the end need to be around 10 000 units for each human on the planet. Anything less and the value and the usage of safecoins would be hampered by the fact alone that there are to few safecoins.
Bitcoin has enough “units”. There are enough “units” for everyone to have several thousand Satoshi. It is divisible to 8 decimal places. Safecoin is divisible, and there are about 200 times more to begin with. Not only that, but I believe safecoin is divisible to 2^32 decimal places. There’s plenty.
Well, so be it. Bitcoins made a horrible error then not to launch with satoshi as the name of the normal trade unit. That PR mistake alone would have cost bitcoins both value and trade mass.
And more to the point, bitcoin is quite a failure so far in that so little of it is turned around each day. Noone uses bitcoins to buy a soda or an ice-cream. And that is a considerable weakness. I hope for safecoin to be usaable practically, bitcoins to date has not been.
From what I gather the coins will be divisible. This mean 1 safe coin could be divisible into 1 million micro coins. So if one coin was worth 10 000 dollars then each micro safe coin would be worth 1 cents. If I want to buy a 1 dollar item from you i send you 100 micro safe coins
This is similar to the way bitcoin is working with satoshis ehich are 0.0001 of a bitcoin.
Please correct if I am wrong. As i am new to SAFE.
Please guys. I understand the divisability. But then we should launch with a unit that is already divided so it can only be divided 100 times more. 1 Euro is 100 cents. 1 swedish crown is 100 öre. And so on. Divide it upfront and then thats the unit we talk about and teach the world. If the value is low in the begining lets just use kilo, Mega or what not. That is a much better way to go about it than what bitcoin has done. And part of the failure of bitcoin where people horde it and dont use it for everyday trade can be traced to this very mistake.
Please let me illustrate my point with an example. I am swedish so bear with me. Lets say that sweden did not have their own currency and the government decided to start one. Nobody in their right mind would launch a new swedish Crown and then explain to the population that this is your new currency, swedish crowns. One Crown conists of 2048 cents. Nobody in their right mind would issue a currency like that.
You would issue one crown and one crown consists of 99 cents. This makes sense to people. If you then in the beginning would need 6 000 crowns to buy one icecream then so be it. But lets communicate a logical unit that does not divide in to more than 100 because if we do we will in the end be less usefeul and much harder to grasp and both means less successfull.
Ahhhh I understand the question now doh! You are right about bitcoin been hoarded but I guess that SAFE will differ because everybody will be able to constantly earn coins where as with bitcoin only the big miners now make coins.
You point makes sense to me now. The average Joe does not want to deal with one millionths and 10 -6.
I hope someone can give you an answer to this as I am intrigued as to whether there is a logical reason.
You need to stop viewing things from dollar/fiat perspective. 1 dollar = 1 safecoin does not make any sense. In fact fiat money doesn’t even make sense!
What does dollar value to? It can’t be precious metal because they no longer accept that. How does one determine 1 dollar = 1oz of gold? How does one determine one dollar equal to 1oz of silver? How does one determine one dollar equal to 10oz candy bar? Where does that one dollar come from?
All trades are based on weight and/or volume. 1oz silver for 20oz of candy bar. 1oz of gold for 2000lbs car engine. Now things are starting to make sense.
Bitcoin and safecoin is value based on resources, electricity, and bandwidth. Therefore we can make a determination on how it values.
1 safecoin = 1gb or mb + the cost of electricity + bandwidth.
The cost of electricity is based on the resources it requires, and manpower.
The bandwidth is based on electricity, and requires cable management, and manpower.
As right now, 1 bitcoin is weight in 27oz of silver or .3oz of gold. We can make determination on how much your pay rate is worth. Well since one provided the supply to the electricity company, coal - 40tons of coal to the electricity company, that will value that person 3oz of silver.
Now if you understand that, then there is no reason to view things from fiat perspective. That’s one thing I love about precious metals. Your work value is WEIGHED in on how much you done, and how much supply you have provided to the workplace.
Well first off, Bitcoin didn’t make a PR mistake. It was a proof of concept that took off. The pr was “give this a try see if it even works” to a cryptography group. It had 0 value and the only way to compensate for increased value was make it divisible.
Now
There is a push to move to “bits”. What are bits? It is .00001 (I believe) Bitcoin. Problem solved. We’re talking semantics. If safe value stays tiny, we’ll be pricing things in hundreds of safe. If it skyrockets, we’ll be pricing things in Irvines (.00001 safecoin)
Long story short, don’t hate on divisibility. It’s now you plan for success. You just change some names and you’re good.
Seems like almost every bitcoin users, and alt bag holders forget that 21 million is the holy grail, and how it dodges the bullet.
All in all, there will never be more than 21 million BTC in existence. On the other hand, each bitcoin can be split into 100 million pieces (called “satoshis”), so it will not become difficult to use Bitcoin if its value goes up the same way it would become problematic to trade with dollars if each penny was enough to buy a car. Thus, all in all, the total number of currency units that will ever exist stands at 2,100,000,000,000,000: 2.1 quadrillion
First of all, the number is considerably less than 264 - 1, the largest integer that can be stored in a standard integer on a computer - go above that, and the integers wrap around to zero like an odometer.
I like that quote…and you could also choose to display the price in fiat and never have the end user have to see the safecoin working in the background if one so chooses.
For example “Sign up now for the SAFE Network… 5GB of Storage for life for $25” or whatever.
Then the end user pays with a credit card or paypal or something and that fiat payment is converted and ultimately paid in Safecoin.
the user just joined the safe network without having to know anything about clients/vaults or safecoins…
Safecoin is not and will never be The Currency. Its purpose is to serve the network. Any other purpose is ancillary.
The world will almost certainly be shifting to multiple voluntary currencies, all of which can be swapped on the fly by exchange mechanisms.
Safecoin is not divisible from the start because it would put an undue computational burden on the network to account for units of such small value. It is not like bitcoin which is a ledger system. Each unit is a cryptographic identity.
The SAFE Network will allow for many other easily managed currencies, just waiting to be bestowed with value. Also there are other platforms, on top of Bitcoin and separate from both, which will compete for usage, as it should be. There will be no ONE CURRENCY TO RULE THEM ALL, as the US dollar has been. So a super-high level of divisibility is not needed till it’s needed.
I beg to differ. You cannot make a determination on which product that cannot be the “currency”.
Currency simply means a product that uses by the majority, and is easy to trade which turn itself into a medium of exchange.
Before the American revolution, the colonies use tobacco as medium of exchange. The american indians use beads as a medium of exchange. In their eyes, they consider that as a currency.
Surely safecoin can’t divide right now, but once it do, it will turn into currency.
All I’m saying is that even if safecoin becomes the “anchor” currency against which others tend to be compared, there will never again be such a thing as THE currency. As you say, tobacco was used at times, whiskey at others. Whatever currency dominates, many others will be there, nipping at its heals. These are not currencies backed by armies or domination, but by utility and competition.
We have no clear notion of how big safecoin can get, but we can determine that it will not be strained to account for all currency needs.
