Hi All,
This is a beginner question on Safecoin.
So far as I understand it one uses Safecoin to buy storage space but earns it for Apps used and providing storage space. If the currency is convertible to other currencies won’t it be vulnerable to speculation?
The amount of Safecoin in circulation could be drastically reduced by this speculation causing changes in prices due to money supply changes.
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Yes, yes and yes.
One thing though is that you do not earn for using applications, but an application developer will earn rewards for people using their application.
I am sure safecoin will be traded on exchanges and thus prone to speculation. Have a read of the speculation topic for MAID
Yes in the future when Safecoin (or what the name will be) is created, as Neo wrote, you buy storage. The coin can be earned by farming, reward for developed apps or you by them on a exchange.
The coin will will be priced by markets supply/demand. The total amount of coin will be balanced to be able to pay farmers. The Network will also balance reward to farmers from what space is available on the Network, high spare space = lower reward, low spare space = higher reward.
As the coin price will be dependent on supply/demand, speculation will occur.
We would have got away with it if it wasn’t for those pesky speculators…
Those pesky speculators helped fund the work we’re now seeing the fruits of in the crowdsale. Don’t hate too hard.
I guess my sarcasm and scooby doo quote was not as easy to spot as I assumed.
(bit of context: my day job is speculation)
you filthy capitalist! i hope the sn will start the communist revolution (but this time without all the death, cause it will be different this time…)
yeah, and one needs to buy hard disks for $, disk space isn’t free