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Offline speedy

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Maidsafe's inflationary Safecoin
« on: August 15, 2014, 12:54:18 PM »

Almost everyone here believes that the assets that you hold should provide you with dividends, not inflation. So what do we think about Maidsafe and Safecoin?

As I understand it, you can volunteer 10 GB of space for example to store 1GB of space on the Maidsafe network. If you provide much more resources than you are consuming, you are compensated with new Safecoin (known as farming), which can be spent later to store your data on the network.

What do we think of this business model? Do the needs of the Maidsafe network justify having an inflationary currency? Or should their system be redesigned into a DAC that actually provides dividends to shareholders?

The words of charles hoskinson come to mind when he said that rewards should go to people that support the network, as opposed to people that just hold the tokens.

Btw, anyone who wants decentralization should be really excited about Maidsafe. We should not be seeing it as a competitor.

Offline fuzzy

Re: Maidsafe's inflationary Safecoin
« Reply #1 on: August 15, 2014, 01:10:58 PM »
Almost everyone here believes that the assets that you hold should provide you with dividends, not inflation. So what do we think about Maidsafe and Safecoin?

As I understand it, you can volunteer 10 GB of space for example to store 1GB of space on the Maidsafe network. If you provide much more resources than you are consuming, you are compensated with new Safecoin (known as farming), which can be spent later to store your data on the network.

What do we think of this business model? Do the needs of the Maidsafe network justify having an inflationary currency? Or should their system be redesigned into a DAC that actually provides dividends to shareholde!rs?

The words of charles hoskinson come to mind when he said that rewards should go to people that support the network, as opposed to people that just hold the tokens.

Btw, anyone who wants decentralization should be really excited about Maidsafe. We should not be seeing it as a competitor.

I find myself thinking that  inflationary coins like this might be able to have users destroy coins when they buy storage space.  Wouldnt that significantly cut down on inflation?
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Offline speedy

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Re: Maidsafe's inflationary Safecoin
« Reply #2 on: August 15, 2014, 01:31:36 PM »
I find myself thinking that  inflationary coins like this might be able to have users destroy coins when they buy storage space.  Wouldnt that significantly cut down on inflation?

Thats an interesting idea - in that case the amount of Safecoins in existence would be proportional to how much unused capacity there was on the network. And it would still make holding Safecoin a losing investment as the network becomes more popular and more capacity becomes available.

On the other hand as the network gets more popular, the coins become more useful. Have to wait and see.
« Last Edit: August 15, 2014, 01:38:58 PM by trader »

Offline fuzzy

Re: Maidsafe's inflationary Safecoin
« Reply #3 on: August 15, 2014, 05:55:41 PM »
I find myself thinking that  inflationary coins like this might be able to have users destroy coins when they buy storage space.  Wouldnt that significantly cut down on inflation?

Thats an interesting idea - in that case the amount of Safecoins in existence would be proportional to how much unused capacity there was on the network. And it would still make holding Safecoin a losing investment as the network becomes more popular and more capacity becomes available.

On the other hand as the network gets more popular, the coins become more useful. Have to wait and see.

Actually very interested in this for reason having to do with beyondbitcoinx.net.m so definitely feel free to keep in touch. Jeck even check out the mumble server....peraonally really like chattin with communty members who are interested in these problems.
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Offline luckybit

Re: Maidsafe's inflationary Safecoin
« Reply #4 on: August 16, 2014, 08:23:38 PM »
Almost everyone here believes that the assets that you hold should provide you with dividends, not inflation. So what do we think about Maidsafe and Safecoin?

As I understand it, you can volunteer 10 GB of space for example to store 1GB of space on the Maidsafe network. If you provide much more resources than you are consuming, you are compensated with new Safecoin (known as farming), which can be spent later to store your data on the network.

What do we think of this business model? Do the needs of the Maidsafe network justify having an inflationary currency? Or should their system be redesigned into a DAC that actually provides dividends to shareholders?

The words of charles hoskinson come to mind when he said that rewards should go to people that support the network, as opposed to people that just hold the tokens.

Btw, anyone who wants decentralization should be really excited about Maidsafe. We should not be seeing it as a competitor.

I would argue it's not much of a coin. It's a commodity disguised as a coin.

I don't think it's inflationary because in order to create Safecoins you have to provide storage. It's not printed out of thin air.
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