Bitcoin is creaking, it's going to break. SAFE coin is the future. Also for BTC Price&Trading discussions


#11

I’ve noticed two constant threads across the internet on bitcoin:

  1. Right when the market peaks there is someone saying it’ll be some obnoxious number and “buy while you can” platitudes.
  2. When the market has any down turn there is someone being chicken little panicked or excited that it will break.

This is simple economics happening at a speed not possible prior to the internet and millions having instant access. It would shock the economy if it did collapse, destroy all cryptos credibility (especially small coins like safe coin) and probably bring the rents down in the Bay Area (wishful thinking). We shouldn’t hope for that. Cryptocurrency is like the tide, as it goes up we all do but we aren’t going down separately.


#12

SAFE coin still doesn’t exist, as far as I know… For now it’s Maid-coin (mad coin misspelled he he he) . In any case SAFE net, most importantly and safe-coin are something completely different. Nothing for big speculators anyway. It’s about a safe network and a really interesting “democratic” implementation (I believe) that will allow to participate rather than to earn for sharing space and the network.

Still a new in the forum so be kind and tell me if I misunderstood the overall idea. In any case and even if it will split again Bitcoin is here to stay. The last split didn’t do any harm in fact and added some value.

I’ll follow and participate as much as I can and I’d like to see alpha 4 and possibly a beta :wink:


#13

Bitcoin Gold, is what its going to be called?

I dont get it.

Do you think safecoin will take over ?


#14

I highly doubt bitcoin will be replaced. It has earnt its place and functions as intended.
Safe can do very very well on its own.


#15

Since SAFE coin will be tied to the price of data storage and the coins will be linked to the going rate of farming, could SAFE coin ever take off in the way bitcoin has? Meaning investors decided to invest in bitcoin as a tried and true method of storing wealth but would the price of SAFE coin be more closely tied to the going-rate of data storage? Not sure if this question makes sense but I feel the two coins satisfy different niches and am not sure if SAFE would be seen as a coin in the same way. I’m also aware that the overall numbers of coins makes a difference.


#16

It seems you have applied the wrong conclusions and limited the basis.

The coin truly is used to pay for network resources and is used to pay farmers. This is the network economics and the price in safecoin (not $$$) of resources is determined by spare resources.

The human economics is not necessarily tied to anything specific. Yes there will be a base price that the coin should not go below and that is a premium on storage costs. But because the coin can be speculated, can be used as a form of instant, fee less payments, can be used for micropayments means that it is not tied to storage costs.

Definitely


Please note: actual price speculation and trading talk is limited to one topic MaidSafeCoin (MAID) - Price & Trading topic which has some conditions on its use.


#17

They are very different beasts really, but yes, imo it could take off in a more serious way. Velocity of money is critical to driving economic growth. Deflationary assets (hard money like gold or BTC) tend to slow down the velocity as they increase in value over time and therefore have a high ‘hold’ incentive. This is part of the reason I don’t see BTC as currency and I suspect all attempts to make it replace fiat currency (soft money) will fail. A deflationary asset will always be volatile and bad for budgeting your business or your weekly shop, the velocity of it will also always be low as users tend not to want to part with it when they know it will keep rising in value.

Societies work much better when they have easy access to both hard and soft money. As Simon Dixon likes to say, BTC is like your savings account, you dip in and out of it and you add to it over time, but when it comes to daily-spending you need soft, stable money too.

BTC has exploded in value because it is the perfect deflationary investment and it started from nothing, so the initial phases of growth are necessarily huge. Some people do use BTC as currency out of necessity (like Venezuelans and the online black markets), but broadly speaking most of us don’t like to spend our BTCs because they go up in value.

SafeCoin is a very interesting proposition. It is a kind of hard money. It’s backed by real-world resources, deflationary/limited in supply etc. However, SafeCoin’s unique utility is broader than that of BTC. Anyone who wants to use the network MUST burn their coins to do so, and if anyone can earn small amounts of coin for free then we can see how there might be a greater tendency to spend and increase velocity for a utility than with a simple investment asset like BTC.

I suspect SafeCoin will have an inverse relationship to BTC in terms of how it is used. My guess is most will ‘use’ their small amount of (free) coins and they will have a high velocity and help improve the SAFE economy. A smaller proportion of the whole is likely to be ‘invested’ as a hard asset imo (although of course there will be plenty of investors just as BTC has plenty of users).

I think the focus on utility and the higher percentage of users to investors will have a really positive effect on SafeCoin personally. Despite being a deflationary asset it should behave like soft money in some ways. I imagine it will be a little more stable in the longer term and it should reach a critical mass much sooner than BTC. With a high velocity it could help sustain a really thriving economy without needing the pyramid scheme investment that BTC required. I don’t need to buy-in to SAFE to increase the value of the network or coins. As soon as I start farming I have added the value of my spare resources. So, if SAFE can really monetise a lot of spare capacity, create a thriving internal economy with high velocity of money, and satisfy investor desire for deflationary investment and a store of value, well then, I’d say SafeCoin at least has the potential for quicker and more sustained growth (less volatile in terms of downswings if backed by more utility than speculation) than BTC ever had.


#18

Very interesting post from Jabbers, lots to chew on there. This really leaped out at me. Very good point:

Also worth noting, you will probably have to acquire a small stake to join, eg pay a SafeCoin to create an account. This also drives farming adoption / adds value to the network.


#19

Indeed, it seems safe coin is the future. The creation of bitcoin was truly revolutionary, but safe has the ability to take things to a completely new dimension.

Currently, individuals can buy a myriad of cyber currencies to offer themselves an alternative store of wealth. However, the best way to store this wealth is to have the keycodes for the wallets stored someplace outside the reach of another (including hackers). Imagine the potential that the safe network will bring. Instead of storing one’s keycodes on a thumb drive or in a computer, a person could save the codes on the safe network. All you would then need is access to a computer with the maid safe client and your memorized password and you could gain access to all your encrypted keycodes from the network.

What does this mean? Your memorized password is all you need to travel anywhere in the world to have access to your “bank”. Once you have converted your assets into digital currency and saved your addresses and keycodes onto the safe network, all you need is the password in your head to unlock it. You can travel anyplace on earth with only a password in your head to literally move your wealth. That will bring great value and demand to the safe network, which in turn will increase the value of safe coin…to the moon…eventually.


#20

There is still risk - if your computer has malware installed that monitors keystrokes etc, you could still have everything compromised. My understanding is that a hardware wallet would prevent this problem because the hacker is not capable of entering the code displayed on the external device?

However, I agree generally with what you said, using SAFEnet would be a security improvement over what people have available now . .


#21

I keep hearing about the moon. Just wish it would start to move in that direction


#22

You just need a second security factor. 2FA tools are pretty common now and safe net just needs a way to integrate one (obviously in a safe, decentralised, way! :wink: )


#23

#24

Well, safe net won’t have backdoors via a negligent service department, as it doesn’t have one. Moreover, if the authentication transmission is secure, it won’t be easily intercepted. I would assume any safe net 2FA will be just as secure as the rest of the safe network.

The theory of 2FA is good though. Having a known, clean, second device used to authentication is a sound concept.


#25

OK, sounds good.
Thanks.


#26

Yea, I understand, we all want to see the price rise. I don’t think we’ll see much until it starts transacting on the safe network. Safecoin is a relatively long-term (for cryptos) investment. There is another perspective on this, however. Some don’t want the price to rise right now because they want to invest more before it does. Everyone that invests in a good coin, eventually wind up wishing they had invested more. I know when this coin hits the safe network that the price will rise. Another factor will be the increased activity on the network; this will also drive the price up. Until then, safecoin will just kind-of linger. But like I said, that’s good for investors who want to use the time to invest more at what they believe to be a low price considering the long-term.


#27

I look forward to the launch. Patiently but eager. Exciting year 2018 will be :slight_smile:


#28

Yes, that’d be exciting year for MAIDSAFE coin and the SAFE network as well.


#30

I beg to differ. Bitcoin is not creaking or going to break. As the leading cryptocurrency it is being tested, and each “win” makes it stronger. It has dominant position and historical track record of security and growth on its side. I see no reason to diss Bitcoin while supporting MaidSafe - I’m “all in” on both :slight_smile:


#31

I agree with you but I think we will see niche coins in the future that will satisfy small retailers and consumers. Bitcoin has a way to go and Safe should open up a whole new world, hopefully in the next couple of years