After telling a friend about MaidSafe, he asked me a funny question: “If I offer one Euro for every MaidSafeCoin that you have, and if you accept you would not be allowed to every buy/farm (Maid)SafeCoin again, would you accept my offer?”
It really made me think for a while, and in the end I replied with a “probably not”. I did a quick calculation and realized MaidSafeCoin’s market capital is currently about 1/350th of Bitcoin’s, and I think there’s a good chance that SafeCoin will surpass that, provided the network works as expected. Even with a significant increase of the supply of SafeCoin due to farming, a SafeCoin would be worth more than a Euro if it achieves Bitcoin’s market capital.
My friend was surprised by my answer, and asked me to explain why not. I kept it short and gave the following arguments:
- The cryptocurrency-using population isn’t growing that hard anymore. Fact is, the vast majority of people on this earth have no problem with using the Dollar/Euro and such. I think MaidSafe is the only cryptocurrency platform out there that has the qualities to attract the masses that are disinterested in cryptocurrencies, simply because it provides services that most people are interested in (cheap, safe, and fast cloud storage being the most obvious). Since farming SafeCoin is easy and viable for almost everyone, they’ll naturally come into the possesion of some SafeCoin. Once they have some and they realize that they have value and are quity handy, they will start using and farming them more.
- SafeCoin won’t have transaction costs and can scale to millions of transactions per second, which is something blockchain technology so far has failed to provide. Blockchain cryptocurrencies are not able to handle a significant part of the world’s currency transfers.
- SafeCoin transactions are by default private, while blockchain transactions are by definition public. SafeCoin thus provides a far higher level of anonimity, which makes it a lot more attractive for the black market. The black market could give SafeCoin’s value a huge boost early on, which could create a lot of hype and momentum. (If this idea puts you off, realize that most criminals use cash fiat currency and you’ve probably been using that your entire life without ever feeling bad about it.) This sudden hype and momentum could give MaidSafe a lot of publicity, after which the network effect will take over.
Anyway, how would you respond to the question my friend asked? Would you take his offer, and why (not)?