Its true that maximum number of coins in finished network, going to be only 600 million?
I think the figure is 4.3 billion.
But yes, there will be a hard cap… and one that in practice will take a long time, if ever, before it is all in circulation, depending on the final farming algorithm.
There is a suggestion that the whole 2^32 (4.3 billion approx) will be given to the ICO people and the 5% reserved for investors at the rate of (approx) 600 million increased to the (approx) 4.3 billion total. (approx 6.7 SNT for each MAID)
Of course this means each SNT would be approx 1/6.7 the value of 1 MAID at time of exchange but every MAID holder still gets the same value.
There is even suggestion of changing (increasing) the max and have a higher amt of SNT per MAID.
Some think this is a good idea, others not sure and some do not. One of the driving forces behind this is that it means sections do not need to have a network wallet holding large amounts of SNT and associated attraction for crackers to try and get it. THe DBCs make it easy for there to be no SNT held other than SNT received to be given out in a short frame time.
Now this is still being evaluated by the team to see what processes will be needed for the rewards/payments and pools.
I am not much happy, that this wasnt set finally yet, I prefer to know it in advance, its important question
It was set until the DBCs were used to handle the SNT in the system. Until then there had not been development on SNT in the system done. If any change is done it will be because of large benefits in doing it that way.
At this time there is no official change from the 10%+5%
Yes I was/am of the opinion that its better to have the 85% pool at the start. But if security and ability to get the network SNT system in place a lot quicker, it maybe necessary.
so if I understood well, if I have 1 safe token, then I will get 6,7 token in finished network?
So it will make the ICO people rich based on first came first served? Sounds to me like an “Oligarch system”. This will definitely make SNT a “security”.
I think all people will get 6.7tokens, it doesnt matter (or yes?) if you buy in ico or not.
All the people who hold a MAID token I believe.
Where was this idea floated? I’d like to read about it. I guess this means to MAID token holders rather than just ICO participants?
I expect having a predictable token supply would be beneficial for the development of the market for resources, as possible dilution of up to 85% could be a disruptive influence if it went a bit wrong for any reason.
Quick search for “6.7” found this topic
but I can’t believe it was three years ago!
3 months ago , you had me there for a minute.
Thought I was going bonkers for a moment. The way Discourse displays dates has confused me before though, so I claim sanity.
Nothing is certain nor predictable at the moment. We (as in forum regulars) think that early adopters will be able to purchase at least 1 SNT with 1 MAID. Check back in 2023.
Yes, but one expects that 6.7 SNT value will equal 1 MAID at exchange. So no change in what ICO members get.
Well if you read my post you would have seen that the 6.7 SNT would not be worth more than 1 MAID at exchange. And the markets are not stupid so they would not attribute as much value to 1 SNT as it did to 1 MAID if 1 SNT == 1/6.7 MAID.
Even if it did as you negatively implied, it would not make a security. Non security tokens do not need to be exchanged 1 for 1. Its the change in value, with a promise of riches that *may* move it that way
Yes, there is no difference in MAID held since ICO and MAID held by others. Someone may be able to say they held since ICO but materially there is no other difference.
There has been a couple of places. I don’t have the topic at hand but the main place recently was in the large topic where DBCs where being mentioned. An update if I recall correctly. [EDIT: oh @happybeing found it]
Not purchase, it will be an exchange remember according to the ICO
Actually it’s a huge change for current maid holders imo. Instead of individuals owning X% of ~15% of the network supply, they will own X% of the total token supply. It gives huge economic control/advantage to current whales and is not really as good a deal for the network given its need to entice farmers, nor fair for people who can’t access maid now for one reason or another and have invested/planned for farming operations with a fervor.
Exactly, that’s why I called it Oligarchy. Those who were first will be rewarded not those who contribute to the network. The more maid you hold the richer you’ll become.
Your analysis omits the possibility that people will create multiple copies of Safe.
Yes, if there was only 1 network, if you give all the tokens to the 16k addresses holding MAID at the moment, it would create an oligarchy, but since the software is open source, this would rather be a strong pressure to create more and more new networks.
If there is no meat on the bone for the next people, then they will just find a new bone…
Privacy. Security. Freedom
Agreed. And that is not in everyone’s best interest. Having 85% of the ‘meat on the bone’ reserved for future contributers, programmers, supporters, artists, developers, and node operators, etc. always seemed like the right idea imo. The meritocracy of it is one of the things that attracted me to the project.