Agreed. Because Safecoin has potential to serve more use cases beyond compensation for Network resources (e.g., dApp transactions, real-world monetary transactions, etc.) it seems like the market will/should set the price (or else relative “fiat value”) of Safecoin. The Network could then adjust how much resources a Safecoin can buy on the SAFE Network based on demand for resources. The Network could then dynamically broadcast the Safecoin price per PUT. For example:
- On day x the market might decide that the USD price of Safecoin is $500, and the network might decide that one Safecoin buys 10 TB of data storage.
- On day y, the market might decide the price of Safecoin is $1000, and the network can decide that one Safecoin buys 20 TB of data storage.
If the Network is “unaware” of what the fiat value of Safecoin is, then this approach assumes that when the price of Safecoin doubled, the quantity of Network resources demanded and supplied also doubled. This example also assumes that the relative USD value of a terabyte of data remains constant, which will not be true over time. In this example, one TB is worth $50. A day will likely come when one TB will be worth $25 (or less). Perhaps the Network doesn’t need to think about that, and only needs to balance based on supply vs. demand for Network resources.
I also realize that this thread is starting to stray into themes currently being discussed on RFC 57: Safecoin Revised