In the case of Poloniex, many people went unverified because they resided in a state that Poloniex did not allow accounts from. Even if they were perfectly willing to submit to KYC, that KYC would have disqualified them from using Poloniex. Now all those people from those states must flee Poloniex and find another exchange to buy/sell MAID.
In cases like that I would say that is a risk a consumer was willing to take if they knew their state was anti-crypto. Polo would also be to blame though as they should have never allowed unverified users in the first place(which put them in this bad spot). People can argue how decentralized is so much better but until a really easy to use popular one is out and has mega low fees and good volume centralized exchanges will be the place to be and dominate the exchange market.
Opportunities for those who are late to the party yet are of ways and means to suppress the price till they’ve acquired as much as they will, IMO.
I agree. Not only maid too, the whole crypto space (but only the decent tech). The cream looks like it might be floating to the top eventually.
Partly technical question here. Maybe someone knows where an answer is on the forum if it’s been discussed already.
Basically, I’m interested in the mechanism of safecoin pricing vs cost of storage. I envision an issue with a coded mechanism in the network that prices storage in safecoin while demand for safecoin drives the fiat price into ranges that could make the relative price of storage ridiculously high…if the mechanism for cost of storage in safecoin terms is not somehow a function of not only available storage in the network, but of prices in the fiat economy or demand in the Dapp economy. Maybe I’m just not up-to-date on it, but I see this 2-3 sided demand for the coin causing havoc or some situation that doesn’t really optimize equilibrium.
How to say it simpler? The network prices 1GB of storage at 10 safecoin today based on the amount of storage in the network, which is constant for this thought experiment. Today each safecoin costs 1 cent, so it would be 10 cents for 1GB, but if demand for safecoin increases 100x, then it’s now $10 for a GB if the algorithm only takes safe to the network into effect. What’s the solution in layman’s terms?
And the beauty of dynamic pricing in safe network for cost of storage will help a lot. If the coin $$$ price rises then more farmers are encouraged to farm and this drive the safecoin cost of storage down. A real balancing act and human nature will add more storage to get more coin which causes the PUT cost to drop.
In effect the farmers will add storage till the cost of supplying storage is compensated satisfactorily by farming rewards. The PUT cost then reflects this by dropping so that people end up paying the $$$ value that the farmers are comfortable with. There is obvious delays etc since the farmers are paid by the network and not by the uploaders. Conversely the uploaders are not paying the farmers but are paying the network. And the only connection is that the network pays/charges according to the amount of (spare) storage supplied
2 posts were split to a new topic: Network updates - how will they be rolled out
Its about $5.00 per GB per month on commercial servers isn’t it…
Considering safestorage is forever… the price action for storing files on a live network is going to be interesting.
Per TB, not per GB. But yes. If SAFE could come in at say, double the monthly price for storage “forever”, that would certainly be a market changer.
Article about manipulation of the big boys:
Bitcoin (BTC) being the King of Crypto, generally dictates the direction the rest of the market will take. When BTC is fumbling in the market like in the current market times, every other coin and token also fumbles. This is because BTC dominates the total market capitalization by occupying 38.4% of the current total market cap of $326.6 Billion at the moment of writing this.
A brief check on the history of BTC prices yields the King of Crypto had peaked on December 17th at a value of around $20,000. Coincidentally, this was just hours before the BTC futures started being offered by the CME group amidst lots of fanfare and delight of crypto-traders who saw this as a sign of crypto joining the mainstream of investing. However, a few traders were wary of Wallstreet getting into the business and warned that the ‘big shots’ in the big investment firms, will probably find a way to short BTC and any other crypto out there.
Coincidentally, the value of BTC and the entire market capitalization started to depreciate after the CME Bitcoin futures started being offered. Not forgetting that the CME group was also joined by the CBOE in launching the futures on the same week.
It is no secret that plenty of traders have speculated manipulation. Besides, there is no regulation to protect against it in the crypto-verse in the first place. Therefore, it is a free for all or whoever has the might to orchestrate a market coup. These type of manipulations can only be done by institutional investors, large-scale traders and any other large entity that can do this.
If it is possible for the same institutional investors to manipulate Wallstreet with all its regulations, then the crypto-market would be stealing candy from a child for them. Such moves of manipulation have been popularized by Hollywood movies such as Wallstreet (1 & 2), The Big Short and Margin Call. One thing is usually the driving force of such manipulation, pure profits. And as the Wallstreet character known as Gordon Gekko once said, ‘Money never sleeps.’ The same fictional character was also quoted as saying that greed is good [in Wallstreet].
Therefore, and with the above theory, it is highly likely that BTC has been the subject of manipulation all along. What we can then do are three things: cash out with our tails between our legs, play along by learning to trade like a professional or hope that regulation will step in to save the little guys who simply want to HODL.
Yep, back in December, I was very much of this school of thought as well:
This article very much speaks to what you’re talking about. While quite conspiratorial (which does not mean I think the article is wrong), it’s most certainly worth the read.
“When money flows into Gold, Silver and Bitcoin it shows that powers are bankrupt and their “Fiat” money is worthless. If these assets rise, all the money supply will dry up and move into these assets. World will know the King has no cloths.”
A few thoughts:
Never before have I been quite so happy that access to MAID is somewhat limited and that Maidsafe has kept a relatively low profile. Let the wolves seek other prey until Safecoin has grown to withstand their attacks.
May there never be Safecoin futures. You want to bet on the price? Put your money where your mouth is and hold the asset. None of this settled in cash nonsense.
Bitcoin is tainted fruit. I don’t know that there is an adequate anti-venom b/c the sheer level of distributed coordinated action it would take to combat the current price suppression and market manipulation is untenable. You’d need dueling cartels.
The fact that NYSE, Nasdaq, etc. haven’t fully set up they’re crypto operations gives me some hope that we’ll see yet another bull run for BTC (which might carry alts with it) so that these late to the party institutions can play the same game and make their profits before crashing the market again in order to frustrate the retail investor into oblivion.
“In fact, those who point out the suppression are called ‘conspiracy theorists’.” - from that Medium article.
Next thing you know, those tin hat wearing conspiracy theorists are gonna claim that Steve Jobs had HIV…oh wait: https://file.wikileaks.org/file/steve-jobs-hiv/steve-jobs-hiv-2.jpg
How about something more exotic…like Hillary has kuru? Wait for it…
Who’s ready to wake up from the Matrix already???
Maidsafe is orders of magnitude the middle finger that Bitcoin is. With any help from someone who knows the real value of gold, if there are safecoin futures, there won’t be a central bank by then to place fake-money bets to shake out the weak hands.
Replying to Polpolrene’s post from the Dev Update thread:
Not important post I’m going to type right now, but it’s funny: traditionally the major announcements that have brought up MAID price are Vaults, …and uTP connectivity haha (and the crypto rush bubble of 2017/2018). Not even Davoshi Nakairvine (we know this time it’s definitely a team, and quite a team!) creating “Blockchain-like consensus on monk steroids” (PARSEC) does anything. (Well, it did a tiny bit.) Will Safecoin even rise anything? Maybe just release the SAFE-Net with Vaults and uTP, and slap on some of that consensus, and call it a day. J/k, I’m sure utilization of The One The Only Safecoin will slowly skyrocket the project/price… …not quickly skyrocket; integrity! remember integrity…! Just a little bit of jet fuel to power that new idea of an internet, and not an unscientific amount that causes explosions, FUD, and DUD (Dead Upon Dropping).
Until the proof is in the pudding, the price will always be speculative and dependable on pump and dump groups. I wish for a live network soon too, just to use it! But hey ho, it’s taken this long, may as well wait till the tech is proven.
Oh, damn. He said it. (queue mic drop)
The beautiful think about it is that according to this, Mnuchin might be shoring up the treasury with Bitcoin…
All aboard! Next stop:
It would take more than 20 mandatory characters, as a Jewish banker like any other, to express how shocked I am to see Vitalik entering this ridiculous debate
ad hominemly ridiculous debate?
Sounds like Vitalik isn’t the only one getting in on all the fun…
“For in that sleep of death what dreams may come!”
Not ad hominem, ad populum
Precisely. Never artificial mob rule. Smartmatic.