Yes, exactly. Without safecoin, you cannot buy storage (or other future network services). As you can’t specify who is storing your data, you can’t even conceivably pay them with an alternative cryptocurrency. Short of a low level network fork, safecoin will be needed as the oil to lubricate the network.
Just as next to nobody would contribute resources to the blockchain without the financial reward of doing so, very few would contribute resources to the network without safecoin as reward. That is the most basic value of safecoin, the networks running cost.
The value then builds with services built upon the network, storage, compute, etc, etc, etc…
But running the bitcoin network is only valuable if you can do something with bitcoin. Running the network for the sake of it is like digging holes and filling them again - sure, you will be busy using energy to do something, but to what end?
Safecoin is different in this regard. The network will offer something which has genuine utility, which can only be accessed with safecoin. This is more like digging holes to extract oil, which has utility in itself.
It seems like there’s a real risk of Safe’s storage being priced out of use by safecoin use.
If safecoin become competitive with bitcoin (that is, had the exact same market cap bitcoin does now), and all possible safecoin were farmed, each safecoin would be worth $2.30.
Safecoin’s price will float against the amount of storage per coin. If safecoin becomes worth lots of money, you will just gets lots of storage for it.
Note that the plan is to buy PUTs with safecoin, which can then be used as you need them. So, much like the alpha/test network, you will have a number of PUTs on your account. The difference is, you won’t get them for free with a new account, but you will be able to top it up with safecoin instead. GETs will remain free too.
And then sequestering it for later use
True. Perhaps more important will be the value of Safecoin vs fiat (or perhaps bitcoin). Over time, safecoin will be less inflationary than fiat (unless we have a massive collapse in aggregate demand in the ‘real’ economy), so using Safecoin to buy computing resources will/should be cheaper than fiat, which should put us at a competitive advantage vs competing services priced in fiat like AWS.
One problem with an appreciating currency could be hoarding, if people think the value is going to increase, which would be counter productive to a successful network. Here’s where farming is going to be important as I think people will be much less reluctant to spend their Safecoins on PUTs if they’ve actually earned them than if they’re buying them on a speculative punt.
How will this work? What are the technical details?
Same as fiat, there is no intrinsic value of it today. Today’s money is only a promise, or in some other view: debt.
Not a good day to be in any altcoin, but good buy point on the other side
still 8.5c, its unimportant if your hoping to cash out to $
if we ever get to 50c/ $1, ill be wanting it in fiat
No not true, cause if maidsafe drops 12% and btc rise 4% you still lose 8% value compared to the dollar.
You can only win or lose when you sell. It only goes 12% to 4% briefly, then it even outs again when the rush back to btc has ended. None of the numbers matter at all until they hit your buy or sell target. It’s all just noise in between the actions.
Depends on your point of view. If you’re a trader, you missed out. If you’re a long-term investor, you shrug…
…or you buy and smile
Buy Maidsafecoin before Beta arrives, and before Chinese whales enter the market. When Beta introduced then it will be too late cause the price will rise.
There are not much Maidsafecoin left to buy actually. There are a few speculators who buy and sell when the price goes up and down on Poloniex right now, but it will end soon cause people will buy and save all remaining Maidsafecoin for future. This is the best time to invest. This is like the first year when BTC introduced. Good luck.
Yeas, looks ugly, but I’m a perennial optimist. Look at the daily chart below. Dropping below the lower Bollinger Band (1standard deviation below the 20-day moving average price) is a rare event and usually marks an important bottom.