[Proposal] Predictive trading with burning (Safe coin) component

[A word of caution I’m on a tablet]

I’m hoping in the very least that this post will start generating conversation concerning the ability of app developers to BURN Safe coins. I’m hoping conversation generated here will be constructive in some way when it comes to implementing the Safe coin layer.

This idea stemmed from the fact that I’m getting pretty angry at all these traders who upload false trading analysis to trick novice traders for illicit gain.

My Idea is simple:

Create a safe app that will allow Traders to “put their money where their mouth is” for profit.

There will be two roles:

  • “Predictor” will be able to upload a chart outlining their prediction. To submit their prediction they must pay a “fee” (the “putting their money where their mouth is” part) and use the app’s interface to define their trading prediction. If their prediction is correct they collect a percentage of Safe coin awarded to the app from the network and a portion of other “Predictor’s” forfeited fees.

  • “Reporters” will be the holders of “App Coin” that they received during the crowd sale. After a designated time they will validate whether a trade was correct or incorrect through “Voting”. If a trade was incorrect the “Predictor” will forfeit his “fee” and a portion will be divided among the reporters as payment". There will be a mechanism that will prevent false reporting, but I’ll discuss that mechanism at a later date :slight_smile:

`Outside of those roles we have a “Burning component”. After reaching a certain level of profitability for both “Reporters” and successful “Predictors” a portion of Safe coin would be allocated from the reward given by the network and would simply be BURNED. This would result in a “deflationary” force on Safe coin. My heart isn’t even set on this component. I simply threw this in here to generate discussion. An idea like this would generate a large amount of network traffic when you put two and two together. We’re looking at a large amount of Safe coin that could be burnedone periodically.

There is no need for such an app, people should know that all “predictions” are either ill informed or biased for a purpose. Real predictors wouldn’t use such apps and would directly trade following their own predictions without telling anybody.

2 Likes

I would have to disagree - www.Tradingview.com offers to the contrary.

You also missed the point. The point is an “ill-informed” or “biased” prediction would be penalized. The penalty would enrich the very people that would be deceived or misdirected.

traders are going to trade regardless. Why not set up a system that would work to the benefit of all traders?

P.S. I don’t trade

Why not just reward those who predict correctly? instead of burning the coins, the buring of the coins doesn’t really reward anyone, you can use the excuse tht it would make safecoin deflationary but with its fixed total coins after 10 years, safecoin is already deflationary when you take into accout coins will be lost and account passwords will be forgotten and trapped effectively in non accessible accounts.

Also how is it determined how their predictions are “biased” someone could use factual statistical data , but forget to add 1 single piece of data that meant he was wildly off in his estimations, is he now then punished for his incorrect prediction of the market movements and influences?

there was a prediction for bitcoin price in a year, about 2 years ago now pretty much 99.99% of them were wildly wrong and didn’t account for mt gox going to hell and the price being driven down to 200 dollars because of mass manipulation . i am not even aware of anyone who got the prediction correct .

Your goal is to try and combat false information and manipulation of the facts, to keep it as objective as possible and free from emotional FUD and other forces of manipulation , but your model of reward and punishment doesn’t actually fight for those goals, your model punishes honesty as well .