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If people don't trust their GD to convert to USD in 30 days, the only way for them to get rid of it is to spend it. Who would accept it (at par value) under su
by zb 10y ago
If people don't trust their GD to convert to USD in 30 days, the only way for them to get rid of it is to spend it.
Who would accept it (at par value) under such circumstances?
- Suncho 10y agoWho would accept it (at par value) under such circumstances? Right. So, during the initial phase, all GD will be guaranteed to convert to USD when it expires because we'll literally have enough USD in our reserves. During this first phase, we will sign merchants to contracts that require them to accept GD at par with USD (i.e. one price) so a dollar is a dollar. If there are people who happen to be paranoid about Greshm Dollar during that time, they will be able to spend their money to get rid of it. If they're not paranoid about it, they'll still probably spend it before they spend their USD because a dollar is worth more to them than something that will become a dollar in x number of days. Then, later on, once we've established that GD is continually circulating and that our USD reserves are stable, we start increasing the supply of GD to be greater than our USD reserves. This process will be very transparent. Nobody will get screwed over. We won't make any promises to pay and then go back on them. For example, if we decide to only back GD at 90%, merchants can decline to renew their contracts. It's all outlined in my white paper: https://drive.google.com/open?id=0B2jhCMrrxoeONVNQTVd6NG5pNzg https://drive.google.com/open?id=0B2jhCMrrxoeONVNQTVd6NG5pNz...
- cheez 10y agoHey, I'm sorry you weren't picked for the YC fellowship, but keep it going. I think you may have something there.