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Lots of issues here... - Buying Unum is a lose-lose situation. If the USD price of Ether goes down you redeem your Unum for less than you paid for it. If the p
by ufo 9y ago
Lots of issues here...
- Buying Unum is a lose-lose situation. If the USD price of Ether goes down you redeem your Unum for less than you paid for it. If the price of Ether goes up, you redeem your Unum for less than if you just had bought Ether instead.
- Why bother tethering a cryptocurrenvy to Ether instead of just using Ether directly?
- Who determines what is the spot price of Ether at any given moment?
- Unum can be bought for 0.99 USD during "Bonus Sales", which goes against the whole point of it.
tl;dr: this is a terrible idea at best, and a total scam at worst.
- jnbiche 9y ago@jatsign, would you address these questions? I can answer the second one (you would tether to Ether in order to establish enough reserve value to back a certain amount of USD, since you can't reliably back a crypto with a fiat currency as we see with this Bitfinex business). But some of the other questions are good ones, can @jatsign address them?
- jatsign 9y ago- Ether isn't price-stable, which is the whole point of this project. - The spot price of Ether is found via Oracalize query to cryptocompare's api. - I'm getting rid of the bonus sale idea, as many people had that concern. The original intent was to use it as a way to build up the reserve. Sorry, the docs on the site is a bit old. As I said, it's a side project, and I'm incorporating ideas as people give me feedback.