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So - the currency is entirely "mined" and distributed already? And that period is over? So is a small handful of a few developers/early-adopters that are tryin

by Mizza 9y ago

So - the currency is entirely "mined" and distributed already? And that period is over? So is a small handful of a few developers/early-adopters that are trying to sell off a currency that they already own in its entirety? Okay.

touchofevil 9y ago
RaiBlocks was distributed using a captcha faucet. https://bitcointalk.org/index.php?topic=1381323.msg14252334#msg14252334 https://bitcointalk.org/index.php?topic=1381323.msg14252334#...
- pramttl 9y ago
  The only people who would have solved the captcha faucet to get coins at virtually next to nothing value at that time would be the ones who believed in the project right from the start which to me is a fair distribution scheme. ICO based distribution is usually more greed driven. In this case the developers and team were more motivated in building a new innovative blockchain protocol as opposed to raising money by simply issuing ERC20 tokens. Speaks a lot about the project in itself. And the team has even succeeded in building a beautiful, disruptive scalable protocol and currency with no transaction fee. I've tried RaiBlocks and so far have been impressed.
- istorical 9y ago
  Which in itself is a mechanism that just spreads the incentive to hype and post to all social media channels trying to pump a coin amongst a larger pool of individuals, many of whom are desperate enough to get rich that they are willing to sit and click through captchas for pennies. Or in other words, just gets you a larger initial pool of astroturfers online.
- coolspot 9y ago
  I.e. indian captcha solving shops.
vorotato 9y ago
Is it really a currency if there isn't inflation? What prevents hyperdeflation and the inevitable death of the "currency" without inflation?
- frgtpsswrdlame 9y ago
  It's not about 'inflation' it's about hyperinflation. Nobody is treating crypto-currencies as currencies, they're treating them as investment vehicles so the current trend is to create a hyper-deflationary 'currency' so you can tell your original investors that they're 'in on the ground floor' and they have a reason to believe it. You get those guys in, they're incentivized to spread the word, they do so and boom we get what we keep seeing, the fear of missing out and greater fools driving speculation bubbles.
  - mattnewton 9y ago
    Sounds a lot like a fancier pyramid scam.
- stale2002 9y ago
  Inflationary currencies is a new development. We've had deflationary and gold backed currencies for thousands of years and it worked out fine for people who used them.
  - vorotato 9y ago
    fine is relative. There was a tremendous amount of lost productivity due to the rising cost of gold. Also gold is traditionally a commodity, not a currency. If the value of your thing is that it functions as a transfer medium, and everyone is incentivized not to transfer it, it certainly sounds like it's bad at what it does.
    - cup-of-tea 9y ago
      Well you can't eat it and it doesn't keep you warm. At some point you'll have to spend it. I don't think people spend money because they are aware of inflation anyway. They spend it because they want something. If people are encouraged to think twice about what they need or want, is that really such a bad thing?

by Mizza 9y ago

touchofevil 9y ago

RaiBlocks was distributed using a captcha faucet. https://bitcointalk.org/index.php?topic=1381323.msg14252334#msg14252334 https://bitcointalk.org/index.php?topic=1381323.msg14252334#...

pramttl 9y ago
The only people who would have solved the captcha faucet to get coins at virtually next to nothing value at that time would be the ones who believed in the project right from the start which to me is a fair distribution scheme. ICO based distribution is usually more greed driven. In this case the developers and team were more motivated in building a new innovative blockchain protocol as opposed to raising money by simply issuing ERC20 tokens. Speaks a lot about the project in itself. And the team has even succeeded in building a beautiful, disruptive scalable protocol and currency with no transaction fee. I've tried RaiBlocks and so far have been impressed.
istorical 9y ago
Which in itself is a mechanism that just spreads the incentive to hype and post to all social media channels trying to pump a coin amongst a larger pool of individuals, many of whom are desperate enough to get rich that they are willing to sit and click through captchas for pennies. Or in other words, just gets you a larger initial pool of astroturfers online.
coolspot 9y ago
I.e. indian captcha solving shops.

vorotato 9y ago

Is it really a currency if there isn't inflation? What prevents hyperdeflation and the inevitable death of the "currency" without inflation?

frgtpsswrdlame 9y ago
It's not about 'inflation' it's about hyperinflation. Nobody is treating crypto-currencies as currencies, they're treating them as investment vehicles so the current trend is to create a hyper-deflationary 'currency' so you can tell your original investors that they're 'in on the ground floor' and they have a reason to believe it. You get those guys in, they're incentivized to spread the word, they do so and boom we get what we keep seeing, the fear of missing out and greater fools driving speculation bubbles.
- mattnewton 9y ago
  Sounds a lot like a fancier pyramid scam.
stale2002 9y ago
Inflationary currencies is a new development. We've had deflationary and gold backed currencies for thousands of years and it worked out fine for people who used them.
- vorotato 9y ago
  fine is relative. There was a tremendous amount of lost productivity due to the rising cost of gold. Also gold is traditionally a commodity, not a currency. If the value of your thing is that it functions as a transfer medium, and everyone is incentivized not to transfer it, it certainly sounds like it's bad at what it does.
  - cup-of-tea 9y ago
    Well you can't eat it and it doesn't keep you warm. At some point you'll have to spend it. I don't think people spend money because they are aware of inflation anyway. They spend it because they want something. If people are encouraged to think twice about what they need or want, is that really such a bad thing?