Yes, not only is it about EOS, but it's about the shortcomings of ETH. It's too bad EOS cannot ICO itself on EOS. That would be a neat trick. But imagine how great it'll be when other apps on EOS will be able to use Option 7 after EOS is all up and running!!
EOS could ICO itself if Protoshares were used again. I'm sure there are some people who were with Invictus from day one who are still holding on to Protoshares. Protoshares have been upgraded to DPOS (no mining needed), so why couldn't we use that for EOS ICO? It would also honor the commitment made to early supporters of Invictus.
Pretty much all of the air dropped coins are worth nothing at this point(giving it all away). I like the way Bitcoin was done, Satoshi only has 1mil out of 21mil. I think that is pretty fair overall.
Praise KEK. I posted here because that's how we roll now. I think this is a great way to ask a question with the same logic so it will yield the same process and eventual, possible, perfect answer. So a guy lands on say how much gold, a trillion USD? Ok. Ok so the rough global estimate is that the world now contains roughly $7.3 trillion USD in Gold now so $1T would mean he had about 13.7% of all the Gold in the world. This would mean that supply and demand would drive prices down, if released all at once. People who had the money would buy more of it if it was a lower price. Gold is gone. What if the supply at $7.3T is inadequate for demand however? Than the price could go up as people tried to buy the remaining Gold but this could not be possible. That is because right now you can buy Gold at ~$1,250/oz. Someone would have to put in a Buy to get it and then they get it so it's just a matter of how much of one form of money into another they want to get. Gold prices are already set but roughly to supply and demand. Since we don't have a gold standard now than we don't really need one. Increasing the supply would not create a need to change international standards. The question I guess is what to do if you are the man. The man is only one man. Gold is very valuable, because of supply and demand. He should logically sell the gold for as much as he can without disturbing the supply and demand for the metal unless it results in higher demand. How do you increase demand? For a commodity and precious metal it is increasing its value over other stores of value. At 13.7% he would not affect supply a lot and demand would be roughly the same. So if I were him I would open a jewelry business and use the gold to start the company, pay his workers in gold and get paid in USD. Buy land and assets and continue to sell gold. Sell it in medium amounts and small amounts. Never sell more than 50% of it however. I think a perfect curve is a split between assets (land/homes/patents/IT/cars/etc.), liquid assets (USD$, BTC, STEEM, $ with the banksters) and harder assets like (precious metals like Silver and...wait for it...Gold, bonds and stocks in a 1:3. I would not attempt to disrupt the price whatsoever. It is already high and a trillion bucks is a trillion bucks so long as you can turn a trillion dollars worth of something into a trillion dollars in your hand. But that never happens. He would not live long enough.
Imagine you owned all the sand in the oceans. You want to diversify. At what price do you sell it?
By the way, Satoshi will never sell or even move a fraction of one Bitcoin. If he does, every criminal in the world will instantly know who he is. That's not like winning the lottery where they protect your identity.
EOS, gold they are all based on the same thing "perceived value". Gold doesn't have value because it is life saving or important. It only has value because we as human have gave it value. Just like Diamonds, at one time it was nothing more than worthless carbon. Then DeBeers stepped in, Look at it now. Besides crypto, it was one of the best investments one could make in our life times. Will these tokens be seen as having a trillion dollars in value, I guess that is up to us to decide. Golds value is intrinsic where as EOS's value is imaginary and non tangible.
I wish I would have bought my wife a 3 carat chocolate diamond back when they were called piece of s*it diamonds with more pieces of carbon inside than my damn muffler.
imaginary and non tangible? heres a good metaphor if a hammer is worth 5$ and a wrench is worth 5$ are the hammer and the wrench worth exactly the same? No because one is a tool you need to pound nails and the other is a tool you need to loosen or tighten bolts. Even though they are worth the same amount of money their value depends on what kind of work needs to be done. And right now speeding up, as well as standardizing dApp DEV is what is up.
Fifty years from now a hammer and a wrench will still serve the same function, where as crypto currency will not. Eventually as we evolve, our economies will become activity based -where you will get a certain amount of goods for the services you can provide. Eventually the whole idea of 'Money" will be taken out of the formula altogether. The idea of storing wealth in a digital or paper form is an archaic methodology and eventually these things will go the way of the dodo bird. FFS I cant even buy crypto currency in Canada without getting harassment from police and threats from my bank that they are going to shut my bank account down. Standardization is just a fancy word, if crypto creators haven't got the fundamentals hashed-out yet.
I agree with everything u just said here except the first sentence. Sorry the mounties are being dicks I live 45 minutes from Vancouver BC and ... well that sucks.
fifty years from now, the context of life may actually change so much that those two tools are completely irrelevant ... just like steem its completely possible that any of these old archaic tools like virgin cryptocurrencies, hammers, wrenches will be frankly, completely obsolete in 50 years
"harassment from police and threats from my bank that they are going to shut my bank account down". So sorry about your trouble. Sounds like they kind of 'own' you already. Not sure how you get to the idea that storing wealth digitally is 'archaic'? It sound more futuristic to most people, just like email was in 1990.
The government could also show up, declare the man a polluter of outer space and fine the man for not having filled out the necessary paperwork and lacking the necessary licenses, and then confiscate and redistribute the wealth in exchange for votes...
If the government shows up then you are entitled to a hearing and can put forth evidence that their initial search was made without a warrant, which is unreasonable on its face, and then obtain an injunction against them. This would leave you free to do any of the options listed above or, like me, just go out and SPEND IT!
What if the Gold could not be obfuscated, transported and otherwise untouchable by government actors outside the system so long as they do not have the super secret password?
And for the record, I very much enjoyed your structuring of questioning and answering in this post as a sort of bread crumb trail into seeing the genius that is EOS.
Well Done. I thoroughly enjoyed the way you articulated the concepts...and I thank you for supporting me in expanding my understanding in the processes at hand.
No. I would still look for their authority to act against me, personally in the specific manner that they are. If the constitution isn't followed then I see a way in the process to stop it and hold the agents responsible and liable for their transgressions.
why get into all the legal theatrics when they can simply be peacefully avoided? The very nature and design of the legal system is Obfuscation. By deliberately engaging in that way, you are vulnerable to unforseen consequence. Can't fight the system really. I mean you can....but it's like going about it all wrong....not a very effective or efficient way of operating.
Money and currency are purely legal theatrics in themselves. They don't arise out of any other realm. Finding a way to use "the system" to your advantage is not fighting anything. It is actually an act of support for it. And by supporting it doesn't mean you want all the bad shit it contains and has been corrupted to. It means you know how it was designed and that it was designed for your benefit and you are just trying to obtain what you are entitled to by your creator. If you don't stand up for what you believe is yours, you will feel all those unforeseen consequences you fear.
That's why you take that asteroid right down into the bottom of the ocean and break off enough for an oil rig that covers that hunk of space metal. Or you land it and declare it a sovereign nation and have roughly the GDP of Goldistan. Or turn it over to the Aliens so they can use it to strip the gold into lead in micronuclear reactions that will power you to the past or future where you could bet on every World Series game since idk. What I would do is take a huge amount, mint them into coinage and pay mercenaries to assemble an Army and then take over the world. Crush every government and impose peace on earth. And we would eat gold flakes cake for dessert. Make a bunch of golden bullets and cases too and a fair amount of gold 300 Blackout M4's and AR-10's.
I assume that, for the purposes of this analogy, there is no gold in the economy already and nobody recognizes it as valuable based on past utility... all recognized value would be speculative, based on predictions of future utility?
I also note that in scenario 4, the buyer doesn't corner the market, he merely puts himself in the shoes of the seller: he's got tons of worthless coins that he has to figure out how to make valuable.
What you do is stamp the gold into coins with pictures of all the Presidents, so people want to start collecting them. The thing is, you make sure there are more coins of some presidents than others. That way you create a shortage for some collectors.
Firstly, let's calculate the percentage this asteroid represents in Gold on Earth.
1 Kg of gold is worth $40712.49 at today's valuation.
1 trillion / $40712.49 = 24 562 486 kg of gold
This asteroid would introduce 24 562 486 Kg of Gold which is basically 24562.486 Tonnes.
There is rougly 170,000 tonnes of Gold on Earth.
(170 000 / 24562.486) * 100 = 6%
This asteroid would increase the supply by 6%.
Selling everything at once would dramastically increase the supply of gold and therefore dramastically reduce the price of this asteroid in gold. As we all know, scarcity is what drives value. In 2015, The supply of USD increased by 4% in 2014 in one year.
You all known the law of supply and demand 😊 : Distributing this gold to everyone would at the same time reduce the demand for Gold but also increase the supply also killing the Gold price.
In either cases, selling it as gold is going to dramastically dump the gold price .. so what not try to sell it as something else? Something that only this asteroid has?
Selling it as Asteroid Gold 😊
exactly correct @linouxis9, and the economy would probably collapse as well, especially if large reserves of gold are still held by banks as reserves or other critically established "too big too fail" entities.
what if a new use case for gold drives demand for more of it? what if gold is found to have unique properties that enable massive amounts of data to be spread between holders based on the amount of gold that individual/group/organization/institution has?
and what if the demand for this data was set to increase by orders of magnitude over the years?
@officialfuzzy@alexpmorris This is literally why i have a head ache and I have been catching up on steemit for weeeeeeeeeeeeks this is what i think about ... owie bedtime soon
BTW, getting back on track with EOS, and regarding this point:
The expert informs him that the smart contract platform is not capable of implementing this algorithm because the cost of “gas” would be unpredictable and there is no easy, cost effective, way to maintain a sorted order book.
It would be nice to be able to set a limit price with each bid, and it does seem possible to add a sort() function in solidity, as I described in a comment on @biophil's post.
This example by Vitalik Buterin is from 2014, but he does show an implementation of a generic quicksort algorithm that can sort object pairs. Now, I'm not sure of the "gas constraints" involved, but with a sorted object pair it should be relatively straightforward to sort by "limit price", "database ID".
For added utility, we will make our sorting function generic: we will sort pairs instead of integers. Thus, for examples, [30, 1, 90, 2, 70, 3, 50, 4] would become [ 30, 1, 50, 4, 70, 3, 90, 2 ]. Using this function, one can sort a list containing any kind of object simply by making an array of pairs where the first number is the key to sort by and the second number is a pointer to the object in parent memory or storage.
I admit I'm not well-versed in EC20 contracts or serpent/solidity, but technically, shouldn't we also be able to see all the current bidders and make an outside calculation of what the expected price would be before the window closes? If so, even better if someone could "cancel their order" before the window closes if they are displeased with the expected closing price.
but now you're changing the scope of the question. so, perhaps here's a better way to answer...
I just discovered a super-computer on an asteroid with the capability of performing 1 TRILLION Gigahashes/second. How might that effect the current crypto ecosystem? Should I dump the processing power on "the market" all at once, or should I try slowly trickling it out at a rate that the current market can adjust to and absorb in a more controlled and balanced fashion?
Of course, the even bigger issue with that much "power" might be... 51% ain't even an issue no more!
I disagree. This gold analogy hits at the underlying situation pretty well. Though if you look in here you will see that i am certainly making some analogies in this direction. Because the properties of gold are different than those of data transmission although both are highly valuable.
This is why i use the analogy that gold has a special property we didnt know about until now and that holding gold enables you to transfer data between yourself and others.
You could announce a "hard fork" of gold where everyone who owns some gold would get some more free of charge. That way there would be a rush to buy gold to get the free stuff, allowing you to offload your excess supply at inflated prices.
What a guy. Discovered this asteroid all by himself, without any reliance on the work of previous scientists, spacecraft builders, hid parents for raising him... etc.
I've yet to read a thought experiment of this kind of bent which has plausible foundations.
What if each gold coin had a share attached that would distribute dividends of future gold coin sales? This would have a very nice feedback effect helping to counter the inflation caused by the oversupply, as well as maximizing distribution of the wealth as well as price paid per unit.
Its probably better if he releases small amounts of it over time so it doesn't add any extra volatility to the precious metals market. Releasing too much gold at once, will adversely affect everyone who currently holds gold. If gold is a pseudonym for something else. The same rules apply.
Great insight about EOS. We need to realize the magnitude of the endeavors we are committed to and hopefully make the right choices for our future. - Cheers
Very interesting read officialfuzzy I really liked it. I have a few thoughts on the subject matter most of it will be based on the premises that this is actual gold, and not trying to resolve the very complex nature of distribution of a new cryptocurrency. Although, I will also cover what I believe to be the pros or cons as well in regards to that.
Keep it
If a person who had bad money management before getting a lot of money then this still does not change the fact they lack the skills in managing it; until, they have invested in acquiring that set of skill or hired someone who has. When one finds themselves in position of a massive fortune usually the safest bet at first is holding onto it for a short time till they can come up with a better plan for using those funds. This helps keep the person from blowing all the money on impulse buying. Even though a trillion dollars’ worth of gold is a lot, and people will assume you could never spend it all. That kind of thinking is how a significant portion of lottery winners lose their money. Same can be said with people who get massive inheritance.
One does not need to reinvent the wheel to already use the existing blueprint to profit from it. We can simply turn to the wealthy and see how billionaires have in the past have dealt with such a large amount of value in something they held. This usually comes in the form of stock. They will simply go to the bank and use the value of said item to acquire a loan. Then use that loan to leverage out another business venture to gain even more profit. If they fail to pay back the loan then they run the risk of collection on the gold, the market taking a down fall due to the gold now being in circulation. The causing result would be expected to have a having a negative impact on ones holdings. Second option here would simply do what banks have already done in the past with gold and that is fractional-reserve banking. Become the bank itself, and invest in other opportunities or issue loans. That way if the businessman wanted to give the poor working class the opportunity to grow they could issue low or no interest rate loans to those who qualify. Meanwhile, issues normal rate loans to governments, companies, and people.
Giving it all away
Since some country’s economies are based on having a weaker currency, and others on having a stronger one we can assume a country(s) will accept the gold(since it holds value in the real world) if nothing else just for melting it down and adding it to their reserve. We will also just assume for this that there is no shoe-leather cost, or it was already paid for dealing in gold. While centrally the price of a meal could increase in the short term you also have to take into account the run on luxury goods. Assuming there are 7.4 billion people in the world each person would hold around $135.13. In first world nations people will either hold onto the money since it’s not a lot, or just go out and buy something more expensive then they normally would. We can see the effects of this already by government issued stimulus package, and tax refund day on how this small amount of money would play out in those types of countries. In the third world we can expect to see hyperinflation in the short term since $135 is far more then what those people make in a lifetime. Overtime the markets will have to react to this. Mostly increase in cost of good in general, and company having to raise hourly pay to get employees. As far as the employment side of this we can take a look at china’s markets and see the dramatic increase in hourly wage and the increasing amount of exporting work to cheaper overseas areas for cost saving.
Now since I know you are talking about another cryptocurrency and not actual gold, or having to issue shares out to 7.4 billion people. We have to deal with trying finding a value for something and its run on the luxury goods of cryptocurrency such as BTC and anything that can be cashed out for real cold hard cash. Now if there are any exchange platforms that allow the direct trade of said new cryptocurrency we can expect it in the short term to be pretty much worthless. We see this all the time, and for those who want do it the easy way; well, they will have to wait maybe even more than one life time for there to be any value. Those who are business savvy enough will understand though if you can broker a trade with one of the thousands of minor cryptocurrency where others do not have easy direct access to trade then a sum of money could still be made. By taking on more risk of trading the new currency into a minor one it could someday become worth a lot more or nothing at all. Then you also have to deal with outside influence of Wall Street and its impact on cryptocurrency. If a major Wall Street investor decides to spend lot money to buy up, and hold onto a major supply of the cryptocurrency then a large then normal price is expected. We see this all the time when a company buys up another company and everyone wonders how on earth that company worth billion(s). This has also happened in cryptocurrency when someone thinks they can control the market and they sometimes lose big.
Selling it for a fixed price or auctioning it all in one go
I seem to recall a while back a certain European parliament member being out raged at another country in there announcing of sale a large amount of gold. Then, that country sale of said gold, and them losing a lot of potential profit on said sale. Country in question needed to pay off some debt. I don’t recall the names or countries involved but it pretty much went as expected. The markets expected a large amount of gold so value decreased. After the sale of gold on the market and some time the markets recovered, and some firms made a large profit off the deal. Either way, I feel these two are worse possible options to take into consideration. On one hand, you have no way of judging the value of what you are trying to sell and setting a fix price is difficult since the market will already set a predetermined price on what they feel would have been fair. Resulting in either the gold not selling at all, or it selling at a deep discounted price that everyone profits from. Thus the seller leaving a lot of potential cash on the table. You run into the same issue of auctioning it all at once.
Multiple Item auction
This can be a rather fun option. Best example I feel is when Nike auction off self-tying Back to the Future shoes. Those who just had to have a pair in their size as a status symbol over paid big time. Those who just wanted it for a collector’s item, and hoped the price would increase paid at or around expected market price. Sometimes a bit more for a certain size shoe that they believed would increase in value over time at a better rate then others. Those who really wanted just any shoe they could get, but could not afford it usually got for cheap the sizes no one wanted. I feel similar effect would happened here. You would have your pure collectors that would want the first ever mined gold from an asteroid that was mined in space. Then people at the bottom that just for a small chance tossed in the few bucks they had. You do run the major risk though if there not being enough buyers in the market who can afford to pay a fair price and someone such as a large investor getting the lions share for market control on the cheap. Such risk can be off set like in most auctions buy having a minimum bid. This however leaves one open to still having a lot of left over gold after the auctions have finished and the value being further questioned.
Commit to selling on open market over time
If I had to choose an option it would have to be one of my top two. CEOs and other major share holds are often found doing this with their stocks. They sell off a small amount over decades no matter what the price is on that given day of sale. Markets already have built in expectation of the outcome of said sale, and usually do not over or under react when it happens. With a $1 trillion worth of gold one could sell it off for hundreds of years and thought multiple generations benefiting greatly from inflation. The last amount of gold sold should be far greater then majority of the amount sold at the beginning.
Finally my option – not mining or Making the gold coins in the first place.
Right now there are in fact companies working and spending millions into developing technology’s to mine asteroids in space, and the logistics needed for doing so. Looking back to the many gold rushes over the years and cryptocurrency in general there are usually two types of people who profit greatly. Those who were early adopters of something new, or those who sold the means to do so. During the early gold rushes around the world the miners themselves usually did not profit greatly from rushing out to California or where ever the current gold was rush at the time. Sometimes these people would get lucky and strike it rich to only spend $500 that night blowing it at the local bar. Then the next day they would be out as poor as they started hoping for another big find. Then you have those during that era that made the mining pickaxes and developed better technology to mine gold and other “rare” resources faster. If you wanted to mine gold back then you either had to buy a pickaxe or a pan for panning. Same thing happened in BTC.
Once you have created the technology to mine in space you simply can sell, manufacture, and let everyone else worry about what the value of the resource they are going after is worth. You could set up a global origination that recognizes the right and ownership of said asteroids for mining. Then you simply just sell off your rights on asteroids you already found with gold and other rare resources on them to people who want to mine them. They would also be forced for a while to buy directory from you the means to not only mine in space but also transport the material back on earth for a while; until, more competitor enter the market. When done correctly you can remain the major market share holder and control of pricing.
truth be told, if that happened all current gold would become completely worthless and the economy would probably completely collapse for decades! There are multiple examples of this throughout history. It's also why so many cartels tend to form to control and "stabilize" asset prices (think oil, diamonds, etc). Thanks for reminding me, cuz I wanted to write a post about that exact topic! lol
Or what if you use it as collateral to buy work from those who seem prove a willingness to drive more value into the infrastructure?
Kind of create an "escape velocity" to defeat or at least mitigate the dilution that comes from mining astroids for gold and silver.
In this case I see each mining operation as piece of common infrastructure that benefit the entire community. But if new communities arise that know how to use the gold and create NEW demand for it via innovation, now you can create escape velocity from the dilution.
So in this context, if the man has 1 trillion in gold and knows adding it to current supply is dangerous longterm, he should only unlock portions of it to give to fund new and innovative projects after completing them and leverage the gold until then to provide funding where possible to help find the next set of innovators.
Do not forget that such amount of gold would decrease the value of gold itself by a factor of 100 at least. Gold has value because its difficult and coslty to extract. With this new asteroid the value of gold would drop to new lows. What the man should do is to keep it hidden and lie about it, sell small amounts of gold everyday. Nobody would know the supply increased by that much until they all got ripped off by our man and his new found gold. The gold market is too small to absord such an amount of physical metal. If I was the man I would maximize my return but all the people who would buy my gold would end up with worthless metal.
Also if he found a gold asteroid its safe to assume he could find another one and drop the value of gold even more in the future.
Not only do demands increase but what happens is use case scenarios open up. Where previously gold was too expensive to be built into piezoelectric fabrics for clothes suddenly there are new products and services that are enabled. A paradigm shift happens for each emerging market.
Um theres like 7 and 1/2 trillions dollars worth of gold in the world. You suddenly ad an extra trillion in the mix that's going to throw things off a bit. that's more then 1/10th the value that would get knocked off the current spot price. Also technology is moving away from gold and going to silver. silver is actually more rare since it gets used up and actually isn't specifically mined for.
Are you implying that we may see the price of silver going up in the future? I didn't knew this. Any sources on this topic? Interesting fact: recently there was an ICO that offered cryptos based on gold. You had to exchange gold to that crypto I can't remember it's name, it was launched by the Gulf states developers. Possibly a scam but still interesting how far is this going.
I mean I don't even know which link to direct you to. People have been talking about it for years. The ratio to gold when it was pulled from the earth in history was like 1/12 right now silver is 1/70ish with gold but silver is not recycled a lot gold is always scrapped and hoarded. We just toss silver in land fills that cannot be replaced. its pretty crazy. The numbers make no sense.
Silver is very undervalued at the moment. Cheaper than 30 years ago. Silver is an industrial metal thats being used by most of the new technologies like solar energy. The amount of mined silver is only the same as gold at this moment. Silver is as rare as gold in extracted quantities.
Agreed. But also important to note that during paradigm changes like the renaissance and industrial revolution can create more than enough innovation to create "escape velocity" from this. But yes I do see your point. Such an influx is going quite substantial %.
Perhaps ONLY putting that new supply on the market when an operation joins up with an idea that could potentially counter such demand. For instance, let us say that the gold venture decides to set aside some of the new Gold for distribution to the best project every year that find uses for Gold in next paradigm industries that are plotted to have expected demand that can more than counter the dilution.
We must also take into account that it is likely that this is not the last astroid....so a large portion of our time should be in ensuring those new industries have in their portfolio research on how to use the Gold in ways that will have endless need.
Is there an endless need for gold?
Is there an endless need for data?
Which has the largest spectrum of value-producing use cases? ;)
Yeah thats exactly it. You utilize your virtually endless supply of gold in the short term to offset the costs of R&D and go into a frenzy of experimentation. Then as you start manipulating 120 years of decent tech without gold as a cost-prohibited use case, then ALL SORTS OF COOL SHIT happens lol
Amazing read that was good sir. Can't he just be happy with a golden asteroid though? Jokes aside great analogy to the cryptocurrency distribution problems.
Option 4 contains a logical inconsistency, as it states that no one can afford it all, so one party buys it all.
just sayin'.
Since the actual thing you are actually posting about is different that the 'asteroid of gold' analogy you are using, I will refrain from further comment, as I don't know jack about EOS or cryptographic technology specifically.
thats easy, all u have to do is attach a rocket motor to it, fly it back to earth, let itcrash into the desert thats it, we hace plants to actually do this james cameron planetary resources INC elon musk will help
woah and check out the new mining bot spider from star citizen! imagine these things going rogue and getting attacked by em!
star citizen is the bestthing for games and we should involve steemit with star citizen to make the official currency steem in game
star citizen is gonna be amazing
3d model of a ship caled the Orion from star citizen
Ceres will be the base for asteroid mining
Great article. I would dig a hole in the backyard. Build a fort and take a chunk of the asteroid worth about 10 Millions, travel and blog the rest of my life. Not for a living, but for fun. Bless as many as I can reach.
Excellent write up explaining what many are calling "crazy" when it comes to the EOS coin distribution plan. Great read. Thanks. We still need to find a time to get together for a burger or a beer or something.
O Lord... I feel like I'm in another world with so much to learn. Thank you @official fuzzy and all those who took the time to comment on his topic. What a resource to learn from.
This is the fist ICO I will participate in. I have read alot about it and seen the marking clips. Amazing. The brains behind it are people who have been known for doing great things before. I cant wait. How do I participate. I also want to know why they want this ICO to run for one year or I didnt not get it right. The number of people waiting for this ICO will buy it up in seconds so why wait for one year? I need answers.
Because to let one small group buy up and largely control it without giving anyone else a chance to get in is kind ofnotbthe best idea if you want to really help the world with this i suspect. ;)
Well that is a good idea but I guess one year is too far a time for an ICO.... This is because until the ico is concluded, there wont be trading on the stock.
Maybe the intrinsic value of the gold is not the initial profit gained from the sale but more importantly how distributed the coins are? If the man sells to a very wide demographic he then gains a large network-distribution list.
We know that all previous gold mined from Asteroids has had a high impurity lead content, which has slowed trading times due to necessary acid gold purity tests.
I guess the man is hoping for wide distribution so as to gain the highest adoption rate for his new coins. To raise awareness of the coins purity which allows an increase in trading velocity.
There will of course be people who have a mistrust for Gold-Asteroid-mining in general, they may have had a relative or friend who purchased some gold coins from one of the early Asteroid-mining missions, later to realise that these coins were full of impurities, full of lead and the only way to trade those coins was to first sanitise the coin and then undertake a long and arduous gold acid purity test, unfortunately the more these coins were sold the more acid residue would build up increasing the sales time for the individuals involved in the trade. Inevitably these coins became impossible to use due to the time involved to make a trade.
Previous Asteroid-mining snake-oil-salesmen would make many a claim on how they could turn lead into gold making the required acid test redundant, the modern day Alchemists if you will, they would make claims that they would crack the problem of lead impurity once an for all, all the while knowing deep down that it was an intrinsic property of the coin itself, a problem that couldn’t be superficially changed unless physically breaking the coins apart removing the lead and re-minting from scratch. However those who do there due diligence will learn the time saving benefits of trading with an impurity free gold coin. The Asteroid gold rush is surely upon us.
Some of the commenters don't realize that the post is about the token distribuition of EOS. Am I correct?
Yes, not only is it about EOS, but it's about the shortcomings of ETH. It's too bad EOS cannot ICO itself on EOS. That would be a neat trick. But imagine how great it'll be when other apps on EOS will be able to use Option 7 after EOS is all up and running!!
EOS could ICO itself if Protoshares were used again. I'm sure there are some people who were with Invictus from day one who are still holding on to Protoshares. Protoshares have been upgraded to DPOS (no mining needed), so why couldn't we use that for EOS ICO? It would also honor the commitment made to early supporters of Invictus.
Nice post! What will happening, if someone resteem your post?
No volume.
"No volume" is perfect for ICO. ICO will create volume.
With no transaction fees on EOS that will be huge.
Mind Blown !
Please what is #EOS
This is EOS Technical White Paper
Enjoy,
Merry x-mas
:)
We get it
Pretty much all of the air dropped coins are worth nothing at this point(giving it all away). I like the way Bitcoin was done, Satoshi only has 1mil out of 21mil. I think that is pretty fair overall.
Praise KEK. I posted here because that's how we roll now. I think this is a great way to ask a question with the same logic so it will yield the same process and eventual, possible, perfect answer. So a guy lands on say how much gold, a trillion USD? Ok. Ok so the rough global estimate is that the world now contains roughly $7.3 trillion USD in Gold now so $1T would mean he had about 13.7% of all the Gold in the world. This would mean that supply and demand would drive prices down, if released all at once. People who had the money would buy more of it if it was a lower price. Gold is gone. What if the supply at $7.3T is inadequate for demand however? Than the price could go up as people tried to buy the remaining Gold but this could not be possible. That is because right now you can buy Gold at ~$1,250/oz. Someone would have to put in a Buy to get it and then they get it so it's just a matter of how much of one form of money into another they want to get. Gold prices are already set but roughly to supply and demand. Since we don't have a gold standard now than we don't really need one. Increasing the supply would not create a need to change international standards. The question I guess is what to do if you are the man. The man is only one man. Gold is very valuable, because of supply and demand. He should logically sell the gold for as much as he can without disturbing the supply and demand for the metal unless it results in higher demand. How do you increase demand? For a commodity and precious metal it is increasing its value over other stores of value. At 13.7% he would not affect supply a lot and demand would be roughly the same. So if I were him I would open a jewelry business and use the gold to start the company, pay his workers in gold and get paid in USD. Buy land and assets and continue to sell gold. Sell it in medium amounts and small amounts. Never sell more than 50% of it however. I think a perfect curve is a split between assets (land/homes/patents/IT/cars/etc.), liquid assets (USD$, BTC, STEEM, $ with the banksters) and harder assets like (precious metals like Silver and...wait for it...Gold, bonds and stocks in a 1:3. I would not attempt to disrupt the price whatsoever. It is already high and a trillion bucks is a trillion bucks so long as you can turn a trillion dollars worth of something into a trillion dollars in your hand. But that never happens. He would not live long enough.
Imagine you owned all the sand in the oceans. You want to diversify. At what price do you sell it?
By the way, Satoshi will never sell or even move a fraction of one Bitcoin. If he does, every criminal in the world will instantly know who he is. That's not like winning the lottery where they protect your identity.
EOS, gold they are all based on the same thing "perceived value". Gold doesn't have value because it is life saving or important. It only has value because we as human have gave it value. Just like Diamonds, at one time it was nothing more than worthless carbon. Then DeBeers stepped in, Look at it now. Besides crypto, it was one of the best investments one could make in our life times. Will these tokens be seen as having a trillion dollars in value, I guess that is up to us to decide. Golds value is intrinsic where as EOS's value is imaginary and non tangible.
hold the phone a sec here, with really good marketing, now it's all about "Chocolate Diamonds"! lol
lol, chocolate diamonds is something I too got a huge laugh at when I saw 'em.
I wish I would have bought my wife a 3 carat chocolate diamond back when they were called piece of s*it diamonds with more pieces of carbon inside than my damn muffler.
imaginary and non tangible? heres a good metaphor if a hammer is worth 5$ and a wrench is worth 5$ are the hammer and the wrench worth exactly the same? No because one is a tool you need to pound nails and the other is a tool you need to loosen or tighten bolts. Even though they are worth the same amount of money their value depends on what kind of work needs to be done. And right now speeding up, as well as standardizing dApp DEV is what is up.
Fifty years from now a hammer and a wrench will still serve the same function, where as crypto currency will not. Eventually as we evolve, our economies will become activity based -where you will get a certain amount of goods for the services you can provide. Eventually the whole idea of 'Money" will be taken out of the formula altogether. The idea of storing wealth in a digital or paper form is an archaic methodology and eventually these things will go the way of the dodo bird. FFS I cant even buy crypto currency in Canada without getting harassment from police and threats from my bank that they are going to shut my bank account down. Standardization is just a fancy word, if crypto creators haven't got the fundamentals hashed-out yet.
I agree with everything u just said here except the first sentence. Sorry the mounties are being dicks I live 45 minutes from Vancouver BC and ... well that sucks.
fifty years from now, the context of life may actually change so much that those two tools are completely irrelevant ... just like steem its completely possible that any of these old archaic tools like virgin cryptocurrencies, hammers, wrenches will be frankly, completely obsolete in 50 years
The world will be operated by one thing and one thing alone AICoin
Canada is super easy to buy crypto - just go to one of the many atm's.
If you want to get really radical, research the idea of eradicating "interest" altogether.
"harassment from police and threats from my bank that they are going to shut my bank account down". So sorry about your trouble. Sounds like they kind of 'own' you already. Not sure how you get to the idea that storing wealth digitally is 'archaic'? It sound more futuristic to most people, just like email was in 1990.
EOS value comes from its technology and real world use = value.. so its like Gold but actually does somthing..
Hahaha..
We belong to the same world. .🤣😂
What is EOS?
no! it is about the asteroid...
lol!
The government could also show up, declare the man a polluter of outer space and fine the man for not having filled out the necessary paperwork and lacking the necessary licenses, and then confiscate and redistribute the wealth in exchange for votes...
If the government shows up then you are entitled to a hearing and can put forth evidence that their initial search was made without a warrant, which is unreasonable on its face, and then obtain an injunction against them. This would leave you free to do any of the options listed above or, like me, just go out and SPEND IT!
What if the Gold could not be obfuscated, transported and otherwise untouchable by government actors outside the system so long as they do not have the super secret password?
Do you feel like this would change the dynamics?
Spot on line of questioning here.
And for the record, I very much enjoyed your structuring of questioning and answering in this post as a sort of bread crumb trail into seeing the genius that is EOS.
Well Done. I thoroughly enjoyed the way you articulated the concepts...and I thank you for supporting me in expanding my understanding in the processes at hand.
Respect and Much Appreciation.
Steem On,
The Dream is Indeed LIve
:)
No. I would still look for their authority to act against me, personally in the specific manner that they are. If the constitution isn't followed then I see a way in the process to stop it and hold the agents responsible and liable for their transgressions.
why get into all the legal theatrics when they can simply be peacefully avoided? The very nature and design of the legal system is Obfuscation. By deliberately engaging in that way, you are vulnerable to unforseen consequence. Can't fight the system really. I mean you can....but it's like going about it all wrong....not a very effective or efficient way of operating.
Just Saying...
Money and currency are purely legal theatrics in themselves. They don't arise out of any other realm. Finding a way to use "the system" to your advantage is not fighting anything. It is actually an act of support for it. And by supporting it doesn't mean you want all the bad shit it contains and has been corrupted to. It means you know how it was designed and that it was designed for your benefit and you are just trying to obtain what you are entitled to by your creator. If you don't stand up for what you believe is yours, you will feel all those unforeseen consequences you fear.
well said
That's why you take that asteroid right down into the bottom of the ocean and break off enough for an oil rig that covers that hunk of space metal. Or you land it and declare it a sovereign nation and have roughly the GDP of Goldistan. Or turn it over to the Aliens so they can use it to strip the gold into lead in micronuclear reactions that will power you to the past or future where you could bet on every World Series game since idk. What I would do is take a huge amount, mint them into coinage and pay mercenaries to assemble an Army and then take over the world. Crush every government and impose peace on earth. And we would eat gold flakes cake for dessert. Make a bunch of golden bullets and cases too and a fair amount of gold 300 Blackout M4's and AR-10's.
I assume that, for the purposes of this analogy, there is no gold in the economy already and nobody recognizes it as valuable based on past utility... all recognized value would be speculative, based on predictions of future utility?
I also note that in scenario 4, the buyer doesn't corner the market, he merely puts himself in the shoes of the seller: he's got tons of worthless coins that he has to figure out how to make valuable.
What you do is stamp the gold into coins with pictures of all the Presidents, so people want to start collecting them. The thing is, you make sure there are more coins of some presidents than others. That way you create a shortage for some collectors.
Seems to be a common problem right now in the ICO market. Very nice piece. A lot of time, thought and work put into this scenario/symbolic story
enjoy !
@officialfuzzy .....some newbie looking for fast cheap money cloning ur story ;) just wanna let you know. .no link no mention notin . . . . https://steemit.com/blog/@shanzaylizay/by-what-means-would-it-be-advisable-for-one-to-disperse-a-usd1-trillion-dollar-treasure
Many are financially illiterate in the banking system and this is recognized by the governments of many countries.
Hey Fuzzy, very nice question indeed.
Firstly, let's calculate the percentage this asteroid represents in Gold on Earth.
1 Kg of gold is worth $40712.49 at today's valuation.
1 trillion / $40712.49 = 24 562 486 kg of gold
This asteroid would introduce 24 562 486 Kg of Gold which is basically 24562.486 Tonnes.
There is rougly 170,000 tonnes of Gold on Earth.
(170 000 / 24562.486) * 100 = 6%
This asteroid would increase the supply by 6%.
Selling everything at once would dramastically increase the supply of gold and therefore dramastically reduce the price of this asteroid in gold. As we all know, scarcity is what drives value. In 2015, The supply of USD increased by 4% in 2014 in one year.
You all known the law of supply and demand 😊 : Distributing this gold to everyone would at the same time reduce the demand for Gold but also increase the supply also killing the Gold price.
In either cases, selling it as gold is going to dramastically dump the gold price .. so what not try to sell it as something else? Something that only this asteroid has?
Selling it as Asteroid Gold 😊
It's 14%, not 6%.
exactly correct @linouxis9, and the economy would probably collapse as well, especially if large reserves of gold are still held by banks as reserves or other critically established "too big too fail" entities.
what if a new use case for gold drives demand for more of it? what if gold is found to have unique properties that enable massive amounts of data to be spread between holders based on the amount of gold that individual/group/organization/institution has?
and what if the demand for this data was set to increase by orders of magnitude over the years?
@officialfuzzy @alexpmorris This is literally why i have a head ache and I have been catching up on steemit for weeeeeeeeeeeeks this is what i think about ... owie bedtime soon
BTW, getting back on track with EOS, and regarding this point:
It would be nice to be able to set a limit price with each bid, and it does seem possible to add a sort() function in solidity, as I described in a comment on @biophil's post.
Link: The first 5 days of the EOS token sale will be unfair. Here's how to fix it.
This example by Vitalik Buterin is from 2014, but he does show an implementation of a generic quicksort algorithm that can sort object pairs. Now, I'm not sure of the "gas constraints" involved, but with a sorted object pair it should be relatively straightforward to sort by "limit price", "database ID".
Link: Advanced Contract Programming Example: SchellingCoin
Link: GitHub SchellingCoin implementation from Ethereum Repo
I admit I'm not well-versed in EC20 contracts or serpent/solidity, but technically, shouldn't we also be able to see all the current bidders and make an outside calculation of what the expected price would be before the window closes? If so, even better if someone could "cancel their order" before the window closes if they are displeased with the expected closing price.
but now you're changing the scope of the question. so, perhaps here's a better way to answer...
I just discovered a super-computer on an asteroid with the capability of performing 1 TRILLION Gigahashes/second. How might that effect the current crypto ecosystem? Should I dump the processing power on "the market" all at once, or should I try slowly trickling it out at a rate that the current market can adjust to and absorb in a more controlled and balanced fashion?
Of course, the even bigger issue with that much "power" might be... 51% ain't even an issue no more!
I disagree. This gold analogy hits at the underlying situation pretty well. Though if you look in here you will see that i am certainly making some analogies in this direction. Because the properties of gold are different than those of data transmission although both are highly valuable.
This is why i use the analogy that gold has a special property we didnt know about until now and that holding gold enables you to transfer data between yourself and others.
You could announce a "hard fork" of gold where everyone who owns some gold would get some more free of charge. That way there would be a rush to buy gold to get the free stuff, allowing you to offload your excess supply at inflated prices.
interesting perspective. very good post.
How are we going to be notified when dis coin is out , think is a good coin for long term investement
What a guy. Discovered this asteroid all by himself, without any reliance on the work of previous scientists, spacecraft builders, hid parents for raising him... etc.
I've yet to read a thought experiment of this kind of bent which has plausible foundations.
Dis u read the article? Because if you did it clarifies this point like no more than 100 words paragraph in...
I sure did. I didn't see anything clarifying this. This man is the only "actor" mentioned. It's absurd.
Invest in steem
End of the day profit is the main thing, how do you earn this or from which position I thing it don't matter. end of day you have to keep profiting.
escape velocity. :)
What if each gold coin had a share attached that would distribute dividends of future gold coin sales? This would have a very nice feedback effect helping to counter the inflation caused by the oversupply, as well as maximizing distribution of the wealth as well as price paid per unit.
Its probably better if he releases small amounts of it over time so it doesn't add any extra volatility to the precious metals market. Releasing too much gold at once, will adversely affect everyone who currently holds gold. If gold is a pseudonym for something else. The same rules apply.
EOS is a trillion dollar system!
Wow, this is an economics lesson above the heads of most academics I believe. Thanks!
Don't announce the find. Keep the gold. Then sell at a slow rate, as selling as a whole would depreciate the value.
So this justify the almost a year long distribution of eos?
Thanks
What this article taught me, I need to read up on this entire process, feeling a bit stupid....following
Great insight about EOS. We need to realize the magnitude of the endeavors we are committed to and hopefully make the right choices for our future. - Cheers
I suggest a new Asteroidcoin based on Steem somehow. As we curate posts, we get a chunk of virtual asteroid.
Very intriguing article...even though you forgot the best idea of giving half to me😅😅😅
Followed
By holding it.
Very interesting read officialfuzzy I really liked it. I have a few thoughts on the subject matter most of it will be based on the premises that this is actual gold, and not trying to resolve the very complex nature of distribution of a new cryptocurrency. Although, I will also cover what I believe to be the pros or cons as well in regards to that.
Keep it
If a person who had bad money management before getting a lot of money then this still does not change the fact they lack the skills in managing it; until, they have invested in acquiring that set of skill or hired someone who has. When one finds themselves in position of a massive fortune usually the safest bet at first is holding onto it for a short time till they can come up with a better plan for using those funds. This helps keep the person from blowing all the money on impulse buying. Even though a trillion dollars’ worth of gold is a lot, and people will assume you could never spend it all. That kind of thinking is how a significant portion of lottery winners lose their money. Same can be said with people who get massive inheritance.
One does not need to reinvent the wheel to already use the existing blueprint to profit from it. We can simply turn to the wealthy and see how billionaires have in the past have dealt with such a large amount of value in something they held. This usually comes in the form of stock. They will simply go to the bank and use the value of said item to acquire a loan. Then use that loan to leverage out another business venture to gain even more profit. If they fail to pay back the loan then they run the risk of collection on the gold, the market taking a down fall due to the gold now being in circulation. The causing result would be expected to have a having a negative impact on ones holdings. Second option here would simply do what banks have already done in the past with gold and that is fractional-reserve banking. Become the bank itself, and invest in other opportunities or issue loans. That way if the businessman wanted to give the poor working class the opportunity to grow they could issue low or no interest rate loans to those who qualify. Meanwhile, issues normal rate loans to governments, companies, and people.
Giving it all away
Since some country’s economies are based on having a weaker currency, and others on having a stronger one we can assume a country(s) will accept the gold(since it holds value in the real world) if nothing else just for melting it down and adding it to their reserve. We will also just assume for this that there is no shoe-leather cost, or it was already paid for dealing in gold. While centrally the price of a meal could increase in the short term you also have to take into account the run on luxury goods. Assuming there are 7.4 billion people in the world each person would hold around $135.13. In first world nations people will either hold onto the money since it’s not a lot, or just go out and buy something more expensive then they normally would. We can see the effects of this already by government issued stimulus package, and tax refund day on how this small amount of money would play out in those types of countries. In the third world we can expect to see hyperinflation in the short term since $135 is far more then what those people make in a lifetime. Overtime the markets will have to react to this. Mostly increase in cost of good in general, and company having to raise hourly pay to get employees. As far as the employment side of this we can take a look at china’s markets and see the dramatic increase in hourly wage and the increasing amount of exporting work to cheaper overseas areas for cost saving.
Now since I know you are talking about another cryptocurrency and not actual gold, or having to issue shares out to 7.4 billion people. We have to deal with trying finding a value for something and its run on the luxury goods of cryptocurrency such as BTC and anything that can be cashed out for real cold hard cash. Now if there are any exchange platforms that allow the direct trade of said new cryptocurrency we can expect it in the short term to be pretty much worthless. We see this all the time, and for those who want do it the easy way; well, they will have to wait maybe even more than one life time for there to be any value. Those who are business savvy enough will understand though if you can broker a trade with one of the thousands of minor cryptocurrency where others do not have easy direct access to trade then a sum of money could still be made. By taking on more risk of trading the new currency into a minor one it could someday become worth a lot more or nothing at all. Then you also have to deal with outside influence of Wall Street and its impact on cryptocurrency. If a major Wall Street investor decides to spend lot money to buy up, and hold onto a major supply of the cryptocurrency then a large then normal price is expected. We see this all the time when a company buys up another company and everyone wonders how on earth that company worth billion(s). This has also happened in cryptocurrency when someone thinks they can control the market and they sometimes lose big.
Selling it for a fixed price or auctioning it all in one go
I seem to recall a while back a certain European parliament member being out raged at another country in there announcing of sale a large amount of gold. Then, that country sale of said gold, and them losing a lot of potential profit on said sale. Country in question needed to pay off some debt. I don’t recall the names or countries involved but it pretty much went as expected. The markets expected a large amount of gold so value decreased. After the sale of gold on the market and some time the markets recovered, and some firms made a large profit off the deal. Either way, I feel these two are worse possible options to take into consideration. On one hand, you have no way of judging the value of what you are trying to sell and setting a fix price is difficult since the market will already set a predetermined price on what they feel would have been fair. Resulting in either the gold not selling at all, or it selling at a deep discounted price that everyone profits from. Thus the seller leaving a lot of potential cash on the table. You run into the same issue of auctioning it all at once.
Multiple Item auction
This can be a rather fun option. Best example I feel is when Nike auction off self-tying Back to the Future shoes. Those who just had to have a pair in their size as a status symbol over paid big time. Those who just wanted it for a collector’s item, and hoped the price would increase paid at or around expected market price. Sometimes a bit more for a certain size shoe that they believed would increase in value over time at a better rate then others. Those who really wanted just any shoe they could get, but could not afford it usually got for cheap the sizes no one wanted. I feel similar effect would happened here. You would have your pure collectors that would want the first ever mined gold from an asteroid that was mined in space. Then people at the bottom that just for a small chance tossed in the few bucks they had. You do run the major risk though if there not being enough buyers in the market who can afford to pay a fair price and someone such as a large investor getting the lions share for market control on the cheap. Such risk can be off set like in most auctions buy having a minimum bid. This however leaves one open to still having a lot of left over gold after the auctions have finished and the value being further questioned.
Commit to selling on open market over time
If I had to choose an option it would have to be one of my top two. CEOs and other major share holds are often found doing this with their stocks. They sell off a small amount over decades no matter what the price is on that given day of sale. Markets already have built in expectation of the outcome of said sale, and usually do not over or under react when it happens. With a $1 trillion worth of gold one could sell it off for hundreds of years and thought multiple generations benefiting greatly from inflation. The last amount of gold sold should be far greater then majority of the amount sold at the beginning.
Finally my option – not mining or Making the gold coins in the first place.
Right now there are in fact companies working and spending millions into developing technology’s to mine asteroids in space, and the logistics needed for doing so. Looking back to the many gold rushes over the years and cryptocurrency in general there are usually two types of people who profit greatly. Those who were early adopters of something new, or those who sold the means to do so. During the early gold rushes around the world the miners themselves usually did not profit greatly from rushing out to California or where ever the current gold was rush at the time. Sometimes these people would get lucky and strike it rich to only spend $500 that night blowing it at the local bar. Then the next day they would be out as poor as they started hoping for another big find. Then you have those during that era that made the mining pickaxes and developed better technology to mine gold and other “rare” resources faster. If you wanted to mine gold back then you either had to buy a pickaxe or a pan for panning. Same thing happened in BTC.
Once you have created the technology to mine in space you simply can sell, manufacture, and let everyone else worry about what the value of the resource they are going after is worth. You could set up a global origination that recognizes the right and ownership of said asteroids for mining. Then you simply just sell off your rights on asteroids you already found with gold and other rare resources on them to people who want to mine them. They would also be forced for a while to buy directory from you the means to not only mine in space but also transport the material back on earth for a while; until, more competitor enter the market. When done correctly you can remain the major market share holder and control of pricing.
truth be told, if that happened all current gold would become completely worthless and the economy would probably completely collapse for decades! There are multiple examples of this throughout history. It's also why so many cartels tend to form to control and "stabilize" asset prices (think oil, diamonds, etc). Thanks for reminding me, cuz I wanted to write a post about that exact topic! lol
Use it as collateral to take on debt to buy real estate.
Or what if you use it as collateral to buy work from those who seem prove a willingness to drive more value into the infrastructure?
Kind of create an "escape velocity" to defeat or at least mitigate the dilution that comes from mining astroids for gold and silver.
In this case I see each mining operation as piece of common infrastructure that benefit the entire community. But if new communities arise that know how to use the gold and create NEW demand for it via innovation, now you can create escape velocity from the dilution.
So in this context, if the man has 1 trillion in gold and knows adding it to current supply is dangerous longterm, he should only unlock portions of it to give to fund new and innovative projects after completing them and leverage the gold until then to provide funding where possible to help find the next set of innovators.
Do not forget that such amount of gold would decrease the value of gold itself by a factor of 100 at least. Gold has value because its difficult and coslty to extract. With this new asteroid the value of gold would drop to new lows. What the man should do is to keep it hidden and lie about it, sell small amounts of gold everyday. Nobody would know the supply increased by that much until they all got ripped off by our man and his new found gold. The gold market is too small to absord such an amount of physical metal. If I was the man I would maximize my return but all the people who would buy my gold would end up with worthless metal.
Also if he found a gold asteroid its safe to assume he could find another one and drop the value of gold even more in the future.
What if i i replace this scene with one wherein the "gold" is replaced with "data"
Do you feel this changes the situation?
I can't tell, i'm a trader on the comex for gold and silver. I don't know about data but I know about gold.
Wouldn't that golden asteroid create a golden hyperinflation. Since having so much gold on the market.
yes it would.
It only would if there werent NEW demands that would increase. I see tech industry forcing a considerable demand increase (potentially)
Not only do demands increase but what happens is use case scenarios open up. Where previously gold was too expensive to be built into piezoelectric fabrics for clothes suddenly there are new products and services that are enabled. A paradigm shift happens for each emerging market.
Um theres like 7 and 1/2 trillions dollars worth of gold in the world. You suddenly ad an extra trillion in the mix that's going to throw things off a bit. that's more then 1/10th the value that would get knocked off the current spot price. Also technology is moving away from gold and going to silver. silver is actually more rare since it gets used up and actually isn't specifically mined for.
Are you implying that we may see the price of silver going up in the future? I didn't knew this. Any sources on this topic? Interesting fact: recently there was an ICO that offered cryptos based on gold. You had to exchange gold to that crypto I can't remember it's name, it was launched by the Gulf states developers. Possibly a scam but still interesting how far is this going.
I mean I don't even know which link to direct you to. People have been talking about it for years. The ratio to gold when it was pulled from the earth in history was like 1/12 right now silver is 1/70ish with gold but silver is not recycled a lot gold is always scrapped and hoarded. We just toss silver in land fills that cannot be replaced. its pretty crazy. The numbers make no sense.
Silver is very undervalued at the moment. Cheaper than 30 years ago. Silver is an industrial metal thats being used by most of the new technologies like solar energy. The amount of mined silver is only the same as gold at this moment. Silver is as rare as gold in extracted quantities.
Agreed. But also important to note that during paradigm changes like the renaissance and industrial revolution can create more than enough innovation to create "escape velocity" from this. But yes I do see your point. Such an influx is going quite substantial %.
Perhaps ONLY putting that new supply on the market when an operation joins up with an idea that could potentially counter such demand. For instance, let us say that the gold venture decides to set aside some of the new Gold for distribution to the best project every year that find uses for Gold in next paradigm industries that are plotted to have expected demand that can more than counter the dilution.
We must also take into account that it is likely that this is not the last astroid....so a large portion of our time should be in ensuring those new industries have in their portfolio research on how to use the Gold in ways that will have endless need.
Is there an endless need for gold?
Is there an endless need for data?
Which has the largest spectrum of value-producing use cases? ;)
EOS...
Yeah thats exactly it. You utilize your virtually endless supply of gold in the short term to offset the costs of R&D and go into a frenzy of experimentation. Then as you start manipulating 120 years of decent tech without gold as a cost-prohibited use case, then ALL SORTS OF COOL SHIT happens lol
And you produce new products as you start to dump your gold
i want some
get some :)
Amazing read that was good sir. Can't he just be happy with a golden asteroid though? Jokes aside great analogy to the cryptocurrency distribution problems.
Option 4 contains a logical inconsistency, as it states that no one can afford it all, so one party buys it all.
just sayin'.
Since the actual thing you are actually posting about is different that the 'asteroid of gold' analogy you are using, I will refrain from further comment, as I don't know jack about EOS or cryptographic technology specifically.
Interesting analogy tho!
How is this inconsistent? If people have no money they cannot buy.
As I pointed out, at one place it says no one can afford it all, and subsequently therefore one party buys it all.
No one is not one.
I will wait for EOS to be publicly traded. I don't do ICO's any longer.
@juniusmaltby you might find this hypothetical scenario pretty interesting!
If the man where to sell the gold he would completely lower the price of gold. But the real question is how will he transport all the gold.
thats easy, all u have to do is attach a rocket motor to it, fly it back to earth, let itcrash into the desert thats it, we hace plants to actually do this james cameron planetary resources INC elon musk will help
woah and check out the new mining bot spider from star citizen! imagine these things going rogue and getting attacked by em!
star citizen is the bestthing for games and we should involve steemit with star citizen to make the official currency steem in game
star citizen is gonna be amazing
3d model of a ship caled the Orion from star citizen
Ceres will be the base for asteroid mining
damn thats some gamechanging stuff... great post
Great article. I would dig a hole in the backyard. Build a fort and take a chunk of the asteroid worth about 10 Millions, travel and blog the rest of my life. Not for a living, but for fun. Bless as many as I can reach.
that is good post
I certainly hope we can all profit from EOS and no one small group gets any "undeserved money". That seems to happen far too often in this world.
Undeserved is a really easy word to use but a much harder one to define.
Plenty of room for new experiments...but yes we definitely dont want to create the eyebof sauran here :)
Excellent write up explaining what many are calling "crazy" when it comes to the EOS coin distribution plan. Great read. Thanks. We still need to find a time to get together for a burger or a beer or something.
God i know man...we are getting busy these days!
O Lord... I feel like I'm in another world with so much to learn. Thank you @official fuzzy and all those who took the time to comment on his topic. What a resource to learn from.
Lol
I feel for ya Im happy to have gotten it from 19 days to 18 hours of catching up lmao
This is the fist ICO I will participate in. I have read alot about it and seen the marking clips. Amazing. The brains behind it are people who have been known for doing great things before. I cant wait. How do I participate. I also want to know why they want this ICO to run for one year or I didnt not get it right. The number of people waiting for this ICO will buy it up in seconds so why wait for one year? I need answers.
Because to let one small group buy up and largely control it without giving anyone else a chance to get in is kind ofnotbthe best idea if you want to really help the world with this i suspect. ;)
Well that is a good idea but I guess one year is too far a time for an ICO.... This is because until the ico is concluded, there wont be trading on the stock.
Congratulations @officialfuzzy!
Your post was mentioned in my hit parade in the following categories:
not long until the asteroid mining jobs pop up then, with that kind of cash they will have to get up there lol
Its called Planetary Resources its an hour from where I live in Redmond WA
Maybe the intrinsic value of the gold is not the initial profit gained from the sale but more importantly how distributed the coins are? If the man sells to a very wide demographic he then gains a large network-distribution list.
We know that all previous gold mined from Asteroids has had a high impurity lead content, which has slowed trading times due to necessary acid gold purity tests.
I guess the man is hoping for wide distribution so as to gain the highest adoption rate for his new coins. To raise awareness of the coins purity which allows an increase in trading velocity.
There will of course be people who have a mistrust for Gold-Asteroid-mining in general, they may have had a relative or friend who purchased some gold coins from one of the early Asteroid-mining missions, later to realise that these coins were full of impurities, full of lead and the only way to trade those coins was to first sanitise the coin and then undertake a long and arduous gold acid purity test, unfortunately the more these coins were sold the more acid residue would build up increasing the sales time for the individuals involved in the trade. Inevitably these coins became impossible to use due to the time involved to make a trade.
Previous Asteroid-mining snake-oil-salesmen would make many a claim on how they could turn lead into gold making the required acid test redundant, the modern day Alchemists if you will, they would make claims that they would crack the problem of lead impurity once an for all, all the while knowing deep down that it was an intrinsic property of the coin itself, a problem that couldn’t be superficially changed unless physically breaking the coins apart removing the lead and re-minting from scratch. However those who do there due diligence will learn the time saving benefits of trading with an impurity free gold coin. The Asteroid gold rush is surely upon us.
Best thing to do is to sell it and invest it into Steem.
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