Topic: [ANN] BEAM | Mimblewimble | Private | Scalable | No ICO | No Pre Mine - page 43. (Read 77231 times)

I agree, there are still some intellectual voices on bitcointalk...

However... the ability to copy/paste decent technology has harmed this industry in more ways than most will ever realise. At this point I find mimblewimble a sheer godsend.. I am still in this for the same reason i got into it in 2009.. I want my finances to be my own private affair and I want to be able to dictate what I pay, when i pay it, not be told what I can afford to pay, when someone else decides i am able.

Too many people have come into this space thinking that crypto is a get-rich-quick scheme. And I have watched many fall over the years with the same advice that I have to give:

find a project with original tech, and stick with it to the bitter end, regardless of other projects price pumps and 'moonboi' advice.

I want to be able to spend my crypto, not watch charts all day long.

Here is my take on the Beam founders reward, initially as a neutral miner - I took all of the following points into consideration when i decided to start mining Beam. For simplicities sake, lets call it 'the fund'

The fund is not a perpetual tax, it is a block reward which accumulates from miners rewards and is dispensed on a quarterly basis for the first 5 years only. When considering this, I weighed the difference between this method and if it had been taken as a perpetual 'fawcet' from each block directly into the treasury fund.
The method used is preferable due to the fact that these funds (once every 3 months) will need to be utilised by the company for the entire three months until the next fund emission occurs. This means that the company will not just 'dump' those coins in one large selloff, once each 3 months... they will need to keep a float to stay in business and this is the float they have decided to use.

As startup companies always require capital to cover running costs... the fact this business is not a consumer product produced by the company, and that it is an open-source cryptocurrency freely available to mine by anyone with GPU mining rigs, makes it all the more difficult for the company to ensure ongoing funding. They too can mine Beam, but they also pay the same amount as an average of mining costs if they do so. It's fair game.

The fund is there to pay for continuing evolution of the mimblewimble protocol and the 'growing up' of Beam as a cryptocurrency and a store of value asset.

Nobody is going to hold your hand or push you to mine Beam, that is your choice entirely and the things i mention above with regards to the fund, to me, are decent methods of keeping a float for the running of the business. I am looking to invest in mining an asset with a long-term value. I appreciate that the fund will be spent to cover costs, and i wholly value the work that the developers are doing, as well as commitment to the roadmap which has been published.

I am keen to debate these points with anyone who wishes to share their own views on the matter, but please refrain from posting links to other projects, in this thread.

 

I am afraid you are going to have to back up such statements

lets call it 'the fund'