Topic: [ANN] (DAM) Datamine Network - FLUX: Time is Money 2.0 - DeFi DApp - page 4. (Read 6010 times)

Not sure if that is 2 pages, but okay.

Currently, the circulating supply of FLUX is 33,584. The FLUX that has been burned so far, is almost double that at 61,545 or roughly 64% of minted FLUX is burned.

I don't know what else to add, but whoever that guy is with 1 million DAM is not going to be able to get a 10x burn bonus; he simply can not buy enough FLUX to get the maximum bonus. We really have to wait maybe another month to see some interesting numbers.

The word "invest" implies an expected return.  In the context of DAM, the "investment" is in a DAM token which "returns" FLUX tokens.  Sounds cool.  However, the only purpose of FLUX tokens is to be burned. So the real measurement of return will be return on capital (in the form of ETH, likely, or maybe USD).  Let's do a thought experiment.

Let's say you've got 1,000,000 DAM and are earning .01 FLUX every 15 seconds.  Then you have all the multipliers except the 10x burn so now you're at .03 FLUX every 15 seconds.

But you're soooo close to that 10x multiplier, so you buy some FLUX to burn it.  Great - what's your reward?  You get back MORE flux than you burned.  

You bought the FLUX to burn with ETH.  For ease of explanation, let's say you paid .05 ETH for 1 FLUX to put you over the 9x burned / wallet balance ratio.  Burning this 1 flux nets you an extra .27 FLUX every 15 seconds, so soon you've got 5 extra flux to sell to recover your .05 ETH.  But you're profit seeking, and probably want to at least double your returns.  This is Crypto, after all, and you're interested in a 200% return for about 10 minutes of work.    So you sell your 5 FLUX at .03 ETH each for a total of .15 ETH, recovering the initial buy in plus a tidy 200% gain.

The guy who bought one your 1 FLUX at .03 each for .03 ETH similarly has 1,000,000 DAM and are minting .03 every 15 seconds.   Soon he's got 5 FLUX to sell to recover his .03 ETH.  He's also profit motivated, but not unreasonable, and similarly wants a 200% return for a few minutes of work.  So he prices his 5 FLUX at .018 ETH/each and they sell.  He makes a 200% return and the cycle continues.

This is the inherent deflationary mechanism in the burn to print model.  No rational investor, who is seeking return on capital, is going to buy FLUX to burn it expecting a loss.  The only people burning FLUX are doing so because they expect a return.  The return won't be in FLUX, but in the base currency (ETH) in this case.

I took the offer up.  Here.  I explained, in simple terms, how the economic model of FLUX was deflationary.  The market validated my argument.

I'm still banned.  It's apparent to me that the "decentralized" team managing the Datamine Discord isn't interested in fair dealing.

Speaking of that.  You never answered my question from three weeks ago.  Do you have moderator power within the Datamine Discord?

You were doing something else that got you banned, and I believe you were given the opportunity to rectify it by submitting an essay or explanation. You did not take up that offer.

Lmao Potato. Let me chime in next time DAM pumps in price, and I'll use the price to prove my point like you are. Smh... resorting to price movements to validate your own misguided opinion. Tendies must be one of the best tokens in the world with that logic.

Don't forget that FLUX started from zero, and DAM started below 0.01 in USD or equivalent. Oh, I'm sure you know about it having ran 2 masternodes on the old chain.

LOL you sound like Piston Honda on every other thread I see him on.

However, you surely must know that these small cryptos go up and down 40% all the time. Doesn't mean much.

Your wish has been answered.  Down 40% since your post.  FLUX is even circling the toilet.

You were all warned.

the price is to DAM high!

get it

naw actually it's fucking holding up great thus far, keep it up.
flux doing well too (tho i don't touch that one)

Follow-up/addendum:  I reached out to the Open Zeppelin team And they did not identify any specific deficiencies with the Datamine smart contract (https://forum.openzeppelin.com/t/question-on-smart-contract-inheriting-from-openzeppelin-erc777-implementation/3328/2).  This does not mean that there are no deficiencies, however, it means that whatever deficiencies exist (if any two) are not widely in publicly disclosed.  Despite my profound skepticism for this project, this news is good for them. Now they just need to solve the inflationary mechanism that is built into the project.  Kudos team - your code isn’t overtly fucked.

Hey guys,

We've had a very strange personal attack from a beginner security auditor regarding a well-known ERC-20 approval exploit. This person chose to completely disregard our existing section on this form of attack within our Whitepaper.

Instead they chose to make it public so we've had to make a response on the audit (which is now part of the whitepaper): https://github.com/Datamine-Crypto/white-paper/blob/master/docs/audits/librehash.md

Give this audit a read and see why your funds are safe