Topic: [ANN] [GEO] GeoCoin | GIS & GeoTechnologies - page 88. (Read 564056 times)

Although it hasn't happened with this coin, there have been a few coins that had sudden jumps in supply, and it turned out somebody had found a way to make extra coins. It's good to watch the blockchain, and most importantly to try and be diversified enough that you do not get wiped out if one coin goes belly up. Always diversify.

I think you should check the first page

Sweet, so we are approximately half way there!!! I was thinking that GeoCoins would be something that pop up at random, instead of them being dropped by people. I guess people can drop them in order to market their product or their stores? I am not sure. But regardless, I am super excited for this coin.... I feel it has a great potential.... will probably be as one of the top coins soon. Possibly go into the billions of market capital. Just like ReddCoin, I also believe it is going to the billions of market capital. I can't wait for the App to be released. What is the date on that?

I believe once all 5,000,000 blocks are mined there will be a total supply of 6,833,000 GEO

So what is the limit for GeoCoins? What is the total amount of GeoCoins that can be available?

Definitely a lot of excitement here in the thread recently.  I agree with chocobo that the current block reward is set to 1.  There was no massive dilution of GEO over night, we simply got a new block explorer setup which now provides the accurate market cap information.  The specs determine the block reward and those settings have not been changes since inception of this coin.  They started off at 10 GEO per block and have been reduced over time to 1, as opposed to halving the block reward like Bitcoin does.  Hope that helps clear up some confusion.

Gotcha, thank you so much for the explanation guys, I do not really know how all of this blockchain stuff works. I better stick to economics. Thanks for your awesome advice! Then things work well as they should be!

The maximum number of GEO that can be mined per block is 1, as dictated by the specs. The 72,373 GEO was a transaction, and from what it looks like an investor like you bought that much and sent it to their wallet. The rate of inflation is currently not high at all, and coins are not randomly generated around the globe. I am not sure what the devs have in mind for that but it wont be something that dilutes investment. Remember, fractions of a GEO can be dropped.

It counts all value transacted in the block - it says that someone transferred a bunch of coins through the system. Most blocks have only 1 geocoin of volume because the network isn't used much, so only the mined coins transaction is in them. Whenever it says more than 1 coin someone transferred coins between addresses, those are not newly created coins.

See for yourself.

https://chainz.cryptoid.info/geo/

Is that the case? Then what's with the whole video about GeoCoins being found every 11 square meters on the limited surface of the earth? I think it is a great concept if the development team just randomly made new coins appears around the world, as long as the current coins double or triple so that the new coins do not dilute, to whatever extent, the original investment of the current GeoCoin holders.

"1235695 5 hours 9 minutes  31.6 kB 72,373.80845273 GEO 403.3  GaNTQy6kzdqN7..."

Really? You mean I spent $1,200 for 1,400 GeoCoins, but someone goes ahead and just pockets 72,373.80845273 at the following address:  GaNTQy6kzdqN7uyxg97KHvt2YZsW6DMg4W. See? This is what I call investor dilution.... this is in fact, theft. That is 51.7 times more than what I received for paying $1,200. So someone literally got $62,040 in just a couple of seconds.... that's really screwed up. How does that even happen? But that $62,040 is not that person's money, who mined it, it is the money of the people like me who invested and put money into the coin. That 72,373.8 is just like the government printing money for themselves. It dilutes the dollars.... so inflation happens and each dollar you have is worth less because there are more dollars out there. Because the goods and services which you can buy with that dollar remain the same.

Obviously the amount of coins did not increase by 300000 in one day. Coinmarketcap likely got the correct number because of the new block explorer, and was undercounting previously. The coins are made by mining, 1 coin per block atm. Geocoins lying around are dropped by users - they are not mined this way.

Peter, I am not sure exactly if you understood what I was saying, and I am not completely sure I understand what you are saying either. However, as of yesterday, the amount of outstanding coins were in the 2.6 millions? Today, there are over 3 million coins.... Even though the market capital went from $2,000,000 to $2,389,533, my investment actually went down slightly.... Why? Coin dilution.... that is EXACTLY what I am saying the development team needs to prevent. Because they can create as many coins as they want and distribute them out like hotcakes.... but the more coins that are entering the market, it reduces the value of the current coins. FOR EXAMPLE, if the market capital is $10,000,000 and there are 5,000,000 coins outstanding..... then each coin is worth $2. So the people who bought 50 coins, will have invested $100. If tomorrow, let's say, there are 10,000,000 coins, because we just release them like hotcakes and people just collect them. Then the coin is all of the sudden worth $1 each. So people's investment reduced by 50%, as they shared their investment with the people who just went and collected them. However, if you double the coins for current investors.... and release 5,000,000 more the next day, the equation is rather different. There would be 15,000,000 coins, 10,000,000 of which the original investors own. Then their investment will not go down from $100 to $50, but rather ($10,000,000 / 15,000,000 = $0.67 per coin). And since the original investors' coins were doubled.... they would in fact have $67, instead of diluting it all the way down to $50 with keeping the rate of new coins the same as the old coins. That is why BitCoin and any other minable currencies introduce halving.... but if you cannot halve.... you can double the current investors' shares in order to "halve" the new coins by actually increasing the old ones.

It's economics.... and I can already see, what I was afraid of, is already beginning to happen. The amount of coins went from 2.6 million to 3.0 million in ONE DAY. That diluted my investment tremendously and gave it to people who simply mined them or collected them. Even though the market capital ROSE, my investment went down. My idea is what supports to protect the investors' investments, or else they will stop investing and go elsewhere, where the economics actually make sense. Otherwise.... you have communism - where those who put nothing in, get the same amount as those who did. The wealth is taken from the investor, and given away drastically to the collector of coins who spent no money at all. Now there is room for that, but the scales MUST be measured finely and not over tipped to encourage collecting OVER investing. Then how will the money for the coin be raised? There is no way. I have reached out to development several times now, I am willing to help, but I have received 0 response back. If these coins go significantly over 3 million by tomorrow, because the app is in "bata testing," then I will pull my investment, because those who are collecting coins are diluting my investments, and even if the market capital goes up, I get nothing in return.

Okay great

There is one now: https://chainz.cryptoid.info/geo/

Does Geocoin has an android wallet?

it will be better if you have your own block explore

You might be misunderstanding how coins work, or maybe I am misunderstanding.

My understanding is that 3,068,000 or so coins exist now, split among a certain number of people https://chainz.cryptoid.info/geo/

89% of coins are in the 100 biggest wallets, but some of those are exchange wallets that contain coins from hundreds of people.

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As I understand it, once the coin becomes more popular, more people mine and it becomes more difficult to create coins for each person. In other words when the price goes up you have to work proportionately harder to create a coin.

Probably that is different than 'getting' coins that are dropped somewhere. Today if you were going to leave us$1 for a visitor somewhere you would take a little over 1 coin from your wallet and 'drop' it on the map wherever you wanted. But when coins go up you would only have to leave somewhat less of a geocoin to make us$1.

... ?

On a separate note, could developers clarify any scaling issues that might develop in case the coin does get popular? Are the plans in place to deal with any degree of traffic on the chain? Or is the blockchain only able to hold a certain amount? Or is there a secondary step prepared to modify the chain when traffic hits a certain level? It would be awkward to bump into scaling issues unprepared, considering all the problems bitcoin is having with that.

GeoCoin does have a slack: https://geocoin.slack.com/
Grab an invite from here: https://geocoinslackinvite.herokuapp.com/