Topic: [ANN] [GLB]Globe – One Currency for One Globe - Polished and Ready for Action - page 20. (Read 113608 times)

 

Thanks Buddy !! 

Great coin!  
I'm mining @ suprnova, at the moment I found 925 blocks  

Hi,


Thanks for everyone's opinions. I will be keeping the price stabilization and reserve mechanism.

Regarding the 10% dev tax , I think we can defiantly reduce it in the future. Maybe once the trading price of GLB is higher we would need less to advertise and develop. However,it is a judgment call and can't really be imputed into the code. I don't think alot of people have been complaining about the 20% tax .. Have they?

Regarding inflation and interest. I think for Globe to be sustainable we need to maintain a rate of inflation. I agree this does reduce the interest to some investors but over the short and medium term a lot of money can be made by trading GLB and investing in it. E.g. the price was 0.000035 BTC when we where first on poloniex.com the last trade now was at 0.00008 BTC . A great jump any investor should be pleased with.

I agree with your statements on how inflation slowly erodes peoples wealth if left un-invested . I agree that over the very long run you will have this affect. It will push investors and stakeholders to invest and grow the Globe economy, develop businesses invest in infrastructure etc. Also their is a fairness factor, cryptocurrencies are always advertised to be against the "man" and against the highest "1% of earners" .

In-fact this is not true. Deflation promotes in-equality as someone who holds XXBTC is getting much wealthier overtime by not doing anything. Compare that with inflation where if someone is not smart about their money and does not invest it will very slowly erode away.

Deflation also causes other issues e.g. market liquidity and worsening of economic downturns.

I think offering some sort of interest rate would have a similar affect and also make GLB much less a currency.

So I think smart investors will know that over the short/medium term (1-10 years) they can make great returns as the increased adoption of the currency pushes up the price. Then the even smarter investors will invest their capital into creating Globe businesses etc.  

I totally agree with you guys regarding the security of the reserves and finding a way to spread the keys etc is important and as I trust more people I will start very slowly giving more keys to the wallets.

Maybe split the private key un-encryption passwords into 4 pieces and give it to a group of 16 people. Multisignature is also another way to go.

The biggest thing on my TODO list at the moment is to find a couple great devs who can turn this minimum viable product into a polished crypto-currency with all the price stabilization and reserves automated.

Thanks again for everyone's view.

Thanks
Sphere

Thank you sphere so much for taking these ideas seriously and quickly.

I totally agree with you guys that price stablization is the most attracting feature of GLB.
Instead of using third escrow to frequently trade GLBs, let's think again the idea of price stablization. How stable do we want? How to decide the value of GLBs? The best option is to let the market decide by itself. By trading, people can get profit. So we cannot make price stable as fine-grained levels. Now recall why we love price stablization? Imagine one day, if all cryptocoins crash to zero value. The GLB will still have values, because the GLB reserves in USD, Gold, or something else. If the total reserves worth 1 million, every GLB owner will share the 1 million when all cryptocoins crash to zero.

For the third party escrow, we can keep discussion to find the best solution. We still have time. Rightnow, we can find more trusted people to keep the reserves. And sphere has already started doing this.

I agree that we can keep the 10% for reserves, but less for dev/advertisement.
sphere, you can update the code that after some blocks, the dev tax is reduced.

It's a very interesting idea. If we give GLB holders some interest, like 2% annually, then we can fight for the inflation. In this way, more people might hold GLBs, and then less GLB on the market. As as result, the GLB value itself will grow slightly. That is, more valuable instead of more stable. :-)

Overall, I think people like the idea of price stabilization very much, understand the tax for dev/advertisement at this moment, but prefer to reduce the tax for dev/advertisement for the long term. Moreover, think about the 'saving account's interst'. It looks intersting and innovative.

By the way, why is everyone suddenly mining at suprnova again? Please spread the hash a little!

I completely agree with you that this is a very bad idea. Price stabilization and reserve are the unique points of Globe, and are exactly the reason why I like Globe.

What you could do, but I think it's a little early for that, is reduce the amount for development and advertisement. If the coin becomes valuable and popular, less advertisement is needed. Also less Globe would be valued at the same amount of fiat, so less Globe would be needed to pay the devs. (Imagine bitcoin with 10% tax for dev/advertisement. This would have been reasonable when it started, but not anymore today).

Removing the inflation could be a good thing for the value of Globe, but of course there would be less Globe in total. The problem I have with inflating cryptocurrencies is that, contrary to fiat, you usually do not get interest on your 'savings'. So, your savings decrease in value every year, instead of staying more or less equal in value. This stimulates selling/using Globe, but does not stimulate long term support, or saving some for later use. So, I would say either keep the inflation, and add some kind of interest rate, or remove the inflation.


I don't think putting the reserve in the sole hands of cryptsy would be a good idea. Why wouldn't cryptsy or one of its employees run away with it, but the dev would? The idea op splitting it up between ~3 reliable exchanges could be a good idea, especially if this would mean the price stabilization could be automated.

On the other hand I also like the idea of a multi-sig address, but I haven't looked into the details of that system. What if, say, one of the persons who has to sign a transaction suddenly dies, and no one of his relatives even knows about Globe? Would it become impossible to ever spend the funds again?

Ecoining pool shows wrong mining rate because of halving mining block to aprox. 4 GLB per block. So overall mining rate is aprox. 1/2 GLB .

Thanks a lot !!

This looks like a very cool coin

This idea actually sounds pretty good but we would need to be in contact with Cryptsy to get something like this done. They are notoriously slow to react to PMs etc. Also this would make the system pretty centralized relying on Cryptsy which itself is not very reliable when it comes to server up-time etc.

I think we can get around the  "What if they run off with all the $$$" in the following manor. I think the best option would be to use the multi-signature address. I think someone mentioned this before. Basically its a way of needing multiple users to spend the funds. Google "multi-signature address bitcoin" to get an idea if you don't know what it is.

Hi,


Ok here is what I propose and how we change Globe.


1. Reduce tax the tax to 10% - get rid of price stabalization and reserve until we have them all developed and ready to function on the network this could be a future update.  

2. We can still have the 10% tax for us to keep developing features and advertise

3. We maintain a constant block figure. Instead of increasing 3% each year we keep it super simple and keep the rate constant.


Any views would be appreciated.

The biggest concern I have with this idea is that we would be temporarily deleting one of two Unique Selling Points of the coin. Stable price and backing up of the currency.

EDIT: actually I don't think these changes would be good ,  but would still like to have your views

I have full faith in GLB and am getting tired of running my computer all day, so if someone wants to make a good offer of globe coins, I'd sell my 8GH+ Jalapeno for globecoins.  Feel free to send offers to [email protected]

Who knows, maybe I'll auction off several things for globecoin if people are interested

Thanks

-Bob

Hi,

No problem, no need. The psd will be fine

By the way I think of making a GLB bounty page ? offering GLB for things that move the project forward . What do you guys think?

Yay, Thanks

I'll upload the psd, don't have larger but I can do it if you want

Thats really good ! Added to first page

EDIT: Also sent some GLB your way .

Can you upload a large version or maybe the psd file ?


Thanks
Sphere

Hi !

Made this for Globe some days ago, feel free to use it if you like



I can't mine for now, my fan cooler died and my block erupter is just useless...
I'm going to invest in a rig.
Hope to be back soon with some hash power !

Hi,

Sent you a little something. Could et97ta please also provide his address

This is one of those things I had meant to get in on at the beginning and neglected to, and am now kicking myself for.



Got my first block!

I saw my name too there 
cool!