Topic: [ANN] [NAUT] Nautiluscoin - First Coin w/Stabilization Fund - Digishield - page 236. (Read 901828 times)

Quote from: PilotofBTC on July 17, 2014, 07:56:45 PM

No one is getting rich on 2% a year.

You're absolutely wrong.

How so?

OK. You're a billionaire. You put a billion dollars into a Bank of America savings account. They give you an interest rate of 2% per year. You close the account after 1 year with an extra $20,000,000 interest.

You now are rich on 2% a year.

$20,000,000 IS rich. Even next to 1 billion. Its not a matter of relativity. Its already been scientifically demonstrated that money stops buying happiness at about $70k a year; everything after that is just people attempting to make up for their personal shortcomings.

If you accumulated too much NAUT people would abandon the currency as it wouldn't be decentralized. It has to work for all of us or it won't work at all, nobody is forcing us to use it like they do fiat.

PilotofBTC

legendary

Activity: 1736

Merit: 1001

Quote from: BK_PHI on July 17, 2014, 09:13:04 PM

PoS Update

Hi all, its late on Thursday and I thought that we would have the final PoS product by now. Actually, I was told we would have it by Tuesday, but I gave us a few more days since there have been issues already.

Since I set a (loose) date of today, I wanted to make sure I posted so that you all knew I was here.

We do not have the final product and I am extremely frustrated. Integrity is the most valuable asset we have, especially in crypto - I do not like having to write that we are delayed...again...but this is the case.

I apologize for continually missing self imposed deadlines. I will continue to update on the progress.

-BK

Sorry to hear that. As I said, you couldn't win by giving a date. In the long run, another 1 day or 10 days won't make too much of a difference.

PilotofBTC

legendary

Activity: 1736

Merit: 1001

Quote from: nutildah on July 17, 2014, 09:05:38 PM

Quote from: whatdidshedo on July 17, 2014, 08:57:04 PM

Quote from: PilotofBTC on July 17, 2014, 07:56:45 PM

No one is getting rich on 2% a year.

You're absolutely wrong.

How so?

OK. You're a billionaire. You put a billion dollars into a Bank of America savings account. They give you an interest rate of 2% per year. You close the account after 1 year with an extra $20,000,000 interest.

You now are rich on 2% a year.

$20,000,000 IS rich. Even next to 1 billion. Its not a matter of relativity. Its already been scientifically demonstrated that money stops buying happiness at about $70k a year; everything after that is just people attempting to make up for their personal shortcomings.

whether rich get richer has nothing to do with goal of crypto which is decentralized currency(my opinion)

I disagree. What good is crypto if it maintains the greatest disparity in wealth that the world has ever seen?

So, what do you propose. If the interest is HIGHER, those with more money just get more. Or, do you think people with less stake should get higher rewards?

PilotofBTC

legendary

Activity: 1736

Merit: 1001

Quote from: PilotofBTC on July 17, 2014, 07:56:45 PM

No one is getting rich on 2% a year.

You're absolutely wrong.

How so?

OK. You're a billionaire. You put a billion dollars into a Bank of America savings account. They give you an interest rate of 2% per year. You close the account after 1 year with an extra $20,000,000 interest.

You now are rich on 2% a year.

$20,000,000 IS rich. Even next to 1 billion. Its not a matter of relativity. Its already been scientifically demonstrated that money stops buying happiness at about $70k a year; everything after that is just people attempting to make up for their personal shortcomings.

I submit if you had a billion $'s to put into the bank, you were rich already. So, while 2% of that is a huge amount to someone that is poor, it is nothing to someone that has a billion $'s.

So, your example is flawed. People don't get rich by getting interest from a bank, they get rich by being highly productive and adding huge value to the economy. (I'm not counting people that fell out of a rich crotch or won the lottery. This is why I favor the 0% tax rate btw).

BK_PHI

full member

Activity: 210

Merit: 100

PoS Update

Hi all, its late on Thursday and I thought that we would have the final PoS product by now. Actually, I was told we would have it by Tuesday, but I gave us a few more days since there have been issues already.

Since I set a (loose) date of today, I wanted to make sure I posted so that you all knew I was here.

We do not have the final product and I am extremely frustrated. Integrity is the most valuable asset we have, especially in crypto - I do not like having to write that we are delayed...again...but this is the case.

I apologize for continually missing self imposed deadlines. I will continue to update on the progress.

-BK

nutildah

legendary

Activity: 3010

Merit: 8114

Quote from: whatdidshedo on July 17, 2014, 08:57:04 PM

Quote from: PilotofBTC on July 17, 2014, 07:56:45 PM

No one is getting rich on 2% a year.

You're absolutely wrong.

How so?

OK. You're a billionaire. You put a billion dollars into a Bank of America savings account. They give you an interest rate of 2% per year. You close the account after 1 year with an extra $20,000,000 interest.

You now are rich on 2% a year.

$20,000,000 IS rich. Even next to 1 billion. Its not a matter of relativity. Its already been scientifically demonstrated that money stops buying happiness at about $70k a year; everything after that is just people attempting to make up for their personal shortcomings.

whether rich get richer has nothing to do with goal of crypto which is decentralized currency(my opinion)

I disagree. What good is crypto if it maintains the greatest disparity in wealth that the world has ever seen?

whatdidshedo

sr. member

Activity: 448

Merit: 250

Quote from: PilotofBTC on July 17, 2014, 07:56:45 PM

No one is getting rich on 2% a year.

You're absolutely wrong.

How so?

OK. You're a billionaire. You put a billion dollars into a Bank of America savings account. They give you an interest rate of 2% per year. You close the account after 1 year with an extra $20,000,000 interest.

You now are rich on 2% a year.

$20,000,000 IS rich. Even next to 1 billion. Its not a matter of relativity. Its already been scientifically demonstrated that money stops buying happiness at about $70k a year; everything after that is just people attempting to make up for their personal shortcomings.

whether rich get richer has nothing to do with goal of crypto which is decentralized currency(my opinion)

nutildah

legendary

Activity: 3010

Merit: 8114

Quote from: PilotofBTC on July 17, 2014, 07:56:45 PM

No one is getting rich on 2% a year.

You're absolutely wrong.

How so?

OK. You're a billionaire. You put a billion dollars into a Bank of America savings account. They give you an interest rate of 2% per year. You close the account after 1 year with an extra $20,000,000 interest.

You now are rich on 2% a year.

$20,000,000 IS rich. Even next to 1 billion. Its not a matter of relativity. Its already been scientifically demonstrated that money stops buying happiness at about $70k a year; everything after that is just people attempting to make up for their personal shortcomings.

Doging

hero member

Activity: 1036

Merit: 500