OK, so I've been reading the debate about what to do with remaining coins.
My first inclination is to save the coins for a rainy day, even at risk of being called a scam coin. Yes, the premine issue is real, but anyone reading this forum will know that there is in fact no premine: for all intents and purposes, on release day when the coin actually becomes "real" and not just an NXT asset, we could match the total # of coins minted with the total # distributed. Problem solved, entirely. Then, any future coin creation would come from the staking mechanism. Or, we could have a nominal premine, and release the total # of coins with that in mind. Nothing says we have to release Ora with an unspent 50% or some such thing.
As for the heated issue of whether or not the next distribution should or should not include those who dumped their stakes, I would like to point out that this is a global system, and in the global economy, some ppl live in desperate circumstances. I won't begrudge anyone who dumped, because 50 USD might feed them for a month. Even if they dumped out of greed, I still wouldn't begrudge them, because I believe in free choice in free markets. Anything else produces mischief that is far worse than the original greed that prompted the economic controls.
I'm not sure that the buyer is more angelic than the seller here, or more or less of a devil. I could make the argument that those who bought from the dumpers are at fault, because they encouraged the dumpers to dump! Should we penalize them? But what of it? That's the free market at work. And I don't like this backdoor threat that "we know who the dumpers are, and can prevent them from getting a new stake". Wow. Listen to us. That sounds ominous, and Orwellian. Were that list in my hands, I would destroy it - without hesitation or remorse - before it destroyed me.
To me, there are no dumpers, only sellers. And buyers.
Nevertheless, for the sake of peace, here are two ideas:
Idea #1:
Give the dumpers a future installment, and give the current Ora holders (even if they bought from a dumper and didn't have an original stake) their choice of a future installment or an instant payment.
This only penalizes the dumpers on a timescale, meaning you dumped your coins, so for the next distribution you won't get them until the coin releases, or until some strategic happenstance. BUT you will still get them. Meanwhile, those who didn't dump are free to participate in the free market as they see fit. My expectation is if they didn't dump already, they are holders, but that might be proved wrong.
If it bothers ppl that stakeholders sell, then prevent them from selling at this point in time by restricting their ownership of the asset.
Idea #2:
Offer ALL stakeholders, original and current, their choice of:
a) 100k ora now, OR
b) 100k ora plus 50% simple interest at some point in the future.
Voila. Those who want to hold get an incentive to take the "annuity" at "b". Those who want to dump (or just want the Ora in their hands) can choose a, and get less Ora.
This could be done with any combination of reward amounts, such as half of 166k now OR the entire 166k in the future.
kind regards,
nio
My first inclination is to save the coins for a rainy day, even at risk of being called a scam coin. Yes, the premine issue is real, but anyone reading this forum will know that there is in fact no premine: for all intents and purposes, on release day when the coin actually becomes "real" and not just an NXT asset, we could match the total # of coins minted with the total # distributed. Problem solved, entirely. Then, any future coin creation would come from the staking mechanism. Or, we could have a nominal premine, and release the total # of coins with that in mind. Nothing says we have to release Ora with an unspent 50% or some such thing.
As for the heated issue of whether or not the next distribution should or should not include those who dumped their stakes, I would like to point out that this is a global system, and in the global economy, some ppl live in desperate circumstances. I won't begrudge anyone who dumped, because 50 USD might feed them for a month. Even if they dumped out of greed, I still wouldn't begrudge them, because I believe in free choice in free markets. Anything else produces mischief that is far worse than the original greed that prompted the economic controls.
I'm not sure that the buyer is more angelic than the seller here, or more or less of a devil. I could make the argument that those who bought from the dumpers are at fault, because they encouraged the dumpers to dump! Should we penalize them? But what of it? That's the free market at work. And I don't like this backdoor threat that "we know who the dumpers are, and can prevent them from getting a new stake". Wow. Listen to us. That sounds ominous, and Orwellian. Were that list in my hands, I would destroy it - without hesitation or remorse - before it destroyed me.
To me, there are no dumpers, only sellers. And buyers.
Nevertheless, for the sake of peace, here are two ideas:
Idea #1:
Give the dumpers a future installment, and give the current Ora holders (even if they bought from a dumper and didn't have an original stake) their choice of a future installment or an instant payment.
This only penalizes the dumpers on a timescale, meaning you dumped your coins, so for the next distribution you won't get them until the coin releases, or until some strategic happenstance. BUT you will still get them. Meanwhile, those who didn't dump are free to participate in the free market as they see fit. My expectation is if they didn't dump already, they are holders, but that might be proved wrong.
If it bothers ppl that stakeholders sell, then prevent them from selling at this point in time by restricting their ownership of the asset.
Idea #2:
Offer ALL stakeholders, original and current, their choice of:
a) 100k ora now, OR
b) 100k ora plus 50% simple interest at some point in the future.
Voila. Those who want to hold get an incentive to take the "annuity" at "b". Those who want to dump (or just want the Ora in their hands) can choose a, and get less Ora.
This could be done with any combination of reward amounts, such as half of 166k now OR the entire 166k in the future.
kind regards,
nio
Awesome post nio, thanks!
I think using nio's suggestions we can come up with a very good proposition that will please the vast majority of ORA'farians (original stakeholders and people who bought in later). I appreciated the valid point from some that past dumpers might dump any top-up en masse, and that *could* disadvantage ORA holders who bought in, but as nio has pointed out in his post, there's nothing to stop us distributing the 'top-up' coins at a much later date, and we could even do it in stages too to prevent a massive amount of coins hitting the market at the same time.
The key point is we have the option to decide the distribution scheme now, but delay the implementation until later (and maybe add other elements too) to avoid unnecessary market 'disturbances'.
With that said, I will present my final proposition for consideration. What to do with the left over stakes?
Quote
ORA distribution option: Kora - final
- Continue the distribution, but no more FREE stakes without contributing something
- Add new ways for people to get a stake that requires some 'action' on their part
- Make the 'action' required to get a stake serve a 'useful' purpose:
- marketing (i.e. how to present ORA & ORA'farians to the world)
- community building & 'bonding' (i.e. community members working together on projects)
- community 'value statements' (i.e. charity program)
- Some suggestions for the 'actions' required to 'earn' a stake
- Short film Competition (in development)
- Short story competition (in development)
- 'Logo bombing' televised events (in development)
- Continue the distribution, but no more FREE stakes without contributing something
- Add new ways for people to get a stake that requires some 'action' on their part
- Make the 'action' required to get a stake serve a 'useful' purpose:
- marketing (i.e. how to present ORA & ORA'farians to the world)
- community building & 'bonding' (i.e. community members working together on projects)
- community 'value statements' (i.e. charity program)
- Some suggestions for the 'actions' required to 'earn' a stake
- Short film Competition (in development)
- Short story competition (in development)
- 'Logo bombing' televised events (in development)
I am not in favour of giving original stakeholders more FREE ORA, but I most definitely encourage everyone to engage in future actions to 'earn' more ORA. Enter the Short Film & multimedia competition, 'Logo bomb' an event, write a short story etc
- The range of possible 'actions' we could implement for people to earn an ORA stake are limitless
- The 'action' requirement makes sockpuppet chasing irrelevant, people can 'earn' multiple stakes!!
- Organising these stake earning activities will 'bond' us together into a community much better than any other method I can think of
- They will be fun, and they can go on for as long nio is in dev mode
While ORA is in development what will we do as a community if the distribution ends soon? That is a big danger IMO. Continuing the distribution is the 'glue' that will keep 'US' together! Without community 'glue' ORA will die!
Don't waste the left over stakes! Use them to achieve goals & objectives, and make statements about what ORA is all about!
ORA is long term!
ORA is about people!
ORA is smart!
ORA is fun!
ORA is different!
OK folks, that's my pitch for the hearts & minds
To make sure i am reading correctly, no more stakes distributed unless stake is "earned" by performing an "acttion" stated above?
They're my suggestions, but there would be many others too, but that's my preferred option that I'd like to add to the voting options to be considered. We keep distributing stakes with out requiring a monetary payment, but we require some form of 'useful' contribution.
"Proof-of-Useful-Action" - those are just some of my suggested actions
Just a reminder, this week we will be finalising Ora's very own logo for voting. I hope everyone check out those logos. They are cool and nice. Lotsa work there.