That's means that I wll be a multimillionaire because I have 3,000 petrodollar that I paid only around 60$.
just to bring you down with a bump... bear in mind that P$ is not backed, it is simply a comparable cryptocurrency, based on oil prices.
I don't doubt that you will make a half decent profit if you hold onto those for long enough, but you are never going to be a multimillionaire with them.
You completely misunderstand the coin and how it works.
I don't think I do.. i still live in realms out-with cryptocurrency and just because you created a coin to be based on oil prices, it doesn't mean the real world will ever catch on, and it's more likely (as with the majority of other alternative crypto's) it will just remain a play-thing for folks like you and I. Don't get me wrong, i'm not putting you down or your efforts as a developer -it's a unique
idea. But I am simply a realist, and I can, realistically say, this coin won't ever match the prices of bitcoin, nevermind go over and above.
The coin does not need to be backed to reach that value. It only needs to scale against the availability and rarity of crude oil for the next 40 years. Adjusting the coin to do so is no more trivial than adjusting the TX fee for any other coin.
I disagree, cryptocurrency for cryptocurrency-sake isn't a huge bolster, nor is it likely to be used for anything other than play-trade.
As designed it already does just that, however none of us can see the future so there is at least the ability to alter the model to match future events.
Eventually this coin will eat itself. So the real-world intrinsic value therefore, is NIL. What you propose is actual value, may be for others, nothing but a hole.
At this phase of the model it is somewhere in the late 19th or early 20th century and oil is frictionless to move to market, but there is low demand because application is limited (one market so far, no acceptance for commerce yet).
Eventually someone will invent a car.
sounds like a nice fairy tale.
I will say, I see value in P$ and I mined this coin from it's launch- having tried to set a realistic initial price (which has been, and is continually degraded by pump and dump) but I still believe it has more value than most others, but not in the way you expect it to have. I see a future in it, but as all other alternative cryptocurrency will, it will end up being traded for it's ongoing value to bitcoin. It's a unique idea, but not unique in itself.