Topic: [ANN][SHA-256D] PETRODOLLAR (P$): BIG OIL COMES TO CRYPTO - page 34. (Read 127160 times)

Deadly-silence Petrodollar pool now open!

https://kgw.deadly-silence.org/index.php?page=dashboard

1% fee, PPLNS (MPOS default), Vardiff enabled.
Location: Europe.

Happy mining!

         Good synthesis

I'll tone it down a bit.  BCT tends to be a troll pen.  I'm always happy to have a discussion.  

However... There's something I think you're still missing.

To own ONE SATOSHI of p$ is to participate in the model.  It doesn't matter if you hold it, spend it, mine it, or trade it.

Yes, people will probably break and dump in the first six months to a year.  Of course they will.  That's the market.  However... that was also the OIL market, too.  That's completely predictable and expected behavior.

There are a lot of functional analogies between cryptocurrency and oil.  "Mining", "refining", "moving to market costs", "other producers", "traders", "speculators".

The rest... is just math.

Everything in our modern economy is linked through trading and business. That's how Wall Street mathematical super-geniuses can create software programs that can tell what the price of a bushel of wheat is going to do when China starts buying gold.  As the market of the  P$/BTC can be extrapolated into a USD/OIL trading pair, the price of P$/BTC must adjust accordingly if all other mathematical parameters are scaled correctly.

That has absolutely nothing to do with who holds for how long and who sells what or who mines how much.

The price of the P$/BTC trading pair relies on everything else in the universe for it's price, not the trading volume.  No matter what happens, it shall always seek parity with USD/OIL.

i'm not actually trying to disprove anything, since my post, you have been overly keen to jump to conclusions that I am trying to slate petrodollar. I can only reiterate, I think this coin has value but realistically, just because it's based on (something relative to) oil - doesn't make it of similar value. I think you have done a grand job, in the idea, the development and in the execution of the launch. I rarely even look twice at alt-coins, and I was persuaded to mine this one, dropping my bitcoin DGM earnings for a long weekend (with the need to ramp up again). Being persuaded, for me, is no mean feat!
i just don't see, that because you have applied historical data to the mathematical equation of the coin, it is going to take the same path - especially when it is left in the hands of those who will be your ultimate judas.

I do think yours and my opinions matter though, because aside from the mathematics of it, it will be public opinion which drives the price up or down, regardless of the mathematics applied to it.

I'm not the one that proposed this scenario.  I simply built the model.  This is as it was explained by an economist that studied the design, or the best as I can render that explanation.  I don't claim to fully understand the implications, myself.

However I do know that it is an accurate scale model of the oil market and that is something you have yet to disprove.

For instance, block 43200 is the parameter that generates the 1970's "oil crisis" which we now know was a manufactured event by OPEC to purposefully push oil prices ever skyward to the prices we see today.  It is also at that point the scaled consumption model kicks in and the second phase begins, ending with the second reward halving in 2019 when the model will reach mathematical parity with the oil market in it's third phase.

It doesn't matter what you or I think, really.  Math is math.

please explain the difference. the price of oil is very relative to the oil market. So you are telling us that petrodollar isn't actually based on oil at all, but based on the wall street houses which trade oil? so why not call it WallStreetOilPriceDollar? or BrentCrudeDollar? I'm sorry, but I think a reality check is in order.

 

It's not based on oil, it's based on the oil market.

Whoops.

I feel that you are slightly deluding yourself, inasmuch that because you have based it on Oil, it is relative to oil. It has no relation to oil, except for that which you have placed on it.
If a developer designed LEGOCOIN and made every coin based on an individual lego brick, would you be able to mine it and build the lego death star with it?
No.

PS. my trading habits are not open for discussion here, the viability of the relation of P$ to real world oil is the question.

Actually, you don't understand the coin at all and the value it has to economists.  Your entire reply proved it.

If you trade USD/BTC you can make an extrapolation to GOLD/OIL because of USD/GOLD and USD/OIL.

The PetroDollar provides a cryptographic analogy in the P$/BTC trading pair.  As the number of BTC is woefully limited even at 1 satoshi it cannot encompass the entire wealth of the oil market accurately.  Mathematical extrapolations can then be drawn between the P$/BTC price and BTC/OIL and highlight potential opportunities on the oil and BTC markets.

It's an economists' anti-Wall Street win button.

Watch what happens in six months.  One year.  Five years when the model becomes fully operational.

Dump all of the coin you hold and watch it get sucked up.... or don't.... and you're still participating in the model within expected parameters.

Isn't that neat?

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.


I disagree, cryptocurrency for cryptocurrency-sake isn't a huge bolster, nor is it likely to be used for anything other than play-trade.


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.


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.

If you doubt that someone will invent a "car" for this model, all of the existing infrastructure (including being voted on to an exchange) created since launch on Feb 18th has been created by the community that owns the coin.  The developers created none of the additional content, just the coin and the wallets.

Old school style crypto for an old school market.

You completely misunderstand the coin and how it works.  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.

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.

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.

Good to know,because people are keep creating new coin, saiyng bla bla bla but if we don't make a lot of money what's the point,mining,electricity bill bla bla again, we need to know more numbers and less bla bla, the hew hobby for this year 2014 creating new coins, Petroldollar it's not backed so or it will be or not point that the coin it's here.

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.

That's means that I wll be a multimillionaire because I have 3,000 petrodollar that I paid only around 60$.

The future value of the PetroDollar is designed to scale with the price of oil over the next 40 years.

The scale of the model is p$1 = 1,000 barrels of oil.

At the time of this post, Brent Crude is 108.80 a barrel.

http://www.nasdaq.com/markets/crude-oil-brent.aspx

Given the accuracy of the mathematical model, in six months when the distribution phase of the model is complete p$1 will represent $108,800 worth of crude oil on the open market.

Sound implausible?

In six months either the price of oil will be proved to be a lie or one PetroDollar will be worth over $100,000USD.

So the future value of the coin is 1 petroldollar= $ 1,000

10 petroldollar= $ 10,000 ?

In short, the more the holders of PetroDollars behave like OPEC the more the price of the PetroDollar will reflect the price of oil.

This is also one of the first cryptocurrencies to enact a trustless, distributed, real-time, monetary policy set by the very actions of those who hold the coin.

Such behaviors are also consistent within the oil market and will not corrupt the system.

The PetroDollar is a complex coin.  It is a model of the oil market created in cryptocurrency.  To make the model accurate, the coin must destroy itself over time in a rate analogous to peak oil predictions.

Peak oil projections vai TheOilDrum.com


PetroDollar projections via @PennyAlts and @Bigdaddybtc


The coin is not so much a currency but an autonomous, organic, mathematical model of the oil market.  Participants (ie: those who hold the coin) are incentivized to behave like oil cartels through the design.  The design itself is based on a decade of statistical data and predictions common in the oil marketplace... and known oil market psychological behavior.

In the way that miners are compensated with coins for mining, participants are compensated for their participation in the model with a monetized unit which can be traded for bitcoin on various exchanges.

Could you please kindly explain about the meaning of payout of first 43200 block?
You mean that after 43200 block the reward will change to 2800+ or what?