what do you forecast the long term price potential of TIME is?
Depends... what do you think the potential of a system that allows people to get paid instantly for their work, not have to deal with banks and cheque-cashing companies, and allows them to build a reputation for themselves and get paid more?
Since Labor Hour Tokens will be released in Australia first, let's use them as an example and do a little quick math... according to google, the population of Australia is just over 23 million people. If 1 in 1000 people started using the Chronobank system (LH tokens and/or LaborX) and worked 2000 hours per year (40 hours per week * 50 weeks), there would be 23,000 users going through a total of 46,000,000 LH Tokens. At the quoted rate of $39.89 AUD per labor hour (from the business outline on chronobank.io), that is a total of $1,834,940,000 AUD in LH Tokens issued.
TIME holders are entitled to a portion of those issued LH (3% in 2017, 2% in 2018, 1% thereafter) as well as a percentage of transaction fees, but let's just concentrate on the issuance fees, shall we?
With $1,834,940,000 AUD in LH tokens issued in the first year, the 3% allotted to TIME holders would would amount to $55,048,200. If that was divided evenly amongst all the 710,000 TIME that exist, then each TIME would get $77.53 AUD in LH "dividends". At 2%, it would be $51.69 AUD per TIME, and at 1%, it would be $25.84 AUD per TIME, per year. And that is with only 1 in 1000 Australians using the system... imagine if it were 1 in 100, or once the other LH tokens are added and the system is used in other countries.
It'll take some time for marketing and adoption of LH tokens and LaborX, but Chronobank just had a very successful ICO that raised what is hopefully enough capital to get things going, but once the system is in place and people start using it, the value of TIME may be virtually limitless. Right now, we have close to 7.5 billion people on the planet... ย if 1 in 10,000 used the system, the annual "dividend" to TIME holders could be approximately $528 USD per TIME per year (assuming 750000 people working 2000 hours per year at $25 USD per hour)
So, to answer your question, my forecast for the long term price potential of TIME is that getting a couple btc worth of TIME now while it's cheap and holding it could set you up with a significant annual income a few years down the road. I really wish I could get more TIME while the price is low and I hope that all the short term prospectors continue to dump low for another month or two.
There's no denying it, a project like TIME with real world usage can really shape up the labor and industry.
the real challange will be to attract non-crypto people into it. especially those that are really sceptical/conservative
This is true. No need to try to explain the intricacies of crypto-currencies or for users to even know about blockchain technology though... with debit card and mobile app integration, the users really only need to know that LH Tokens represent payment for work they have done, and they can be either traded to others directly in return for labor or goods, or converted to cash quickly and easily. With LH Tokens, a user can go do a day of work, have their pay available to them when they clock out for the day, and be able to stop at the grocery tore on the way home and pay with the debit card, and then pay the plumber for fixing the leaky faucet directly with LH tokens from the app on their phone. Chronobank totally streamlines the payment process from an end user point of view and shouldn't be a hard sell as long as they don't overcomplicate it.
For employers, I think the system would vastly simplify accounting and payroll procedures, make time tracking and data collection very easy and accurate, and probably save them a lot of money through increased efficiency and decreased overhead costs.
I imagine the trickiest part is going to be government acceptance, especially since it will vary from place to place, but as long as they can find a way to tax it and get their little slice of the pie there will likely be a way of gaining acceptance.
Exactly. Latest is what i was speaking about. And your view on functionality of platform is correct. Simple is better. Lets trust devs
