I don't know if I like the part that says "already 95% mined (rare)". Although it has been released for many months, and miners have had ample opportunity to mine it, that fact can get twisted and turned into a horde screaming "SCAM!! SCAM!!" really fast.
God damn I don't know, it's like unless you make sure to personally notify every miner in the world of your coin's release and be sure they are mining from block 1, it'll be called a scam. Oh yeah, and be sure to make the first block halving 5 years down the road so that the guy who builds his mining rig next year can get some too, because 50% inflation rate (from coins that are billed as deflationary) makes for stable currency.
sixteendigits You are absolutely correct to point this out! I posted the image to Reddit CryptoMarkets
http://www.reddit.com/r/CryptoCurrency/comments/1wvaqi/trying_to_raise_awareness_about_this_hidden_gem/ and your concern was the FIRST response I got! To quote the respondant:
Can you explain why "already mined 95%" is a good thing? Sounds mega dodgy to me.
Here was my response:
Will you say the same thing when every other crypto is at 95% complete mining? At some point you just start using the currency and largely forget mining. This is true for all others. CGB had an accelerated mining period, it was well and fairly advertised and mined by a large community.
What it means is that you don't have to fight inflation. Its a good place to park cash and sit on interest. Doge for example requires a million USD PER DAY injected into it to maintain its price against miners dumping coins on the market. CGB is less than $1000.
Soon we will see a large flight from fiat into hard assets and digital currencies. Investors with lots of cash will not just throw their money into anything, they are trained to discern between wise and poor investments. They will chose a second gen (progressive) crypto with low inflation so that miners are not free loading on their capital. I am not trying to convince miners to mine CGB here. I'm talking hot money and discerning investors.
This is an opportunity to inform! One aspect that excites me about CGB is that it truly is a hidden and undervalued gem. This is what intelligent people look for and I will put myself out there to argue against every last poorly thought out response from the yet-to-be-converted. It is a great opportunity to shed light on the frustrations of the inflationary nature of rapidly expanding coins and win over their user base.
Perhaps rather use something along the lines of:
"RARE - Only 1 million + 2% annual inflation"
There is no winning. When you say that its rare because there are only 1 million, that's intellectually irrelevant as it can be divided down to 8 decimal places. The actual supply is realized to be little more than aesthetics when you compare to other cryptos. Real investors know this. Market cap is much more important and what the number in your wallet looks like is almost irrelevant. When they pick up on the 95% thing its an opportunity to explain that the INFLATION PERIOD IS DONE!!
Hop on board.
I wonder if 95% Mined (low inflation) might be an acceptable message. I really want to get it across that you wont have miners "freeloading" off of your capital. We need to target the people with the cash not the miners!
I do very much welcome the criticism! Thanks!
I don't know if I like the part that says "already 95% mined (rare)". Although it has been released for many months, and miners have had ample opportunity to mine it, that fact can get twisted and turned into a horde screaming "SCAM!! SCAM!!" really fast.
I'd put something on there alluding to the low amount of inflation through continual PoW and PoS. Like something to allude to the fact that it is stable and usable as actual currency because of that. Implies that it is mostly mined already without screaming it.
Then again, inflation is a bit of a dirty word to the crypto world as well.
God damn I don't know, it's like unless you make sure to personally notify every miner in the world of your coin's release and be sure they are mining from block 1, it'll be called a scam. Oh yeah, and be sure to make the first block halving 5 years down the road so that the guy who builds his mining rig next year can get some too, because 50% inflation rate (from coins that are billed as deflationary) makes for stable currency.
I hate miners sometimes and feel dirty being one of them.
Anyway, I'm started to slip off topic. I don't know, fuck it, picture is fine!
Good point (and counterpoint
)
Perhaps rather use something along the lines of:
"RARE - Only 1 million + 2% annual inflation"
And perhaps remove the 1.5% from the interest bearing line so as not to throw too many percentages out there.
I like elambert's ideas, less numbers and doesn't scream that it is mostly mined.
papersheepdog, I do agree with you though that investor's (people actually putting money into crypto) is who needs to be targeted. At a certain point, we miners need to grow up and realize investors don't give a shit if a coin is fair. If a coin is well designed, secure, and easy for average joe to use, an investor doesn't give a damn if it was all insta-mined in one block by the dev and held solely by him.
We need to realize that computer geniuses don't necessarily have the economics knowledge to design a working currency and maybe the world can't wait decades for a coin to have a reasonable rate of inflation. Take QRK for example, now I don't like QRK for a few reasons (not gonna turn this into a QRK thread) but I thought it's distribution model was genius. I'd say 6-12 months of mining + 1-2% inflation seems about what coins should shoot for these days. Well, we have that distribution model in CGB but with PoS security!
But yeah, I am starting to preach to the choir here.