Wow HBN is sure took a beating this month. Beating might not be the right word...decimation perhaps? It's a shame because the coin itself, and especially the wallet, are great.
I'm beginning to think maybe the PoS rewards might be too high though. Anyone else? I think it is so high that it will just inflate the coin lower and lower, unless a) bitcoin usd/btc price nose dives or b) a huge expansion of the number of places you can spend HBN on products happens.
PoS rewards cost next to 0 energy to make, so basically, users get 'free coins' after investing. Because there is no cost (in power ) to produce the coins though, and nowhere (hardly) to spend them on any products, the only real option is to trade HBN for BTC. So there is a huge downward pressure on the price, that so far, has only been avoided by newcomers & investors coming to the coin to buy initial staking amounts. But in real basic terms there is more pressure to sell then there are buyers. I'm pro HBN and pro PoS but do now think if the PoS rate of return is too high, it will be detrimental to the price, not beneficial. I think half the rate PoS from what HBN has would be better.
I'm rooting for this coin and holding lots still, but sure is tough for [any] alts when there are now over 250 (or whatever, didn't check) coins out there. Maybe a team member whose role is just promoting HBN could have a big impact... I always think of Doge: the coin itself was nothing special at all, one of a hundred, but it took off with such great advertising and community growth.
Whatever the case may be, good job Tranz, the wallet is awesome.
Every coin I hold has taken a beating since 1st July. I think we're seeing profit taking more than anything fundamental to the coin.
That being said, you are right and then some about one thing, and it's not just this coin. There is not enough merchant support. I think that is the next thing that MUST be addressed by the crypto community. BTC you can buy shit with, so all coins end up being BTC sooner or later. Not the proper situation if you are doing something more than a fun experiment. HBN is a very well devleloped coin, with active support by it's dev team and a good many outsiders. It, and a few others, need to be pushed into the real world as transactional instruments. I actually think the high staking could end up being a huge asset for that very purpose, as merchants who accept payment in a high staking PoS coin are likely able to profit beyond just the sale, and in turn can offer discounts because of it.
If HBN were accepted at, say, Starbucks, do you think there would be a constant selloff? Or would buy pressure rise? I know which way I think it would go
