Hi,
Couple of questions:
- There are 43 million coins right? someone said it takes till 2100 to reach the 350 million. but if lots of people going to mine it, theres a big chance millions of coins will flood the market right? If that is the case current prize is way to high!
- The mobile industry indeed is big in Africa. But most people use prepaid right? Do they have wifi or internet on their phones and if yes can they affort to use it?
- You mention no bank or network provider is needed. But how do they withdraw coins? They need to cashout somewhere so they will always need a bank or third party to withdraw and deposit right?
- And focussing on mobile market is good, but all major banks are already creating system like that. most of them go online in 2015, some are already there like ING where you can just hover your phone over an invissible rfid scanner in the supermarket to pay for your goods. And ApplePay and other payment methods are also offering the same kinds of services soon. Im not saying yours wont succeed, but how will you compete with those monster companies?
- And last but not least... 70% of all internet scams come from africa...not saying yours is a scam...but that big of a coin supply and so many great words i cant help to think it sounds a bit to good to be truth..
cheers
Robin
Hi Robin
There will be over 43 million coins in circulation at the end of PoW. At this moment in time there are 5.2 million kobocoins mined/minted, but less than that available for trading as some large stakeholders are already holding and staking. As for the price, I won't second guess the exchanges. There's been fluctuations in price from earlier today on C-CEX and now on Bittrex. Price seems to be stabilizing thankfully, but please remember that this is only day 5. I'm not sure what you expected at such an early stage.
If you check OP you'll see the stats (and some articles) for mobile usage in sub-saharan Africa. We have been using and affording it for years now.
Your question on cashing out highlights the vital importance of the KOBO/USD pairing on C-CEX (thanks again guys). This allows local merchants the ability to cash out into US$. I'm not sure if you know how powerful the US$ is in Africa. Please don't ask if the people are intelligent enough to know what to do with such a powerful tool (i.e. direct access to the exchange and all the conversions). Just like other human beings we Africans do know how to learn.
We're very aware it's not a virgin market. You mentioned services coming soon. We're more interested in immediate competition. There are some very big players in the market. Also, we're more interested in person-to-person interactions rather than POS at larger department stores. We'd like to think that kobocoins will be used more in the market, than in the supermarket.
There are coins with 100's of billions max supply. I don't think 350 million is too big a supply. I think it's very reasonable.
I understand that 2014 wasn't the best year for the reputation of the crypto industry (especially some of the goings on in these alts sections), but if you research each project thoroughly you'll find the good ones, and easily avoid the not so good ones. Then your problem becomes which good project to back.