Hey guys,
The idea of a 'savings account' to soften landing on an exchange and promote some of the larger holders to save (giving us even more time to build value/potential in the meantime) is honestly something we hadn't thought of but are now very intrigued by it. It is moments like this that make us see the true potential value of some of our reserves.
Just some initial points for you guys on how we feel at the moment, but we think with more discussion it is a very good idea.
1) We feel it would be best for a larger exchange (aka Cryptsy) should that ever happen in the future. With larger volume and amount in circulation they are the ones with the potential to affect the price too much? It also gives us time to work on it and iron out any details (we have a lot to do at the moment - but waiting for a larger exchange gives us perhaps at least a month or two?)
2) We would like to keep it simple - fees, taxes, etc. etc. would be a no. Remember, a lot of us are here because crypto lacks a lot of that and allows more freedom/less control and paperwork?
3) It does feel like in some ways we would be manipulating the market - but if it was a community thing and everyone thinks it is a great idea to build the coins core strength, protect it somewhat from market dumps and improve value then we're all ears. This sounds quite 'controlled' and 'centralized' which we don't want to pursue unless there is a lot of positive feedback on it.
4) It could be as simple as having a savings address for each user who wanted to get on board (with the help of an enhanced block explorer we could simply check the addresses and make sure the amounts are saved). Savers create a new address, transfer the amount they want to 'save' and sit it in their wallet. This safely resolves a few potential issues, a) no-one has to hand over any coins to a 3rd party (trust), b) we don't have to micro-manage anything (besides checking the wallets once the saving period is up) (work) and c) holders still retain the power to sell should they so desire at any point, it simple means they are sacrificing their next 'interest' payout (control). We feel like trying to hold on to savings somewhere externally and not allowing miners/holders access to it until a certain point is far too out of the NOBLE character and would be nowhere near as popular with our community.
5) 'Interest' to be received is pre-determined, paid out at specific intervals - perhaps monthly or bi-weekly - and comes out of pre-determined NOBLE reserve addresses. It acts in a way that naturally rewards savers but does not amount to a massive 'interest' payout that then floods the exchange. Interest is only paid out once we have confirmed that nominated addresses have not been used to spend the saved amount.
This is not something that we had even considered, but if we continue to get PM's about the idea then let's get some feedback and discussion going on. I have set up a forum for this topic also here. These are our initial thoughts - so nothing is set in stone or decided.
Thanks for the idea - this could make for some very interesting (and challenging) discussion. Cheers!
The idea of a 'savings account' to soften landing on an exchange and promote some of the larger holders to save (giving us even more time to build value/potential in the meantime) is honestly something we hadn't thought of but are now very intrigued by it. It is moments like this that make us see the true potential value of some of our reserves.
Just some initial points for you guys on how we feel at the moment, but we think with more discussion it is a very good idea.
1) We feel it would be best for a larger exchange (aka Cryptsy) should that ever happen in the future. With larger volume and amount in circulation they are the ones with the potential to affect the price too much? It also gives us time to work on it and iron out any details (we have a lot to do at the moment - but waiting for a larger exchange gives us perhaps at least a month or two?)
2) We would like to keep it simple - fees, taxes, etc. etc. would be a no. Remember, a lot of us are here because crypto lacks a lot of that and allows more freedom/less control and paperwork?
3) It does feel like in some ways we would be manipulating the market - but if it was a community thing and everyone thinks it is a great idea to build the coins core strength, protect it somewhat from market dumps and improve value then we're all ears. This sounds quite 'controlled' and 'centralized' which we don't want to pursue unless there is a lot of positive feedback on it.
4) It could be as simple as having a savings address for each user who wanted to get on board (with the help of an enhanced block explorer we could simply check the addresses and make sure the amounts are saved). Savers create a new address, transfer the amount they want to 'save' and sit it in their wallet. This safely resolves a few potential issues, a) no-one has to hand over any coins to a 3rd party (trust), b) we don't have to micro-manage anything (besides checking the wallets once the saving period is up) (work) and c) holders still retain the power to sell should they so desire at any point, it simple means they are sacrificing their next 'interest' payout (control). We feel like trying to hold on to savings somewhere externally and not allowing miners/holders access to it until a certain point is far too out of the NOBLE character and would be nowhere near as popular with our community.
5) 'Interest' to be received is pre-determined, paid out at specific intervals - perhaps monthly or bi-weekly - and comes out of pre-determined NOBLE reserve addresses. It acts in a way that naturally rewards savers but does not amount to a massive 'interest' payout that then floods the exchange. Interest is only paid out once we have confirmed that nominated addresses have not been used to spend the saved amount.
This is not something that we had even considered, but if we continue to get PM's about the idea then let's get some feedback and discussion going on. I have set up a forum for this topic also here. These are our initial thoughts - so nothing is set in stone or decided.
Thanks for the idea - this could make for some very interesting (and challenging) discussion. Cheers!
That idea would be something new and unique. Also, it would prevent Noble Coin from dumping coins after it reaches exchanges and encourage people to mine, buy and hold coins instead of selling for quick profit. Devs, please consider that
