What have you done to give these coin value? Where in the exchange volume can we see that this is going to be a successful. You talk about it airdrop but you're not saying anything about what you're going to do to make those coin worth something. I can sit there and make a coin and give out hundreds and thousands of them but that doesn't make them worth anything. You need a full roadmap and projects to backup your coins worth.
If you read the Whitepaper you will see that we also see this as a bit of a grand monetary experiment. The experiment asks the question "What happens when you create a network of people with holdings in a digital currency, with the utility to pass it to each other?" You may well be right, that the price never rises. But we have a feeling that the network effect will 'kick in', and the price will indeed rise, attracting more claimants, creating a virtuous circle. You will also see that the amount of POW being given away declines sharply, which rewards early adopters.
Not to get too abstract about it, but the example Cowrie shells shows that a currency does not have to have intrinsic value. It has to have fungibility, scarcity, durability, among other things. Cowrie shells were used as medium of exchange for hundreds of years from China to Africa. Did you know the classical Chinese symbol for money is a stylised Cowrie shell?
Our algo for allocating POW means that there is a maximum supply of 259,602,823,220 POW. This sounds a lot, but they wont all be issued at once. The algo allocates them to claimants on a first come most served basis. We have accommodated for 10bn claimants (there are only 5bn persons connected to the Internet globally so we have some head room). If you look at how the algo scales down the allocations, by the time we have 2bn claimants we will have given over 200bn POW away. It is that scaling down that mimics the scarcity of assets such as precious metals as they are mined to extinction.
It really will be fascinating to watch how it progresses. The thing is. What have you got to lose by claiming?
[email protected]p.s. Thanks to all who have reported bugs, we're beavering away dealing with them 1 at a time. Just 11 days to launch left!
