i used to think that the market cap for this would not likely grow into the billions. however since there are only so many coins that we will ever see (and we've hit that number) then we have to realize that in order for payments to be made possible in this currency that is exactly what has to happen. how many coins currently would you need to be able to pay for a 100k $s worth of computing power? Over 500k coins out of a billion at the current price as I post this. They may not be able to buy that many very quickly at times where as tens of trillions of dollars exist. Of course as they bought hundreds of thousands of coins the price would go up, but you get the idea of what I am saying.
One thing that could happen in the beginning of this is that as people bought many coins to use for the golem program they would grow distracted from their projects and become traders, at least temporarily. This is why I am worried that someone will copy this idea but accept cash. Is there a reason this will not happen? They would be able to start more quickly and here is why.
If one golem coin we valued at $10 then you would still need a 1000 coins to pay for a million dollars worth of computing power, but what if in between your buying the coins and your looking to pay for your project the price drops? This is inevitable is it not? How many times must someone complain about this before some of its users complain about it and scare everyone off? Am I crazy to think all of this or is everyone else really really stupid.
Some will say the price could go up but what if they wanted to something done now and the price went down ten percent a minute later?
So on the one hand as my title implied this coin could gain a great deal of value, but I worry that these problems could prevent the whole thing from gaining traction after a certain point.
I do however have a solution.
If someone can guarantee that their computing power would be priced in golem as opposed to dollars then this would bypass all of this. For instance, I don't say I am willing to sell computing power for $5 worth of golem. I say I am willing to sell computing power for 5 golem.
Has anyone figured this out yet? Please tell me it is so.
A lot of bitcoin fans believe that because you can buy something in bitcoin that the products are priced in bitcoin, but the retailers that take it turn it into dollars as quickly as possible. They only take dollars worth of bitcoin.
Golem devs can not fall into this trap or someone will steal their technology and simply accept dollars for it. If it gets investment then it will bypass this attempt at it and Golem will be totally forgotten. I am willing to follow the hype for now but someone tell me the devs understand this, which is the single most important issue, for golem?