Quote from: originalDavisgreen on November 28, 2017, 12:50:29 AM

Quote from: johnatunum on November 28, 2017, 12:39:44 AM

Quote from: originalDavisgreen on November 28, 2017, 12:33:54 AM

What is the whole purpose for it!

You can only convert your Crypto into this token, so I don't see a point for it's existence.
Please outline a few use cases for me, so I can understand where it would be useful.

Thanks

I hope it's use is as an actual currency - a store of value.

Business are hesitant to adopt cryptocurrencies because it's hard to understand it. How much is it worth? With bitcoin, the price changes minute to minute. It's impossible to plan for the future and use Bitcoin as a real currency in those plans, because you don't know what it's going to be worth.

People, at least in the US, understand the dollar at a gut level. My long-term hope is that people would be more willing to use cryptocurrency if they can understand it's value at that gut level.

To put it in perspective of another dollar-pegged coin - when markets tank, people tend to sell their alt-coins and jump into Tether, because they know that it'll still be worth $1 an hour, a day, or a week from now - after the storm has passed.

So you are basically trying to create a decentralised tether? without the facility to use fiat to get it. Only use case for it would be to use it as a hedge when alts dump.

Isn't every one on this Crypto train coz they think it's just going to go up and up Wink

, else people will just keep their $$ / exchange it to $$

What if I send say 10 XYX coin to swap it for Unum to the contract at say $10each. I get $100 worth of Unum or 100 Unum. Now XYZ coin crashes in value and is now worth $2. Now I want to buy the XYZ coin back. My 100 Unum should be able to buy 50 XYZ coins now, and what if your exchange contract doesn't have those many XYZ coins (even after I pay the penalty)

Or am i missing something

A lot of people are definitely into crypto as a speculation. I think most forget that it's supposed to be a currency.

Your explanation using XYZ coin is correct, but as Unum is backed my many different crypto currencies, you could always exchange it for one of those, or just wait until the reserve gets filled again.

Shortly after launch on the main Ethereum blockchain I plan to hold a Bonus sale, which is where you get a small % bonus for buying Unum. In this manner I hope to fill the reserve against the sort of scenario you describe (unless a whale gobbles it all up).