Re: [ANN][AID] AidBit | Digital-currency redefined | POW/POS | Groestl | Charity
So I was in the shower and came up with an idea that could help both the wallet woes and give the devs time to rethink the POS issues. Its kinda funny how running water can have such heavy influences on our awareness. I was think instead of implimenting POS into the current payouts we could instead make the POS for early adopters more like a certificate of deposit(CD). In other words allow users to choose how much they want to put into a savings account in the wallet that is not spendable unitl it has matured to a specific date. Allow users to specify between different amounts of time like 2yr 3 yr and 4yr. This way the devs could have time to figure out how to payout the 20% interest on these accounts over tim for at least 2 years, The users get to keep mining groestl pow and making aidbit..and the best point of all...This would be even more assurance that those with CDs would hold aidbit and not dump it for at least 2 yrs. IMO this would be highly lucrative for early adopters and also an added bonus for late adopters to keep adoption going. It would also encourage more buy orders than sell orders increasing aidbits liquidity.
I really like this idea too. Very interesting. I'm not sure how it would be implemented (but, hey, that's not my job
) but I'm sure it can be done in some shape or form. Maybe not exactly as you have conceived it, but perhaps something similar. Great idea for motivating people to think long[er] term!I also had a 'bright' idea (but I don't remember if I was in the shower or not
), and mine was about the charity side of things. The phrase "give a man a fish and you feed him for a day; teach a man to fish and you feed him for a lifetime" came to mind, and I thought, hey, if we could link AidBit charity to information technology, wouldn't that be great? Supporting community centers in underdeveloped areas (1st world, 2nd world, 3rd world, whatever and wherever) with IT infrastructure (computers?) and internet connectivity (and of course, AidBit wallet installs) would be an example that would be incredibly charitable and symbiotic at the same time. It would sure beat giving away paper wallets anyway!That would make for a truly organic grass roots movement. Actually both our ideas combined would anchor aidbit in both the third world and first world sector. Right now most alt coins get pumped and dumped and the developers never get to see their coin make a difference in the world. It would be a hell of a lot harder to cause a dump in AidBit when people buy and then move all their money into their wallet to get the long term interest on it. The more people save the stronger AidBits value the more charitable we can be..the more third world nations we can bring into the digital currency age.
Thank you guys for your great ideas. The first idea is of course economically sound but somehow we think that there are other options for creating scarcity and keeping the people from selling cheep. One of AidBits main ideas is also freedom - freedom to do whatever you want with your money. Wouldn't be better to win people over with our vision and passion and not by a binding contract. It just reminds us too much of rigid banking systems. At this point we'd like to direct our energy into spreading the AidBit over as wide audience as possible.This should have a same effect, if not better.
HR, your humanitarian idea is great and very close to something we have in mind. But first things first.
I saw that other altcoins are being created with the same ideas. We have competition...hardcore competition. This one called hyperstake pays 750% interest on all saved coins. Its experimental and only x11 so not as efficient as groestl but the idea of encouraging saving is becoming more prevalent. I understand what your saying about having the freedom to do what ever you want with your money. What I'm saying is that some people actually want to make more interest on their money by putting it into those types of unspendable long term accounts. In other words I like the freedom to choose from different savings options. It adds diversity to the types of users you would attract. So right now the base POS system begins to mature after 7 days for up to 2 years at 20% interest and can be sold at any time during the maturation process. What I'm proposing is not to change what you already have but to add the option to make the account unspendable for the same amount of time with say 60% interest? and possibly in the future 4 years and 8 years options. I understand from a dev point of view this just sounds like more work but from a consumer point of view its exciting.