Post
Topic
Board Announcements (Altcoins)
Re: [ANN][Blocknet] The internet of blockchains | XBridge | true cross-chain P2P
by
holyprofit
on 16/11/2014, 12:14:47 UTC
It seems to me that it's irrational to want the price of BLOCK to be higher.

BLOCK isn't a normal coin - no one is pushing for it to be accepted by merchants, no one is promoting BLOCK for charity, etc. - it's simply a receipt for supporting the ITO, and its only value is in how many NHZ assets you can exchange it for when Blocknet is a reality.

The price of BLOCK doesn't have any bearing on the project either, unless I'm mistaken; the devs are getting paid from the BTC or other supported altcoins when people paid for BLOCK in the ITO. They aren't getting paid in BLOCK, right? After the ITO, the price of BLOCK could go down to 1 satoshi with no detriment to their development efforts.

Thus, it really seems like we should be hoping for the price of BLOCK to be as low as possible, in order to scoop it up cheaply. The only reason to want the price of BLOCK to be higher is if you want to sell it for profit before Blocknet (which is valid, but I would think most holders are interested in getting paid by Blocknet's NHZ assets; otherwise why not just invest in a normal coin?).

I'm writing this because I don't understand the desire to have the devs put up a buy wall for BLOCK. If the price of BLOCK goes back to ITO price or higher, it doesn't affect the project's funding at all, but it makes it more expensive to acquire BLOCK for users, correct? Let me know if I'm missing anything.

By this argument you would be happy if the price drops to 1 sat so whatever block you are holding would be effectively worthless despite the fact that you paid twice as much for them last week as you would today. Last time I looked, the price of something was supposed to reflect the confidence the market has that you will see that return someday. Concern about the price is a concern about this apparent lack of confidence. Therefore if the team is not concerned about a drop in price then they are not concerned about a lack of confidence in their abilities to deliver. I only hold about 2000 blocks so it's not a big deal to me. But personally I would be worried. And also I would be worried about the fact that any future ITO by them (e.g. the one proposed for XC itself) would almost certainly be unsuccessful. These are all just facts, not really subject to opinion.