No One is The Sheriff of EOS: A Tweetstorm Backlash

stellabelle (75) in eos • 5 years ago (edited)

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5 years ago by stellabelle (75)

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benitrade (44) · 5 years ago

I know I'm resurrecting a long dead post here, but just I just need to jump in and comment.

The thing about deflationary projects is that most people on the planet have never experienced them. All we know and have experienced is inflationary currencies. I don’t know of many other deflationary projects in existence...

Anyone who has dealt with Bitcoin has dealt with a deflationary currency. Any time the supply is reduced (or new supplies restricted as is the case with the halvening), then you have deflation.

In bitcoin's case it has worked out quite well. However much of this is from network effects and first mover advantage. The is such a large user base for bitcoin at the present time that cutting new supplies produces a bullwhip effect in the price.

Bitcoin has not really suffered from the introduction of good enough and even better alternatives, even since litecoin. But this is Bitcoin and the same cannot really be said for other currencies whether their model is inflationary or deflationary.

The fact of the matter is that in order for money to be money and do what money does there have to be users and use cases. Bitcoin has millions perhaps now billions of users globally and you can literally buy anything with it and some locales are now allowing you to even pay taxes in it.

This SOV coin will have a long uphill battle as will any other currency that's trying to differentiate itself solely on some "innovative distribution model".

Just my 2c.

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stellabelle (75) · 5 years ago

Agree on all points you said.

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ultratrain (62) · 5 years ago

Those that create the product get to decide it's direction/guidelines etc whether it's good or bad. The market will always decide viability or worth. People don't like it, feel free to create and market your own token. Crap will get flushed out of the system.
Most important in this case is to remember to think before you post - the net is forever and once you put it out, it's out for good. Saves you the trouble of walking it back or apologies and you won't look like an idiot.

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ammonite (67) · 5 years ago

I find SOV a very crazy and exciting concept. From my understanding the transactions are also effecting the deflation so that if I was to send you some SOV some would be burned in the process. Maybe I am wrong about this.
The idea that the supply gets less and less and interactions account for this are a great experiment and one I am interested to see evolve.
Nice write up. Oro does have an ego but I really enjoy his podcast on EOS.

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