Digital currency

[killemaces]

Dear members, i have been a member here for a long time. I dont post very often but read with great interest. I am looking for members that want to try out a new form of digital currency. Its free of charge, all you need to do is download an app in your appstore: if there is any interest i can tell more about it.

[agor95]

Hi killemaces

Good to here from you.

I also have studied digital currency but I stick to keeping them from my mobile.

I just use Coinbase web site. You can get free crypto just by learning about new digital currencies?

Regards

[killemaces]

Hi agor95, yes i dabbled with coinbase learn/earn:but the currency im most interested in now is Pi network. It has 35 million users but is not like all the other cryptocurrencys out there.Their main focus is trying to build a stable, easy to use, dayly currency. Its not on any exchange yet, they are trying to build apps that only use Pi instead of making just another volatile exchange product that mostly benefits the rich. Pi uses a form of mlm so you need an invite code to join. Check it out on minepi.com

[agor95]

Hi killemaces

Which of the roles below are you playing at this time?

There are four roles Pi users can play, as Pi miners. Namely:

Pioneer. A user of the Pi mobile app who is simply confirming that they are not a “robot” on a daily basis. This user validates their presence every time they sign in to the app. They can also open the app to request transactions (e.g. make a payment in Pi to another Pioneer)

Contributor. A user of the Pi mobile app who is contributing by providing a list of pioneers he or she knows and trusts. In aggregate, Pi contributors will build a global trust graph.

Ambassador. A user of the Pi mobile app who is introducing other users into Pi network.

Node. A user who is a pioneer, a contributor using the Pi mobile app, and is also running the Pi node software on their desktop or laptop computer. The Pi node software is the software that runs the core SCP algorithm, taking into account the trust graph information provided by the Contributors.

P.S. What would really impress me is a Crypto that is grounded to real world assets and have a monetary policy.

[agor95]

Initial thoughts

There is no Mining Node Code written.
There is potential scaling problem waiting for a solution.

As the above is lacking; PI crypto is being create and placed into the central account based on 'Number of people joining per day [downloading of app]. This is distributed to all active users on that day [app users logged in].

There is a bonus to referrer & referee link based on the number of people joining on that day.

Developer's bonus on the numbers that join on the day.

So real world cost in assets; hardware, electricity & peoples time.

This receives an every increasing pool of crypto that is not grounded in a form of expenditure
on assets of value.

There is no work in creating the crypto or value in the items purchased.
So the crypto reduces in value and cost stay fixed as historic expenditure.

I recommend you get a large group together to join and referrer to each other on the same day.

Also check out the policy document of media. That crypto has addressed the grounding but not the monetary policy.

P.S. at least the system does not have a micro-balance wipe like Cudos or a macro-balance wipe like FTX yet.

Regards

Regards

[agor95]

It looks like the base product is the attention of the users who login each day.

So the PI creators sell this users attention base to advertisers.

They create demand for the PI crypto because they expect the users will purchase
what ever they are selling in the real world,

So killemaces have I summed up this crypto and have I missed anything important?

Regards

[killemaces]

You got good information on Pi Agor95, the ads on the app was voted for covering inital costs of servers and expensives. The ads can be turned off if you wish to do so. As any new tech it is a bit controversial, specially in the crypto space, i get the impression the long time members are most sceptic. There are pros and cons offcourse, but its completly free to join and if sucsessful it could be the next big thing maybe?

[agor95]

... it could be the next big thing maybe?

The crypto token PETUA [Perpetual Motion] does not exist.
It is a place holder for conversation.

What does a quality token need to have?

The token needs to be valued by the owners.

Not for speculative growth, but for it's tangible effect on the users life.

An operating system is only as good as the killer application available within.

One that connects the parts of the computer system together is just an electronic typewriter.

Users value entertainment resulting in the purchase of tickets with real world currency. There are around 180 recognized by the United Nations.

The main R.W. currencies were tied to commodities that were rare and had a useful purpose. That stopped in 1971 when the US refused to return Gold & Silver kept in safe keeping for other countries.

What give R.W. currencies value is the forced need to use them as exchange for real world commodities that are not rare, but are necessities.
Also a state will demand these R.W. tokens too pay taxes and fines.

So there needs to be an environment were a Digital Currency 'Petua', for example, to be used to purchase none rare items of necessities.

When currencies had tangible value. The token [currency] owners would STAKE a deposit of rare earth metals into a community safe and receive promissory notes.
This became a large BANK of metals and would need to be kept in a strong room.

In time these promissory notes promised to pay the note bearer a weight [mass] of rare earth metal like gold. Now you receive a new note to replace the old note.

Great thank you very must.
It's not even rice paper; you can not even eat it.
It's worthless.

So we need a secure wallet for 'Petua' to be held by the bearer.
Also these wallets have an integral STAKE deposit section.

Adding to the deposit increases your 'Petua' promissory notes.
Reducing the deposit BURNS the promissory notes in your wallet.

This is how BANKS worked before they broke the link from deposits to promissory notes.

I could continue this description of 'Petua'.

However are there any members who value this line of thought?

Tokens make the World Go Round