No need to worry about something that is not currently an issues and it can be fixed very quickly and easily.
Yeah if thats the case It would make sense for them to just change it I thought it would be a complicated process. Thanks for the info
Does take a little programming but is completely doable.
I dont think this is a problem becasue ETN’s price is a reflection of the market and what people ‘value’ the coin at. If say for some reason ETN is at $100, that means 0.01 ETN is $1. For this to have happened, the market would clearly see ETN as worth $100 and are willing to accept 0.01 ETN for $1. Maybe, at this point, there is another currency with more decimals that are used to purchase smaller priced goods, while ETN is becoming more for ‘stored value’ or used to purchase goods that are more pricey. Remember, ETN wouldn’t face decimal issues are high prices because the market drove it there in the first place. Not to mention, being to pricey for decimals is a problem I think we can all smile about =D
Agreed, nothing to loose sleep over especially when the price of ETN looks like it is about to go below $.005!
Of course, my bad:
ETN has modelled a few dollars. Beyond that…inflation.
its a tough decision, the research showed that two decimals is the way to go, and increasing the supply means a very angry MOB! what to do? its a tough one.
Could they really just increase the max supply? Isn’t that, like…breaking the rules, or something?
Adding decimal places would have zero effect on increasing max supply of the coin it would just add more units per coin.
Nope . This is equivalent to quantitive easing . They will hopefully give you double the coin anyway so you don’t lose out.
If ETN price surges in value and say we are $100 per coin that would mean the smallest amount of ETN that you could spend would .01etn or 1 usd. It would mean that coin as currency would render it not a good options to pay for most items. No one would want to buy something that was .50cents and have to spend $1 worth of ETN to get it. Plus everything be rounded up the dollar would not go over well in the developing world. So it may be that ETN becomes a huge store of value for many people like BTC and would not be used world wide as currency as it would not make any sense to use it for that if you are having to round up to the nearest dollar or it maybe that etn will alway be worth around $1 or less because every time go above that price they will just issue more etn to always keep it around that price and to make it a easy to use crypto currency. I would not worry about to much as Apple stock did a split in 2014 with 7 to 1 ratio. For every Apple stock you owned you end up getting 7 of the new Stocks, it had no negative effect on apple and may would argue it boosted the company tremendously. So if one day Electroneum decides that for every 1 ETN you own will then get 10 new ETN’s then it would just fine with me!
I’m certain that’s what @ETNCEO means when he mentions an inflation event.
If so, it can be done proactively, through minimal (single digit percentage) inflation over time, rather than a huge inflation event all at once (say, 100% inflation, which is doubling supply).
The only concern I’d have is the havok it may have on exchanges not prepared for this. It’d also open up an interesting, and potentially damaging, trade window right after such an event.
I personally like just adding decimal places as it does not have any effect on exchanges since you already can purchase etn with 8 decimal places on the exchanges. It will not be a big issue or anything we need to worry about for probably many many years.
To add another thought, it does open some interesting possibilities, when you view it as a blending of currency and stocks. I’m referring primarily to something like a stock-split + buyback event; such a tactic would help bolster the Mobile Mining reserve, should it start to run out. It would also be an interesting way for Electroneum Ltd. to give back some of their profits to the community! (once they enter a profit-driven model)
I agree that adding decimal places is easier, particularly from a technical standpoint. The problem with that lies in education of the people, as most are unaccustomed to more than 2 decimal places.
I don’t know if something like this would be possible, I’ll have to dwell on it a bit, but another interesting thought is to rethink how we view and interact with Electroneum through adding a fractional currency model. Think Cents, in regards to dollars, or Satoshi in regards to BTC. Then you could have, say, two decimal places on that “ETN-Cent”, effectively giving one ETN 4 decimal places.
It may be possible to simply add 4 decimal places on the backend, which can be fully utilized by exchanges and traders and those comfortable with more than 2 decimal places. Then, make that fractional model a UI/UX only experience, which can be toggled on/off by advanced users.
I think it would still not be an issue because when people go to pay they would more than likely being scanning qr code that will link to the price in FIAT currency so if they where sending .23 etn or .023etn to pay for that item it would not make a difference because at no time would they be having to type in that amount as it is fully automated via QR codes.
Yeah, that’s a very good point. Though, consider this; all this is speculation that ETN will reach a given value, in the realm of 10,000% greater than current value. By then, we may have more of a foothold, such that places will list price in ETN rather than a Fiat currency.
After all, isn’t that the dream goal of mass-adoption?
I’ve just never heard anything from Ells suggesting that he intends to do that. They way he talks about the two decimal places makes me think he wants it to stay that way. As far as increasing max supply, I guess I read the original comment/question wrong…they could and mostly likely will increase circulating supply, and there’s only so many times you can do that before you reach max supply…and if ETN still just uses two decimals…that presents a problem. There are some good suggestions for solutions on this thread, but…seems to me ETN will hit a wall at some point, inevitably…
That is for sure, Electroneum may have a limited use as a currency if our price soars and it will be come a store of value. It however will not be a issue till we are worth well above $1 so at this point it is nothing to stress over that is for sure.