this is exactly what they do now with stock splits
for us, we don’t know the cost of items in the developing nations, if etn gets to 3 dollars then .01 etn is 3c, what if something costs 5c?you would need to pay .02 etn for the item which is 6c, so you are overpaying by 1c. not a huge amount but when the price increases more and more… well, the story tells itself. I think Etn would need to create a circulation of coins, buying back coins to recirculate into the eco system with the mobile miner, when the price gets to high, they throw more coins out, when the price gets too low they throw less and less coins out. This is possible because they can offset the cost of buying back coins when they choose to monetise on the services they are providing. So i don’t know whats worse, adding decimal points, increasing supply, or controlling price!! Tough decisions will need to be made! of course this is all speculation on my part! But adding a decimal point seems the easiest! anyone else got other ideas because i am stuck on this.
I am not sure why people dislike increasing circulation supply with a supplement airdrop? You don’t lose out . If you held Shitcoin USD you would have had no supplement airdrop and people seem ok with it?
The adding or a decimal place could be done with a simple fork and it would increase total number of units available by 100x without any effect on the price of the coin, adding more circulating supply would instantly devalue each coin which may send a way of panic around the would world when an item like a loaf of bread is 1etn one day and the next day it is 10etn. Given the price would be the same in fiat value but would look like etn just crashed in value to the average person on the street. I don’t think going to 3 or 4 decimals will in any way hurt us as people will still have the exact same number of etn no matter what.
The problem with adding a decimal is we are going against our founding principle which is a crypto currency that is easily understood as people may struggle with 3 decimal places.
With most apps now they show on screen your crypto converted to your local fiat so i don’t think it would be a big deal if they changed it. Its a ways of anyway if it did happen but adding more decimals would make sense if the price went high. The main principle for ETN has been mass adoption so Im sure if it meant making the coin more usable over just having 2 decimals places to make it that slightly more simple I think they would just overlook that personally but who knows…
good point…the app shows the fiat value anyway.
I can’t see any problem adding zeros, i think the market will teak it in a positive way and i believe that ETN already have a plan for that.
i think it would be for the best i they changed the decimals from 2 to 4 !
It has to be kept as it is. Mass adoption means one thing…ease of use. Let’s not forget our main goal here.
i think the decimals should stay, and they should double the supply as and when needed.
I think the 2 decimal is perfect for the average New user that is used to fiat money in my eyes it should stay
Many crytos use a stable coin to solve that problem. Using a unstable coin to transact everyday is challenging.
I think 2 decimals will to even when ETN is 1-2-3$
There is no issue with 2 decimal places up to €10.00 per ETN.
Take a £ $ €10 ETN… that would mean 0.01 would be 10 cent/ pennies.
Nothing really costs less than 10 cent anymore.
Now imagine you do a weekly shop and you pay in ETN at €10 per ETN
Your bill is € 92.11
You pay 9.22 ETN (€ 92.20) and you have overpaid by 9 cents.
Lots of stores already do round up/ down to eliminate copper (low value) coins. (The store would probably make your bill € 92.10, so 9.21 ETN exact payment)
There is no issue up to £ $ € 10.00 ETN and if it gets beyond that, just leave the pennies behind you, happy with your intelligent investment and early adoption of Electroneum.
At €10 per ETN, the max you would ever overpay is 9 cent or pennies if the payee insisted on at least the exact payment, but you could only overpay.
Don’t forget the target market includes many people to whom $0.1 USD is a fair sum, and would need fractions of that amount for certain transactions.
Interesting to see the varying thoughts. I look forward to seeing what path the team chooses. Here’s a poll on the topic:
In the case of $50 Electroneum, adjustments should be made by
- Increasing decimal places
- Increasing maximum total supply
- Alternative idea (share below)
I too have thought about this for nearly a year straight, but was afraid to bring it up in fear of more FUD.
I believe adding a MINIMUM of two additional decimal places would still provide a very human readable number.
We could create a different name for those places and put the conversion scale right in the app.
.1 = 1000 Electrones
.01 = 100 Electrones
.001 = 10 Electrones
.0001 = 1 Electrone
(or something that isn’t Trade Marked)
Richard Please Copyright "Electrons"
a good idea would be to enter the amount of dollars u want to send and it automatically works out how much ETN, whether its .000012 or .0000014, you wouldn’t even need to show the amount of ETN. or show it. it doesn’t matter, let people think interns of dollars.