Billion of ETN users and the gig economy will be the game changer.
This is what I’m thinking on board an signed up!! $10 in all accounts and we have a $1 coin by end of year…
Sorry i meant to add your answer in my above comment @Mulder
The mobile miner pot wont last forever, i have seen 10yrs being thrown around. But the actual Electroneum Blockchain mining rewards will carry on emitting for many many years beyond that. By that time the MM will have served its purpose of getting ETN into tye hands of the people we want involved before that time.
Sorry to put a dampened comment on the thread, but having realistic expectations is key to being happy in this industry.
Its always a good thing to have some sort of balance in the thread to maintain the integrity of the topic.
Your far from being a wet blanket Colin!!
yeah makes sense that the so called free coins will be only for a little while to kick start things. Once that runs out we should be starting to operate the etn economy . That’s a cool idea and I am sure will work.
You are correct with current statistics. But this is under the assumption that more asic miners don’t join the network. If Electroneum were to go from current price to 100$ imo there would be many asic miners along the way that will switch over to mining Electroneum. This can be considered beneficial imo. With more investors getting involved in mining thus taking a percentage of those coins out of that dumped number. With more miners the block rewards will be less impactful by the mining farms because the reward will be more evenly distributed
Example: not actual numbers just using round number
If 10,000 miners are currently mining each miner reward for block is 700etn
Now if that number grew to 100,000 it is 70etn. 1,000,000 miners is 7etn.
Of course there are other variables to consider with mining rewards.
My point is that with the assumption some form of mass adoption starts the run in price from current to 100$ imo there will be many miners added to the blockchain making the miners rewards less. Imo it is probable to think more miners will join the blockchain both holders and entrepreneurs and yes even more farms.
Also if empty block rewards were taken away or even penalized this would be very beneficial.
On top of mining rewards we need to think where the ecosystem would be at 100$ the steady flow of electroneum throughout the ecosystem creating the constant need of current supply on exchanges to be taken to be used in the ecosystem. Imo if we see 100$ I feel we would have at least 20 million users.
There are many influences and factors to consider. I could go more in depth such as partner impact and so forth. But i don’t find it relative besides helping take the dumped coins and putting them into the ecosystem.
Market cap currently represents the top coin
If Electroneum with a supply for example at 10 billion if we hit .50 the market cap would be 5 billion market cap and would rank us currently 4 I believe on cmc.
I don’t disagree with what you said but I also don’t completely agree. You definitely have a solid point to what you said. I just also wanted to bring this into the conversation because there are not many mining the blockchain right now and many variables could change.
Market cap is price × supply . our supply is limited to 21 billion so the possibility is there. I agree currently the probability is not in close sight because we are still beginning the journey. But the possibility is there just wanted to add the food for thought. I liked your post and it was factual and I agree with most parts I’m curious to hear what you think @ColinSTE
I just also wanted to add that these times with the block rewards are the worst they will be imo. As time goes on the reward is less and less. I can’t say when and am unsure how long but like bitcoin the reward will keep halfing. Not exactly because of the emulating curve so Electroneums reward is constantly less. But the reward will eventually be 4000 etn a block and continue to pay out less and less.
Currently we see a large number of mining farms/ personal gain miners getting a large portion of a large reward. Imo time and a well supported blockchain will somewhat even the number out.
This is absolutely true! Again it is going into where i was trying to avoid lol.
There would be a HUGE increase in mining equipment (ASICs) because there is always an equilibrium found between price and miners where more people will mine it if there is huge profit to be had. If each asic mines 400 per day and the price rose to say $10 there is absolutely no way there would be only the current number of ASICs that there are right now.
On the journey to a very high price there would be a constant increase of mining equipment deployed to mining ETN. But in the last 5 years the big mining companies are the ones who deploy the most. Usually China takes the lions share and this would probably be what happens in our scenario also. So while there would be a huge increase in new miners, it would not be everyday hobby miners like me that gained the reward it would be the mining farms and that means that the majority of the Coins mined would still be making their way onto the exchanges. These big mining companies just mine for profit. Most sell what they mine each day. They may keep a residual amount for long term storing but at least 90% get sold instantly.
So i guess the end result is still the same as my original post. But i cant dissagree with anything that you said. But the end result is not effected by your point i dont think.
Yeah, this is part of what i said @PrestoCrypto. This is why i said in a few years my opinion may change, but not until the block reward reduces significantly.
I can definitely agree with all of that. But the amount of coins would be/will be less and less thus the scenario of 700m volume a day required quickly declining. You are completely correct if at this point in time the price change happened this is what we would be faced with. I suppose given some time we will have a better idea in the emittion curve giving us a better understand of how quickly block rewards will decline. But imo there will be a point where it evens out where the block reward multiplied by price gives is a sustainable number that is able to be supported by volume. I’m not even sure if we are currently at that point of reward amount × price × volume actually I think we aren’t imo but the emmition curve + adoption will greatly be on our side.
Yeah and i put that factor in my original post
I can defiantly agree with that conclusion and current assessment. I just wanted to add to the conversation a different aspect we also don’t know when the bear market will end
Great imput I’m glad you posted what you did it really got me thinking as I have also thought the same thing many times. I agree time will tell
I pulled this comment from a video about XRP. I think it relates:
No, it doesn’t matter if there are a bunch lost.
It doesn’t matter if the millionares want 1.
The math does not work out for Bitcoin.
Even at the low btc prices of today miners are getting:
1,800btc/day x $2600 = $6.5 million/day
The miners are selling that currently because they need to to survive.
That is still a lot of downward pressure on the market.
The scary thing about POW/btc is that the higher the price gets the more downward pressure on the market.
Of course btc can’t go up significantly because of this.
If it got to $100K/btc miners get:
1,800btc/day x $100K = $180 million/day.
Dude! That is $180 million/day. I’m scared to calculate that out annually. Please feel free.
How come so many smart folks are ignoring this very simple math? btc can’t go up in value as a result. hello, knock knock knock . All of the other Bitcoin problems are secondary to this.
People talk about how it has rebounded in the past.
They are missing the point that the higher the price of btc the higher the downward pressure on the market.
Even with a massive influx of $ from Wall Street $180 million/day is obviously way too much.
Halvings shalvings. This is a short term thing. From mid 2020 to mid 2024 the rewards will still be 900btc/day. Another digital asset is going to take over the #1 position long before Bitcoin halves enough times to make a difference.
That would still be $90 million/day to the miners at $100K/btc.
Why doesn’t anybody talk about this?
Again, it is so obvious that it makes me believe the vast majority of btc investors don’t have a clue.
Remember, the same rules apply to all POW cryptos.
Why do we hear from well known high net worth btc folks saying the price can go to $250K? Because they own so much btc that they can’t sell it without crashing the market currently. They have to know that it can’t go up in value as a result of ^, but they know at ETF and another short bull run would be enough for them to get out. That is my only explanation and it is not my own original thought.
I love Bitcoin and the ideas behind it and I own some, but the math just does not seem to work out in the even short/medium term.
My guess is btc is going sub $1K by the time the second upcoming South American eclipse happens. Probably more like $250, and not $250K.
It seems the Wall Street folks actually do the math, and the math does not work out for POW . Don’t count on a Bitcoin bull run past $20K. This^ also perfectly explains the dramatic volatility of Bitcoin. As the price goes up so does downward pressure. Of course it is going to spike and drop with the same momentum. Sure seems simple.
The good thing is there is no cost to running the XRP network.
People need to realize this. When they do momentum will sway toward XRP.
Thanks for the epic videos !
Bitcoin who? You sure spelled ETN funny… wink
Relates well imo there are obvious key factors to be crossed before mathematically being possible. Electroneum differs slightly from bitcoin on that the emission curve is constantly reducing block reward instead of halving over years.
Does anyone have a good link to the electroneum emission curve?
I’d say the biggest difference between ETN and Bitcoin, or any other crypto for that matter is that no one is building an eco-system like ETN are. The reason is most coins are priced purely based off speculation. The only thing that can take a coin out of a speculative network is being mass adopted, because then it has organic value.
I found this thread discussing the emission curve. Someone said they did the math and that it will half every year. I will need to do the math myself. But in 5 years the reward payout may be less than 500etn. The reward is constantly lowering. This thread is worth a look imo
I would think the fact that the supply of ETN is 1000x the supply of bitcoin would also be a factor…