etnsab
Electron
My brain is overflowing with the potential of Electroneum! :-)
Posts: 26 
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Post by etnsab on Oct 18, 2017 14:32:36 GMT -6
When I started looking into Electroneum, I really liked the idea of the 2 decimal places given the 21 Billion Cap. But as the days went by and I've been thinking more and more about it, I'm starting to find a few problems with the 2 decimal places limit.
For a first, if Electroneum is targeting the gaming industry and we are looking at microtransactions, we will be looking at a maximum of $100 per ETN in years down the line if it works extremely well and surpasses all expectations.
What happens after that? In a few years most of the ETNs will be mined, it will have hit exchanges and probably will be used in a lot of places. We will then want the price to appreciate more than $100, but it looks very difficult to be able to achieve that. If we look at microtransactions people spend $1 usually, so at $100, ETN works. What happens if it goes more than that? How will the problem be fixed?
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Post by mrnewguy on Oct 18, 2017 14:54:54 GMT -6
2 solutions: there is no need for the coin to be worth more than 1$ if you think about it. You can buy 100.000 coins now for a few bucks and still be a millionare if the coin reach 1$. Who cares for 10000$ a coin.
IF the coin price will be too high they can always find a solution (create a smaller coin like satoshi for bitcoin) that will be used for microtransactions.
My opinion of course
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etnsab
Electron
My brain is overflowing with the potential of Electroneum! :-)
Posts: 26
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Post by etnsab on Oct 19, 2017 7:41:09 GMT -6
2 solutions: there is no need for the coin to be worth more than 1$ if you think about it. You can buy 100.000 coins now for a few bucks and still be a millionare if the coin reach 1$. Who cares for 10000$ a coin. IF the coin price will be too high they can always find a solution (create a smaller coin like satoshi for bitcoin) that will be used for microtransactions. My opinion of course I've thought about this. The fact that the coin doesn't need to be more than $1/ETN but that raises another problem. What makes it more attractive than a virtual coin in game with a face value of $1 (of course if we are only targeting games). Since Electroneum will not only be used in games but will also be adopted in many other areas, I think the higher the price it reaches, the better it would be. But then again, I think you're right when you mention that they could create a smaller coin or even increase the decimal places with a fork when the time comes. They will have years to figure it out. In the end, I believe it will all work out :-) |
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Post by mrnewguy on Oct 19, 2017 8:08:36 GMT -6
2 solutions: there is no need for the coin to be worth more than 1$ if you think about it. You can buy 100.000 coins now for a few bucks and still be a millionare if the coin reach 1$. Who cares for 10000$ a coin. IF the coin price will be too high they can always find a solution (create a smaller coin like satoshi for bitcoin) that will be used for microtransactions. My opinion of course I've thought about this. The fact that the coin doesn't need to be more than $1/ETN but that raises another problem. What makes it more attractive than a virtual coin in game with a face value of $1 (of course if we are only targeting games). Since Electroneum will not only be used in games but will also be adopted in many other areas, I think the higher the price it reaches, the better it would be. But then again, I think you're right when you mention that they could create a smaller coin or even increase the decimal places with a fork when the time comes. They will have years to figure it out. In the end, I believe it will all work out :-) what makes it more attractive in game is the ability to bring your coins from 1 game to another. an example: i play world of warcraft and i have 1000gold in that game. now imagine that world of warcraft used ETN instead of gold. I had 1000 ETN in game. when i want to try another game, i can take the 1000ETN with me into the new game! |
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etnsab
Electron
My brain is overflowing with the potential of Electroneum! :-)
Posts: 26
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Post by etnsab on Oct 19, 2017 9:51:35 GMT -6
I've thought about this. The fact that the coin doesn't need to be more than $1/ETN but that raises another problem. What makes it more attractive than a virtual coin in game with a face value of $1 (of course if we are only targeting games). Since Electroneum will not only be used in games but will also be adopted in many other areas, I think the higher the price it reaches, the better it would be. But then again, I think you're right when you mention that they could create a smaller coin or even increase the decimal places with a fork when the time comes. They will have years to figure it out. In the end, I believe it will all work out :-) what makes it more attractive in game is the ability to bring your coins from 1 game to another. an example: i play world of warcraft and i have 1000gold in that game. now imagine that world of warcraft used ETN instead of gold. I had 1000 ETN in game. when i want to try another game, i can take the 1000ETN with me into the new game! Yep, that's the idea, which is why I'm worried about the 2 decimal places. But I guess they will have a plan for it. We just need to wait :-) |
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Post by drzoo on Oct 22, 2017 5:55:15 GMT -6
When I started looking into Electroneum, I really liked the idea of the 2 decimal places given the 21 Billion Cap. But as the days went by and I've been thinking more and more about it, I'm starting to find a few problems with the 2 decimal places limit. For a first, if Electroneum is targeting the gaming industry and we are looking at microtransactions, we will be looking at a maximum of $100 per ETN in years down the line if it works extremely well and surpasses all expectations. What happens after that? In a few years most of the ETNs will be mined, it will have hit exchanges and probably will be used in a lot of places. We will then want the price to appreciate more than $100, but it looks very difficult to be able to achieve that. If we look at microtransactions people spend $1 usually, so at $100, ETN works. What happens if it goes more than that? How will the problem be fixed? $100 per ETN won't happen. Have you worked out what that would mean for a market cap? That said I would like 3 decimal places but can see why two was chosen. I guess the dream is it ends up close to $1 but even that would be some feat. |
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etnsab
Electron
My brain is overflowing with the potential of Electroneum! :-)
Posts: 26
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Post by etnsab on Oct 22, 2017 7:21:28 GMT -6
When I started looking into Electroneum, I really liked the idea of the 2 decimal places given the 21 Billion Cap. But as the days went by and I've been thinking more and more about it, I'm starting to find a few problems with the 2 decimal places limit. For a first, if Electroneum is targeting the gaming industry and we are looking at microtransactions, we will be looking at a maximum of $100 per ETN in years down the line if it works extremely well and surpasses all expectations. What happens after that? In a few years most of the ETNs will be mined, it will have hit exchanges and probably will be used in a lot of places. We will then want the price to appreciate more than $100, but it looks very difficult to be able to achieve that. If we look at microtransactions people spend $1 usually, so at $100, ETN works. What happens if it goes more than that? How will the problem be fixed? $100 per ETN won't happen. Have you worked out what that would mean for a market cap? That said I would like 3 decimal places but can see why two was chosen. I guess the dream is it ends up close to $1 but even that would be some feat. Yep, $100 is not going to happen, which is why I said "we will be looking at a maximum of $100 per ETN in years down the line if it works extremely well and surpasses all expectations". At $1, it's a 100x ROI. That really good imo. I think it has the potential to reach to $5 in a fewa years if the team executes properly. This coin is not really designed to be more $3-5 in the long run. |
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Post by Pete on Oct 22, 2017 8:35:41 GMT -6
What is the main factor that would drive the price? Number of people adopting it, or something else. Just say ALL those 2.2bn smartphone users had ETN, or if it was only ever $3-4m like BTC is now, could we take a guess at price based on percentage of market saturation?
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etnsab
Electron
My brain is overflowing with the potential of Electroneum! :-)
Posts: 26
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Post by etnsab on Oct 22, 2017 9:04:49 GMT -6
What is the main factor that would drive the price? Number of people adopting it, or something else. Just say ALL those 2.2bn smartphone users had ETN, or if it was only ever $3-4m like BTC is now, could we take a guess at price based on percentage of market saturation? If all those 2.2 Billion users use it, the demand for it will increase dramatically and assuming 21 Billion coins, each user will on average have around 10 coins. This won't be a lot and therefore it will become very expensive. The chance of all 2.2 Billion smartphones using it is very low as even Paypal has 50,000,000 - 100,000,000 only on Android. So let's assume that Paypal has around 200-300Million users who have it on their phones. Now let's assume that ETN gets only 10 Million users and assume that by end 2018, 10 Billion coins are in circulation. That would be on average, 100 ETN per user which is not a lot at all. This would significantly increase the price of an ETN, but still I don't think it will go beyond $1. Realistically, 2 Million download is possible by end of next year(of depending on the team), and let's say if 10 Billion are in circulation, this would amount to an average of 5 000 ETN per user (Of course average is just that, an average). This means that at $0.01, a user will have around $50 to spend. This is quite some good money here. So, I guess, based on that, that ETN might go to up to $0.5 by end of next year if all goes really well. That would still be a good 50x return. |
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Post by Pete on Oct 22, 2017 9:37:33 GMT -6
What is the main factor that would drive the price? Number of people adopting it, or something else. Just say ALL those 2.2bn smartphone users had ETN, or if it was only ever $3-4m like BTC is now, could we take a guess at price based on percentage of market saturation? If all those 2.2 Billion users use it, the demand for it will increase dramatically and assuming 21 Billion coins, each user will on average have around 10 coins. This won't be a lot and therefore it will become very expensive. The chance of all 2.2 Billion smartphones using it is very low as even Paypal has 50,000,000 - 100,000,000 only on Android. So let's assume that Paypal has around 200-300Million users who have it on their phones. Now let's assume that ETN gets only 10 Million users and assume that by end 2018, 10 Billion coins are in circulation. That would be on average, 100 ETN per user which is not a lot at all. This would significantly increase the price of an ETN, but still I don't think it will go beyond $1. Realistically, 2 Million download is possible by end of next year(of depending on the team), and let's say if 10 Billion are in circulation, this would amount to an average of 5 000 ETN per user (Of course average is just that, an average). This means that at $0.01, a user will have around $50 to spend. This is quite some good money here. So, I guess, based on that, that ETN might go to up to $0.5 by end of next year if all goes really well. That would still be a good 50x return. It may be very optimistic to assume all smartphone users will have it, on the other hand Paypal does not offer people free money! I am not sure how many people use Paypal regularly for transactions not related to eBay or other ecommerce sites, possibly not a big amount, also the barriers to entry for getting a Paypal account are higher (bank account, verification etc). As you say much will depend on the developers and how they spend some of that $40m advertising this, but I think we can also do our part... imagine just telling a group of 20 young people "you can get money just by leaving your phone switched on!". How many of them will say, "nah not interested", not many I bet. They'll probably even have competitions among themselves to see who can get the most ETNs! And then each on of those 20 young people tells another 20 of their friends and so on. That could snowball very, very, quickly. So yeah, I'm an optimist, based mainly on the simple factor of "why wouldn't anyone do it?" if it costs them nothing, is easy to set up, doesn't involve doing any work (yaaay!) and they gain from it. |
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Post by mrnewguy on Oct 22, 2017 10:14:48 GMT -6
i think the Team shoudl focus on 2 things: 1-advertising ETN, the app and the mining Pc software, and 2- find at least 1 thing to spend etn on ^^
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etnsab
Electron
My brain is overflowing with the potential of Electroneum! :-)
Posts: 26
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Post by etnsab on Oct 22, 2017 10:22:40 GMT -6
If all those 2.2 Billion users use it, the demand for it will increase dramatically and assuming 21 Billion coins, each user will on average have around 10 coins. This won't be a lot and therefore it will become very expensive. The chance of all 2.2 Billion smartphones using it is very low as even Paypal has 50,000,000 - 100,000,000 only on Android. So let's assume that Paypal has around 200-300Million users who have it on their phones. Now let's assume that ETN gets only 10 Million users and assume that by end 2018, 10 Billion coins are in circulation. That would be on average, 100 ETN per user which is not a lot at all. This would significantly increase the price of an ETN, but still I don't think it will go beyond $1. Realistically, 2 Million download is possible by end of next year(of depending on the team), and let's say if 10 Billion are in circulation, this would amount to an average of 5 000 ETN per user (Of course average is just that, an average). This means that at $0.01, a user will have around $50 to spend. This is quite some good money here. So, I guess, based on that, that ETN might go to up to $0.5 by end of next year if all goes really well. That would still be a good 50x return. It may be very optimistic to assume all smartphone users will have it, on the other hand Paypal does not offer people free money! I am not sure how many people use Paypal regularly for transactions not related to eBay or other ecommerce sites, possibly not a big amount, also the barriers to entry for getting a Paypal account are higher (bank account, verification etc). As you say much will depend on the developers and how they spend some of that $40m advertising this, but I think we can also do our part... imagine just telling a group of 20 young people "you can get money just by leaving your phone switched on!". How many of them will say, "nah not interested", not many I bet. They'll probably even have competitions among themselves to see who can get the most ETNs! And then each on of those 20 young people tells another 20 of their friends and so on. That could snowball very, very, quickly. So yeah, I'm an optimist, based mainly on the simple factor of "why wouldn't anyone do it?" if it costs them nothing, is easy to set up, doesn't involve doing any work (yaaay!) and they gain from it. Exactly, word of mouth is very important. If you look into other apps that went viral, you will see that word of mouth played a big part. I completely agree when you say that we should spread the word as well. |
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Post by mrnewguy on Oct 22, 2017 15:50:00 GMT -6
the team should advertise on 9GAG or try a cooperation with it. It would literally overtake the globe in 2 days if it did lol
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