I am very surprised how the Fairphone community thus far in the posts seems to eat cryptocurrency like hot candy.
Thatās quite a claim:
- Fair.
- Ecological.
- Decentralised.
- Secure.
- Supports the common good.
How are CVNs (Certified Validation Nodes) decentralised?
The amount of transactions you can achieve appears to be 3000/second with a flat transaction fee of 0,25 FAIR. However, a SEPA transaction within the Eurozone of 15.000 EUR or less is near instant (10 sec) since Nov 2017 (source). And they have volume:
āAs of August 2014, 99.4% of credit transfers, 99.9% of direct debit and 79.2% of card payments have been migrated to SEPA in the euro area.ā You seem to avoid the high transaction fees and time by just having a deliberate cryptocurrency you cannot speculate with and cannot achieve high volume either. If you only want to serve a niche, that makes sense.
Iām looking forward seeing each of these proven in your whitepaper. Could you link it for everyone? Because the link on the website doesnāt work, at least for me. And of course thereās been revisions as wellā¦
Hereās also a bunch of FAQs on fair-coin.org which seems to be the main site:
https://fair-coin.org/en/faircoin-faqs
Anyone who claims their currency only rises is trying to sell you something (hint: snake oil). As for your coin being both 1) stable 2) constant raise of its value, I will get back about this claim of yours in the bottom of my post.
Your post reads like: āHere is a new cryptocurrency, please use it.ā No, thank you. Iām reliant on the EUR in The Netherlands, and Europe. I pay everything with that. If the EUR goes to shits I will be homeless without food and with a bunch of useless property. If any cryptocurrency goes up or down, I wonāt lose anything, cause I donāt own them. The currency to own besides the EUR is USD. Why? It is a stronger coin, usable practically world-wide, and a strong economy on which EUR is closely intertwined with. There are other coins which are also used world-wide, stable, and strongly linked to EUR (though in combination less so than USD), but none of the cryptocurrencies are one of them. They donāt even come close in volume, for starters. And I still need to own a bank account with a quarterly flat fee with which I can do unlimited transactions. Without that bank account, I canāt buy bread at the bakery, I canāt buy groceries, and I canāt pay my rent. So Iām tied to the SEPA/IBAN system. I canāt give my kid FAIR to pick up a bread at the bakery either.
Additionally, the standard cryptocurrency warnings apply although your ICO was just giving away coins based on IP address and solving 2 captchas, and you donāt use PoW/PoS but something called Proof of Cooperation.
Bank interests are very low these days so people might think of ways to invest their money. They might even consider cryptocurrencies. Investing 101 is assume all the currency you invest is vaporised (the same would apply on cryptocurrencies) but because cryptocurrencies are called cryptocurrencies people assume theyāre holding a stable value like their EUR or USD; nothing could be further from the truth. The instability lends for speculation which is dangerous.
Playing the stock market via spreading (ie. not betting on one horse) in a sector you know a lot about (or care a lot about, but then start learning about it first) is a safer option than a cryptocurrency. If youāre interested in green projects, you can opt for a green bank (Triodos for example) whilst still using EUR, or you can opt to invest in green stock options. Which brings me to the point that your cryptocurrency is solving a problem which doesnāt exist.
Now, lets get back to the part I last quoted from you and see how FAIR (FairCoin) has been doing:
Set the chart to 6 months and 1 month whilst reading the next paragraph. Iāve read some posts on your forums. I saw one post saying they wanted to keep FAIR on 1.2 EUR as long as possible (zero reactions to it, but it is of course not possible to achieve such as the EUR is a huge moloch to which FAIR is a toddler called David), and one where someone posted a chart trying to mislead the reader into believing FAIR was a safe coin to have when people were selling their BTC. Well, the chart here on a 6 month scale is a comparison with USD by default (you can change it to EUR top right, go do that). It shows 2 peaks (Nov 27 2017 and Jan 8 2018) where the coin was above 1 EUR in between indeed the stable comparison rate as projected. On Jan 14/15 was another peak up. Ever since Jan 7 (nearly a month ago) it has been on decline with it now being on approx 50% of that 1 FAIR being 1.2 EUR (= ~0,4166 EUR on the scale). Now, hereās the little problem I got with your post (apart from it being about cryptocurrency): you posted here 2 days ago. Thatās Feb 2 2018. You mustāve noticed FAIR has been going down to nearly 50% of what it was just a month ago. Yet here you are, claiming with a straight face:
ā¦which is dishonest.
But I just donāt get what youāre trying to solve either, as you donāt attempt to solve our reliance on the EUR nor do I see any reasons why EUR cannot be used in the examples the mention. Those 3000/transactions less per second arenāt making a dent in our reliance on the EUR. It doesnāt make a dent in the total amount of transactions done with EUR. It doesnāt make a dent in my quarterly flat-fee bank account subscription either. So what is the point?
