The future storage of value, BTC, Diamond (DMD) coins vs cash, cryptofiats and gold
This post will aim at giving some insights on the future of Bitcoin (BTC), altcoins with a limited supply and especially Diamond coin (DMD). The views expressed here are -no need to mention- biased
Future of BTC and DMD coins and other limited altcoins
Recently, more and more governments have taken interest in issuing their own cryptocurrencies. The latest on this list being the Russian central bank. According to the article, cryptoruble might spring out of this project.
What kind of cryptocurrency will the Russian central bank produce, or any government for that sake?
Quoting a DMD developer:
" These currencies will never be a popular financial tool for reliable capital investment. It will be another tool, like a credit card payment system, account control and verification. They can get people to use it through payroll, but it will not be a system for investing. Shveicar "
They will probably be replacing the fiat ruble with a cryptoentity that is more or less a generic cryptofiat currency with an unlimited supply of token/money, just like ethereum (ETH).
But investors will always look for a stable, secure and valuable position for their money. So its highly likely that investors/people will NOT be flocking to their cryptofiats for a store of value. People will use cryptofiats for their day to day shopping.
Historically, what gold has been to fiatcash, BTC and DMD will be to cryptofiats. Gold has had a limited supply, BTC and DMD have limited supply.
Provided humanity survives the Fermi paradox, the future is only limited by the stars. We will start mining and colonizing other planets and meteorites. This will lead to the fact that minerals will not be a good future storage of value. We will probably find an ultrarare mineral at some point in time. But until then, cryptography and mathematics will be the method of valuestorage through its blockchain, provided that said blockchain is secure and not alternable.
DMD coin has profiled itself as a bank and a storage of value with a limited supply. Its catchphrase has been ULTRA scarce, ULTRA valuable and above all ULTRA secure. The coin will only have 4.38million in circulation, 2.5 million of them are minted, only 2million are left. Whats not better than to park your money securely into DMD coins
Conclusion : This means that any investment in a finite supply blockchain, especially one that has profiled itself as a bank currency, more specifically Diamond coins, will be in a very good position facing the future.
Dr DMD
(top picture modified from http://www.wallpaperup.com/182358/planet_rings_stars_space_spaceship.html)
If you're interested, DMD slack channel and ask for an invite and you will receive an invitation shortly.
I had some DMD but I don't think it will be a threat of any kind! It's just another crypto like all others. BTC forks again and won't go up very fast like this. But we will see what gonna happen
Ill write a piece on how DMD is not just another BTC fork, ill post its link here if youre interested. Ill do an exclusive 2017 autum in depth interview with the DMD developers .Of course, it will be biased, but you can read how and why this old coin still is alive and kicking, and will be alive and kicking for many many years to come.
Doesn't hit me as all that special. Unless it's backed by diamonds I don't really see a value proposition. Sorry. Just my honest opinion. Keep writing though. Followed
Thanks for your comment and follow minderbinder. It's good to have a critic with us, hopefully for the long run. I'll try my best to write interesting pieces enough, with a DMD twist, to keep you reading.
I took up your question with a lead developer of DMD and here was his answer:
"What is bitcoin dash ethereum being backed by? not even fiat is backed by a gold reserve. DMD has all that bitcoin + all top10 coins has. And DMD has more
DMD has -as one of the few coins - a finite coin supply and a infinite coin rollout.
DMD provides 2 ways to earn semi/passive (need a node running) income via POS and masternodes. And DMD will never stop developing the coin to establish a serviceplatform on top of what DMD already has and then build services and apps around the DMD ecosystem. " I hope that clears up slightly why I - DrDMD - is heavily invested.
Thsnks
I can say that so far DMD has proved its theory with me... for example... nearly 2 years ago I didn't have much cash, but I used my whole tax return on an investment in DMD.
I spent 5-7k US total (can't remember exactly) and purchased a 'Legendary 10' address, a promotional address DMD was offering, as well as about 12k DMD coins.
For a while there, I wasn't sure that my investment would be amazing, and nearly sold it... but I'm SO GLAD I didn't...
When DMD released v3.0, they decided to honor their Legendary 10 holders, by providing them with a MasterNode! This MasterNode doesn't allow the holder to spend the initial 10k coins, but they CAN spend the coins that the MasterNode mints. :) This was a VERY fair trade, IMO.
So I was given a MasterNode, which has already made me over 200 DMD coins! I also had a nice chunk of DMD left (after selling a few earlier due to necessity and other purposes.)
I sold a chunk of my remaining coins, to provide the USD necessary to PUT A DOWN PAYMENT ON MY HOME!
So... not only do I now have a node that brings me around 80-100 USD per DAY, but I also have a down payment on my home... ALL of this... from a 5-7k USD investment nearly 2 years ago...
If this isn't a success... I don't know what is!
Thanks for your support for DMD 2 years ago. May your Masternode provide for you for a long long time into the future. You deserved it, and you deserve it. Keep it up mate.
Right
nice post and great efforts.
I wonder what this Diamond Coin will come to. It seems quite similar to Bankera don't you think?
@thelifestyler, might be, i dont know how bankera works but will look into it.
You have an awesome work done
check my new post
https://steemit.com/logo/@abkktk/business-360-logo-template
I would love to see my country impliment and find interest in crytocurrency too like russia...we are way behind.
Your country will also implement its own cryptofiat. Its just a question of time. Were now living in times where the spinning jenny is being replaced by a factory (when you look at money)! Any money invested in low supply cryptocurrencies will repay many times over in the future.
good creat post
Thank you for reading!