iEx.ec could be the end of mining pools and perfect for decentralization of mining
If my understanding is correct then iEx.ec is a decentralized cloud. People saw my previous post where I said I sold my Golem tokens to go all in on iEx.ec. Now I'll explain the potential of iEx.ec in the near term and how it's going to disrupt the crypto-mining industry.
The roadmap gives us a timeframe:
(source: http://iex.ec/?page_id=483 )
The end of the "mining contracts" and the birth of distributed cloud mining
If you have enough "computation vouchers" in the form of RLC then why would you need to buy a mining contract? You can simply buy the RLC token and mine any cryptocurrency that will ever exist in the future using the cloud. This will change mining and possibly decentralize mining away from mining pools. Currently people mine by using Amazon AWS or similar services and this is what was likely used for Protoshares mining, for mining Steem, Dash or any of these sorts of tokens early on. With RLC you'll always have as many virtual machine instances as you need and can simply upgrade your mining power by buying more RLC tokens, and what do you think that could do for the price of RLC?
AI will be available for trading bots
This could change entirely how trading works on exchanges as bots can now become far more sophisticated. What if using your RLC tokens you can buy bots which trade for you using sophisticated "Wall Street" level AI? This could change trading and dramatically favor the bots and high frequency trading tactics. I'm unable to predict what will happen here but the potential for bots is huge and AI requires lots of computation resources.
Conclusion and my own reason for desiring as much RLC as possible
These two use cases above are just the ones I'm excited about which I could see myself using. The idea that I can mine hundreds of altcoins without a limit beyond what my RLC can afford? Even if it becomes too competitive and my RLC cannot keep up in the distributed cloud mining race, the price of RLC will go up. Currently the price of 1 RLC is under $1 which is a remarkable opportunity similar to the opportunity presented by Ethereum when the price was under $1. RLC if it does what the developers claim, could be the fuel for a mining arms race. In a sense, if you're trying to make a passive income you probably don't care where the actual mining rig is, but that you get the profit from it. And done right, the computations will be private so that the security is good as well.
Thoughts?
It looks intriguing and potentially quite useful. However, the team seems quite heavily weighted towards academics. If they plan to make it a business in addition to a project, they may need more balance.
They have business people on their board of advisors.
Thank you for sharing. This sounds great.
Highly rEsteemed!
Thanks for another great post. i have a random question, I have been deposting fiat to crypto via coinbase for 3 years. about 23k USD in these past 3 years. I have kept my btc outside of my coinbase account and I have trade it to many different alts. If I were to cash out using coinbase, it will suspicious right? My crypto has never touched fiat thought, What do you think of this situation? What will be you advise>?
I would say call your accountant or ask a legal advisor. I'm neither. Pay whatever taxes you think you might owe when the time comes.
I was about to get in during the crowdsale, though didn't get in fast enough...
do you know any exchanges currently selling the token?
scratch that - just saw answer on your other post:
https://bittrex.com/Market/Index?MarketName=BTC-RLC
next question: is there already a wallet ready to go, or just store on Bittrex for now?
and answered:
https://medium.com/iex-ec/how-to-handle-your-rlc-tokens-177cf3643a2f
It's on Bittrex. It will be on Poloniex soon.
hit bitrexx just brought 900rlc
Sounds interesting and awesome. I want in me thinks.
Thanks for sharing!
Thanks for sharing this comprehensive post :)
Interresting post, I find both iEx and Golem very interesting, i backed iEx in their ICO for RLC and i also hold GNT . A lot is happening in this space.
Nice post. I was about to post a similair post. Buy low, sell high, it seems so simple but most investors still don't seem to get it :-) I found this amazing platform: https://www.coincheckup.com I'm using this site that gives in depth reports on every tradable cryto in the market. On: https://www.coincheckup.com/coins/iExec RLC#analysis For the iExec RLC Investment research report.