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RE: Why I Foresee Manna As A Core Currency Down The Road
Nice article! While many stand opposed to UBI, it seems like cryptocurrency is the way to go in that sense.
But I think Manna does have a problem with people selling and not keeping their money in the platform.
Manna has to be used for transactions, all inside the platform for it to succeed. It needs to stop people from selling and lowering the price, and even convince people to buy it.
In my opinion, it would be better if first they created a marketplace being used for transactions, then added basic income later, so that the token still has value.
I'm definitely upvoting and following you, this is some great and well-thought out content!
You nailed it with this.
Many do stand opposed to it...the question is for what reason?
The ones who do not want tax dollars used, I understand that. This is why Manna is a great answer, no tax dollars used (although when you look at the absurd stuff tax dollars are used on, I am still not sure opposing it makes sense).
As for the selling pressure, you are right it could cause a price drop. However, that is only if the selling outweighs the interest. Many are holding their tokens. Plus when the children's wallet program is set up, and tokens are locked in those accounts until the age of majority, those tokens will essentially be out of circulation for a number of years.
But what you say is something to watch. The pressure to sell could collapse the price if people decide not to hold.
You have to also remember that the white pages state that there is money set aside already to buy manna back.
They expect some people to sell their coins and they are ready to buy them back and redistribute them.
It’s not just a made up system with made-up coins. It has wealth built in to back it up.
Very true. The foundation has resources set aside to buy tokens back in an effort to keep the currency stable. Having a total collapse is not something that is in anyone's interest.