Why I Foresee Manna As A Core Currency Down The Road
There is no doubt in my mind that cryptocurrency is going to be the medium of exchange over the next 10 years. As blockchain becomes more commonplace and technological advancements allow for a seamless moving from one currency to another, I believe we will see the majority of transactions done via this mode of payment.
Personally, I am not in the camp that fiat is dead. The banksters will do all they can to support it and it will actually have some uses. However, it will decline as the medium of exchange as more commerce takes place in the digital realm, especially via the use of blockchain. Internet 3.0 will foster this switch in a big way.
Ultimately, it will be "when in Rome, do what the Romans do".
What this means is fiat will be used in those areas where fiat is necessary. For example, when traveling around the U.S., many places will still accept the USD. Restaurants, coffee shops, movie theaters and department stores will use the USD. Of course, many will start to gravitate towards the cryptocurrencies.
People debated which currency will be the "money" in the future. Will it be Bitcoin? No because it is too slow and expensive. Will it be BCash? Zcash? Monero? LTC? ETH? STEEM? Which token will be the one defaulted to for purchases? People need to know what will be used to pay for their coffee (most likely the Java coin).
Ultimately, I believe the atomic swaps that were completed gave us insight into the world we are going to see. We already witnessed this with the BTC to LTC conversion. Over time, I feel we will see the technology developed where this will happen between different blockchains.
So the answer to the question which currency will people use is a rather simple one.
People will use whatever tokens they have.
It really is that basic. Why do people in the United States use the USD? Did they analyze it to determine how it is so much better than the Euro? No. The reason they use it is because that is what they are paid in. The reverse is true in Germany where the Euro is used over the USD.
People spend what they have.
Which brings us to the second part of this equation.
There are over 1500 tokens out there. Some have value while others do not. What is it that determines the value of a currency?
The short answer to this is the number of people using it. One of the main reasons the USD has the value it does is because hundreds of millions of people agree to use it (obviously without choice but I digress). If only two people had the USD, it would carry little value.
We see this in the optional currency world called crypto. Since people have a choice of what they acquire, not all currencies carry much value. In this realm, it is crucial to understand that cryptocurrency is a technology. Hence, we operate under some of the same "laws" as other technologies.
One method I use when looking at different cryptocurrencies is to consider the development that is taking place on the blockchain. The main reason I am uber bullish on STEEM is because of the all the development we see taking place. People are creating different applications that are essentially businesses. Over time, a few of these will be enormous successes meaning the entire ecosystem grows.
Of course, not all tokens have their own blockchain in this regard. Many were essentially created on another chain like the ERC20 tokens. Here we have a situation where we need to focus upon what is the token designed to solve. It is through this use, ergo a utility token, that we can forecast the opportunity for success. Naturally there are other variables that come into play yet this is at the top of the list.
If a token has a good reason for existing and can be acquired through the utility (in addition to purchase), then it has a chance to grow in popularity. It is when more people are getting the token that the value of the network can grow. One of the reasons some people are bearish on Bitcoin is because the numbers of wallets being opened is slowing. This means the pace newer people are signing onto the system and acquiring the token is decreasing.
So where does Manna fit into this and why do I foresee it as a core currency?
Manna was designed as a basic income to reduce global poverty. It comes from the premise that most of the world is poor because it suffers generational poverty. This is not from a lack of effort, laziness, or not being smart enough. Essentially, the world's poorest people had no chance. They live in parts of the world where there is no opportunity. Either they live under a tyrannical regime which basically starves people or are in an area where there is little in terms of the basics. Sections of Africa and SE Asia are examples of the later; North Korea and Cuba of the former.
Manna is a cryptocurrency. The success upon this token, like all others will be the number of people using it. So why will people opt to use this one?
Because it is given to them.
People use whatever currency they have. One of the major benefits of Manna is that it is given to anyone who verifies. There is nothing to do beyond that. Once verified, tokens show up on a weekly basis. As time passes, the "network" effect as referenced in Metcalfe's Law kicks in.
Every token is operating under this premise and seeking to kick this off. STEEM is closing in on 1M users. That means 1M wallets exist which can be filled with tokens. Leaving duplicate accounts aside, we know the vast majority of those accounts are inactive. Nevertheless, there is the possibility some of those people do return at some point. As the number of users grow (the network size), the value of STEEM in each of their wallets should increase.
However, to get more STEEM, they need to do something i.e. post, comment, and upvote.
Now let us contrast this with Manna.
Once someone is verified, that person gets Manna each week. Over the course of months, even if the person forgets about the wallet, Manna is being added. Under this circumstance, a Manna holder could be termed "inactive". Upon returning, the amount of Manna in the wallet will have grown and, if the number of people signing up increased, the value of Manna should be higher.
Of course, when that person "comes back", there is nothing to do to get more Manna other than wait another week.
Manna is a token that is designed to be given to people. Like all cryptocurrencies, the success depends upon the number of people who acquire the token. Since Manna is given to people, the success is contingent upon how many people it is given to. The more that are given the token, the higher the value. Therefore, the only question is how many people will this be given to?
We know that people will spend what they have. Unless cryptocurrency goes away (it isnt going to), people will be utilizing tokens as currency in the future. The ones they use depends upon what they have. Manna is given freely to people. Hence, people will have Manna in their wallets.
That is why I believe it will be a core currency...once signed up, there is nothing for people to do to get it....it just keeps showing up.
Personally I like the chances of something where success depends upon how many people it is freely given to.
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Sometimes I get a bit worried about Manna because it uses the same hashing algorithm as bitcoin. Basically any big tech-savvy Bitcoin miner could attack Manna and start double-spending.
Also, if there are too many people trying to spend the coin but no one is buying the price will stay dirt cheap.
That being said I have high hopes for it as well.
Some excellent points, @edicted, thank you for sharing them! What I most would love to see discussed, brainstormed and implemented are some ways that these potential security holes could be plugged or alternative systems within Manna could be put in place. Do you have any ideas? Does anyone?
manna might have to think about switching hashing algorithms or even moving to proof of stake. with proof of stake they would have full control because they pre-mined 10 billion coins and there are only 43 million in circulation.
they could also pay miners more to decentralize... but bitcoin has shown us the more valuable a coin is the more centralized it becomes.
Some great ideas. Now to just send them on to Mannabase! ;)
Manna just makes sense. Best of it's kind!
I've been sharing my referral link on Twitter and trying to get people to claim their free coins. This is a great little project which could really take off if enough people claim their coins and start using the currency. It's free to claim. What's not to like?
That is great anglotrucker.
Have you checked your verified referrals on Mannabase? Are you getting some of those tweetsters to sign up?
One guy retweeted me earlier and signed up through my link so it just goes to show - persistence pays off. I'm very bullish on Manna now 😁 . Thanks @taskmaster4450
Yes it is slow developing... many do not see the potential. To start, if they arent into cryptocurrency it is really hard to get them to understand. Also, people are on guard when they hear "free money".
I thought that things will lighten up on that front when they started the distribution....then people could see it is real since tokens were showing up each week...I guess people do not believe us when we tell them every Thursday (US EST) tokens show up...
They must think we are making it up.
I must admit, even I was skeptical at first but having signed up and found the impressive UI, seeing free coins going in every week is something that takes some getting used to and there is this consensus that if something sounds too good to be true it probably is. This school of thought is hard wired into us. Usually, that's a good thing as you can't be too trusting but in this case people are missing out on a good thing - free money, which is a shame!
It is the model of the scarcity world...the bankster run world.
In that realm, there is never enough...
Yet in the world of abundance which we are entering, that no longer holds true. Manna is one piece of the transformation. Actually, cryptocurrency in general is the major piece so far. Now that money creation is not in the hands of a few, but many, wealth can be spread around.
People just better get use to this since it is the next wave. The proverbial horse is out of the barn now.
Absolutely! The genie is out the bottle and it ain't going back in! 😁
And then there are those who can’t help but complain and criticize the amounts we’re getting.
They don’t see that we can crowd fund to get our needs met, start savings accounts, shop for ethical wares, etc.
I hope someone like Etsy picks up Manna (or steem).
There are a lot of things planned...you are correct @metzli.
The fact that they are going to open children's wallets in the later half of the year and start giving them tokens means that a lot of Manna will be locked up for years to come.
This will help to offset mass selling. The lock up will be written in a smart contract into the blockchain....
Not a bad deal.
There are so many positive things about who you are and this is my most favorite:
Maybe it is the idealist in me? I'm totally with you on this one and I support all that you share. It may always sound like I am kissing up to you, but in truth I totally agree with the information you share.
PS. I really have to start putting my manna link at the bottom of my posts and check my account! xoxo
Thank you @eaglespirit for the wonderful vote of confidence.
Check your account or dont check it, the wonderful thing is Manna keeps being put in there each week.
But yes I think it is wonderful idea to put the link at the bottom of your posts....get some other referred into it...makes you a little Manna and expands the project.
Anytime as always and forever! xoxo
Yes the Manna account has good tokens in it now! Nice!
I tried putting rly he Manna post and it wouldn’t take. Maybe because I swiped it off the net? LOL
Hugs
I will send you the code that I use...the pic is one off the internet...
I agree there is enough to go around, we're just not good at sharing. The whole world could work together and provide for everyone's needs. The richest 0.1% of the world could end world poverty with a snap of their fingers and still be rich - that's how much wealth they have. But they never will, because they want the power. And they won't let anything happen that might detract from that.
An even bigger problem is the collapsing biosphere. 75% of GDP has historically come from natural resources - not so anymore. So where will it all come from? http://geoengineeringwatch.org
No that’s not how it works. Rich people have all their life been giving away lots of money to others expecting them to do work. Eventually what many have discovered is that it’s like putting water in a bucket with hole in it. It’s not effective system. People get more value but they are never grateful that’s why they stay poor. But global richness is rising all the time. You paint people in to black and white thinking. You can’t just group all rich under: “They just want more power”. That is being super judgemental and that’s why rich avoid to even have discussions with the herd. You are making a complex world too simplistic and it’s misleading.
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.
Thanks for the informative post. I'll follow your lead and sign up for Manna. (just did it). However, I first began a study of international banking and the banksters back in 1981. I don't think they are going to shrug their shoulders and say, "Dang. Crypto's are the future. Let's call it quits." In fact I think we're just seeing the first warning shots across the bow. They have entire nations by the testicles and industries too. I suspect they will go to war. But I may be wrong and I hope I am. Blessings.
I actually agree with you @mistermercury.
They are not going to take anything sitting down. We are already seeing them go to their usual playbook. As I wrote a few times it is as follows:
We are seeing all three applied at one time....obviously number 1 is in full force....the longer it takes for number 2 to start, the further down the road blockchain and crypto are (I believe it is already too late)...and number 3 doesnt work because of forking....anyone can fork a blockchain which could make their investment worthless.
great post - you opened up perspective on manna that i hadn't taken too seriously the real possibilities.
The networking potential effects are indeed exponential.
A free distribution makes the practicality of it that much more possible. It's a clear added benefit to each and every participant. It's like common sense to support the project...i mean you'd have to be really stupid to not support the project upon becoming aware of it. I mean really...
What creates the demand to buy manna and raise the price?
I think the super aggressive referral system has a chance to make the price of Manna raise by a huge factor. A lot of people will sign up friends and family. Small groups like this will start using it first. These small groups will network together and create the "network-effect". Because so many people are using the currency it will gain tons of value.
In the grand scheme of things, figuratively no one is actually using Manna yet. Give it a few years.
Answering a question with a question:
What created the demand for any token?
It's very different, Bitcoin was initially the first created crypto and that's enough, many tokens have innovations in security, privacy, transaction time, fees, etc, etc ... or they are ICO's with innovative ideas that will be worth a fortune in the future. But if you have a token that is constantly being created, becoming inflationary, and also, it is given away, then I think it is very difficult to counter Manna's offer to make it rise in price.
Isnt STEEM constantly being created? Arent many of the tokens you mentioned constantly being created? Isnt Bitcoin still being created? Ethereum?
They are all being created...in fact most have an inflationary rate higher than Manna's 3.5%.....
Yes, but the problem is not inflation per se. But the creation through inflation and also its injection for free in the market, makes it very difficult to counteract that Manna offer. The people who buy Steem, it's because it helps them generate more money using this platform, it's a great investment in fact, because the greater the amount of SP, the greater your profits will be. In addition, the Steem created is distributed among those people who had to perform some actions (publish, comment, etc.) to win it. In this way it is not free, but it is traded by a few actions.
If there is no economic incentive to obtain it, and on the contrary, its circulating quantity is constantly increased, then a too great disparity is created between Manna's oversupply and its demand, so that the price will tend to fall.
That is mainly my problem with Manna, because I believe that people can be attracted to an idea like helping other people in the world, and I think it can be a really valuable experiment. But I see that it has an inability to increase its price, at least from my perspective.
This is my question as well. The nice thing about Steemit is that it has an incentive-based model, so people are driven to create quality content. Also, you can judge what's most popular/informative based on how much Steem it has earned.
The thought of Universal Basic Income is such an incredible idea, but judging by the state of the world's societies and governments, is one that would be really difficult to implement.
Just like you were saying about how the rich people try to remain in control of the money and wealth, they will never let go of that, and for change to come it would take some miraculous effort and all the will and cooperation of the 99% of us.
Now I am not going to be the one to discourage the movement, but I will say if you want to see change, it has to start with each of us individually. I will support this Blockchain because its end goal is for humanity to be brought to life and wake up those who are sleeping and not seen the poverty and struggles that many around us face day to day. Lets get Manna!
Everyone tries to remain in control over their money. Not just your label "rich people". In fact they pay even more tax than the masses. These labels is splitting people in different groups like they are a different breed than the masses. It's just normal humans that has worked hard and smart. Without these innovate people you would have no job to go to.