SwiftCash Pre-Proposal: Hard Fork/Reset - Zombies, Inflation & Collaterals
Almost 3 months has passed since the first launch of SwiftCash, and the influx of untouched/unclaimed forkdrops have become a major concern for some people including myself. On the other hand, the high ROI and vps costs of SwiftNodes seems to have created an unnecessary sell pressure that we did not originally plan. My research as evidenced HERE shows about 236 million coins - roughly 80% of the current total supply - have not been touched yet. They're neither staking, nor moved to setup a SwiftNode, and nor increased in balance in order to receive SwiftRewards.
So a conversation about this needs to be had, and sooner than later. What do we do about the situation? I'm going to propose a solution, but I'm still personally on the fence as to whether we should proceed with this proposal or not so I'm going to post this as a pre-proposal and ask everyone to join me in brainstorming the situation together.
Here's a brief summary of my pre-proposal:
Let's submit a proposal(for consensus only) and I will ask for the fee back(100 SWIFT) to:
- Reset the chain at the third super block
- Remove the untouched forkdrops
- Increase the collateral to
50K SWIFT - Reduce the block rewards from the initial
150 SWIFTto60 SWIFT - Reduce the maximum budget accordingly
- Change the first halving cycle from 8 years to 20 years
- Add the first round of swiftrewards to the new snapshot
- Restart the chain and airdrop the addresses based on the new snapshot
- Pledge to vote yes to proposals that will want to attempt to claim their swiftcash, up to at least six months after this fork
I look forward to hearing your inputs.
Ok my own counter-arguments for the proposal are:
The vast majority of the funds cannot possibly be for a few people so there is no need to worry about possible big dumps at any given time.
The holders of these cryptos already get punished by inflation.
Keeping the collateral low will keep swiftnodes more affordable and the high vps costs can disappear in case price goes up enough.
The high inflation and/or ROI is still less than most projects
What is the purpose of this coin?
I'm not sure what you mean. Can you give an example or two? Like what is the purpose of bitcoin? Or litecoin and dogecoin and dash, etc?
You know what I meant.
What the swift has and the other coins hasn't? Why is better than smartcash? The roadmap and how many people working on it? Who supporting it? How big and how active is the community?
Why should one run the nodes? It doesn't pay off even with smatrcash which is much higher in price.
I think you're asking me to shill it. No thanks. I won't. Do your own research and buy or sell at your own risk. You can read the whitepaper here.
I have quite some coins and a few nodes too, but I'll rethink my positions after your answer.
LOL this post isn't even about promoting swiftcash. It's about a pre-proposal to make a few changes and fork. I don't understand why you're here demanding me to give you answers that are completely irrelevant to the post. This post is for stakeholders who get to vote on my proposal. And once again, I won't shill it. If you want someone to shill a coin, there are plenty of people out there who would be happy to answer your questions and maybe give you some lies to get your hopes up to buy so they can dump their bags on you. That's usually how scams work. Seen a lot of projects with so-called roadmaps that have not delivered a single thing. Just empty promises to deceive people like you who don't wanna do their own research and are happy to take someone else's words instead. Or maybe you're here to argue with me and change my mind about swiftcash? In which case, please don't bother. I don't need your help to rethink my positions.
Obviously, you don't get it. You look like someone who knows something about this coin and I was expecting to get some help and good relevant information. I'm a stakeholder and node holder of swiftcash as I mentioned above and that's why I want to know more. To know how to proceed, but it looks like you don't want to help me with my decision how to vote.
To bad.
No general details for you, but if you have anything to ask about this ridiculously complex fork being planned, ask away!
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Hi @msg768, if I may make a suggestion, while it is true that you are not obligated to act as a customer service representative for SwiftCash, I would argue that the only reason any cryptocurrency performs well is because the large and moderate holders of the coin frequently act as advocates for it.
I agree with you that it is perfectly fine for anyone to create a coin or token for any reason they wish, such as simply to be a competing currency. However, I think that you will find that as more and more projects get built the skepticism, such as @oldtimer displayed, about the value of the project will increase and new tokens and coins will be obligated to prove that they solve some sort of problem.
The Hobo token project, as an example, has created a Steem Engine-based token for the purpose of facilitating contests within the wide Steem ecosystem. Although the Hobo token (ticker symbol: HBO) could be used for many things, such as to reach final settlement on value transfers, it has a fundamental use case which is covering submission fees for entrance into the contest. The HoboDAO is a decentralized community forming a DAO (decentralized autonomous organization) on Steem. In order to incentivize our delegators and operators we need to compensate them some way, and ideally in a decentralized way. That is why submission fees are required for entry.
So, that is an example of a fundamental use case for a cryptocurrency. It can of course do more than the fundamental utility, but it at least needs a foundational sink.
LOL yeah you totally convinved me to buy your token now!
Sorry for replying to an 8 month comment, I actually did not realize it was so old when I replied.
I am not trying to convince you to value this token, and while earners of the token have bought and sold the token the Hobo project main accounts have neither bought nor sold any on the market.
My only intention was pointing out that suspicion is a natural reaction for people toward coins after the first original coins. After all, why have 3000-30,000 currencies? It makes no sense to do that, thus people often ask "what is the use" of a coin. A coin or token needs to have value beyond just being "money" and the money aspect will follow naturally.
Also, I intended to convey that a project has to have advocates to succeed. The projects that will not survive are the ones that only have investors/earners that have no intention on advocating for it.
Decentralized all
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Aren't they all?
So i dont agree qith removing the unclaimed swift, So like me i have a node with smartcash and i dont. like to delete it now, and i didnt claim my swift on this adress already and when i will claim i will delete this account so if you remove it i cant have it. So i think have a lot of people in this same situation that is why i am not agree to remove the unclaimed forkdrop
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Interesting. How many people do you know in the same situation if you don't mind me asking? Do you have an estimate of the funds they may have? Do they know about this pre-proposal?