“As an open, decentralized system, we are committed to democratizing as much of virtual reality as possible.”
Ok, so it has been decided it will be decentralized? Does this mean open mining or is it still going to be limited to a few select few chosen by highfidelity? From what I am seeing there is no mining at all.
“To keep prices stable as the economy expands, we will also add currency, as has been done successfully in Second Life.”
Does this mean there is no limit to the amount of HFC generated and hifi can generate as much as they want? From what I am gathering HiFi does not intend to use mining at all, but instead create a endless amount of HFC.
How is this decentralized? When you have one single entity that can create endless amount of a crypto, it is centralized, not decentralized. Every bit of new crypto generated is stealing value from all currently existing currency already generated and only benefits those who use it first, decreasing all value over time. If only a certain amount were to ever exist, it would naturally become more valuable over time.
Seriously, the only way to perceive this is a unwillingness to relinquish control of the economy, which is very much anti-decentralization.
I am wondering if this is a misunderstanding of the technology, terminology or just a blatant lie. This might sound mean but I am being nice compared to what the crypto community would say about this.
I highly doubt HFC will be very popular and I think people will opt to use existing cryptocurrencies instead. The reasons I see for opting HFC out of being an actual REAL cryptocurrency is just not enough to keep people from using actual REAL cryptocurrencies. If you want HFC to be competitive with existing cryptocurrency it needs to BE a REAL cryptocurrency, not an infinite amount of shit-coin digital asset.
Why will it fail? Well, one reason is because no cryptocurrency exchange in its right mind would deal in unlimited shitcoin digital assets (ever seen a legit cryptocurrency exchange deal in Lindens?). Nobody will be able to buy HFC anywhere. Instead, they will have to buy an existing cryptocurrency and trade those for HFC (because you don’t need licenses to exchange cryptos with other cryptos). Why bother with HFC at all if somebody else has already implemented hifi bitcoin payments and a bitcoin marketplace? HFC will just be an unnecessary extra step.
I’ll say this as I have said it before: Highfidelity is better off creating an actual cryptocoin with public mining and having a ICO of pre-mined coins to generate startup funds. Many companies have raised millions this way, with cryptos that had WAY less services to offer than HiFi does. Why rely on investors when you can generate much-needed startup capital with a (conservative amount of) pre-mined ICO? IT IS CRAZY NOT TO.
It is also crazy to have HiFi perceived as CRAP so early in its development. If you really want to democratize “as much of virtual reality as possible”, how about making a REAL cryptocurrency? This decision can literally make or break HiFi. If HiFi has actual cutting-edge cryptocurrency behind it, it could be a real heavy-hitter to stand the test of time. If it has a SL-like currency… well that doesn’t bode well for the future when real cryptocurrencies will take over every economy on earth anyway.
Sorry I just don’t see this fake-o-currency as fitting in with the whole basic concept of HiFi, anonymity and open source. So what if it is volatile for a while? Let some people make money and others lose money. It will level out eventually. No need to hand-hold people who cannot do their due-diligence.
Of course there is nothing wrong with implementing an unlimited digital asset as currency…. but to do so and call it a decentralized cryptocurrency and expecting it to be sold on crypto exchanges is very very naive (possibly even legally fraudulent as misrepresentation, I hope you ran this past your legal team first).
Highfidelity will have to handle sales of the unlimited digital asset themselves, as SL has done. Nobody is going to touch it except places like VirWox who literally rape you on the exchange rates.
Is it really worth it to use the proposed HiFiCoin with ‘fast transactions’ and ‘low fees’ when it takes ten times the amount of time to buy it and you end up having to pay out the ass for exchange rates?
(edited 17 times. might be a new record for me, haha)