In an earlier post I described an idea that if all Fiat Currency was border-less, then fluctuations would not be as drastic.
Relating this to Digital Currency is even easier as the currency model has by nature, been coded to be border-less, meaning that 1 coin in Timbuktu has the same value in New York, with the exception being the exchange rates in whichever Fiat currency it ends up traded as.
So then, how come Bitcoin is leaps and bounds ahead in its valuation while coins like Ripple, Litecoin, Rimbit are still showing low valuations?
The simple answer to that is time and the community that rallied behind Bitcoin when it was first launched.
Every other coin since then has suffered from the eagerness of developers who create coins, more suited to niches, as is the case with Dogecoin, Jesuscoin and so on
The other main factor is the perceived professionalism that surrounds a coin.
- Is it listed at the playground (Bitcointalk.org) or does it have its own website as well, meaning the dev spent money on some hosting (its only a few dollars)
- Is the concept of the coin centered around its logo or instead on its community (Yes some coins push the logo as its main concept)
- Do developers go out of their way to help its community (Give it a few months and see if Devs are still answering questions… Many have gone home by now)
Sure, we may paint other coins as bordering as a plaything and that is exactly what it is in some, not all circumstances, as even Bitcoin was and in many parts, still is a plaything as can be seen by the lack of leadership, disclosure and bickering in its organization.
So aside from all that, what can a GOOD coin hope to achieve as a valuation over time?
We believe that some coins that have special qualities will eventually match the Bitcoin valuation and if it truly is border-less, then there is no reason, (apart from the community), that can hold a coin from going head to head with Bitcoins valuation, even though it may not have the member numbers.
We also strongly believe that Rimbit, as controversial as it has been made out to be, does have the qualities that can match the Bitcoin value, even though it may still be a catchup as far as community adoption is concerned.
And here is where the controversy plays its hand in Rimbit’s favor.
Rimbit is not mined, it was only mined once and is 100% premine to everyone’s disgust as coins have done that before…. But Rimbit is chasing down its second year as far as its lifespan is concerned, with only ignorant reporting coming from those who are trying to take it down… Why, we suspect because they find themselves wrong (again) in the scheme of life.
You see, with all the controversy about premine, the core of Rimbit is the community and that’s why its still here 1 year and a bit later, so lets put that aside for now.
Being border-less means that it is not constrained by political issues, corporate issues of a particular country, in other words it belongs to the world.
However, Bitcoin is constrained by its mining, meaning that only those that can afford mining will get the first minted coins, leaving the rest of the world at the mercy of these miners who then control the flow of new Bitcoin and also can manipulate Bitcoin by holding the coin until the price goes up as it becomes harder to obtain, then releasing Bitcoin out in the open and cashing in at high prices. To be fair, we wont mention the 51% attack that has yet to happen, and don’t kid yourself that it wont or hasn’t been done at some low level!
Not only do the miners benefit greatly by being in the top percent of Bitcoin earners, but so are the hardware companies that sell ridiculously priced niche equipment to those wanting to get rich from newly minted Bitcoin.
And again the same goes for Cloud Mining, where you can rent hardware, per hour, day, week, month and even years from companies that just cant make ends meet mining Bitcoin and instead rent their equipment out to individuals so they can mine the next big thing.
But don’t get us wrong, the world needs more Digital Currency and more average Joe Blows and Mary Jane’s to become millionaires by making the right choices and we believe that Litecoin and Ripple will do that as they avoid the fads and just get on with it!
Rimbit just avoids all that mining and the Oooops that comes with it.
Donate to Rimbit and the funds go towards its continued development with Rimbit as a reward for your donation.
In a nutshell, that is the entire distribution method.
Its also the lack of the need to involve miners that has altered the code to allow your PC or device to do all the verification and confirmations of transactions on the Blockchain, something that Bitcoin did in its early days before difficulty in mining made it harder for the average PC to do any of that.
So why exactly do we need any Digital Currency to be mined?
It cant be as a method of distribution anymore, because its only a handful of people with mining farms that actually distribute the Bitcoin and when they do, it goes back into their pocket, unlike Rimbit that puts it back into the ecosystem.
So again, why do we need miners?
There is no logical reason except for those making the equipment, hosting the cloud mining websites and of course the mining farms…. and NOTHING ever goes back into the Bitcoin ecosystem and that’s why Bitcoin org is broke.
So why do we need Digital Currency that’s NOT mined
Simply because it makes sense and if done right, as is the case with Rimbit, it will create a community that will flourish over time and being completely border-less, it can actually end up as a higher valued currency over time and that just sounds to good to be true, but the fact is… it is true, its happened and its just waiting for you to jump on board!
Feel free to wait till Rimbit hits $1 USD or even $10 USD
We have been running for a year and its only hesitation that is stopping you and we do understand that.
We hesitated when Bitcoin was at $20 too