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Coinfields XRPL Project


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4 hours ago, ObeyTheWafflehouse said:

 

 

It sounds like the new mechanism proposes that you must have a sufficient position of XRP to issue a stablecoin.  

coinfield didn't use this new feature,  and this new feature is not start development,  we may not see this new feature in one year.

after this new feature added, there will be 2 method to issue currency, 

you can still issue asset with the typical gateway method, the issued asset is backed by real asset off ledger or nothing, 

and the new feature allow you issue an asset backed by XRP on ledger. 

 

Edited by yxxyun
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24 minutes ago, XRPboi said:

@ObeyTheWafflehouse What does that have to do with Coinfields new coin? They said it won't be an XRP-backed coin

As @Tinyaccount said, it is very interesting that David's proposal of a new mechanism for issuing a stablecoin and Coinfield's announcement occurred relatively in the same period of time. However, these two instances may just be coincidental (doubtful). It seems that SOLO will not be backed by XRP right now,  but David's new proposal will allow for an XRP backed stablecoin (from my understanding). SOLO, since it is a stablecoin, will need some type of backing, whether it's USD/CAD/etc. 

IMO with the dynamics of crypto, there will be some type of transition from Fiat to Crypto backing. Why? The economics of fiat state that ALL fiat currency will always go to zero. Meaning that a stablecoin with a backing of fiat will continually need more money to back that stablecoin due to the nature of the devaluation of that fiat (Ex. inflation, money supply, etc.). However, if you have a crypto (commodity/ deflationary currency/ fixed supply) it may be more reasonable to back a stablecoin due to the deflationary nature of that crypto. Think of why nations have gold reserves. If sh*t ever hits that fan, they can offset by selling gold. 

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1 hour ago, ObeyTheWafflehouse said:

As @Tinyaccount said, it is very interesting that David's proposal of a new mechanism for issuing a stablecoin and Coinfield's announcement occurred relatively in the same period of time. However, these two instances may just be coincidental (doubtful). It seems that SOLO will not be backed by XRP right now,  but David's new proposal will allow for an XRP backed stablecoin (from my understanding). SOLO, since it is a stablecoin, will need some type of backing, whether it's USD/CAD/etc. 

IMO with the dynamics of crypto, there will be some type of transition from Fiat to Crypto backing. Why? The economics of fiat state that ALL fiat currency will always go to zero. Meaning that a stablecoin with a backing of fiat will continually need more money to back that stablecoin due to the nature of the devaluation of that fiat (Ex. inflation, money supply, etc.). However, if you have a crypto (commodity/ deflationary currency/ fixed supply) it may be more reasonable to back a stablecoin due to the deflationary nature of that crypto. Think of why nations have gold reserves. If sh*t ever hits that fan, they can offset by selling gold. 

A relevant thread:

 

 

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57 minutes ago, XRPboi said:

A relevant thread:

"any assumptions SOLO is a stablecoin is 100% incorrect."

I stand corrected, this is from their whitepaper. Their whitepaper is definitely causing some confusion due to vague statements. 

"SOLO coins and subsequent stablecoins are issued on the XRP Ledger allowing liquidity to be moved almost instantly."

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1 hour ago, Cooliozxrp said:

If this "project" was using another name other than xrp this place would quickly call it a scam money grab but since it's "using" xrpl people here are doing mental gymnastics on how it can be good for xrp! Lol

It will run it's course like all the other "game changing" developments in this space, and then slowly die a quiet death.

An example of all the good news stuff Hodor was writing about for years,  that never amounted to anything.

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9 hours ago, Cooliozxrp said:

If this "project" was using another name other than xrp this place would quickly call it a scam money grab but since it's "using" xrpl people here are doing mental gymnastics on how it can be good for xrp! Lol

Fact is that most of the XRP community do deduct this project as no more than a clever way to create a new coin, mainly used to fund the project, while the SOLO team tries to explain it as a bridging asset.... Basically, when this community looks at it this way, they DO see it as a sort of a scam as the primary purpose of the SOLO token is funding, while the issuer misleads potential buyers by promoting it as "utility"....
 

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4 hours ago, Staigera said:

It amounted people to go to his coil page and earn ad money.

More like earning chicken feed from his 2 biggest fanbois. No wonder he threw in the towel. 

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2 minutes ago, Freaky said:

More like earning chicken feed from his 2 biggest fanbois. No wonder he threw in the towel. 

It's not like earning chicken feed, its like earning chicken s***.

I agree that most of these projects will die a slow quiet death. Some of these projects might have great concepts but the fact is, not all of them are going to prove useful enough to warrant staying around for any length of time.

 

 

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6 hours ago, Staigera said:

It amounted people to go to his coil page and earn ad money.

Better money than you are earning through crypto, kiddo

Makes me want the price to stay  like this for years, when you peeps keep crying and attacking people

basically F U I’m in profit 👍 

 

 

 

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11 minutes ago, Trentsteel said:

Makes me want the price to stay  like this for years

Don't worry,  it will.  You'll have decades to accumulate your penny stock,  till such time it has become irrelevant. 

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