A revisionist theory and history of money - Antal Fekete

Log of AMA with Gregor Novak - CEO (@gregornovak ) , Mojca Bajec - CFO (@mbajec) Martina Gabor - CIO (@mgabor) , Luka Pušič (@lukapusic) - IT, Rok Gornik (@rgornik) community and marketing, Mitja Blatnik (@mitjablatnik), Andraž Verdev (@tenzor7), from SunContract.org

boldninja Lets all give a warm welcome to Gregor Novak - CEO (@gregornovak ) , Mojca Bajec - CFO (@mbajec) Martina Gabor - CIO (@mgabor) , Luka Pušič (@lukapusic) - IT, Rok Gornik (@rgornik) community and marketing, Mitja Blatnik (@mitjablatnik), Andraž Verdev (@tenzor7), from SunContract.org - feel free to ask them any question regarding their upcoming project (edited)
darius got in again at $0.75 heheh
hi guys! welcome
votequimby damn I had a grand floating around in escrow hell yesterday. Really wish I caught that 27k sat dip yesterday
rgornik hi
darius :wave:
mad4thrash Welcome guys!
dr10 Hello Guys
tranzer hi suncontract guys and girls glad you took the time
kobi Warm welcome!
lukapusic Hi everyone
mitjablatnik hello all
votequimby I am completely interested to hear around SunContract
techbytes Welcome SunContract...
rgornik hi @kobi :smile:
kobi :wave: :smile:
votequimby hello SunContract people, welcome :smile:
mgabor Hi
gregornovak welcome to all
rgornik Guys just to show you our work in real world, you can check out this googlemaps location. This is our previous work: https://www.google.si/maps/place/Vi%C5%A1nje+9,+5273+Col/@45.8716435,14.0210757,391m/data=!3m1!1e3!4m5!3m4!1s0x477b23ce06fd286b:0x43aae534ea89f145!8m2!3d45.872092!4d14.0220363
Teaser :slightly_smiling_face: (edited)
tranzer I guess I'll start - how much do you aim to raise? Did you follow Bancor from yesterday, how do you prepare for such flood?
rhmral Hi!
dr10 What is the difference between suncontract and solarcoin? Both try to push the solar energy market and use blockchain as a tool to connect generators and consumers through a peer to peer method.
votequimby Why do you think a mobile app is the best and most secure way for different entities across the world to trade energy?
th0r Hi SunContract! Lovely to hear from you! :)
myarkname I am a consumer, I have joined in your pool and I have bought energy from producers also in your pool. How will the actual physical connection from my traditional electrical grid to the grid of the provider will take place ?
dr10 So As I understood the electrical distribution grid from europe and US is separated, that means on US ground and EU ground there will be separate groups who produce and consume the electrical pool of suncontract?
boldninja OK lets give them some time to answer those first :smile:
mike Hi to all of SunContract team, thanks for joining us for AMA
lukapusic uploaded and commented on this image: Image uploaded from iOS 1 Comment
Hi everyone this is our AMA team :D
rgornik Our minimum goal is to raise 10.000 ETH. We would be happy if we raise 40.000 ETH because then we will have enough to attack global market with marketing. Maximum cap is 100.000 ETH. If we raise so much then we will plan also some mergers and aquistions
tranzer I guess I'll start - how much do you aim to raise? Did you follow Bancor from yesterday, how do you prepare for such flood?
votequimby I'd drink with those folks. :smile:
aquazi can't trust somebody wearing flip flops
jk
lukapusic Lol :D
th0r @aquazi it's over 30 degrees C here :joy:
rgornik We want to make it simple to average Joe. Security and simplicity is what we are aiming for
votequimby Why do you think a mobile app is the best and most secure way for different entities across the world to trade energy?
qnk Hey guys ! nice to meet you
jade49 Hello from Dubai coleagues :slightly_smiling_face:
rgornik Exactly. THough bear in mind we want to transform energy production into locally production. Local production would mean decentralization of the system, we wont have single point of failure, less pollution comes with renewables etc.
dr10 So As I understood the electrical distribution grid from europe and US is separated, that means on US ground and EU ground there will be separate groups who produce and consume the electrical pool of suncontract?
moobox they should sell truck-sized fast neutron reactors
dr10 so your system is focussing on regions? not peer to peer transfer of energy from someone living in spain to someone living in russia?
th0r What problems do you anticipate in practical world? Connecting consumers and satisfying goverments (so proper taxes are paid etc).
tranzer Since you seem to be coming from Slovenia (looking at your team members and doing some research), will you start there?
moobox greetings and welcome qnk
gregornovak @d10 SolarCoin is rewards program for solar electricity generation, but we develop a P2P trading platform for renewables and other energy needed
mitjablatnik yes, we will start in Slovenia, where we know the jurisdiction in detail
tranzer Since you seem to be coming from Slovenia (looking at your team members and doing some research), will you start there?
later on our focus is EU
mitjablatnik yes, we will start in Slovenia, where we know the jurisdiction in detail
dr10 How will I be able to buy Energy by Solarcoin, will there be a website? What different offers can I use on that trading platform? Or is it just buying energy and thats it? Will I buy a big energy package that hodls for a month or a year? On what preferences will I chose an energy producer on the platform? Or is it even important who delivers my energy, since it will have all the same price and attitude(solar energy)?
tenzor7 Firstly, the pool will need to be present in your jurdistiction. You will then be able to join the pool. The actual physical connection will be the same as it is today. We will utilise the existing grid and with time, aim to improve it.
myarkname I am a consumer, I have joined in your pool and I have bought energy from producers also in your pool. How will the actual physical connection from my traditional electrical grid to the grid of the provider will take place ?
matjaz Hey SunContract! I have prepared some questions. hope you can reply to all. Thanks!
What are first markets you are launching? EU? Germany? France? Slovenia? Which countries will support real p2p trading? and what about others? Which grids are connected? what EU countries will be in the same Pool? This is very important for producers, since it doesn’t make sense to participate in the Pool which has big price difference for producers (forced selling lower than regular national pools). What is the status of pilot project? Can you describe it more in depth. How will you have access to solar production data? Using national system operators? At what interval? How will producer “convert” energy to SNC? Will Pool automatically do that? At what interval? Will you focus only on solar? What about other renawables and carbon-intense production facilities? What guaranties producers will be using solarenewables only? What are expected fees and who pays it? For producing? and trading?
What is the minimum threshold for successful ICO? What currencies will be accepted in ICO? ETH? BTC? What is the max/hard limit? Can escrow publicly confirm participation in ICO?
tranzer That will take a while :ermygerd:
axente :mindblown:
gregornovak We have to be compliant with local energy legislation, that why P2P energy trading will be within the pool within the region
dr10 so your system is focussing on regions? not peer to peer transfer of energy from someone living in spain to someone living in russia?
dr10 Do you expect private people producing solar energy will massively increase in the future? Because I dont know really much people actually use it in Germany and its hype is like 10 years ago. Will Solarcoin work, if not much people are eager to invest into solar equipment?
dr10 What is a "region" to you? a country? Because I think a lot of regions dont have any solar equipment
or very few...
rgornik For sure established structures will try to obstruct our idea. We have in our team really experienced guys from energy sector that are well prepared for all obstacles that can occur
th0r What problems do you anticipate in practical world? Connecting consumers and satisfying goverments (so proper taxes are paid etc).
pyrrhus Is it correct to assume that cross border (national) sale of individually generated solar power even in Europe through the UCTE would not be possible/allowed by national grid owneoperators? And so Suncontract energy can only be traded within a national grid? (edited)
gregornovak We focus a lot of private producers, small power plants, which can be also called prosumers as well.
dr10 Do you expect private people producing solar energy will massively increase in the future? Because I dont know really much people actually use it in Germany and its hype is like 10 years ago. Will Solarcoin work, if not much people are eager to invest into solar equipment?
dr10 do you have already a pool of solar producers for solarcoin? can you share some information where people will use it and how many people? some data?
tranzer Are there any partnerships already in the place?
pyrrhus Are you planning to build large solar farms with ICO funds?
gregornovak Region is defined as state or part of the state, where the same legal rules are applied. For example Slovenia, Austria are regions, but in Germany there are 4 regions. dr10
What is a "region" to you? a country? Because I think a lot of regions dont have any solar equipment
lukapusic uploaded and commented on this image: Image uploaded from iOS 1 Comment
@matjaz @tenzor7 is preparing the answers for you :))
mike like the photos, adds a personal touch to the AMA chat.
rgornik depends on the funding but we have some fund reserved for distributed solar plants. but not large one (at least for now)
pyrrhus Are you planning to build large solar farms with ICO funds?
3 replies Last reply today at 7:25 PM View thread
mike will solarcontract be metering production for purchase with solarcontract?
tranzer Are you also going to go in regions where solar energy is a problem (3rd world countries) and what about the US?
gregornovak In Europe we have interconnected transmission grid under ENTSO-e operations. But sending energy cross border is job of TSOs and big retailers, you need special permissions which are traded among TSOs auction trading. We are focused to the local production and consumption within the region, where we can bring added value.
pyrrhus Is it correct to assume that cross border (national) sale of individually generated solar power even in Europe through the UCTE would not be possible/allowed by national grid owneoperators? And so Suncontract energy can only be traded within a national grid?
mad4thrash @rgornik I really want to see this in Italy, we have a lot of solar power users
dr10 Why should I skip to SolarCoin instead of just using renewable energies through my energy provider? Will the energy that I get out of Suncontract be cheaper then what I get of energy companies?
mike yes, P2P power production would be very beneficial, with smart microgrids.
rgornik Italy has a lot of sunny days so would be awesome to invest in your country
mad4thrash @rgornik I really want to see this in Italy, we have a lot of solar power users
mitjablatnik You will buy your energy through SunContract Pool platform. Our first product on the platform is focusing on trading electricity, bur later on we have some other ideas like demand response services.
dr10 How will I be able to buy Energy by Solarcoin, will there be a website? What different offers can I use on that trading platform? Or is it just buying energy and thats it? Will I buy a big energy package that hodls for a month or a year? On what preferences will I chose an energy producer on the platform? Or is it even important who delivers my energy, since it will have all the same price and attitude(solar energy)?
jgalea Just for ease of reference - Suncontract is not the same as Solarcoin. They are two completely separate projects. Suncontract's token is SNC and not SLR (Solarcoin)
dr10 I miswrote
lukapusic Thank you for clarifying this.
jgalea Just for ease of reference - Suncontract is not the same as Solarcoin. They are two completely separate projects. Suncontract's token is SNC and not SLR (Solarcoin)
dr10 :joy:
rgornik We will have to be sure that legislation is liberal. But yes, why not. There is a lot of energy demand in those countries
tranzer Are you also going to go in regions where solar energy is a problem (3rd world countries) and what about the US?
dr10 Do you have any other funds or backing besides the ICO?
tranzer I'm liking this project even more now, see a big potential
so 40,000 ETH to start. What if you by any chance wouldn't meet this minimum?
rgornik We have DSO meters to meter everything
mike will solarcontract be metering production for purchase with solarcontract?
(edited)
lukapusic Minimum cap is 10k eth. We believe we will meet or exceed this goal.
tranzer I'm liking this project even more now, see a big potential
tranzer oh you are right I misread that 40,000 eth line :slightly_smiling_face:
rgornik 40,000ETH is our personal goal that we want to achieve. even if we do not reach 100,000 ETH which is maximum cap we would still be very happy with 40,000 ETH
tranzer I'm liking this project even more now, see a big potential
tranzer Are you going to have smart contract in place? Will it be audited before deployed?
mitjablatnik With SNCs that you have, you can in theory have funds for a lifetime energy supply. the clearing and settlements will be similar as it is today, just the intervals will shorten. so by holding SNCs you could buy energy gradually. The incentive to join the pool is not just financial. Though financial benefit is crucial in energy market.
dr10 How will I be able to buy Energy by Solarcoin, will there be a website? What different offers can I use on that trading platform? Or is it just buying energy and thats it? Will I buy a big energy package that hodls for a month or a year? On what preferences will I chose an energy producer on the platform? Or is it even important who delivers my energy, since it will have all the same price and attitude(solar energy)?
rgornik Yes and yes. Smartcontract is under development and will be ready very soon. Then we will send it to audition before it will be deployed. It will be audited by proffesional. Also all code will be audited, not only smart contracts!
tranzer Are you going to have smart contract in place? Will it be audited before deployed?
dr10 How long will it take for suncontract to offer its intentioned value to the people? When will it be of real use?
gregornovak We have other funds, SONCE company already put some into it
dr10 Do you have any other funds or backing besides the ICO?
rgornik We plan to launch our platform in Q1 2018
dr10 How long will it take for suncontract to offer its intentioned value to the people? When will it be of real use?
tranzer Are you in the talks with any of the exchanges to be listed on when you deploy your tokens? What will price incrase of your tokens mean to smart contract in place?
rgornik Because we will use blockchain technology that will significally lower fees through optimization
dr10 Why should I skip to SolarCoin instead of just using renewable energies through my energy provider? Will the energy that I get out of Suncontract be cheaper then what I get of energy companies?
dr10 I dont know if I overread it... is this your own blockchain or a token asset?
mike so we can have a futures market for energy production with SNC tokens? This will be very nice.
myarkname :rocket: 3000! :rocket:
th0r @dr10 based on ETH blockchain as far as I understand.
mitjablatnik we are in talks with certain renowned exchanges. we have reajusted the cap fro 200.000 ETH to 100.000 ETH due to the rapid increase of the ETH value
tranzer Are you in the talks with any of the exchanges to be listed on when you deploy your tokens? What will price incrase of your tokens mean to smart contract in place?
rgornik right now we are using Ethereum blockchain for that purposes. Throughout the development of the platform we will try to find most optimal solution because we do not want to overtransfer Ethereum blocks because there will be a lot of transactions when platform becomes mainstream
dr10 I dont know if I overread it... is this your own blockchain or a token asset?
tranzer @mitjablatnik what I meant is if I have a contract with energy provider with SNC token and price increases in that time how will you tackle price fluctuations on market?
jgalea Just to add to the above - we are one of the few, if not the only, ICO to reduce the maximum cap in the ICO sale to reflect the increased price of the crypto being accepted for contribution doing the ICO, and this was done purely in the name of fairness and transparency during the ICO*
mike would you be interested in your own EVM chain based on DPoS or permissioned delegate nodes to create blocks, secure the network - saves on gas, a lot less congested.
lukapusic Warning, wall of text coming from @tenzor7
axente :sob: :sob: :sob:
kobi How often are transactions made, per month - per day - per minute? I am asking this, because cost of ETH transactions are getting expensive as more people use it. From point of producer and consumer. (edited) 1 reply Today at 7:41 PM View thread
rgornik uploaded and commented on this image: solar plant 2 Comments
this is picture our solar plant that we
tenzor7 @matjaz What are first markets you are launching? EU? Germany? France? Slovenia? We'd like to focus on European countries first. Which countries will support real p2p trading? and what about others? All countries with liberalized energy markets. We'll focus on European countries first, but Middle East, USA and China are also viable to be supported later. Which grids are connected? what EU countries will be in the same Pool? This is very important for producers, since it doesn’t make sense to participate in the Pool which has big price difference for producers (forced selling lower than regular national pools). There will be a different pool for every county/legislation, but they will all be part of the SunContract platform. What is the status of pilot project? Can you describe it more in depth. We started working on the pilot project in April, and it will be completed in a few months. More on this subject will be revealed when the pilot is finished. How will you have access to solar production data? Using national system operators? At what interval? The pilot project is using the existing DSO's power meters for production and consumption side. This meters are managed by the DSO and are reliable by the law. How will producer “convert” energy to SNC? Will Pool automatically do that? At what interval? Yes, the whole system will be atomized. In the beginning, once per day. Will you focus only on solar? What about other renawables and carbon-intense production facilities? No, not only solar but all the renewable energy generating system. However, all energy generating systems will be included into the pool since renewables have inconsistent availability and currently cannot cover the load profile on their own. Our focus in on renewables but not limited to them. What guaranties producers will be using solarenewables only? As mentioned in the previous answer, the pool will not be exclusive to renewables. What are expected fees and who pays it? For producing? and trading?What is the minimum threshold for successful ICO? This is not yet fully determined. What currencies will be accepted in ICO? ETH? BTC? ETH only What is the max/hard limit? 100.000 ETH Can escrow publicly confirm participation in ICO? Check his LinkedIn profile.
mike very impressive!
tranzer Wow guys I'm convinved now :takemymoney:
lukapusic commented on rgornik’s file solar plant We have to take care of that tree though!
mike info on DSO metering for those interested, and their security. http://www.eurelectric.org/media/176922/alagna.pdf
mitjablatnik We are developing a mechanism to cope with this issue. We are aware of this problem and are tackling it. We have several ideas on how to eliminate the effect of price fluctuation regarding SNC token and market price of electricity. this is what we can share with you at the moment due to the competitors that are copying our ideas and models.
tranzer @mitjablatnik what I meant is if I have a contract with energy provider with SNC token and price increases in that time how will you tackle price fluctuations on market?
axente Are you guys looking for plant sites to build more sites on?
tranzer Who is your biggest competitor right now (or upcoming) ?
dr10 What are the references of you and your team members? On what projects did you work before?
rgornik We know some are prepairing to launch an ICO (we do not know when) but that is what we know so far
tranzer Who is your biggest competitor right now (or upcoming) ?
techbytes you can use @axente backyard for bounty...
gregornovak We are focused on the platform now.
axente Are you guys looking for plant sites to build more sites on?
dr10 Will you expand your team after the Ico?
axente :joy: :joy: :joy: @techbytes
boldninja Are you going to be opening a non-profit in Swiss like most of recent blockchain projects or are going to be opening something in Slovenia?
mitjablatnik Our aim is to make transactions every day, but due to the gas price if we can call it like that, we are starting with weekly or even monthly transactions. But this is just as far as billing is concerned (clearing and settlement) kobi How often are transactions made, per month - per day - per minute? I am asking this, because cost of ETH transactions are getting expensive as more people use it. From point of producer and consumer. Thread in #trading_altcoinsToday at 7:37 PM
Our legal team is looking in several European jurisdictions that would be suitable. Maybe @jgalea can elaborate more on that.
boldninja Are you going to be opening a non-profit in Swiss like most of recent blockchain projects or are going to be opening something in Slovenia?
kobi
Can producing electricity be compared to 'mining', where you give electricity & receive tokens?
If someone runs out of tokens for electricity, does the relay shut downs? How do you kick non-payers from network? Or would that be job of electricity pool/grid provider?
How much is one SNC as in WattHours or other Work unit?
I know this is not P'n'D token, since if price gets pumped, electricity consumers would need to pay big money for some electricity, which means they will disconnect from service and find cheaper provider. How can holders gain from this token? (edited)
mike ^ great question, since Proof of Resource type tokens such as this, based by actual value are a favorite use case, but the economics need to be worked out.
jgalea For now the main company being used in the project is established and registered in Slovenia, with other potential jurisdictions such as Estonia being researched and worked upon.
mitjablatnik Our legal team is looking in several European jurisdictions that would be suitable. Maybe @jgalea can elaborate more on that.
tranzer I heard some projects are also using Estonia yes
gregornovak My experiences are coming from IT and Energy sector. I was in the team who established Market Operator Borzen in 2001 and worked there also as CIO for several years. Borzen was that time also Regional Power Exchange, now BSP South Pool. I worked also in TSO, Slovenian Transmission System Operator for 3 years as ICT director. After that I established SONCE Group, EPC and IPP companies for solar power plants and energy efficiency projects. Our team is coming from energy and IT sector as well, from energy analytics expert from London Business School, legal and ex CEO of BSP South Pool power exchange. We have in our advisory boar Jonathan, BitMalta and legal expert on concurrency.
dr10 What are the references of you and your team members? On what projects did you work before?
tranzer OK last question from me I read 11,500 tokens per 1 ETH correct in 1st week?
rgornik Kobi is being answered bit it takes time :slightly_smiling_face:
tranzer how will tokens be distributed I hope not crazy like some latest ICO like 90% for team ?
mitjablatnik yes you are correct. Consider 1500 extra tokens added to the 10.000 as an early bird bonus
tranzer OK last question from me I read 11,500 tokens per 1 ETH correct in 1st week?
jgalea Correct, reducing 500 tokens per week
tranzer OK last question from me I read 11,500 tokens per 1 ETH correct in 1st week?
rgornik exactly. Though bear in mind if you plan to invest more then 500 ETH or you have a group of people that would like to invest more we have something special for those participants.
tranzer OK last question from me I read 11,500 tokens per 1 ETH correct in 1st week?
jgalea You should be honoured @tranzer , triple answer :slightly_smiling_face:
lukapusic Multitasking!
tranzer :success:
rgornik really? Can you explain a bit more on that 500 ETH stuff?
lukapusic Distributed ama answers
rgornik officially it is 80% for participants and 20% for the team
tranzer how will tokens be distributed I hope not crazy like some latest ICO like 90% for team ?
kobi @rgornik Is it Iconomi service :stuck_out_tongue:
rgornik @kobi hahaha nooo 1 reply Today at 7:55 PM View thread
nottsmike Is the ICO open to everyone? Or are there requirements and minimum buy in
jgalea To add to this - the 20% distribution for the team will be staggered i.e. it won't happen all at once
rgornik officially it is 80% for participants and 20% for the team
Open to all
nottsmike Is the ICO open to everyone? Or are there requirements and minimum buy in
Except US Citizens*
mitjablatnik Yes ICO is opened for everybody. the 10.000 SNC per 1 ETH is just an exchange rate if you will. there is no minimum buy in
nottsmike Is the ICO open to everyone? Or are there requirements and minimum buy in
rgornik we allocated 4% of team tokens for everyone that would participate with more than 500 ETH. so efectivelly if first 40,000ETH that we receive are transactions with more than 500 ETH, then we will allocate to those additional 0.05% of all distribution. effectivelly team will have only 16% of supply or you will become part of the team :grinning:
tranzer rgornik really? Can you explain a bit more on that 500 ETH stuff?
aquazi I didn't read before, sorry if it was asked, how do you plan to convince local energy distributors to allow their grids for p2p energy trading? I just don't see the possibility
lukapusic To elaborate further on @rgornik's comment, investment of 1000 eth would net you 11500 SNC per ether + 0.1% of all tokens, taken from team's budget. So this is an incentive for large investors. (edited)
aquazi You lack the infrastructure to deliver what you want to deliver, there's no chance in hell you'd be allowed to do anything like that, e.g. in Italy, the government owns all the infrastructure you need to rent it, and I doubt you could for p2p energy on a blockchain
kobi If they offer cheaper and competitive price, why not @aquazi ?
aquazi how do they actually deliver the energy to your home? wifi?
@kobi
governments own most of the infrastructure
you can't just say "I want to deliver energy on government's infrastructure"
rgornik no, we are using local infrastructure like everybody else
aquazi how do they actually deliver the energy to your home? wifi?
kobi No, not WiFi, that would be silly :smile:
dr10 in germany its not own by the government
there are a lot ot providers
jgalea In liberalised energy markets I don't see why Suncontract would be impeded from operating. It's been stated before. It will be just another "provider"; rather, it will be a pool of providers so more powerful if anything
rgornik EU infrastructure is liberal in EU so there should not be a problem
aquazi Are you aware of legislation? Because there's no chance in hell you can do that neither in Poland or Italy, you can sell energy to the local energy providers but you can't p2p energy lol
And I sold energy conctracts in Italy so I know that
You seem pretty unaware
But dont wanna go as a troll
just curious
rgornik @jgalea can you help here maybe?
tenzor7 In order to reach out to the average, non-crypto Joe, we must separate the volatile crypto market and the energy market. We have several ideas on how to do that, one of them being similar to the 'mining' "marketplace".
There won't be any non-payers as the ability to participate in the pool will be prepaid.
The value of the SNC token is not based on units of energy.
As mentioned in the first answer, the market volatility of the token will not affect the customers.
kobi Can producing electricity be compared to 'mining', where you give electricity & receive tokens? If someone runs out of tokens for electricity, does the relay shut downs? How do you kick non-payers from network? Or would that be job of electricity pool/grid provider? How much is one SNC as in WattHours or other Work unit?
mike depends on jurisdiction, which is why they're doing it by region.
jgalea I would suggest the OP addresses that question to Tomas Lajovic, the lawyer specialising in energy distribution. Afraid that's outside my area of expertise sorry
rgornik @jgalea can you help here maybe?
mike yes, like a proof of resource token can be created by production and consumed by payment settlement, and the SNC used for the payment.
or the PoR token can be a future sold at a discount as a credit redeemable for consumption and payment for the resource.
kobi Ok, that clarifies a lot! @tenzor7
drinomarino So investor have a profit only if market say that price will be higher than it was at ICO, or are there some more positive things about investing?
rgornik Just to be clear, number of SNC will be finite and probably will be deflationary
tenzor7 In order to reach out to the average, non-crypto Joe, we must separate the volatile crypto market and the energy market. We have several ideas on how to do that, one of them being similar to the 'mining' "marketplace". There won't be any non-payers as the ability to participate in the pool will be prepaid. The value of the SNC token is not based on units of energy. Show more…
dr10 deflationairy energy tokens? Isnt that dangerous for a coin circulation? Because everybody is only holding xD Thats my first thought now...
gregornovak This is a good question and it will be the most tough think to do. We have a big amount of funds reserved for this questions. But we see the bright light also in this issue. That's why we have two stage service provided. Our solution of P2P trading is going to be within the SunContract pool participants, so that's why it is possible. For Italian legislation I personally do not now details now, but it will be done during the project for sure. Because we know that Italian markets is also liberalized and there is more retailers present, we see also possibility for the SunContract. Details will be studied.
aquazi Are you aware of legislation? Because there's no chance in hell you can do that neither in Poland or Italy, you can sell energy to the local energy providers but you can't p2p energy lol
rgornik More customers on the platform will mean more trading volume, therefore more preasure on SNC price. Also we will introduce mechanism that will put deflationary forces on token
drinomarino So investor have a profit only if market say that price will be higher than it was at ICO, or are there some more positive things about investing?
drinomarino so like iconomi you will burn tokens or something else?
mike like as the usage and supply of energy increases on the suncontract network, and SNC is the only way to pay for it, the value of the SNC will continue to increase as long as its usage expands faster than the increase in SNC supply.
jgalea This is a general argument brought against deflationary currencies. The fact remains that the need for expenditure will at some point outweigh the need to "hold" the currency. If for example I need a carton of milk today, I won't wait a week to buy it - I'll go and buy it there and then regardless of the fact that it will cost less in a week's time
dr10 deflationairy energy tokens? Isnt that dangerous for a coin circulation? Because everybody is only holding xD Thats my first thought now...
gregornovak We are researching several options.
dr10 deflationairy energy tokens? Isnt that dangerous for a coin circulation? Because everybody is only holding xD Thats my first thought now...
boldninja We are at 1+ hour mark of our AMA - if anyone has any last questions for the team come forward, else I'd like to thank them for their time and all the answers they provided, transcript will also be put on ARK Reddit channel for anyone who missed this AMA to read through their answers!
mike by decoupling the energy use tokens (the proof of resource token) from the payment token, SNC, there is no limiting effect on the supply and use of energy. Antale Fekete does a very good job of explaining hoarding and dishoarding of a currency, his example is gold.
dr10 My final question: How would you - shortly & in easy words - sum-up the advantages of Suncontract to magazines and non-crypto people?
:smile:
costa final pitch for "small" investors.
mike The use tokens function like Fekete's Real Bills, which expand and contract in supply to provide liquidity while being backed by the base currency, in his case gold, in this case, would be SNC.
tenzor7 SunContract is a new business model, supported by blockchain technology, which takes over the role of the "middleman". The current retailer's margin will be significantly lowered which is beneficial both to producers and consumers. When the Bitcoin and blockchain were invented, they were directly "attacking" the middleman in finance. We are doing exactly that, "attacking" the middleman in the multi-trillion-dollar energy sector.
dr10 My final question: How would you - shortly & in easy words - sum-up the advantages of Suncontract to magazines and non-crypto people?
(edited)
kobi Energy sector is huge, indeed.
boldninja OK I think they answered all the questions - I'd like to thank them again for taking the time and all of them joining this AMA and wish them all the best in their ICO period to hit max cap :smile:
myarkname Thank you SC team, you were great!
jgalea One last comment: feel free to spread the word on the Bitcointalk thread and the Cryptocurrency Collectors Club on Facebook :slightly_smiling_face: https://www.facebook.com/groups/cryptocurrencycollectorsclub/
dr10 Thanks a lot!
rgornik Thank you everyone for your questions. Please join our slack where we can continue discussion. You all were great. Please leave your email on suncotract.org to get invitation to slack and presale. (edited)
axente Thanks guys
mad4thrash thanks a lot
boldninja @jarunik will you be able to do Reddit transcript?
aquazi thanks for clarifying this
gregornovak This is a good question and it will be the most tough think to do. We have a big amount of funds reserved for this questions. But we see the bright light also in this issue. That's why we have two stage service provided. Our solution of P2P trading is going to be within the SunContract pool participants, so that's why it is possible. For Italian legislation I personally do not now details now, but it will be done during the project for sure. Because we know that Italian markets is also liberalized Show more…
kobi Thanks for taking part of your time!
kojot Thanks
moobox thanks for doing the AMA
dr10 https://twitter.com/exiledsurfestatus/874400307568160769
XD
boldninja Did Bancor distribute tokens yet?
mike Thanks for joining us Sun team, look forward to your ICO.
submitted by Jarunik to ArkEcosystem [link] [comments]

Part 1 - Antal Fekete - Ayn Rand's Hymn to Money 03/17 Prof. A. Fekete: Geldschöpfung Part 20 - Antal Fekete - How to Ensure the Stability of the New European Currencies? II The Real Bills Doctrine (1/10) Part 3 - Antal Fekete - Don't fix the Price of Gold

A revisionist theory and history of money – Antal Fekete Posted By: Marion Mueller January 16, 2007 (OroyFinanzas.com) – In Part I we elaborated on the thesis of the German economist Heinrich Rittershausen that the appalling world-wide unemployment of the 1930’s was caused by the coercive legal tender laws of 1909. The use of the cobasis to profitably trade bitcoin is derived from Professor Antal E. Fekete’s study of the basis. In 1971, Professor Fekete bought a seat on the Winnipeg Commodity Exchange to observe the first futures market in gold; and, there, learned about the basis, a trading tool utilized by commodity traders, the gold basis being of Antal E. Fekete is Professor, Intermountain Institute of Science and Applied Mathematics, Missoula, MT 59806, U.S.A. The use of the cobasis to profitably trade bitcoin is derived from Professor Antal E. Fekete’s study of the basis. In 1971, Professor Fekete bought a seat on the Winnipeg Commodity Exchange to observe the first futures market in gold; and, there, learned about the basis, a trading tool utilized by commodity traders, the gold basis being of Antal Fekete: According to Rothbard and the American Austrians commercial banks claim that they hold gold reserves dollar for dollar against their sight liabilities, which is a lie, because up to 95 percent of their reserves against bank notes and bank deposits is made up by mere paper claims to gold. Fractional reserve banking is fraud, in

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Part 1 - Antal Fekete - Ayn Rand's Hymn to Money

Listen or download at http://itsrainmakingtime.com/2010/antalfekete/ Professor Antal Fekete is one of the greatest thinkers of our time when it comes to mone... Adam Smith's Real Bills Doctrine and its Relevance Today _____ Professor Antal Fekete Antal E. Fekete, Professor, Memorial University of Newfoundland, was born in Budapest, Hungary, in 1932. He ... Erfahren Sie ökonomische und gesellschaftliche Zusammenhänge, welche Ihnen die Erfinder des gegenwärtigen Geldsystems vorenthalten wollen. Deutsch synchronisierte Fassung unter www.verlag-jm.ch ... The Bond Market and the Process Determining the Real Interest Rate _____ Professor Antal Fekete Antal E. Fekete, Professor, Memorial University of Newfoundland, was born in Budapest, Hungary, in ... Lecture given at the Szombethly, Hungary in Fall 2011 Professor Antal Fekete Antal E. Fekete, Professor, Memorial University of Newfoundland, was born in Budapest, Hungary, in 1932. He graduated ...

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