Are there ways to add a specific usage for OmniwalletCoins other than just investing/hoarding? - Githubissues

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Are there ways to add a specific usage for OmniwalletCoins other than just investing/hoarding? #2

Open ripper234 opened 10 years ago

ripper234 commented 10 years ago

Copying from the Google Doc

Rather than rewarding people for just holding coins, there should be benefits to users for using the coins. It’s the activity that generates value for all the participants. This can (and should?) apply to most/all coin types.

Ron - I don’t understand why.

Marv - incentives to use the product should increase the user (and developer) community

ripper234 commented 10 years ago

Renaming from

Rather than rewarding people for just holding coins, there should be benefits to users for using the coins

to

Are there ways to add a specific usage for OmniwalletCoins other than just investing/hoarding?

ripper234 commented 10 years ago

I don't think that such usages are needed.

I think it would be nice to have, but even if OmniwaleltCoins are only meant as a means for the Omniwallet.co company to pay holders of OmniwalletCoins, that's good enough.

I am leaning towards closing this issue unless there is further input.

dacoinminster commented 10 years ago

This is actually the issue I am most interested in. In order for Omni to raise a significant chunk of money, we have to have a compelling reason why OmniCoins will be valuable. However, saying the Omni company will directly pay the holders of these coins with profits seems like a good way to get the U.S. members of this team sent to jail. Here are a couple possible avenues:

Advertisers can only bid with Omnicoin, 50% of which is burned, 50% is revenue for the company
Advanced features can only be purchased with Omnicoin, 50% of which is burned, 50% is revenue for the company

"Revenue for the company" means there is money to pay employees and reinvest in infrastructure, etc. 50% is just a straw man. Probably you'd want a larger percentage to go to the company, and the amount burned to reflect typical split of reinvestment versus profit-sharing in a tech company.

dacoinminster commented 10 years ago

P.S. I'm not saying such an arrangement would be definitely legal (IANAL), but it strikes me as less likely to be illegal.

ripper234 commented 10 years ago

So I talked to an (Israeli) lawyer and he thinks such models can work. (But we need to check with a U.S lawyer ... or a few).

I don't think burning coins is needed or helpful here. I prefer to think of Omnicoins as pre-purchased things, whether the things are ad-space, API credits, premium features or all of the above.

Now, Omniwallet can always accept both BTC and OmniCoins for these services. Omnicoins would simply be a pre-sold version of that, and its value should increase from their initial value during the sale, up to the exact cost of the services offered when these services are up & running.

There's certainly room to develop this further.