This topic contains 3 replies, has 2 voices, and was last updated by Bill 6 days, 4 hours ago.
May 15, 2019 at 4:44 am #8479
Let’s face it, JSEcoin has gone to shitcoin, the cryptomining thing is hemorrhaging bad, but something can fix that in a big way and send it up skyrocketing to exactly the price of $1, well, give or take a cent or two. JSE can and should become a stablecoin, a decentralized stablecoin. How? Simple, copy Dai and use collateralized debt positions.
Now, I get that you can’t do that with JSE itself, that’s a problem because JSE is already put into existence from mining. However, what you can do is create a new smart contract that creates a stablecoin when people open a CDP with JSE. So, in this example JSE would be more like ETH than it would be the Dai, and JSE would be the collateral put up to get the stablecoin.
Why is this a good idea for JSE? There is a problem with all cryptocurrencies, they make terrible currency outside of their own ecosystems due to price instability. Even Bitcoin suffers from this, because businesses need price stability for their products and services. The only way cryptocurrencies can offer stability is after they have expanded to widespread adoption equal to international fiat currencies. So, cryptocurrencies are indeed better as speculative commodities at the present time, but these commodities can be the backbone of stablecoins that can in fact serve as excellent currency.
JSE shot up pretty high right before the ad market launched, but once it launched everything slumped. It just wasn’t what everyone hoped it would be. Okay, what’s the problem with the Ad market? JSE is not a stable currency, this makes it far less beneficial for the ad market than a stablecoin would. This isn’t exclusive to JSE, the crypto market in general is suffering because businesses do not like exposing their products and services to the fluctuations in coin/token valuations. Stablecoins are key to widespread business acquisition.
After making the stable coin, let’s call it JStable (terrible name, I know), you can switch out JSE on the ad exchange for JStable and support the stablecoin as the primary means of value transfer. This allows webmasters to remain the backbone of the system as the miners of the commodity backing the stablecoin’s value, and the stablecoin serves as the means of value transfer.
Like my idea? Take it, use it, get rich from it. But if you’re going to do that, a donation in JSE would be appreciated.May 15, 2019 at 8:49 am #8488
It’s an interesting idea I hadn’t considered before. We do have options on the ad-exchange where you can bid in USD and this is converted at the real-time exchange rate to a JSE bid. This provides some stability but there are still some negative implications for volatility in the token price. This is also an issue, perhaps more so, for merchants who accept cryptocurrency payments on their websites.
I’ll do some further research on Dai and stablecoin structure. I’m not sure about the long-term benefits of being tied to a government controlled currency however. My biased opinion is that in the next twenty years we will see fiat currency devalue considerably due to inflation. Facebook are releasing their stablecoin so they must believe it’s the way forwards.May 15, 2019 at 8:24 pm #8490
why am i no longer receiving confirmation emails?May 15, 2019 at 9:05 pm #8491
Dude your idea has a lot of merit. Apart from anything else it would be an excellent way to tell the world that JSE is still in business. As a site owner I like the idea of being able to use JSE as an internal currency for my users. Anything which creates a reward for site users is useful. The JSE system has a whole lot of tools which provide a kit for webmasters to use but it’s never been packaged or promoted as such. Instead the focus on browser mining has been allowed to dictate public perception of JSE to the point where the daily exchange turnover is roughly the daily mining activity. That is people cash them in instead of holding them.
One idea worth thinking about is to force browser mining to work only if a user is logged into the site. If all browser mining was done on password protected pages the whole opt-in process is unnecessary as the user “opted in” by becoming a site subscriber.
Then it’s up to the site owner to provide an incentive to the user to join. The JSE stablecoin could come in handy here. So perhaps the user’s activity on the site is tracked by how many JSE they generate for the site which then entitles them to stablecoins.
All the other methods of earning JSE then become appealing to the user. Converting from other currencies, clicking on ads, swapping with other users, entering lotteries, referring friends etc.