Something to consider when you trade TK for BTC

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twinflame
Posts: 37
Joined: Thu Jan 23, 2014 1:11 pm

Something to consider when you trade TK for BTC

Post by twinflame »

Just a little calculation:

1 BTC=800 $
1 TK = 0,01 $

Total btc in circulation:12,314,450=9851560000$=9.8 billion $
Total TK in circulation:2,616,043 =26 thousand $

Ratio BTC:TK= 4.7 : 1
32.5 BTC=2616043 TK

This means that someone with only 32.5 BTC could buy the
total amount of TK circulated for just 32.5 BTC. I would really advise people who trade their
tens of thousands of timekoins for just 1 BTC to consider this when you trade TK for BTC. I really wouldn't like to see most TK's traded for just a few BTC and TK ending up dead or in the hands of just a few people.. :shock:
Also there are 4.7 more BTC in circulation than TK, making TK more rare than BTC, because there's less of it.

Just my 0,02 TK worth...:)
JFOC
Posts: 46
Joined: Mon Apr 08, 2013 9:19 pm
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Re: Something to consider when you trade TK for BTC

Post by JFOC »

:D Rare is expensive

US $100 = 1 TK :P

anyone ?
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KnightMB
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Re: Something to consider when you trade TK for BTC

Post by KnightMB »

It is good to be aware of such situations, but $9 billion is also easy enough for Google or Apple or a large Bank to purchase all the bitcoins in existence, but if they tried, what would happen? Unlike bitcoins though, timekoins don't have an artificial limit set. If someone bought every timekoin in existence, it would only be a short term monopoly as the demand would drive others to put up more servers to generate more currency to flow back into the economy. The person/company/entity that bought all the timekoins would only have a short term control of the entire market, so either they would have to spend back into the economy or else slowly have their value eroded away by the individual users that begin to trade with the small amounts they have created. Bitcoin is great for hoarding because no more will ever be made, but Timekoin is designed to be used not hoarded, hence the reason that hording all of it would eventually give control back to the people actually using it. In a way, it is anti-monopoly by design.
jambo58
Posts: 109
Joined: Mon Mar 18, 2013 4:53 am

Re: Something to consider when you trade TK for BTC

Post by jambo58 »

agreed with knightmb

i have decided to spend all of my generated timekoin on goods and services (+ a few trades for alt coins) because i know exactly how long it took me to generate what i had i still have a good chance to generate that again whilst the election list is still in reach.

i am taking the 10,000 BTC pizza approach to get wider community acceptance

When the time comes where peer election may take 2-3 months to be picked then it is time for me to spend wisely :-)
whiteb
Posts: 122
Joined: Sun Dec 15, 2013 4:44 pm

Re: Something to consider when you trade TK for BTC

Post by whiteb »

KnightMB wrote:It is good to be aware of such situations, but $9 billion is also easy enough for Google or Apple or a large Bank to purchase all the bitcoins in existence, but if they tried, what would happen? Unlike bitcoins though, timekoins don't have an artificial limit set. If someone bought every timekoin in existence, it would only be a short term monopoly as the demand would drive others to put up more servers to generate more currency to flow back into the economy. The person/company/entity that bought all the timekoins would only have a short term control of the entire market, so either they would have to spend back into the economy or else slowly have their value eroded away by the individual users that begin to trade with the small amounts they have created. Bitcoin is great for hoarding because no more will ever be made, but Timekoin is designed to be used not hoarded, hence the reason that hording all of it would eventually give control back to the people actually using it. In a way, it is anti-monopoly by design.
I wouldnt mind just a tad more value to TK than just 1c :), not $1000 each, but 50c or $1 would be nice :lol: :lol:
koinfaith
Posts: 37
Joined: Wed Jan 01, 2014 9:00 pm

Re: Something to consider when you trade TK for BTC

Post by koinfaith »

I wonder if in addition to 19 billion deal Facebook should swap 5 billion worth of stock for 60% of all BTC supply and require all ad payments to be made in BTC :)

May be some company that needs millions of small customers should do it for TimeKoins too. It would become available for masses of poor people who don't have dollars or credit cards or expensive computers, but have some stable internet access to generate TimeKoins :idea: :)
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