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Original Poster0 points · 2 days ago

So then they are just for show, Binance takes I believe 25% quarterly profits and buys however many BNB that gets from other people aka circulation and burns them every quarter. Lowering supply and thus increasing value.

Burning from coins you just got sitting around is basically just lowering the rate of overall inflation the coin will have over its life. Not increasing the value by actually burning coins in circulation.

This confirms to me this is just a word thinking tactic for show. If you watch this video the guy talks about the burn causing the price to increase because of lowering supply for traders, but burning from coins not in circulations will not lower supply and thus not increase the value. It will just lower the amount of inflation the coin will receive over its lifetime.

Dirty tactic to frame it as if it will lower supply for traders.

https://www.youtube.com/watch?v=bw56nstasJ0

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Moderator of r/SubstratumNetwork, speaking officially4 points · 2 days ago

It's because the coin burn affects the TOTAL supply that will ever exist. Yes, Binance does a buy back but most project coin burns are from the dev team supply, NOT the circulating supply.

A decreased TOTAL supply limits how many coins will ever exist. For example, look at Ripple. They've got billions of coins that they'll continue to sell on the market for several years. If they simply burned much of those coins instead, there wouldn't be as much selling pressure.

Moderator of r/SubstratumNetwork, speaking officiallyScore hidden · 2 days ago · Stickied comment

The coins are coming from the supply that they have which will ultimately remove them from total supply, not circulating supply.

The recommendation has also already been made to the team to use the universal burn address this time. Either way, thanks to the transparency of blockchain, wherever they do send them will be completely visible for anyone to watch.

Original Poster1 point · 2 days ago

auto peer discovery is a very difficult thing to do (which is why lightning network for Bitcoin is taking so long) so if they don't have that worked out I think it'll probably be a while before they will (opinion)

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Again, if you don't believe in the project, then why are you here repeating again and again how much you don't believe in the project? Why not simply divest and move on?

Original Poster1 point · 2 days ago

oh I did, i was just checking back in. That's why i made the post. Maybe this might come as a surprise, but I you can be interested in something without being all in ;)

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I'm fully aware. I'm not all in to any single project.

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-2 points · 4 days ago

So substratum is useless?

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Whereas Substratum Network is clandestinely routed, IPFS traffic is not. One can be censored/monitored, the other can not.

0 points · 10 days ago

SONM launched a decentralized fog computing mainnet during the bear market.

Storj is on the verge of its network upgrade so it can scale from petabytes to exabytes of storage. They've also got a high profile Silicon Valley CEO.

Both of these projects have tiny marketcaps with working products in huge tech sectors. IMO this market would benefit from focusing on examples like this.

Moderator of r/SubstratumNetwork, speaking officiallyScore hidden · 11 days ago · Stickied comment

There are actually a variety of ways to store Substratum. The most secure long term storage is a hardware wallet.

Substratum compatible wallets include:

Exodus (Desktop Wallet) - https://www.exodus.io/

Ethos (Mobile wallet in specific countries) - https://www.ethos.io/universal-wallet/

Enjin (Mobile Wallet) - https://enjinwallet.io/

MyEtherWallet (You can also download a copy of the site for offline transactions or create a paper wallet for added security) - https://www.myetherwallet.com/

Trezor or Ledger Hardware Wallets (via MyEtherWallet) - https://trezor.io/ or https://www.ledgerwallet.com/ (Always recommended to ONLY purchase hardware wallets from the manufacturer sites or very trusted sources)

2 points · 11 days ago

Check out SONM. They launched a fog computing mainnet during the bear market. It's been bottoming around 3 cents during this recent dip. If it could just match Golem (competitor) ATH marketcap, that'd be roughly 100x from 3 cents.

IMO, don't consider currency or store of value coins. Those are becoming obsolete as more and more stablecoins are launched.

There are a variety of projects with real functioning products out there. Stick to the utility tokens IMO and ONLY if there's a clear purpose for the coin/token.

Moderator of r/SubstratumNetwork, speaking officially4 points · 13 days ago

You want them to open source their website? 🤔

Moderator of r/SubstratumNetwork, speaking officiallyScore hidden · 13 days ago · Stickied comment

EOS main net is an infant. In addition to the fact EOS has the ability to reverse transactions, take control of accounts, etc.

Ethereum remains the most proven, heavily used, and easily accessible of all token blockchains. If that ever changes, the team has the power to consider their options.

-1 points · 13 days ago

Does this mean when VeChain surpasses ETH in the next 12 months in stability, scalability and txs you will consider VET?

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Moderator of r/SubstratumNetwork, speaking officially3 points · 13 days ago

It's entirely up to the team.

3 points · 14 days ago

Oh good! Version 0.5? Thank u

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Moderator of r/SubstratumNetwork, speaking officiallyOriginal Poster3 points · 14 days ago

Correct. You're welcome. 👍

2 points · 14 days ago

When the node start paying in SUB?

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Moderator of r/SubstratumNetwork, speaking officiallyOriginal Poster4 points · 14 days ago

Justin has stated to expect it by the end of the year.

Moderator of r/SubstratumNetwork, speaking officiallyScore hidden · 14 days ago · Stickied comment

Low quality smear video. It's been explained multiple times. Justin even explained it in the video comments. Thankfully the video got an appropriate number of downvotes.

Moderator of r/SubstratumNetwork, speaking officiallyScore hidden · 15 days ago · Stickied comment

Not really, in my opinion.

Substratum Node and Cryptopay were in the original whitepaper. Amplify Exchange simply adds a level of liquidity to Cryptopay, enhances the overall Substratum Network and boosts SubstratumNode earnings. Now that they're actually running decentralization, I think it's reasonable for them to think long term. Amplify will remain a separate project with separate funding.

Moderator of r/SubstratumNetwork, speaking officiallyScore hidden · 15 days ago · Stickied comment

I'll pass the suggestion along.

Definitely makes sense considering the target audience for events like that. Could be an interesting way to sponsor an event as well by offering something like feeless transactions for them.

Original Poster1 point · 15 days ago

Because a bank is more secure than a mattress and the blockchain is like a Swiss bank account for each individual. These volatility problems will easily be solved because there is a need and an opportunity.

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Because a bank is more secure than a mattress and the blockchain is like a Swiss bank account for each individual.

Blockchain won't do anything against someone stealing your private keys or holding you at gun point. Banks, or at least custodians, will always be necessary. Average folks don't want to deal with the security issues. That's why they use banks.

These volatility problems will easily be solved because there is a need and an opportunity.

Yes. With FDIC insured stablecoins. Exhibit A.

Original Poster1 point · 15 days ago

There are strategies to protect private keys, there are hard wallets etc... Banks will be around but will have to adjust and are adjusting as we speak. The wave is coming. Resistance is futile.

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Hardware wallets and talking about doing away with banks may be okay for some folks, but not most.

As I said before, IMO, a bank/FDIC backed stablecoin is the least volatile/safest option that could gain the most adoption.

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3 points · 15 days ago

CryptoPay is needed, currently, there are many similar projects that do the same and work, what makes CryptoPay different?

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Moderator of r/SubstratumNetwork, speaking officiallyOriginal Poster7 points · 15 days ago

The few options currently available accept only a handful of cryptocurrencies and are heavily centralized. Additionally, Amplify Exchange adds a level of liquidity to Cryptopay itself.

Moderator of r/SubstratumNetwork, speaking officiallyScore hidden · 16 days ago · Stickied comment

Completely agree with the article that the synergy between products as well as their unique take on a decentralized exchange have a lot of potential.

Just to clarify a few things in the article:

The date of the ICO has not yet been announced,

Actually, it has been discussed several times that it'll be launched on October 1st.

but it has announced that the team will not be accepting SUB for AMPX, which has raised eyebrows in the cryptocurrency community.

Actually, if they were to accept SUB it would most certainly negatively effect the price as they liquidate to fund the project. IMO, accepting ETH and BTC make the most sense due to volume and ease of liquidation.

By offering discounts for trades in SUB and rewards for running the DEX, the Substratum team will be generating further demand for SUB and now AMPX, which could potentially drive up price — and draw more attention and supporters to their budding cryptocurrency microcosm in the process.

Well said.

Original Poster3 points · 17 days ago

u/dcatt47 you reply to almost all of my questions. And amazingly thoughtful replies no less. Thank you. Seriously. You’re great.

Back on topic though, that’s a lot to absorb and research. I’m on it.

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No problem. Just a fellow community member that loves the project.

Agreed. Justin promised many more videos, plus the information we'll get from Amplify's ICO, plus the likely technical info we'll get from Dan's SUBLOCC.

If one thing's for sure, it's that Substratum Node is about to become a SERIOUS little money maker. Or at the very least it'll earn you enough to use the Substratum Network for free and reduce your fees on a fiat integrated exchange. ;)

1 point · 16 days ago · edited 16 days ago

Have you tried to make a low end estimate of how much u think can be earned?

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3 points · 16 days ago

The team is waiting to see the network in action before determining a specific earnings model.

At the very least, a node will likely earn enough SUB to pay for your use of it and earn enough AMPX to significantly reduce your fees on Amplify Exchange. Once we receive more specifics about the earnings model, there will likely be ways to determine how to maximize your earnings.

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In March of this year we received an amazing SUBLOCC presentation from Dan Wiebe himself that can be viewed here. The presentation and Q&A lasted about two hours. He provided a great technical overview of what 0.1.0-0.3.0 consisted of, a great view of CORES routing, some demos, and quite a bit of Q&A.

Now, six months later, Dan will be presenting again. There's a general idea of what it'll look like (so far) here:

"I imagine I'll talk a bit about remaining decentralization challenges, a little about monetization, and save some time for CryptoPay and Amplify (maybe Host too?) toward the end."

As for the inevitable question about whether it'll be streamed or not, Dan answered here:

"I'd like it to be streamed, but I'm not the boss of that. If it is, I'll have to be careful to avoid making mugs that can be turned into animated GIFs."

Of course if anyone is interested in attending, please RSVP here.

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7 comments

Community Bounties for Dan Wiebe gifs???

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Original Poster1 point · 16 days ago

🤣

i want more dan wiebe gifs please.

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Original Poster3 points · 17 days ago

I only know of one passed around Telegram. I suspect there are likely more though. It's because everyone loves that guy. Lol

Moderator of r/SubstratumNetwork, speaking officiallyScore hidden · 18 days ago · Stickied comment

He wont just be speaking, he is listed as one of the featured speakers at the event.

Featured speakers are nominated by our members, partners and industry advisors, and researched and selected by the Cryptonite Ventures’ team and the Alchemist editors. The Cryptonite promise to its members is to feature only the best and the brightest thought leaders in the crypto economy.

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Moderator of r/SubstratumNetwork, speaking officiallyOriginal Poster3 points · 19 days ago

Correct! Tim Draper is also on that list of featured speakers.

Should be great exposure for Substratum!

Moderator of r/SubstratumNetwork, speaking officially4 points · 19 days ago

Great article citing a lot of great content!

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