Since $MUSIC is a clone of Ethereum, doesn’t mean that $MUSIC can utilize the token feature of the crypto to allow additional “sub crypto” tokens to be created and exist? Perhaps after $MUSIC has developed it’self it can allow music groups (bands) to create a token for it’s own purposes. The fuel by which the tokens would be operating would be $MUSIC, as is the case for Ethereum. So, for instance, a band could create it’s own token within the $MUSIC system and use that for it’s own purposes. This is just an idea I had, knowing that $MUSIC is a clone of Ethereum, and a big part of Ethereum is the tokens that become part of that system. Imagine, for instance, that every verified artist on Musicoin.org is assigned their own artist token. There might not be an immediate need for this, but it is interesting to examine how this could be employed in the future.
By the way, I for some reason have two forum accounts. On some computers I’m posting as “ciarrocchi” and others (my phone for example) I’m posting as "David Jerome - email@example.com. They are both me. I will try to get rid of one of them at some point.
Heellooo @ciarrocchi (“David Ciarrocchi” ). And thanks for another intellectually stimulating thread topic!
Yes, as far as I know there would be no technical hinderance to allow a band to create its ERC-20 equivalent token.
The “but” dimension is exactly the one you refer to: “after $MUSIC has developed itself”. When each $MUSIC will correspond to a stable value of $0.15 (retaking your “1% of Spotify wealth scenario”), or even much more than that, and will have maintained that value for 2 or 3 years, I’d tend to think we could enter the kind of debates the Ethereum community is beginning to enter these days, what is often referred to as the “economic abstraction” (see for instance: https://techcrunch.com/2018/09/02/the-collapse-of-eth-is-inevitable/), where some Ethereum community promoters are imagining that an ovewhelming success of the Ethereum blockchain (after the adoption of Casper, Raiden, Plasma, Sharding, etc.), with thousands of useful dApps running on it, will be coupled to the disappearance of the ETH as a currency, or at least of its value falling to a near zero level.
But who knows what will look like by then our Musecosystem? Describing it today would be like writing a cyberpunk novel (a “cipherpunk” one? ) - it’d be “blockchain fiction”, hehe.
Great posts here. Thank for this brain storming debate.
And sorry for my english.
Are you talking about something like the pormise Smart MediaToken?
Are you expected the value of MC around 0.15$, reprented by 1% of Spotify market?
But why only Spotify, why only 1% and why only from music market?
Cryptocourrencies are the new bank. Old centralised banks create fiat currencies using debt and energy, on the other side miners create cryptocurrencies using energy.
We should think about Musicoin like a decentralised bank that allow music to be free with no ads, musicians to get payed for their work.
Now the real economy is 1/10 of the financial economy. For each dolar in the real life there is at least 10 in the tax haven country (Panama, Switzerland, ect…) used for speculation (stocks, bonds, commodity futures, currencies, fine art, collectibles, real estate, and derivatives). This is why in this last 6 months also FMI are fighting the crypto world because the crypto world has the best rates in this last 10 years.
The only think speculation want is to earn the more money in the less time!
How does it works crypto, now?
The main goal now is speculation.
But Musicoin are creating value too, artisitic esthetic value too. But who care?
Maybe not yet, but it will be a moment when the price will stop to going down, and in this moment and only in this moment speculators will be interested to buy.
I don’t know how much Musicoin price will be next year, but potentally the market is 1.000.000.000.000.000 $ (all financial market). In Rome empire we said : “pecunia no let” means money do not smell. Speculation doesn’t care if money is to starve people, make wars or create artistic value.
The question is how much of this potential market Musicoin market will be able to receive?
How fast Musicoin will grow?
Which is the best price and the best increasing of price per year that will encourage musicians to create their best music?
In my opinion creation of good music and creation of a real music economy (musiconomy) is the goal!
Are we ready for the financial storm?
What do you think?
@musicoin-italia Thanks for your in depth reply.
I don’t know about the “promise Smart Media Token” sorry…
Regarding my rough valuation of MC around $.15 in my other post, my parameters for estimating value is based mainly on the functional value of streaming music, which is probably what the public will use to judge MC as an investment asset. I used Spotify because they recently did a stock IPO, becoming public. You are correct that the MC goals and aspirations are further reaching, and my valuation estimate could very well be underestimated (I hope so! ). I agree with you that the current public view of crypto now is speculation, but $MUSIC is more than just a typical crypto that is trying to replace fiat currency - $MUSIC has much more potential than that, and it already has a real web app with real musicians and a use for the currency (tipping).
I am ready for the storm!
@mjmoonbow-aka-tinman Agreed - there is a lot of sell pressure on ETH created from the selling of ICO/token proceeds, although it also creates initial buy pressure when the investor is buying the ETH to begin with so maybe it balances out. It definately contributes to the wild swings in the price of ETH.
I think right now however, with $MUSIC, there is mainly only sell pressure from miners immediately selling their mined $MUSIC. The only growth we get now is from speculators/investors. It will be good when we create more reasons to buy $MUSIC, more features that require the purchase and holding of $MUSIC.