I like this idea but I do not think it should be implemented. I can see all the benefits, and I think with Elysium coming, a “cheaper looking” coin might be useful for tying to assets.
HOWEVER… so many people are already misunderstanding this idea that I do not think it is worth it. We’ll spend years explaining to people that Firo did not dilute coins or “increase supply.” Myths will circulate that Firo somehow cheated people or whatever. So it would be a big distraction that we don’t need.
I will make it more clearer for you, check this chart:
Please elaborate how this is will induce hopium for people. Because that is how our chart will look like with a re-denomination. If you are unable to see what I mean, please zoom in at the month September. We will be at the mercy of an exchange if they will give us a brand new chart. Meaning that the team will have to use their time and resources in order to communicate with the exchanges. Time and resources that are better off spend somewhere else.
Bear in mind that people are complaining about marketing. So in an environment where people are complaining about a lack of marketing, how are we going to communicate to the public that this was a re-denomination and not a dump.
Furthermore this project was never about hopium. As a matter of fact it is the opposite. Throughout the history of this project every change that was made had sound arguments and merit to it.
The re-denomination has no sound argument nor has it any merit whatsoever.
If I am missing something please elaborate it for me. Because I have made some arguments as to why I am against it. If your counter-argument is “I am unable to see the good picture”, please explain to me what good picture I am missing.
Again, I am against a re-denomination because it has not been thought our thoroughly. It comes across as just random impulsive suggestion with no grounded arguments.
I am against the proposal. Sounds cosmetic and others talked about the appearance of the dump. We as a community should go on a shilling spree when FiroPow, InstantSend, and mobile Firo wallets come out.
I’ve now updated the thread title to what it should’ve been in the first place, I’m surprised it confused people.
Again, I’ve posted this more as like a “feature” to take into consideration & I’m honestly glad it got this many replies
Maybe in the future we can look back into this, because like I said, if we’re aiming to be the money rather than store of value, I think it looks better overall, the thing with “cheaper” price attracting new investors is more of like a good indirect reaction of people wanting more of something for a cheaper price
It was not my main goal, my main goal of this post is paying 3 coins for something rather than 0.0032, it looks more natural
I am new to this forum (and new to firo), and I love the idea of redenomination. It will make it more attractive to new investors and increase firo’s market cap.
Increasing the total market cap should be one of the main goals. It is the cheapest marketing to bring more people to the community.
Also, a bigger market cap is better for privacy. which is one of the main features of firo.
I personally think that changing the default display unit of the mobile wallet to μFIRO(1FIRO=1 000 000μFIRO) has only advantages, no harm:
1、It is conducive to promoting the use of mobile wallets, I think I will not mind sending 100000μFIRO to many others to experience.
2、In the process of using this small amount of μFIRO, it not only increases the number of transactions on the blockchain, but also enhances the activity of the blockchain.
3、The increase in the number of users and the increase in small μFIRO addresses can greatly improve the ability of privacy.
4、Piggy bank theory, the small μFIRO left in the mobile wallet is equivalent to exiting the exchange, which is equivalent to forming a supply reduction on the exchange,leading price increases.
5、It can be implemented in our own mobile wallet, and there are not many external factors that need to be communicated and coordinated.
Hope the team will consider. @reuben
We must remember fragments can be purchased as well for $1.
I do not believe manipulating supply to attract weak minds(for lack of better words) is in the best interest if community members who look to Firo as a place to safely and most importantly PRIVATLY store wealth. There are plenty of coins out there with billions of coins in circulation(with hidden or yet to be mined 50% more coin(s) yet to be mined) just look at the top ten coins… These in my view are just fads and YouTube pump coins which will inevitably end bad similar to coin of past.
I do not say this to offend but rather support the current supply model.