The Tzero use is gone, in the words of the CEO "it may be revisited in the future" but that is in reference to the DLR technology, not specifically the DLR technology committing to FLO (if and when it is ever used again in the future). Something to understand is it was one of Patricks dreams. Patrick i now gone, and his dreams are dead. It is hard for Tzero to deploy their other products while also deploying a tool that takes away revenue/exposes fraud on the very people thay are attempting to "get along with" at the moment. IMO Patrick has ruined the company ethos, and Tzero now pays for his sins by getting stonewalled at ever legal turn from spite relationships. Beyond the DLR, Medici has been growing, and Chris updates us when he can. He also is bound legally as to what he can/cannot say, and when he can say it. But he has been the SOLE DEV to make it a point to mention FLO when he can. He wrote a great medium article about Teton county, and has hinted at the continued use of FLO for the new project in Carbon county. The issue with community growth/ price rise stems from the following issues... 1. Devs are busy building, some work for free (volunteer), they are not a marketing team, and FLO has no funding to market. This leaves the news updates, social media updates, and general awareness cycle of fresh development to the community. There was a time not long ago that it was rather strong. Regular medium articles were being written, we had different members controlling the different outlets for informations such as 4chan, reddit, twitter, and discord. That dispersal of information led to price growth in the FLO coin, as well as community growth. Unfortunately, most of those members sold and capitulated. To their defense (in profit) s during those times there were a couple nice pikes up. Today, as i see it there is a divide in ethos. The devs continue to build without concern for the price of FLO, this is their rite, and we are grateful to have contributors that are not directly paid. The issue is that the belief is "FLO coin go up" price appreciation will happen when all these third party applications that are being built are live and begin getting adopted. However, IMO, FLO is essentially free to use, and the dev that holds the repo keys has stated his willingness to increase block-size in the event of a filled mempool (should we ever see that day). This leads me to believe that the MONEY to be made will be in the hands of those who built the apps, or on the usage of the application layer, not on the FLO chain. Of course one can argue that as those apps gain usage and more transactions/information is running through FLO, that speculators will buy FLO and the price of the coin will go up. BUT, if the chain is essentially free now, and the block-size to be increased, it won't and hasn't caused larger scale companies like MEDICI to have to purchase much FLO in order to load a full county (Teton). One can look at the chain and calculate how much FLO was needed to upload those records, and extrapolate it out onto potentially larger projects should they come to fruition. There is no burn mechanism, so the FLO is then immediately dumped back onto the market by the miners. 2. The block reward is approaching zero, without an incentive for miners, what will keep miners on the chain? The hash rate is already non existent as is and we suffered a 51% attack due to this lack of support from the Scrypt mining machines. 3. The foundation (which was created to resolve. address dome of these issues) is essentially dead. -On the positive side, FLO has survived 7 years and is still getting built upon (3rd party apps) and buy some major players OSTK-MEDICI is a publicly traded company.
CalTec is a major university is academia (although usage from them outside of the completed/initial project is questionable going forward) and there has been no clear update on direction that I know of from Davi. Alexandria is set to launch this year. Which is very exciting. It's marketing is lagging heavily, but that could change in the positive direction. It seems to be a special tool, and use case that hopefully gets utilized quickly on a large scale. Joey is now at Steamed media and Michael Casey is connected to coindesk which provides a potential mass media outlet (news/ awareness) tool should/when it be time to market the app. The ideas, and people in this community are almost second to none, and this chat specifically is a great place for direct access to the devs. FLO is a clear oscillator, not a degen by trading definitions. IMO the glaring issues are the following ( hash rate, and how the chain will attract miners as rewards approach zero), the lack of understanding by the devs that traders/speculators concerns are important to FLOs groth as well. The 51% attack and the stain it puts on the chain. The illiquid nature of the coin. The approach to marketing... I think 2020 was supposed to be a BIG year for the coin, and I am hoping Alexandria carries the torch on that front. This is just my opinion, you will find many in here, I love/HODL FLO, contrary to popular belief it is not merely a speculative investment for me... I hope this helps, and the community is always open to suggestions/
One thing I would love to see is actual FLO CORE updates, Lightning seems like a must, privacy/fungibility are other topics of discussion ect...
Scotty needs to be mentionsed as well for his hardware wallet contribution as well as his newest app prove of existence.
Michael Casey is the Chief Digital Officer of Coindesk... not just connected. He knows about FLO. I spent time with Michael, Streambed, and OIP in San Diego last year. FLO is well knownby many OGs and it well respected in the circles that matter...
I will be using FLO in my products. Will I use streambed and oip as my flo gateway. Maybe? Maybe ill just use flo... proof of ownership in music.
@TheCryptKeepagreat summary and thank you for your input. I'd like to address the block size issue. I'm not entirely sure how a smaller block size would lead to a price increase. The fees would go up but transactions would go down. Besides that, the fee gets paid to the miner, who then either sells it or holds it as the user would. Not entirely sure how that translates into price
Fees don't necessarily translate into market cap - out of the top 10 coins, 8 of them have essentially 0 or 1/1000th of a cent fees (only BTC and ETH have high fees)
Maybe I'm missing something - I'd like to learn how the perception of the block size or fee market affects price
My main concern is that applications will quit building on FLO if the fees are too high, and I don't know any rational argument for making the fees higher, or what advantages that might have
For BTC, the argument is that the cost of running a node will get bigger over time, but for FLO we kind of have that built-in as a requirement because of its use as a data store and worldwide public index
If the block size was doubled, wouldnt the nominal fee from users also double (assuming flodata/tx stays constant at 1040 bytes)
You know much more about block size then I could ever hope too. My thought was if block size increases (that more transactions can fit into a block) meaning the rate at which a miner would charge a higher transaction fee lowers due to increased size? Am I wrong?
Such that as block size grows at some constant over time, the nominal fees paid to miners will also grow at the same rate, incentivizing miners to provide hash
I believe so (but if the mem pools fills) which happens quicker with a smaller block, then the trancsaction fees go up as the miners choose what to work on first based on highest fee, by increasing the block size, that happens at a slower rate, if at all... Is this understanding incorrect?
I think the chain would best be served over the long term by providing real utility and value to its customers: developers
Rite, so they make money off their apps they build, not off holding FLO. This is the disconnect I see in ethos between devs and HODLers
Limiting tx throughput to extract rent will undermine the chain over the long term
I think the speculative value in FLO comes from 1. Its unlimited utility to load data into a decentralized chain and 2. The network that can grow as a result of #1
But MLG, Ranchii and others have have shown that you dont have to use OIP to derive value from building on FLO
The chains that will survive the next 20 years of bubbles and cycles will be a chain that provides real value and utility
MLG chose FLO bc of the value and high quality dev support (see byrnes ltr to wyoming legislature)
We again. So know know this. A chain could be created, that takes all the best features of all current projects and combines them, and works more efficiently and secure... One simply only needs to look at bitcoin and see all the issues with it, and what has resulted in endless forking to see that...
Patrick is gone, the DLR is gone. We do not know that another coin will not be choosen to continue Medici's land work. We only know that FLO was utilized for a pilot in one county, and that Medici is operating as we speak in 5-6 other areas, none of which are using FLO rite now/
Do fees not go up on bitcoin when the men pool gets filled? If the block size was twice as big, would that increase in fees reach the threshold in double the time?
Again. This is a matter of opinion. I do understand your thought process however.
Oh... I am just wondering about the reasoning behind high fees = good for price
Miners like high fees rite? Just as one example. It’s two fold for them. 1. Work to do. 2. Higher pay.
Isn’t that why Medici paid a higher fee to get their records on quicker, to incentivize miners?
Miners=Hash=Security, The first two are lacking buh time on FLO, security, is up for debate.
Yeah, but if blocks are bigger, and full, then the amount they get from fees is the same
Rite. That’s if you enlarge block size, as I believe you said was a very real option. Which is why I’m stating, doing so, would just make FLO even more of a “free use” blockchain.
How do we incentivize miners to mine FLO as block rewards approach zero, and we increase block size. It’s already a problem where it stands today... we have no hash.
This is if they are FULL, correct? But they would have to reach a LARGER threshold (to fill the men pool) you would need twice the amount of transactions, before there became a competitive fee increase for timing of work. Is this rite? So there are a lot of “assumptions” in that statement.
This is true but you are extracting rent from users, paid to miners based on an artificial scarcity (decreased supply)
When the mem pool gets filled, the users who pay the higher fees get their work into the block first correct? So increasing/doubling the block size, make that very process happen twice as slowly (threshold to prove increase for work performed) takes twice as king correct?
We could get the same increase to net fees by simply increasing total transactions
You are saying that if the gas station sold half as much fuel by capping supply they could make more net profit by raising prices
Again. Not true. If the pool is filled and I need my work done now, I Maile pay 10FLO. Instead of 0.000000001 flo. Thousands of transactions at that rate still don’t equal my 1 at 10FLO
Because in the current utopia, we are processing ALOT of transactions in this scenario. So you would wait a LONG time. Remember BTC taking 4 days to get confirmation in 2017. Some people waited weeks.
And if for some reason it was constantly full, and $50 to send a tx, people would find a long term substitute other than btc to transact
230 protects people from liability of censoring objectionable material from their platforms, this EO maintains that platforms cannot hide behind 230 as a liability shield when they seek to censor political speech
Yeah, basically, twitter is a "neutral publisher" and their status as a neutral platform is under question because they're adding a fact-check to some tweets
I think this was the straw that broke the camels back, and this EO had been in the works for a while in anticipation of the election
Some excellent content guys. Well done to all whom participated. Certainly beneficial for anyone coming into the channel or existing members.
FLO is a permissionless metadata layer and p2p infrastructure for decentralized applications.
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