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Connor McCormick
@nor
Help me be wrong about Index Wallets .22 ETH Everything you should need to know can be found here: preprint.indexwallets.org This bounty has various sub-bounties, when the money is used up it's gone. See next cast for sub-bounties @bountybot
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Crypto Down Under
@cdu
Hey @nor, my understanding of Index Wallets highlights the following: - 'value' appears to be a preference not price, what if my preference is 0% that token? Then the mechanism will charge you an infinite quantity of said token and the payment will still fail - ...
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Crypto Down Under
@cdu
- Price is determined by last successful transaction, which is dynamic and can occur outside of the exchanging for goods or services in your examples, such as direct trades of say USDC-EXAMPL - ...
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Crypto Down Under
@cdu
- which poses the same issue that prevents wider adoption of Bitcoin that vendors don’t want to accept something whose price they can’t rely on - …
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Crypto Down Under
@cdu
- An index wallet sounds like you pay with a proportionate representation of your wallets’ portfolio, which aside from encouraging use of public goods tokens,
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Crypto Down Under
@cdu
I can’t see why users would be motivated to prefer this apart from maintaining your wallet portfolio percentages and not having to choose a specific currency which could be maintained by other novel mechanisms - …
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Crypto Down Under
@cdu
- A bigger issue is deflation of the public goods’ token mitigated when it appears there is only an issuance mechanism and no burning mechanism.
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Connor McCormick
@nor
If I'm understanding: you're worried there will be millions of tokens in every wallet? Or what do you mean by deflation of public goods token?
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Crypto Down Under
@cdu
I believe that for the mechanism to be widely adopted the public goods tokens need to have stable value. If they are only issued then their value will deflate
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