Can one have an infinite amount of money?
This press release presents a new way to finance nonprofit projects, a crowdfunding site which also allows to create new cryptocurrencies and so to invest into nonprofits projects.
One may dream to have an infinite amount of money.
Now one can do and can do easily (and for free). Well, one must agree that the money will be used only for a certain nonprofit project. They say that soon everybody will have his own currency. Not sure about everybody, but every significant nonprofit project should have its own currency.
Also one can list links to other fundraisers of his project (or for example to paypal.me) at the website, one can also accept BitCoin directly to his wallet.
To have an infinite amount of money one simply issues his own money (like as US Reserve publishes dollars), but he don’t need to buy expensive money presses because of modern Internet technology.
To do this one can register as a user of this site and then enter his nonprofit project info at add project page. After this he clicks Submit button and waits a few seconds and now he has his own currency. (One needs to pay some not very big amount of crypto for this.) The user can create several currencies for several projects (however, it is recommended to make one currency for several projects if these projects are related with each other).
Technically a brand new currency is implemented as Ethereum tokens. So such a currency will be referred below as tokens.
One has an infinite amount of money now, but (the world is not perfect) there is the need to exchange it for something more liquid. For example the new currency may be exchanged for Ether. Ether is an electronic currency (think of it as a more advanced version of BitCoin). This siteautomatically creates (when clicked Submit) a smart contract. This kind of smart contract is a wallet holding the Ether which he should earn in the process. Anyone can send any amount of Ether to the contract and the contract will automatically send him some tokens (see below for the formula). The project owner can withdraw Ether from his smart contract to his personal or corporate wallet using the site.
Why anyone may want to send Ether to the currency creator? There are two possible reasons: 1. He may want to support a nonprofit project. 2. He is after receiving the tokens (I remind that when he sends his Ether to this smart contract, he receives tokens automatically.) He may hope to sell the tokens at higher price than the price he purchased it.
But why should one hope that his tokens will increase in price? The reason is the following: Some users will want to make good, therefore they will use such currencies, what will lead to increasing exchange rates for such currencies, what will lead more users what in turn will increase the exchange rate. This is a virtuous circle of increasing the exchange rate. This may make the cryptocurrencies associated with projects even more profitable than regular cryptocurrencies.
Note that as the market grows the price of the token grows, it may probably become more profitable to buy the tokens at an exchange than by sending Ether to the contract address. The formula for the price may limit only the upper bound of the price, as exchanges may probably sell the tokens cheaper. Thus one may expect that for good nonprofit projects the tokens will be listed by major cryptoexchanges.
Technical details
The smart contract (the thing created when pressed Submit button) holds a very big amount of money, 1024 tokens. Satisfied with this amount of money? But it was lied to you: It only appears to be 1024 when displayed in a wallet, but in fact it is an infinite amount of money. It means, when one withdraws it, it remains 1024 (does not decrease). If somebody (probably for his stupidity) sends the tokens to the contract, it remains 1024 (does not increase). So it is just… infinite. This project after all is created after the dream: what if I’d have an infinite amount of money.
Now the information for traders: Let remind that the smart contracts (at least these which are created by this site) send to one the tokens when he sends Ether to a contract address. The amount of tokens sent back is calculated by the formula e2/(T+e) where T is the total amount of Ether received to this token before the purchase and e is the amount of Ether sent in this transaction. Note that this formula offers huge discounts to big (wholesale) transactions. One who bought among the firsts may sell back at a higher price.
Investment ideas
As the price grows, if the purchaser has a big amount of money he can do cheap wholesale purchase and then sell tokens to other traders who don’t own enough money for a big purchase, thus setting the price for them above the price purchased for.
While the price is yet low, purchasing even a small amount (and big too) of tokens may turn out to be profitable.
Misc
The website is released open source. Among other things need to add search and categorization, as well as better Web design.
Again, the link to the new fundraising site.
Contact information: Victor Porton, [email protected]
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