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Currency Reserve means?? singapore
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Author Topic: Currency Reserve means??  (Read 1073 times)

grewalsatinder

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Currency Reserve means??
« on: February 06, 2015, 10:26:30 pm »

If I reserve a currency like ACDMY, what will happen if the currency goes live?
- Will I have the amount of currency that I reserved?
- or I just helped the currency go live? And don't get anything.

The monetary system wiki didn't clear it. :(
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salsacz

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Re: Currency Reserve means??
« Reply #1 on: February 06, 2015, 10:30:28 pm »

you can click at ACDMY, then "View Founders", there you can see that who reserved 1 unit, will receive 14 coins, who reserved 10 units, will receive 146 coins...
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grewalsatinder

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Re: Currency Reserve means??
« Reply #2 on: February 06, 2015, 10:39:17 pm »

you can click at ACDMY, then "View Founders", there you can see that who reserved 1 unit, will receive 14 coins, who reserved 10 units, will receive 146 coins...

Oh! That means I'll receive the most so far. 161!...  ;D

Good to know I'll get something for good cause..  :P
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Riker

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Re: Currency Reserve means??
« Reply #3 on: February 25, 2015, 12:12:29 pm »

ACDMY is used for crowd funding so Salsa get the reserved NXT and you get your relative portion of currency units and can exchange them back to NXT if anyone is willing to buy it from you. This is because ACDMY is RESERVABLE but not CLAIMABLE.
You can see the STORV currency for an example of RESERVABLE and CLAIMABLE currency.

There are two options, see https://bitbucket.org/JeanLucPicard/nxt/issue/205

"Store of Value
The combination of RESERVABLE and CLAIMABLE properties can be used to allocate initial value for a currency by locking NXT. Once the currency is activated the reserved NXT are locked and the only way to release them is to claim back the currency units in return to NXT. This provides the currency a value based on the locked NXT balance. Note: locked NXT do not participate in forging, therefore, in theory its possible that large amount of NXT becomes locked as currency store of value thus reducing the amount of NXT used for securing the network, we are aware of this problem and we'll monitor it closely. We do not expect this to become a major problem any time soon.

Crowd Funding
The combination of RESERVABLE and EXCHANGEABLE properties can be used for crowd funding, in this configuration the NXT balance reserved by founders, is not locked, instead it is sent to the currency issuer account once the currency becomes active. The issuer can use these NXT for its operations and the founders cannot claim back their currency units, only exchange it based on the published exchange offers. Currency issuers can specify the initial supply as "pre mine" and founders get share the difference between the reserve supply (also named "pre-activation" supply) and the initial supply."

It would be great if someone will update the Wiki to reflect this.
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grewalsatinder

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Re: Currency Reserve means??
« Reply #4 on: February 25, 2015, 08:51:16 pm »

ACDMY is used for crowd funding so Salsa get the reserved NXT and you get your relative portion of currency units and can exchange them back to NXT if anyone is willing to buy it from you. This is because ACDMY is RESERVABLE but not CLAIMABLE.
You can see the STORV currency for an example of RESERVABLE and CLAIMABLE currency.

There are two options, see https://bitbucket.org/JeanLucPicard/nxt/issue/205

"Store of Value
The combination of RESERVABLE and CLAIMABLE properties can be used to allocate initial value for a currency by locking NXT. Once the currency is activated the reserved NXT are locked and the only way to release them is to claim back the currency units in return to NXT. This provides the currency a value based on the locked NXT balance. Note: locked NXT do not participate in forging, therefore, in theory its possible that large amount of NXT becomes locked as currency store of value thus reducing the amount of NXT used for securing the network, we are aware of this problem and we'll monitor it closely. We do not expect this to become a major problem any time soon.

Crowd Funding
The combination of RESERVABLE and EXCHANGEABLE properties can be used for crowd funding, in this configuration the NXT balance reserved by founders, is not locked, instead it is sent to the currency issuer account once the currency becomes active. The issuer can use these NXT for its operations and the founders cannot claim back their currency units, only exchange it based on the published exchange offers. Currency issuers can specify the initial supply as "pre mine" and founders get share the difference between the reserve supply (also named "pre-activation" supply) and the initial supply."

It would be great if someone will update the Wiki to reflect this.

Thanks for clearing it up Lior!

NXT is really becoming a subject like I studied in my uni. degree.

Cheers!
Satinder :)
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