Faircoin Price Decision Assembly July 2017
Date: July 13th
Time : 19.00 CET
Where: Global Assembly Group
Roland Tereseta Alfons Pedro Chris Maro E3 Michalis Paco Thomas Joaquim Yusuf Jeremy Mario Neil Idan Isabel Graham Santi Indalo
1. Set up a new official rate for Faircoin.
On cryptocoin markets, the FairCoin exchange value and market cap continued to slowly increase over the past weeks. In the discussions of the economic strategy telegram group there was broad but not complete consensus on raising the official rate per July 14th from 1:10 to 1:5.
Some wanted to raise the rate even more, since with this step we are still staying below the value FairCoin is currently being traded at on these markets. Discussed reasons to consider caution are a possible downwards trend if
1) the current buying stops, if
2) traders that bought FairCoin in the past weeks might for whatever reason dump around the time of the FairCoin2 launch and
3) uncertainty in the Bitcoin value leading up and around August 1st (planned date of a potentially disruptive technical change in Bitcoin). Additionally, there was no consensus to ever raise the official rate more than 100% in one step as a simple rule. Also, some wanted to wait with considering this or a larger raise until after the FairCoin2 launch.
The recommendation is to raise the offcial rate per July 14th, but “only” to 1:5 and to set August 10th as the next date for reviewing the official rate again and considering another adjustment.
Has been close to three weeks, already that the market price has been further beyond the oficial faircoin price… that we setup at 15 june, actually most of the time last two weeks, has been beyond 0.2 eur. Right now for the current bitcoin downtrend, market price is around 0.21 eur.
So, some weeks ago we closed getfaircoin for a while, then opened for local nodes, then added serious limits to the online buys…right now online limits has been 50 eur per month… this gold fever is not good in anyway for the faircoop ecosystem… i mean obviusly many people look for double their money… easily.. both from the ecosystem and for outside the ecosystem there is no way to protect healthy such a bit difference of price So, to upgrade again the price is a need we can not avoid.
Also the volume of purchasing has grown so muchin the last months.
So, therefore… there is one proposal that have many proponents, about 1: 5 move… and other proposals with some other proponents, about 1:4 or 1:3 as far i know.
So, the proposal for 1: 5 (0.20 eur) consider different reasons:
– one, is not to go more than 100% in one move. Which is already a huge growth. this same reason have a good communication side: so we move from 1: 20 then 1: 15, then 1:10, then 1:5
– More reasons is that the cryptocurrency market is already in downtrend and this can continue for some weeks. Easily this price can be bigger than bittrex just for this reason in few days and we need to be cautious because the growth that we decide in the price, we can not come back…
So, this proposal take in account, that after the faircoin 2 launch, the fork risk in bitcoin for 1 of august, and the following of other market reasons… we can have better information in 10 of august for make another move or not. As, and this is important, there is not inner reasons from the faircoop ecosystem to move the price, bigger than that and a difference of 5% or 20% down of bittrex, not creates the same feeling of make money fast, and limits could be more relaxed. We also propose to review it again on august 10th to see if we need to move forward based on the rest of the factors considered (bitcoin fork, markets situation,…)
We agree on rise the official price to 1:5
– Getfaircoin limits
With the 1:5 price, we can go to normal limits like 1000 eur / month for online buys, This limit can be bigger when official price is bigger than bittrex just if price go beyond 0.25 eur, we need to see on the limits…Proposal: to start the limits like we had them now for the case that we are hitting the 30 cents again.
Limits are good as they’ll stop anyone from amassing tons of coins, and then cashing them in and crashing the ecosystem later on. I vote to keep reasonable limit in place, x number of euro/dollar per month. 1000 seems high IMO, but is not out of the realm of reasonable. Related the 1000, the point is that there is also products sold in faircoin which are around this price, if we put usually lower limits we difficult this exchanges
1000 euros limit appproved
Next assembly on august 10th