Is this a ponzi scheme?
Remember Bernie?
No, not that Bernie! I'm talking about the other white-haired Bernie. Bernie Madoff - the Wall St tycoon who conned people around the world.
What a great example of the value system of pretty much the whole financial sector, eh?
If they're not pushing scams, they're shoving third-rate products down our throats. Bernie got caught in a flagrant act of theft, but remember he was president of the Nasdaq for quite a while. Quite a poster boy!
That's why it's totally understandable that you might be a bit skeptical about the VIVA Project.
So, today I wanted to address this issue head on.
I'm pretty sure by now you've asked yourself this question, "is the VIVA Project a ponzi scheme?"
So here's the whole truth and nothing but the truth:
A ponzi scheme relies on the money being deposited at the bottom of the pyramid to pay the returns to those at the top. For a while it works, until there aren't enough stiffs at the bottom and the whole mess comes tumbling down.
The VIVAconomy is totally different.
The energy that keeps the VIVAconomy's motor running doesn't come from the Vivos. We aren't looking for individuals to convert their savings into VIVA. Instead, the energy comes from eliminating all the waste that usually lines the pockets of the big financial corporations.
For example, when you wire money to a friend in Europe the bank charges you 80 bucks. For what? Does that money go towards YOUR financial stability? Of course not. It goes to BoA or Wells Fargo.
However, in the VIVAconomy a similar transaction is practically free. And what's most important, that tiny fee DOES go into the VIVA Liquidity Pool - which you have a stake in!
Similarly, when a business uses VIVA the same thing occurs. Or when you let your computer act as a worker node. These are the sources of financial energy that drive our growth.
See the difference?
The VIVAconomy works because it streamlines transactions and reinvests the costs of those transactions in you. It's a true paradigm shift, but it's certainly not a ponzi scheme.
The faster it grows the sooner we all will benefit.
If you have any further doubts or questions, please feel free to drop by http://chat.vivaco.in and say hi.
We'll be there to help get you answers.
Yours,
Dennis
@storyteller in chief
Listen. Think. Do.
Dennis H. Lewis
Chief VIVA Storyteller
www.vivaco.in
In a lot of ways you VIP account is easier to explain this way...
Imagine if your bank paid you interest on your savings as a chunk of every fee they received from checking, credit cards, loans etc. Now imagine that this compounded and imagine that the amount received was proportional to your savings vs the savings of others.
That's the VIP in a nutshell.
Help me understand something...
Why would it be "practically free?" What advantage does not free have over actually free transactions via Steem?
Hi @ats-david - I'm still learning about the VIVA project especially since I don't come from any kind of crypto background but I've been fully immersed for over a month now and hopefully can expand on this a little.
"Practically free" is speaking about the cost to transfer funds from peer-to-peer anywhere around the world through traditional wire transfers and bank remittances. If you've ever sent money through Western Union, it's often cost prohibitive but in cases of emergency, a painful necessity.
Of course Steemit can transfer STEEM & SBD free between us, but there is still usually a fee to convert and cash out. The VIVA project is actually bridging the gap between fiat and crypto. You can send you STEEM & SBD there, convert it to VIVA Coin - and pretty soon be able to SMS text a friend funds (at the cost of an SMS message - whatever cell service providers charge). Additionally, spending the VIVA will never be easier because we're going to be able to tie our Mastercard to VIVA and spend it wherever MC is accepted. Because the Crown holders are responsible for holding the value of VIVA Coin at ~$5.50, you never have to worry about the fluctuation of a volatile market. What's $5 in your account one day should only fluctuate +/- 10%. Hope that helped you understand the scope of the project a little?
Does anyone know if this coin will be traded on the larger exchanges in the next few months? If the TradeQwik platform goes down, can you hold the coins in another exchange or wallet?
@cryptofunk Yes there is a separate wallet rolling out, but your funds on TradeQwik are held in your VIVA wallet.
Just like if steemit goes down and you still have your steem, if tradeqwik goes down you'll still have your viva.
We're launching the new wallet with the ICO. But it's no different if it's viewed through tradeqwik or the new service. You don't need to transfer back and forth.
BTW that would be a great question for #ama in https://chat.vivaco.in/
As for larger exchanges, have you seen the VIVACOIN asset on OpenLedger yet?
Nope can't see it on Openledger. Has it already been listed or is it about to be?
@virtualgrowth is managing the rollout of our bitshares gateway so I'll ask him to pop in and answer that.
Currently created but not issued. It will be seen sometime today.
This post has been ranked within the top 25 most undervalued posts in the first half of Apr 29. We estimate that this post is undervalued by $4.70 as compared to a scenario in which every voter had an equal say.
See the full rankings and details in The Daily Tribune: Apr 29 - Part I. You can also read about some of our methodology, data analysis and technical details in our initial post.
If you are the author and would prefer not to receive these comments, simply reply "Stop" to this comment.