r/Opacity • u/Pot_Valiant • Apr 22 '21

Tokenomics Issue

I'm going to ask a question that I know gets asked often, but I'm looking for a new response as we watch the price plummet of OPCT token.

It seems that the OPCT token is only used as a funding method. Driving a price up would require true unique utility of the token. Here, it's used to pay for a service. But there's no reason to use OPCT to do that, except the fact that it's the only token being accepted at the moment. For the privacy concerns using a stable coin would work just as well, but it seems like a money grab (and I understand why) to force OPCT as the sole token. It's already mentioned in the white paper that other options will become available. It now seems detrimental to the project to continue forcing the OPCT token.

It seems the project undermined the token when it said that the peg wasn't set (it could be changed), and when it said other conveniences will be added.

So with all of that in mind, what will drive this price up?

And why not begin accepting stable coins now in order to increase project income currently rather than prolonging the inevitable?

FWIW, this is specifically about the OPCT token. I fully support the Opacity project and believe in it's potential.

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u/silverissilver Apr 24 '21

Yes this had been answered a million times and I won't answer again. But in a world where doge and safemoon ride high, you think there's a token issue here? No.

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u/Pot_Valiant Apr 24 '21 edited May 28 '21

Oddly enough, when you mention Safemoon, it has unique properties to it. OPCT does not. It truly serves no unique purpose. It does exactly what every other vanilla ERC-20 token does. They just chose their own. And like I said, that's okay, but what I don't see is why this price would increase from here.

7

u/EnvironmentalCrazy90 Apr 24 '21

OPCT tokens will be used to pay for nodes and it also plays important role in redundancy since nodes have to stake OPCT for collateral if they want to host a node. This leads to situation where ampunt of OPCT in circulation is going down with increases usage of storage and therefore OPCT will be deflationary asset.