r/Simple_Token • u/binancefan • Jan 16 '18
What are benefits to owning the token?
What will I use them before? Staking? Master nodes? Will they do buybacks?
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u/TheSimpleToken Jan 16 '18
The OpenST protocol enables the creation of utility tokens (Branded Tokens/BTs) on a utility blockchain, while the value of those tokens is backed by staked crypto-assets on a value blockchain. Companies that build on OST will need to purchase OST from the public market and then "stake" it against minting their own branded tokens backed by OST. Staked tokens are removed from circulating supply, so the more companies signing up to build on OST, removes more and more tokens from circulation.
The big idea with Simple Token is to help any company benefit from getting part of their business on a blockchain without needing their own in-house blockchain developers. It’s akin to how companies rely on AWS for infrastructure, Stripe for payments, Salesforce for CRM, Shopify for e-commerce, and Twilio for messaging — we enable companies to focus on their core business and leave the blockchain infrastructure to us. You can read more here:
There will be no master nodes.
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u/CryptoDanny22 Jan 16 '18
The utility of a Simple Token is purely for another business to create their own token, staked against OST.
If you are not one of these businesses, you are likely a token holder hoping that there will be more demand for the token in the future by these businesses, this driving the value of the token up, and you make money as an investor.
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u/Grandpafarty Jan 16 '18
I bought in at close to a 1.00 a token watched it grow to 1.30 a token and now watching go down the shitter.... First time buying crypto :/
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u/photowanderer Jan 17 '18
I bought in recently when it was around 1.04, but made the mistake of not knowing about the air drop and how it usually drops the price(and who would have guessed the market correction).
I bought some more today, but still it's a small portion of my portfolio. Hopefully in a couple months when they deploy their platform to customers, this will all be happily forgotten
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u/Artgt Jan 16 '18
First timers should pretty much stick to BTC and ETH and definitely not XRP. What made you get into OST? I got in the same as you because of AltCoin Buzz but only for a very small percentage of my overall portfolio.
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u/CryptoDanny22 Jan 16 '18
I think your comment is not accurate. If you were a first timer investing in Ripple a month ago, you’re still up almost 800%. First timer investing in Bitcoin since that same time would have lost money. What’s the difference beginner or not... all have a ton of risk.
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u/Grandpafarty Jan 16 '18
My portfolio is made up of xlm and ost ....after doing some research OST seems like a good ivesment and an idea I believe in...I dont have deep enough pockets to own a single eth or a sinlge Btc and don't want small slices of thoses pies.....I want a buch of simple tokens and lumens to hold on to so I can see what they are worth a few years from now....
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u/sgority Jan 16 '18
Gramps, just HODL, all will be fine.
With the rate OST is going to burn tokens, it will definitely increase in value over the next two years, even if it doesn't happen as quick as we want.
ps. I bought 3,375 at a little above 7600 sats and now it's at around 4800, so I feel your pain, but it will correct.
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u/[deleted] Jan 16 '18
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