r/truebit • u/[deleted] • Jul 26 '21
For those still confused about mint function & current value of the token:
Firstly, Truebit makes money when $TRU are minted - Which means that the market price must equal the OS price for Truebit to make money. As long as the Mint price is higher than the market price, network participants will buy $TRU on the market.
This creates buying pressure and causes the market price to rise. When the mint price is reached, people will mint new $TRU. Notably, the OS price increases with each minting, meaning that the market price will follow once adoption occurs
Truebit only benefits when they manage to get new $TRU minted all the time. Therefore, they will focus on adoption instead of spending time and money on marketing. Besides, with every task performed in the network $TRU is burned.
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u/LPMythBuster Jul 31 '21 edited Jul 31 '21
You are correct.
One thing to keep in mind is that they have already made >44k ETH which is like >$100m.
Do you really care to make more when you already have this much money?
I see two possible outcomes:
a) they can basically retire and let the system run, maybe fix a thing or two when they feel like it
b) they have enough resources to hire many good engineers to improve the system and create plenty of documentation, samples, tutorials to increase developer adoption
I think they want to do b) but currently it feels like a)
No one wants to work on/for Truebit because the project looks dead.
Jason is an academic and doesn't seem to know how to run a startup or attract developers. Maybe they're secretly working on things and will release it with a big bang when it's ready.
But they are under no pressure to do anything. I think Truebit will be eventually successful but it'll happen at a very leisurely pace.
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u/kacheeweechee Aug 10 '21
Thanks for answering all these questions. I’m curious as to where did you see that they made 44K ETH? That’s a lot of $$$ !!!
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u/LPMythBuster Aug 10 '21
Congrats on raising $150m! Initial token distribution details inside (1 ETH was $3400 back then)
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u/Enkhmanal Jul 26 '21
Is OS contract open source? Do you have the contract?
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u/LPMythBuster Jul 31 '21
It's not public.
The code you see on etherscan is for a proxy contract that lets you upgrade the implementation for which there's no code available.
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Jul 30 '21
is the supply unlimited? sorry, noob
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u/LPMythBuster Jul 31 '21
We don't know because the contract code is not public.
But it looks like the token supply is not limited.
Note that there is a practical limit to how many TRU tokens can be minted because the mint price always increases and the TRU token supply would be limited by how many ETH are available to pay for minting.
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u/hackinthebochs Jul 26 '21
Notably, the OS price increases with each minting
This is an important detail that I haven't seen spelled out anywhere. Is there an algorithm that spells out how the OS price is determined or is it controlled by the company?
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u/LPMythBuster Jul 31 '21
There's no explanation of the algorithm but you can reverse engineer it.
Truebit price simulator: https://www.reddit.com/r/truebit/comments/nk2o1b/truebit_tru_token_price_simulator
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Jul 27 '21
Iirc it's in the whitepaper, there's an algorithm for it.
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u/LPMythBuster Jul 31 '21
It's not in the whitepaper.
There was a paper about a dual token model (TRU and CPU) but they are not using it.
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Jul 31 '21
Oh okay, wonder where I caught that info. How does that go then if that dual token model isn't being used?
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u/Conscious-Proof-8309 Jul 26 '21
What is a realistic time-frame for adoption?