Developers are the banksters of the cryptonomy.
Hello dear reader,
This section of my website is created because of a new exchange for cryptocoin e-Gulden EFL. This exchange, guldentrader.com will implement a euro - efl market in the month of juli 2019.
How did this agreement came to be? It's a long story which I will try to summarise in this text.
The start of this new episode of EFL started like every new episode of a cryptocoin should start, some unregulated places within the decentralised community. On 26th of June, cryptocoin NLG made a decision to change their blockreward structure. 20% of all mined NLG are now taxed to contribute for the development of NLG.
If you read the propagande of NLG they will tell you the change has been made with unanimous decision. It's a true statement, because all who disagree left the project. I did the same about 4 years ago, when the NLG community had their unanimous decision on changing the block reward. The reason back then was mentioned again this time around, the new coins have a negative impact on the price and that makes it very expensive to pay for development of NLG.
I will stop rediculing NLG now, they are a full legitimate project unlike many others. What I predicted would happen has happened, the inflation of NLG makes it a very uninteresting coin for hodling. I would like to talk more about the developpers in crypto space. NLG is just a perfect example of how my vision of crypto is completely different from so many others.
Different opinions are beautiful, you can think of arguments and try to explain yourself in your decisions, so here we go.
I believe the development of a cryptocoin should not be funded by taxation. I believe a developer that delivers a good product will profit from his creation for the rest of his life. If a developer believes enough in his project, then he believes his product will be used by the community and this can make him profit. To hijack the community for development, like has happened with NLG now, are the same practices as banksters do today. Banksters make us believe they fullfill such an important role in society. How often are politicians hijacked with the fear of the end of society if they don't bail out bad banks?
Don't get me wrong, if the community of a coin wants centrain development to take place they can hire a developer, crowdfund the costs and the developer start working, but to reserve money, for example with a pre mine, to pay for your development simply shows you don't believe in your own product as a developer, because in the end, you will just sell the coins of your project to pay your rent.
With e-Gulden EFL we do it a bit different. Are you a developer? great! You will get all freedom to do with our protocol what you want. Do you need funding, no problem, you can write a proposal to the community and if they like it you will get money from them.
I guess it all just really depends on your ambition. With EFL, our ambition is to educate Dutch speaking people about cryptomoney. We see EFL as the Dutch Bitcoin and we believe that one day a big portion of the Dutch economy will be transacted with EFL. For this reason we see EFL as a finished product. There is no roadmap, there is no marketing. Please understand that Bitcoin could be used for a very evil Big Brother system. What if, in 50 years from today, Bitcoin is used to kill half of the planet? We simply can't know it wont happen, should we be the one telling people to sell their house and buy EFL with it? Our answer to the question has been no. This doesn't mean we are not open for change, for example this new exchange of guldentrader.com will get some commercials, but it does mean we believe the decision on which money you should use is so fundamental that it is a choice that somebody should make without being pushed.
By now EFL has 20,9 out of 21 million EFL's mined. I believe if we can show success, the fear of people will reduce. I believe EFL is ready to show crypto succes to the Netherlands and then the Netherlands will show this success to the world. A coin without a roadmap is not a coin without developers. EFL is monitored 24/7 and in case of an emergency there is a dedicated team that will solve the problem, untill now with great success. Our developers all have or run their own business, they do not need to get payed EFL's to do their work, because they are motivated by the believe they are able to deliver a successfull product and they want to prove their skills to the world. In my opinion, any project with payed developers is not a sustainable one, because it tells me the development will stop as soon as you stop paying for it.
That is the reason for the title, developers are the banksters of the cryptonomy. If you are not technical then all these scare tactics might work and you give in to the blackmail, but as EFL shows, a cryptocoin doesn't need the latest, most fancy protocol, it just depends on your ambition. With EFL we acknowledge that the change to Bitcoin is so big and difficult to grasp, that the Dutch people don't need to learn about obfuscation, zero protocol, ring CT, masternodes etc. The Dutch people are helped the most if somebody explains them what a euro is and how it is different from EFL and for that purpose, EFL is the perfect protocol, just like we said it would be 5 years ago.