Everyone can mint 1 CRC/h - but what is one CRC worth? Price discovery is slowly happening. Lets take a look how liquidity works in Circles and how thousands of separate markets find a single price 👇
The "web of trust" is forming! Circles are "backed" by the people trusting them but can in addition be backed by "reserve assets" (BTC, ETH, sDAI, ...). Here is the graph view of "Circles Backers" that so far have decided to back their own CRC with at least $100 of such an asset!
.@yanisvaroufakis is proposing a version of Circles that could be implemented if central banks chose to direct the value of money creation to people. Since that seems unlikely, I’m glad we can move forward on our own with @aboutcircles! https://www.youtube.com/watch?v=vf0jvaGY35o
@galuelg1 - just going to very old forum posts here: https://forum.aboutcircles.com/t/monetary-supply-of-circles/86/5 You might enjoy the whitepaper on Circles we just published! https://files.gitbook.com/v0/b/gitbook-x-prod.appspot.com/o/spaces%2Fs76GmMOXUUWWi7YK8Ugp%2Fuploads%2FeugvhtIIqA6IUW0aJKsw%2FCircles_Whitepaper_v220.pdf?alt=media&token=0ab0f75c-2121-4b47-a2e1-a2bd0eabd53f
One more week till Circles 2.0 launch! If you are part of a community with people willing to try out: "creating your own money" - reach out and I can get you on this list before launch!
Scaling is an abstract goal. The concrete goal that applications need that want to serve real users and not just cryto-millionaires are low and predictiable transaction costs. You can't build applications if the transaction cost can 50x any time.
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