I personally don’t see this as a good idea and I will explain why. These are my own opinions, other people here might think differently (but they might be shy to answer because some don’t master the English language):
I’m also personally against Duniter/its value depending on Bitcoin. Let us give the value to Duniter, as it is a Libre Money. But the focus of this exchange is for people that is outside the Duniter net, or who that want to spent Ğ1 at conventional way. And personally I prefer to exchange Ğ1 to G1P and this to Bitcoin, and selling Bitcoin to physical money. But also, its our role to disclose about Duniter and suggest sellers to accept cryptocurrencies, better if is Duniter.
- Ğ1 differentiates itself from other currencies by the way money is created ; as far as I know, Ethereum is mined, and only the richest can afford to create some, this goes pretty much against everything Libre Money stands for since it produces symmetry inequalities due to an asymetric way of creating money,
Yes, and Ethereum will only get less unfair when it move from PoW to PoS, which is a good approach of Duniter to keep on PoW but being against high power consumption and priviledges on the most powerful machines; because Duniter is people-centered, even if they doesn’t offers money to be staked or expensive machines.
Instead of talking how Ğ1 trading to ETH is useful, lets talk about how Duniter could be also an alternative to Ethereum’s core: smart-contracts. Will Duniter receive smart-contracts support?
I suspect you may not find many people who will want to use them here, but again I may be wrong, maybe people outside the Ğ1 will think “hey, a new crypto that looks promising, let’s invest”
G1P is not only for people outside Duniter, but also who is inside. For example, my case that I mentioned before (trading Ğ1 to ETH/BTC, then trading to FIAT money).
And I believe other Duniter insiders will want to trade Ğ1 to G1P, and also outsiders will be interested on Duniter, and before really touching it, will begin with G1P for speculative trading, then reading more about their holding, and then really creating money by using the Duniter app.
But for more stable value, I think about creating another smart-contract on Ethereum, where G1P holders could stake it to mint new G1P (and these G1P comes from trading fees on the exchange). Is that good? Your feedback is useful and welcome. I believe a staking contract will be good to establish the value of Ğ1 outside Duniter, as people will want to hold it instead of just dropping for daily tradings.
- people who choose to use a Libre Currency believe that when you use something, you give it some value (you vote when you buy a product), and starting to use Ethereum as a support to transfer money gives it value ; although from a technical standpoint Ethereum is a great technology, from an ethical standpoint (call it, inequality, justice, whatever) it is absolutely terrible in my eyes - of course as a speculative object it is great, but that’s not what we’re here for in the Libre Currencies.
I agree and share the same vision about Ethereum as not being really a Libre Money, and being used for speculative trading. But it will be useful for Duniter anyway, as everyone would choose how to use/spent Ğ1, inside or outside Duniter. That is also a principle of Libre Currencies, and gives it more options to control own money. As already mentioned, personally, I prefer to spent Ğ1 at places that only accepts Bitcoin or FIAT as these commerce are abundant. And I know a friend that also prefers that. G1P would offer options for both insiders and outsiders.
- we can already trade with Ğ1 worldwide, people just need to create an account on g1.duniter.fr, that’s it! It is definitely not out of reach for anyone who is familiar with crypto technology (and who would use an Eth Token).
But how it works?
No offense, but I think the main site of Duniter is missing with highlights. For example, some banners like: “Block explorer”, “Spent Ğ1”, “Exchange/trade Ğ1”, “Download/access Duniter clients/wallets”, and so on.
This is freedom after all. Then we’ll find out if other people find the idea seducing. I would personally find it amusing to see how much crypto-geeks would value 1 Ğ1 vs 1 ETH or 1 BTC.
Well, they will not value, but just use/buy/sell, and it is the role of exchanges to calc its value based on these data. I’m not directly replying that for you, but for any newcommer that read (as I believe you already knows that). And I’m also hyped to see how Ğ1 (as it is unusual, different from 99% of other money including all cryptocurrencies) can be valued by who doesn’t uses Duniter. I believe it would be a big achievement for everyone here and there.
I do have a technical question, though: how do you plan to make the 1:1 basis between G1P and Ğ1? I mean, technically?
An NodeJS server, accessible on Web or as an mobile/desktop (hybrid) app using both Cordova and Electron.
Talking about the server, it will have privatekeys (Ethereum and Duniter) in cold storage.
When an user puts an sell order of Ğ1, who puts buy orders will fill out it with G1P and receive the Ğ1 they want to buy, while the creator of sell order will receive the G1P he wanted to buy.
How do you prevent anyone to exchange between those 2 tokens with another rate? Wouldn’t those two “values” inevitably diverge in value at some point?
Like other stable coins, G1P will be invariably paired with Ğ1 and vice-versa; the server puts that value: 1 Ğ1 worths 1 G1P,and 1 G1P worths 1 Ğ1.