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Putting All of Your Eggs in One Basket

Gerry GeronimoApr 5, 2018, 10:57:48 PM

Minds has placed a huge bet placing all of its future on the Ethereum blockchain. Even while acknowledging the many risks associated with this technology. From its own Whitepaper:

Crypto-tokens are a new and untested technology. In addition to the risks set forth herein, there are risks that Minds cannot anticipate. Risk may further materialize as unanticipated combinations or variation of the risks set forth above.

If you haven't read the Minds Whitepaper, I highly encourage you do so. It is available by clicking on your image and selecting "Whitepaper" from the drop-down list.

These changes don't affect me because I am not here to make money. But it has a major effect on you if you're here on Minds to make money. There is a big chance that the tokens you earn can only be used here in Minds. I hope I am wrong and that all of you earn a lot of "real" money from this huge bet placed for you.

Tokens have replaced points, but the value of tokens is still arbitrarily set by Minds at one token is equivalent to 1,000 points (or views) which was equivalent to $1. The manner in which tokens are rewarded have changed and gaming the system is more difficult (which is great.)

IMHO, I believe that Minds is making a big mistake putting all of its eggs in one basket. I personally don't believe in crypto-tokens so I haven't invested in any of it (in or outside of Minds.) But I strongly believe that Minds should offer its users who are here to earn money other alternatives in addition to crypto-tokens. Real money for example.

In the past, I have proposed an alternative for Minds users to earn real money for their points. The proposal still applies to tokens. Minds should allow its users to sell their tokens to the highest bidders.

#Minds #Tokens