Value

[austin...@gmail.com]

Does this currency currently have any value?

[Colin LeMahieu]

Right now we're running the beta phase to shake out any issues with the core code so it doesn't have any utility yet.

The next goals are going to be integration with exchanges and merchant APIs to make it accessible.  There's already an RPC protocol so it's a matter of packaging it up for use.

[austin...@gmail.com]

Interesting, thanks! I have another follow up question. In cryptocurrencys like RaiBlocks, how do they ever gain monetary value in regard to other commodities and other monetary systems? 

[Colin LeMahieu]

It's a good question. As with anything used as currency it's valuable only when people can obtain it and use it. Our focus once we turn on the live network will be integrating it with merchants and exchanges where early-adopters want to use it.

Until then it will have low value.

[austin...@gmail.com]

Does this cryptocurrency have a finite limit to the coins in circulation?

[Colin LeMahieu]

It does.  The system starts with a genesis account that has all coins that will ever exist.  We're going to publicly distribute them over a 5 year period in a decreasing fashion.  More information about distribution is here https://github.com/clemahieu/raiblocks/wiki/Distribution-and-Mining

[austin...@gmail.com]

Have you decided what the initial price will be for the coins distributed from the genesis account? 

[Colin LeMahieu]

The price is set by an algorithm based on how many coins are still in the faucet.  If no one is buying them and 2 days worth of coins collect in the faucet they become free of charge.  The price increases when there are fewer coins in the faucet to prevent it from being emptied.