Good Afternoon Everyone,
I am a new member of the community but I have started in the deep end, I have purchased some Ada and am now operating a stake pool NASEC with my partner. We really want to participate and be an active part of the community but I have some questions I haven’t been able to find answers to yet.
People want to make quick money and so they dream of the price of Ada hitting $35 tomorrow, given how much I now own I would be happily too. I also understand the need to protect from a 51% attack.
As I understand Crypto currencies and from as much information from Charles as I can gather there is a goal to help people from locations such as Asia and Africa. This would be done through the use of Ada as a currency in and an entire monetary system from what I understand. Something that is concerning me is that $1 is a lot of money in these locations and so it brings me to my questions.
I have been told that Ada isn’t designed to be a “stablecoin” i.e. there isn’t really a mechanism for prices to remain stagnant. Doesn’t this make the use of the coin akin to trading in Venezuelan bolivar or Zimbabwean dollars or any other currency with massive fluctuations where you can arrive at a restaurant and potentially not be able to pay for your meal by the end of it? How could such a currency be considered for use in any meaningful way?
Given that Charles mentions helping people in Africa and Asia this is the one I really don’t understand and I am sure that IOHK must already have an answer. Prices of even say a meal in these locations are sometimes well below a single dollar so how could Ada be used in such a place assuming the price does in fact go up? In fact I’d be interested even to know how it can be used now even at $0.12.
Is there a “goal” for the price of Ada, something that is sufficient not to render it vulnerable to a 51% attack but to remain useful in locations outside of first world nations?
Looking forwards to trying to wrap my head around what I don’t yet understand.
Thanks so much to the community I wish everyone happy staking!