Q: Products sold need to have a stable price for buyers to measure the exact value. Does CyberMiles have a solution to stabilize prices for products sold despite the fluctuating CMT price?
A: When we look at the past blockchain or decentralized ecommerce efforts, one of the biggest problem is Bitcoin’s price fluctuation. And everyone who ever used bitcoin to buy stuff regret it. We remember the pizza story. I myself bought stuff with bitcoin. No matter if it goes up or down, you regret it. If it goes up, you think “OMG I spent so much money to buy this!” and if it goes down, you think “I am using so many bitcoins”. So using highly fluctuating cryptocurrencies to buy stuff goes against the human psychology. This was tested many times.
So yes, I agree we need a stable value: One of the most interesting thing with CyberMiles blockchain or smart contracts in general, it’s you can issue such notes on your platform [with a stable value] called ERC20 on Ethereum or CRC20 on CyberMiles. We will issue a stable coin linked with US dollar or any national currencies. So people see a stable value when they list a product on an ecommerce platform. Most of the development work has been done for our stable coin. We will have at least one stable coin based on US dollar. People can stake their CMT to get stable coins, or they can use fiat money to get stable coins.
We also have a stable coin exchange running on CyberMiles blockchain right now but we decided to not publicized it yet, because there are lots of noise about stable coin, so if you publicized it before it is ready, people might hack it or exploit the system. When the online marketplaces are launched, buyers and sellers will be able to price their items in USD.
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