If you could use your failed airline/ droped tokens into another airline program, service or just convert it to fiat/crypto then problem solved?
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Replying to @ElGordodel2012 @GlenHendriks
you're assuming you can exchange the failed tokens for a good price? who would be the buyers of these failed tokens when you want to sell?
the moment they fail, their price on the market would immediately drop to zero.6 replies 0 retweets 1 like -
Replying to @hugohanoi @ElGordodel2012
But that is the point.. if a business that has tokens made with OST fails, the tokens can always be swapped for OST (with use of the OST Wallet, no hassle with exchanges for consumers) to get their value back. This can then be spent at any OST based economy elsehwere.
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Replying to @GlenHendriks @ElGordodel2012
What? this doesn't make any sense. So OST the platform functions like a bank that guarantees the value behind the tokens? Are all BT-to-OST exchange rates fixed? (BT = 'branded token' using your terminology)
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Replying to @hugohanoi @ElGordodel2012
I fully recommend reading this:https://medium.com/@glen_hendriks/ost-explained-684938740e98 …
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Replying to @GlenHendriks @ElGordodel2012
So when users have BTs, they are guaranteed a fixed BT-to-OST conversion rate. Apologies for not reading your article before making above statement. BTs are hard-pegged to OST, got it.
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But with all due respect, I still don’t see the point. Nothing changes here. All you’re doing is allowing companies to outsource the risks normally associated with utility tokens (if the companies were to launch their own) to somebody else - the OST token.
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The same risks still apply. Higher liquidity & volatility risks compared to using an established “money” token like BTC directly. More importantly, the risk of OST going under, which would instantly makes all OST & BT tokens worthless.
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Not to mention the *added* risk of having to trust the OST platform & wallet for always honoring the fixed BT-to-OST conversion rates.
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All this complexity for the sake of putting an extra layer of friction (multiple representations of essentially the same thing) in front of the user. Sorry but I don’t see the point.
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To add: OST is essentially competing with BTC to be the backing asset here. But unlike BTC, which is decentralized & has something real behind it (the PoW chain), OST is centralized & is not backed by anything.
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