GoodDollar Doubles Value in 5 Days, Basic Income Insights & Crypto Watch | Good$ News 2-12-21
-INTRO
Hello, Hello, Hello! Ladies, gentlemen and everyone in between, this is your daily dose of GoodDollar News brought to you by me, your host and fellow Basic Income lover Micah Dewey.
-SPONSOR SPOT
This episode of the Good$ News Podcast is brought to you by our fantastic partner over at gooddollarmarketplace.sharetribe.com. Be sure to check them out and see if there are any listings in your area! All transactions on the website are done in GoodDollars. For a decentralized, data-neutral alternative to Facebook, make sure your next GoodDollar purchase is with the Good Guys and Good Gals over at gooddollarmarketplace.sharetribe.com. Our featured listing of the day belongs to Remo M located in Toronto Ontario Canada, eh?. This ad is for online guitar lessons on Sunday afternoons via Skype. All you need is your guitar, webcam, mic and Skype account and you can get to rocking out even sooner. If this is something that interests you head on over to gooddollarmarketplace.sharetribe.com. Thank you to our partner and now, on to the show.
-Audio Interlude
Most of the listeners of this show will know what GoodDollar is, but if you are unaware and are discovering this for the first time here’s the TLDR of the coin. GoodDollar is a digital coin and wallet that allows you to receive a FREE daily digital basic income with real monetary value straight to your phone! This cryptocurrency is reserve backed and individual investments enable the minting of new G$. The coins can be exchanged using the Fuseswap bridge protocol. And from there, withdrawal into your favourite exchange or preferred fiat currency is a breeze.
-DAILY NEWS
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The announcements for the day are going to be brief. I am currently running another questionnaire and GoodDollar giveaway with 250 Subscribers being the goal. Once we hit 250, G$2,500 will be awarded to one subscriber who fills out the survey. The winner will be announced the day after I reach 250 subs. Comment of the Week on Youtube is a new ongoing community activity and the Winner will be announced on Sunday. G$500 will be awarded to the winner of Comment of the Week.
-FINANCIAL NEWS
And now it's time for the Financial Data from the previous 24 hours. These details can be found over at info.fuseswap.com. Once you are on the site, just select gooddollar from the list of swappable coins and tokens.
WE HIT AN ALL-TIME HIGH TODAY!!!! GoodDollar on Fuse Swap hit a high of 0.000368 USD for a new all-time high. The price of GoodDollar fell from the new ATH back to 0.000348 by 0730 CST from 0.000227 yesterday for a total percentage gain of 53.71%. Yesterday I spoke about being close to hitting $9,000 USD in Liquidity. Well today, we surpassed 10k and kept going until we passed 11k where we currently sit. Liquidity ended at $11,931 up 36.21% from Thursday’s total of $8,803. Volume was also at a record high today. We did a total of $7,509 in trades which was a 305% increase day-on-day but even more important is that as of writing this, the second-best day all-time volume-wise is actually today, Friday the 12th, and it's currently only 0610. Meaning we could see this happen again today! Of course with results like this, it’s to be expected that the transaction percentage shot through the roof as well. We ended with a 70.37% increase over the previous day.
The price for the Fuse token at 0600 CST was 0.1251 up 33.59% from yesterday’s price of 0.093643 on the 11th of February.
So, GoodDollar broke the .0003 mark and Fuse broke 10 cents US. We are seeing the increase in community size really move prices in the right direction. For February the 11th, nearly 41,000 claimed their Free GoodDollars, There were just under 900 transactions between the two coins on FuseSwap alone. And the total FuseSwap liquidity from all projects on the Fuse Blockchain has nearly doubled this week nearing $500,000 USD. This notably does not include any Fuse Reward Stakes through Uniswap or any G$ in the GoodStakingContract for example. So $500,000 is a lot of money but it’s likely just a fraction of the money involved in the Fuse blockchain to this point.
The tsunami I predicted yesterday morning occurred as we saw G$ break the five-figure mark for Liquidity. The only thing that worries me is that we are going into the weekend and typically engagement and transactions slow down. Overall, one of the best days we have seen for the entire chain was February 11, 2021. Lets just hope we can keep that momentum. Honestly, if we are sitting above 0.000250 at the time I am writing Monday’s episode I would consider that a success. Anything above 0.0003 is a bonus.
Now let's see how GoodDollar fared against Fuseswap's supported stablecoins as compared to the day prior.
G$/DAI G$2,885 from G$3,038 yesterday
G$/USDC G$3,127 from $4,504 yesterday
G$/Tether G$2,835 from $4,797 yesterday
This gives us an average of G$/USD G$2,949 from G$4,113 yesterday gaining a total of 28.30% in value versus stable coins. On Monday G$ was trading at G$6,658/USD so this week, GoodDollar has effectively better than doubled its value.
If you have any topics you would like to see discussed or any types of videos you would like to see let me know in the comments down below. I read every comment on these videos and will reply. Don't think I won't do it. ;)
-SKIPPING RADAR WATCH
Listen up, I want to talk about some data that I have found to be very interesting in relation to GoodDollar, Basic Income and its long term effectiveness. This will also be somewhat of a call to action because based on the data I have received, we really need to push our expansion into real, retail markets, and giving GoodDollar users the ease and convenience of using G$ for online shopping, buying gifts or even normal day-to-day activities such as buying food and groceries.
In my research consisting of surveying a relatively small sample size of GoodDollar users, I have determined some of the top requests by the community for ways to actually spend their daily basic income. So let’s get into the first and by far most popular request. Electronics, games and computer peripherals/components. Over 40% of people surveyed said when asked “What kinds of products do you wish you could buy with G$ that you currently cannot?” Said some combination of Tech or Gaming stuff. So here is the call, someone should set up a platform that enables the trading and swapping of tech, including phones, laptops, games, Steam Cards. In my mind, there are two ways that this works out both with benefits and downsides. The most likely opportunity would be some sort of decentralized exchange where users could set prices and request gooddollar as the only payment or in addition to a trade. For instance, I currently have 12GB of Sodimm Ram from my previous laptop. The fair price on the 4GB and 8GB sticks appears to be about $30. So I could ask for $30 in GoodDollars, which today would equal approximately G$86,200. So I could list the Ram at that price, or if say someone wants the Ram but also has something I want, We could either straight swap or whoever was getting the better deal could add value. So let’s go back to that original scenario with the RAM. Let’s say our other user has a 2TB SATA SSD and they want $40 of value. So we could decide to do a swap and I could add the difference because I would be getting something of better value. So I would send my RAM and G$28,000 and they would send me the SSD.
I think this could be successful but one of the downsides, like all decentralized markets with physical goods, it’s really easy to get scammed without escrow, and in my opinion, it would be very hard to incorporate those levels of protection on a private exchange. So what’s the alternative? The alternative would be to get an existing retailer who already sells tech & game products for Fiat, to be willing to accept G$. I think that I or someone else in the community should write up a proposal and we could send them to existing businesses. This brings me to the surprising part of the survey, or at least what could be considered surprising to those who haven’t studied basic income or UBI as I have.
The second most popular request was the ability to buy food and groceries. 31% of respondents said that the number one thing they want the ability to buy with their gooddollar is Food. Luckily for those GoodDollar users in Lisbon Portugal, they have access to what I believe to be the first restaurant that accepts GoodDollar and that is, RECO RECO Pigmeu. The owner reached out previously to let me know that Good People located in Lisbon should stop by and try the French Fries.
But then, I thought about it a bit more. How hard would it be to setup some sort of dropshipping platform that accepts G$ and exchanges into whatever currency is needed to pay for the existing goods. This is something that suddenly becomes possible when we see the release of FuseX and the Fuse chain Stablecoins, FuseDollar, FusePound and FuseEuro. Obviously, this isn’t going to change on its own, so please, let me know in the comments down below if you are involved in any projects or platforms to further the economic aspirations of the GoodDollar community.
One final topic for today is the state of the crypto market as a whole. I actively invest in a handful of different cryptocurrencies and I believe that for the sake of transparency I should preface this section by letting you all know what those currencies are. So, in no particular order: Bitcoin, Ethereum, Cardano, PolkaDot, The Graph, Wax, Ripple, Dogecoin, Telcoin, the StudentCoin ICO, EOS, Fuse and of course GoodDollar. For this discussion, I will be using Canadian Dollars as that is my local currency.
Now that that is out of the way we should talk about what exactly is going on in the larger crypto market because it absolutely impacts everything else that I have spoken about previously today: Price, Market Caps, Volatility, Utility, DeFi and so much more.
Let’s start with price and market cap. Price is simply how much a whole token costs today, so today GoodDollar’s price is 0.000348. Market Cap is how much, all of the minted tokens are worth combined. As of yesterday, there has been a total of 641,430,609 G$ minted total, with just over 100 million being released. So our current market cap for GoodDollar is $223,217USD which would rank us in the mid-1700s overall according to CoinMarketCap. They have approximately 4800 different tokens and coins listed so being in the top half, and not even being listed officially yet is pretty big. But what is more important to remember is that GoodDollar is allowed to mint 2.2 Trillion coins throughout its lifecycle. If we assume that the price never goes up again from this day forward, that would give GoodDollar an Actualized Market Cap of $765 Million. This would give GoodDollar the 81st overall position on today’s chart, being close to currencies like CELO, Kyber and 1inch. This market cap would put it ahead of current currencies like Bancor, Mana and AMPL.
So what does this actually mean? It means that at our current rate of growth and expansion GoodDollar has a legitimate shot at being a major player in the crypto world in the coming years. There is a lot more analysis and hypotheses that I will share at some point. But today, I really want to talk about volatility and the overall injection of cash that is fueling this Utility coin and DeFi revolution.
It took the crypto market as a whole about 9 years to reach a $1 Trillion Canadian market cap. It only took 4 months to hit the second trillion. This massive influx of cash that has come with the integration of institutional investors, governmental holders and the explosion of crypto retail investing has led to this growth and it doesn’t appear to be slowing down anytime soon.
I am sure that the major financial interests involved in the crypto finance and investing world have modelled out what theoretical market caps exist for the greater market but I, unfortunately, do not have access to those tools, or the technical ability to run these simulations. Therefore, I am going to keep my opinions rather tame for this next part, because honestly, I don’t think anyone really knows what is going to happen and I don’t want to give the wrong impression. So here is my take as to what I think is really coming down the pipeline in the next 2-5 years.
Here’s the big one that will either carry the rest of the prediction or sink it. DeFi and DemFi will take a role akin to social media in the late 2010s. The potential for some of these projects to grow exponentially is there. Heck, even look at GoodDollar with those numbers I previously offered up. 2.2 Trillion Coins, with today’s actualized market cap nearing $1 Billion USD. So here’s the million-dollar question? What is the price ceiling for GoodDollar both realistically and optimistically?
Realistically, we could see GoodDollar break a penny in 2021. If that happens our actualized MC would be $2.2 Billion with our true MC being in the range of $1.2-1.5 Million by end of the year. The AMC would place us in the top 60 cryptos on CMC today. Our TMC would place us in real-time around the 1400 mark overall. This isn’t fantastic, but one listing on a major exchange could change this in a heartbeat. So now let's think about the optimistic outcomes.
Optimistically, if GoodDollar gets listed on an exchange like Binance, Coinbase or an Asian giant like OKex we could see astronomical gains, but likely not quickly. This scenario takes a 5-10 year outlook on the project. If we assume growth similar to other major listed coins, like most of the other ones that I hold. We can reasonably assume that we will see upwards of a 10,000% increase in total price from the initial sale price. So if we got listed on, I don't know, Binance tomorrow and the price was the same tomorrow as it is today, which okay, I know, super unlikely but hey, one can dream right? We could potentially see a price on G$ of in the range of 35-45 Cents US. At 0.4545, an investment of $627.01USD turns into a Million. When I was initially contemplating this idea I thought, “there’s no way we hit that price with this high of a potential supply” But then I went back to Market Cap.
Market Cap limitations are very real, at least for now, and are a soft limit on overall growth. So if we look at the overall market cap of Bitcoin today, it's sitting at a cool $1.1T Canadian. Where do we expect Bitcoin to be in 5-10 years. Remember BTC had an MC of just over $10B at the start of 2014, 7 years ago. It has grown over 1000% since then and while yes, Bitcoin is the biggest player, I don't think anyone is expecting Bitcoin’s price to stay where it is for the next 5-10 years. If we saw “stagnant” growth (+/- 10%/year) in the next 7 years, Bitcoin could reach somewhere in the range of $10 Trillion which would put it on the same scale as the global gold market was at in early 2020. So if this overall market growth takes place, 35-45 cents is not out of the question for GoodDollar over the next decade. With that percentage of total growth year over year and the current market caps for the top 100 coins, GoodDollar would still be in the lower half of the top 100. Even with a true market cap of 1-1.2 Billion.
So what do you think will happen over the next year or the next decade in regards to GoodDollar but also the greater crypto market? Do you agree with my analysis on these two positive outcomes for the price of GoodDollar? And finally, do you think that there is a world in which crypto growth and volatility slows down significantly or stops altogether? I really want to know what you guys think!
Alright folks, thank you for watching or listening. Be sure to smash that like button and subscribe to the channel. Don't forget to come back tomorrow for another episode of the Good$ News Podcast!
-DESCRIPTION
#GoodDollar #Crypto #BasicIncome
Good$ News Podcast is a daily Breaking News and Financial podcast related to the cryptocurrency GoodDollar based on the Fuse Blockchain. These episodes are designed to be a bite-sized analysis of GoodDollar’s daily financial statistics and any other GoodDollar related News or Rumors.
Disclaimer: I am not employed by the GoodDollar Organization or eToro, GoodDollar’s executor. This is not meant to be financial advice. I am not a licenced financial advisor nor am I an expert. I am still learning about Crypto and in some situations, I may be incorrect, and if I am, I’m sure I will hear about it in the comments section. This show is meant to be informational and entertainment, NOT FINANCIAL ADVICE.
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GoodDollar Marketplace on Facebook: https://www.facebook.com/groups/gooddollarmarketplace
GoodDollar Marketplace on Sharetribe: https://gooddollarmarketplace.sharetribe.com/
GoodDollar on dApp Radar: https://dappradar.com/ethereum/defi/gooddollar
Fuse Network on dApp Radar: https://dappradar.com/ethereum/other/fuse-network
Fuse Studio: https://studio.fuse.io/
What is GoodDollar?? PDF/Powerpoint by Fabiana Cecin: https://www.docdroid.net/oCvn2WH/gooddollarexplainedfeb2021-pdf
David A Ozeata’s Good Dollar Youtube Tutorials: https://www.youtube.com/channel/UCZYbgJY4-14luInnC__y22A
LINKS REFERENCED IN TODAY’S SHOW
Remo M’s Listing on Marketplace: https://gooddollarmarketplace.sharetribe.com/en/listings/1360188-guitar-lessons-via-skype
Good $ News Podcast Giveaway Questionnaire | G$2,500 Giveaway @ 250 Subs: https://forms.gle/Hq4CxJB4hnPCdzof9
CoinMarketCap Index: https://coinmarketcap.com/
CoinTelegraph article on Gold & Bitcoin: https://cointelegraph.com/news/pomp-thinks-btcs-market-cap-will-exceed-golds-in-less-than-a-decade
