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Agent of Ra
14:6:11

trying to make up my mind about filling more bags till 6 figures.

Agent of Ra
14:7:4

as well as averaging down.

Greg Carter
14:7:40

0.00100000

Robert Bartus
14:8:0

If you are happy with development then you should use low price to average down your cost

Greg Carter
14:8:2

6 figure in crypto due to 8 decimal... 😜

Greg Carter
14:8:26

Terrible attempt at Crypto humour.

Pika Pika
14:8:28

😂🤣🤣🤣

Greg Carter
14:8:58

There's always one... 🙏

👌🏻😎

Cryptomoosa
15:45:15

Vinny 😃

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Robert Valta
16:40:10

@vinnylinghamis Civic a Work Token model or a Medium of Exchange Token model? Can’t figure out from the token model paper.

Jeroen Wijnja
16:50:38

It is a give-away-your-money token

Jeroen Wijnja
16:51:4

hehe

Jeroen Wijnja
16:51:18

until they care about price in 5 years

Jeroen Wijnja
16:51:23

then it is moon coin

Nancy Li
16:51:57

not yet but soon!

The world just doesn't need another payment facility/app. 🤦‍♂

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Kunal
18:5:3

I feel the path civic is choosing needs huge paradigm change among customers. First people must realise that digital identity is a "THING". This will take about 10 years. Next civic has to prove that its a boss in digital identity space. It will take another 5 years. So before 2032 I don't see any huge upside. Those who are for short term may liquidate and buy btc.

Kunal
18:7:18

Price might stay at these levels for next 5 years. Deal with it or sell.

How exciting!

It will be painful

I think 2032 is pessimistic, but it is good to have a long investment horizon.

This is a hard question. Every crypto is on multiple spectrums. Likewise, Civic is on both the work token and payment token spectrum. So in short, it is both. But in essence it is designed more as a utility (aka work) token in the current system.

I dont see a shining future for identity solutions in regular retail. I can see oportunities in this lifetime only in niches where there are regulatory pressure on companies to implement kyc policies.

Why do you think companies have KYC policies? Regulatory pressure..

Price might stay at this level even in 2024. Coz real upward traction will come when digital identity becomes a fashion.

Robert Valta
18:15:15

Essentially a work token provides cashflow to the workers that secure the protocol, are the workers in Civic the validators that stake their CVC for the identity?

Robert Valta
18:15:41

just trying to map my thinking from work token protocols like Augur and Maker

Yes, something in this spirit is the idea. But details around staking have not been released yet.

Robert Valta
18:16:45

essentially betting in augur is done with Ether, soon DAI but the market resolution is under REP that workers use to stake market resolution

Robert Valta
18:17:25

so in my mind the validators are something like the market disputers in Augur

We are doomed basically

Robert Valta
18:17:46

just not sure why CVC is used to transact value between the requestor and the user / validator

Adrien
18:18:11

Sounds positive in here today 😂

Robert Valta
18:18:15

I understand why you would stake CVC though for identity validations, where I think the whole value accruing is

Robert Valta
18:18:58

so I have the issue of understanding whether it’s an medium of exchange protocol with staking mechanism or a work token 😄

Robert Valta
18:20:32

the faster you go open source, the better, you don’t want to go too big with a model that’s not getting reviewed by thousands of eyes

For now, CVC is used to enforce the contracts. But those are excellent examples, both REP and MKR both have very good token mechanics. Civic is working on something, that involves staking, to make sure the token accrues value outside of its use as a base utility and payment token. Something that reduces velocity in line with how much the token is used. Much like the examples you mentioned.

Robert Valta
18:20:59

better to fail early with small traction than with big traction

Robert Valta
18:21:32

would love to contribute

I agree. Open source catalyzes network effect.

Glad to hear, well you are always welcome in here to make suggestions or concrete proposals

Robert Valta
18:24:2

haha, thanks

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Kunal
18:41:7

Infinite things can go wrong by 2032. Start up investing is Mt. Everest risk. Don't forget that.

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DIego Bolik
19:2:34

Today, our company has launched a new project.
All visitors will receive tokеns free.

https://cutt.ly/dyZ9ND

Robert Bartus
19:4:44

No, Civic is not checking the documents, that are validators doing. At the beginning stages they are doing outside ofidentity.commarketplace which is not ready, through Civic so Civic is acting as validator with help of others, but that will change.

Robert Valta
19:5:19

yea I know, talking about the eventual token model

Robert Bartus
19:6:47

Then no, Civic will be one of the requesters ... But if Civic get to know something about you, it can sell that info through marketplace

Robert Bartus
19:7:21

Not providing info but attestation of the info

Robert Valta
19:7:26

yeah, I understand that fully

Robert Valta
19:7:36

I am talking about work token vs medium of exchange token models

Robert Valta
19:7:37

check those

Robert Bartus
19:8:8

He is right. If the only point of CVC was payment, it would be a waste...

Robert Bartus
19:8:33
Photo
Владимир Путин
19:8:39

hmmm. I was told by the support team that at the moment Civic is doing validation

Robert Valta
19:9:8

yea these are really generic things

Robert Bartus
19:10:42

It's not our employees doing the "grunt" work, but our identity verification partners, aka, future IDVs

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Robert Bartus
19:11:44

But in terms of email and phone number, Civic checked that with phone and email provider, and other solutions can utilize that, but it is free.

Robert Bartus
19:17:43

No, you will be able to stake it in the Civic Pay app and receive discounts... That way of thinking. In the future, cvc may be become way of payment, for now it utility token designed to work in the background. But you can pay for verifications with cvc tokens, just it is more convenient to pay with fiat money the services, and part is going on spent cvcs because without them service can not be performed.

Nacho Don
19:19:40

go join a cult or someting until then. no one is interested in your prognostications

Robert Valta
19:20:7

the token model currently is based on validators staking their CVC behind a validation of an identity

Robert Valta
19:20:17

that’s how the game theory works in the updated token model posted by Civic

Robert Bartus
19:22:7

That is what is official and described in the updated whitepaper, we may see some staking for the businesses in the future as well. And in the Civic Pay app from the end users.

Robert Bartus
19:22:21

We’re in the very early stages of a new approach to building markets, products and economies so let’s keep an open mind. We’re working hard to figure it out - we don’t have all the answers but we’re asking all the right questions. I still believe that we can building a massive, decentralized global exchange for PII and we’re continuing to execute on that front.

Robert Bartus
19:23:3

Even if I’m wrong about some of my expectations of how the crypto economics play out, I think the intent is more important. There are many options open to us here. We’ve explored staking models, transaction velocity, etc and more to come. Part of this evolution is experimentation - this is not entirely deterministic, especially given the regulatory guidelines.

Robert Bartus
19:23:3

We’re in the very early stages of a new approach to building markets, products and economies so let’s keep an open mind. We’re working hard to figure it out - we don’t have all the answers but we’re asking all the right questions. I still believe that we can building a massive, decentralized global exchange for PII and we’re continuing to execute on that front.

Robert Bartus
19:23:3

At some point utility tokens may even need to be converted to security tokens or a hybrid in order to meet regulatory requirements. That doesn’t kill the value, especially if the tokens can deliver high yielding returns as securities. The point is that decoupling could happen under a number of different scenarios - but it’s almost an inevitability in my mind.

Robert Bartus
19:23:4

So, at the end of the day, it’s more important to back a team that can overcome and mitigate these risks over a long time horizon as it is impossible to predict them. Survival is the only game in town. The teams that can survive 3-5 years from now, will probably be the de facto winners in their respective categories.

Robert Valta
19:23:59

@tommyqqdoes Civic have a dev discord or something with some separation of channels? This chat seems to be a bit too broad for all different topics.

Robert Bartus
19:26:38

There was something like that, but I don't know what is happening there, I will try to find where is it, you needed permission from Civic before

Robert Valta
19:27:8

ok, cool!

Robert Bartus
19:35:7

here is the link to the slack channelhttps://cdp.civic.com

Robert Bartus
19:35:58

***Emailcdp@civic.comto request an invite to the Slack workspace.

Robert Valta
19:47:15

yeap, I have few suggestions there

Robert Bartus
19:47:26

Post them

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Simon
20:13:9

👏

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Robert Bartus
21:15:52

Also Civic has AI software that is checking documents on basic level (if they are not counterfeited for example)

Владимир Путин
21:34:52

This is great but my main concern is what Civic do with all those documents after the check?

Robert Bartus
21:37:13

Nothing, images are inside Civic app

Robert Bartus
21:37:51

Attestation hashes are going to the blockchain

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Владимир Путин
21:45:57

If images are inside the app, how are they checked by Civic?

Robert Bartus
21:48:20

I do not know, onlyidentity.comis open sourced. But maybe some Civic patents will help

Robert Bartus
21:48:45

Start here

Robert Bartus
21:53:21

Hmmm Google service is not working for me, you can tryhttps://www.cbinsights.com/company/civic-patentsas well