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A Big Compensation!
The business has made a number of steps to recover its funds and improve the situation for its customers. One of the ideas it has made is this most recent one, however, some are not taking the news well. Executives want to award roughly five billion additional crypto tokens to any consumers who may have lost money or suffered at the hands of the cybercriminals.
The belief among many reactors is that by producing more coins, the asset’s price will plummet. Many are pointing out that the business doesn’t seem to be taking any lessons from the recent actions of the US government, which seems to believe that printing more money would solve all of our problems. In reality, this has simply decreased the value of the USD, and the nation is currently experiencing record-high inflation.
Many traders are concerned that Harmony will do more harm than good by issuing additional tokens, and they have expressed their worries on social media. In a note posted online, one investor explained that it baffles him that the people not only lose money but also end up footing the bill for reimbursement through inflation. To refer to this as a reimbursement proposal, the people have no decency.
2.5 Billion Additional Tokens Issued
Harmony recently presented two options for clients to think about on its website. The first, known as Simple Rules Co., included minting over five billion new tokens over a three-year period in order to properly reimburse any losses to customers. This would entail dispensing about 138 million fresh coins each month.
In the second scenario, over 2.5 billion additional tokens would be issued over a three-year period, with 69 million tokens being produced on average each month. The underlying issue with both proposals is that the coins would be issued with a value of around two cents each, which is what they would be valued at the moment.
Ultimately, the price wouldn’t change over the course of the three-year issuance period regardless of what happened in the cryptocurrency space. If the industry showed great promise, investors would probably not see many returns as the price would remain stationary even though the coins would naturally increase in value.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
