“Ampleforth is the name of a character in George Orwell’s 1984 who is responsible for translating poetry into Newspeak, a language designed to limit freedom of thought” – From the Ampleforth (AMPL) website.
The market downturn took many by surprise as traders watched the fiat value of their altcoin collection sink alongside their hearts. While money is sure to be made by those prepared to purchase new coins in the aftermath of the market’s latest shock, the reality is that these runaway deflationary events are a serious problem in crypto-space.
Current investors are often hurt by falling prices while potential new buyers get scared off. This double-whammy creates a negative feedback loop that continues downward pressure on the entire crypto space. If only there was a sound, commodity based currency engineered with an elastic supply to combat this deflationary cycle…
Enter Ampleforth (AMPL)
Ampleforth (AMPL) created a synthetic commodity money known as the Ample. With near perfect supply elasticity, the token functions more similarly to fiat than most cryptocurrencies. The Ample Protocol propagates price information into the supply automatically, making the currency immune to both runaway inflation and deflation.
Potential use cases for the Ample are three-fold. Near term, the token can be used to diversify the portfolios of all the world’s hodlers. In the medium term, Ampleforth (AMPL) has been envisioned to be used as a reserve collateral in decentralized banks. Finally, thinking truly long-term, the Ample can be used as a macro-economically friendly alternative to central bank money.
Ampleforth (AMPL) is backed by an extensive collection of architects and engineers with distinguished backgrounds. The experienced members of Ampleforth’s team have worked for Google, Uber, IOSToken (IOST) and more. An advisory board of esteemed individuals include members from Stanford University, the Hoover Instutute, MIT, Facebook and more.
Having reached a high of US $1.64 on March 4th of this year, the downturn in the market hit Ampleforth (AMPL) particularly hard. Now trading at US $.59, Ampleforth (AMPL) has given up all gains realized since early November, 2019. This price point marks an attractive entry point for those looking to capitalize on the aftermath of the down market.
The company boasts a market cap of US $2,270,709. AMPL has a volume of approximately US $80,000 over the past 24 hours and is up 2.5% in the same time frame. There are 3.8 Million AMPL in circulation out of a total 13.4 Million supply. You can find AMPL on a number of exchanges including Bitfinex and KuCoin.
It is an interesting situation Ampleforth (AMPL) finds itself in, and a great time to show investors how their algorithmicly controlled formulae has created a stable commodity money without runaway deflation. I’m sure the company is excited to see the coin in action, and we are too.
But as Bitcoin (BTC) bounces back, and Ethereum (ETH) leads the rest of the ERC-20 toward recovery, Ampleforth (AMPL) has struggled to make back (hardly) any gains. None-the-less, I am expecting to see this crypto-oddity climb it’s way back up the charts here shortly. Any day now. Really.