Bitcoin Forum

We finally made it  ;)

https://www.cryptsy.com/markets/view/30

sup haters?

Great！

dump time ;D

Don't be fucking stupid and dump it for nothing like most people do

of course not!

.001 seems like a good starting point. As long as it doesnt go down too much. Block reward is just too high for it to be much more

nothing less then 0.001  ;D

it will be going up soon in value  ;)

look at the buy orders, !!!!! hahahaha, dump now while the price is ok.

the buy order is a joke

Which jokers are selling below 0.001 -.-

EDIT: And a lot more muppets joined him

I would love to know..

WOW 100,000 at .0001 WTF?

WOW muppets are really dumping now 0.0001 -.-

Please understand this is not the Auction house where your trying to undercut everyone.

fuck someone better buy that up so we can start selling at something more reasonable

If I had 10 BTC I would buy it up right now. Too bad I had a shopping spree at bitmit the other night lol

Only 17 BTC between us and our price :)

well dont sell that low and they cant buy that low!

try telling that to an idiot, lol

WOW just WOW 100,000 well 99,991 just canceled his 0.0001 sell order and put it back up for 0.00009  ???,
Are you Serious dude its not an Auction House  >:(

I am going to create an exchange that requires your username next to your orders. So we can account for who the hell is selling so low!

I think someone is trying to drive down the price to snatch some more up  >:( Watch that sell order dissapear and everything above it get eaten up until .001

thats my point......

This coin started with 200 blocks worth 10,000 GLD each.  That is 2,000,000 coins that were minted in about 4 seconds.

To put that in perspective, DCG has only minted about 400,000 coins total

It is a miracle the price is as high as it is.  This is a worthless coin.  Get out now while someone is still naive enough to buy

where is your proof? stop crying already and move on

http://gld.block-chain.net/block/e39be079a4e57af79f63edb2726bdcb401ae520fa5b5328bbeab185b5b3d636e

Click on next block over and over and cry yourself a river.  Every one of those 10,000 coin blocks will be going up in a firesale

Annnnnnnd everyones selling out for next to nothing... by by GLD

these were used for bounties and to spread the wealth, now you got anything new to say?

everyone? what a handful of people? I know thousands that aren't selling..

Irrelevant.  That enormous float of coins, minted in seconds, will all be going up for sale.  Where do you think someone got 100,000 to unload at .00000000000009 or whatever ...

Someone is deff intentionally drive the price down. Sell wall keeps moving lower and lower. Thanks asshole!

I mine 10,000 coins a day with my hashing power, so it wouldn't be hard to mine 100,000 coins in 10 days....

Ya its the same person every time, Mr Big 100,00GLD keeps redoing his order to the lowest.

On the bright side at least Coinchoose won't show a huge profit percentage and overload your pools. ha ha

maybe we should all stop selling until its gone?

LOL a total of 33 GLD has been sold so far not horrible

EDIT : its gone wait for it.....

Therein lies the crux of your problem. You can't control the market no matter how loyal you feel a community is. Those electric bills don't wait on sell/buy walls.

Hey there,
I'm from Let's Talk Bitcoin!  - We're doing a series on pre-mined scamcoins that prey on new users who don't know better, and you appear to have one here.   Would someone from your organization like to come on our show via Skype to explain the value of your product here?   We'll be talking about them one way or another, but would prefer to get your side of the story.

Happy to talk to the creator, a miner, anyone who wants to represent the pro case for the coin.

You see I'm differant. I see my electric bill as my investment. I pay that with the earnings from my job and keep all my crypto on crypto. So I can wait all year If I have too. Although im only using 750watts If My psu is maxxed

Looks legit.

electric bills always get paid when you know what you're doing

Would you like some aloe vera? cause GLD just got burned.  Holy smokes it's a race to the bottom between 10k guy and 50k guy. I feel for the GLD dudes.

/agree


/agree

You picked a fine example but feathercoin would be an better case of a successful shady coin launch.

Feathercoin is on the list too, you guys just appear to have one right in the initial stages of taking newbies money, and also seems to be a more obvious scam with the amount pre-mined and the very fast exchange integration.

Even Ripple would be better for you to interview


Forex and Crypto coins are like gambling, you choose where to spend your hashes and electricity, no one tells you or forces you to mine this coin or that coin. That is your CHOICE.

I would say noobs are safe from GLD as it won't make it past the Cryptsy exchange. Everyone else should be well aware of GLD's shady history and the tools that support it.

Yes gld was premined to hell and back. Some were given away. No one is going to go through every post and add them up. Some were given away some were hoarded by the dev Im sure. Maybe not taking newbies money but deff getting them off btc/ltc mining to make it easier for the vets to mine. I threw 750khash on it overnight and got 4000. Switched back to ltc in the morning, nothing lost here :)

woot. if someone's selling so low, I'll buy some:)

We're trying to understand what potential use coins like this serve besides being easy to mine because they're newly created.  Does GLDcoin offer *any* improvement or advantage over bitcoin or litecoin?    I get why you'd want to mine it, but I don't understand why anyone would want to buy it except being lied to about its future valuation.

It's all about a small community trading BTC back and forth, that's it. These ALT coins most likely have no future use and will be worthless in the near future. I'm pretty sure most people here understand that.

who wouldn't want to mine a coin named goldcoin...

I wouldn't worry about the dumps cause that is just the nature of what happens when there is high block reward in the beginning. The actual spread of the currency has to happen now. If someone wants to make money on GLDcoin the only way is to put in the work to create a back bone for it's value. Which means creating venues where GLDcoins are accepted. This could be something as simple as a payment system in a game where you buy in game currency for GLDcoins. Simple little things like this add up quickly because it spreads the user base around.

If you want to know what GLDcoin has over others. It's that if you provide the environment for it to grow the coin will hold its self up. The name is also very clever because gold is a timeless symbol for money. Meaning it's very easy for people of all ages accept "gold"coins over lets say... "feather"coins ect. As a legitimate token of value.

Every single Alt-coin/Scam-coin/W.E.-coin now is a small step forward in helping us to learn about the bitcoin protocol better. Why do we have so many different smartphones on the market? they all do the same thing, text/call/web/smartphone stuff etc. Its all about competition and getting people to like this coin over that coin. Competition is what drives things forward.

In regards to it improving or having an advantage over bitcoin/litecoin it doesn't do any of those, as i said it helps us to understand the bitcoin protocol better. Even if the devs plans is just to pre-mine it and then dump it, if the community likes that particular coin then they will continue it on even after the dev has done a runner, an example is Gamecoin.

Buying it is like buying any other alt-coin really, your unsure if its gonna be worth something or not.


Well explained here too  ;D

What shady history lol.

Don't be like that.

The price at the moment means nothing because the idiots dumping their GLD for so cheap will be bought out, and then when people wasn't to buy GLD, they will have to pay a higher price.

Just the fact that its on an exchange is good enough.  The price will go up, eventually.

Ok maybe choosing which new crypto coin to mine is kinda like gambling...but trading Forex?  Forex is only like gambling to people who have absolutely no idea what they are doing.  I hate this comparison.  I've been a full time forex trader for 4 years.  I've said it before, I'll say it again....I guarantee you there is NO WAY I could pay my bills for 4 years sitting at a roulette table 5 days a week.

Sorry, back to topic...



Fenican, I tried arguing this point in another thread and got nowhere.  Some people still believe that somehow their faith in something can override reason and evidence.

Haha yes forex was a bad example, if you know what your doing  ;D but yes crypto and gambling same same.

So, the problem with your analogy is that you can call any cell phone from any cell phone.  Cryptocurrencies rely on the "network effect" in order to be effective, think of each alt-chain like a language - If nobody but you speaks the language, it's not very useful.  If everybody speaks the language, it's incredibly useful.   If everybody already speaks one language, and it's working fine for them, there is no reason to learn another language unless it offers some kind of tangible value over the one you're already using.

Telling me "Gold" is a good naming convention is, and being happy with that as it's only selling point is.... really odd.... In sales we call that a "marketing gimmick" - It doesn't actually mean anything, it isn't actually true, but it gives the impression of value where there is none by associating an unrelated product with something people associate value with.

I agree some alt-chains have the potential to teach us something about how Bitcoin works, but I don't see what coins like this do outside of try to sucker dumb money hoping for a price pop.  As mentioned before, I know why Miners want to work with something like this - It takes little time, little effort, and has very large upside when it's getting more difficult to mine real chains.    So want to try and explain this again with some actual reasons?

I applaud you for bring logic to the alt coin section. Just letting you know it wont get you very far here. Enter ........fud.....bashing......virus accusations.......... scam accusations..... LET"S TALK BITCOIN WAS PREMINED!!!!!!!!!!


EDIT: OH YA FORGOT BIG RED LETTERS ALL IN CAPS :)

say what? YOLO

Well,
Right now we talk to about 4,000 people twice a week about the ideas, projects, and people powering Bitcoin and are growing at a very fast rate.   If you're a miner who wants to profit by mining these coins, it's in your best interest to try and convince me not to shine a spotlight on your altcoin and tell everyone all the reasons I think it doesn't make any sense as anything other than a scam.

Your choice, I wanted to give the opportunity to respond.  If nobody wants to talk, we'll be pushing up the release date of this story to next week since I won't need to schedule interviews.

cool story bro, peace

GLDcoin sure do a piece. Its hard to make this coin look good TBH.

Some other coins actually have promise. WDC and DGC have a little due to their rapid confirmations but are very vulnerable to attacks. Personally I like bitgem. It has the niche of being very rare. Blocks are .3 btg now and were 3 from the start. Combine that with diff adjustment every block and ppc's 520 confirmations and you have yourself a nice little package. Nothing new of course but a few good features of coins all rolled into a nice little bundle. Secure, Rare, was not instamined to death 15,000 btg in circulation now.

If you do a piece on any others coins let me know I would be happy to defend it if I believe I have valid points. I just dont see a way of doing that with gld. Its just a market coin. When diff soars and blockchain stalls it will be dead. May be a fun ride till then but it will happen

What do you think of Chinacoin?  What are your top three favorite alts (and why), whats a list of the coins you view as flat out pump and dumps?

Huge buy support @ Cryptsy! YAY

Sike.

Oooo that's tough. I'll pm you

I will agree with mullick here, GLDcoin is hard to defend but other alt-coins are better suited for the spot light, DGC and WDC as mullick mentioned with their fast confirmation times.

My Personal preference is litecoin, being one of the first accepted alt-coins and also bringing new things to the table, slightly faster confirmation times and being ASIC hostile with scrypt helping with decenteralization. All alts as i said help us learn new things about the bitcoin protocol.

Once again china coin is similar to GLDcoin and hard to really bring a good light to it, released on another forum possible pre-mined though i personally haven't read any posts relating to this(haven't searched either as it wasn't around for long enough :D)

Top 3 alts, ya hard one to decide on that  ;D

I must have missed this comment the first time I read the thread...

What happened to anonymity with crypto?  If you had the usernames of people selling...what would you do?  Harass them?  Post their names on the forums?  Who the hell are you to tell people what to do with their money?  If people want to sell low, let them.  If you love the coin so much, why aren't you happy for the opportunity to BUY it from them so cheap?

What a dump, how lovely!  ;D ;D ;D

http://imageshack.us/photo/my-images/692/screenshot20130523at115.png (http://imageshack.us/photo/my-images/692/screenshot20130523at115.png)

GLD has some real potential. i judge this buy the high price compared to most altcoins it demands, and the fact that other altcoin groups have been trying for days to hack the network out of sheer jealousy.

lol, what do you think dude? you think the 7 million premined coins went to charity??  ;D

they can come to my wallet for anyone who doesn't want theirs. i love them.

So, it has potential because it's higher priced at .000x?  Compared to what?   And isn't the "hack" part just as true about the alt-coin it was forked from?

I'm really confused by how you guys determine value - If the price of something goes up, that means it's worth more so you... buy?   Or do you sell?  Seems like if it has "potential" you'd want to be buying now, not selling... Right?    

Or did you mean potential to take some newbies money and move on to the next new chain?

In what world did GLD ever have potential? Since day 1 it has been a joke....

i got in a few days late, but i've already built a faucet and i'm sitting on my coins. I do not mine and i was not a part of the premine. i recieved a couple generous donations for starting a faucet. With this being said, i determine the value by the fact that i came on bitcoin talk and said hey i want to sell my gld coin, and within hours was paid .114 Bitcoin for 8k... the only other alt coin i've even considered is digicoin and i got out of that one pretty quick because i prefer GLD. i think that GLD is that coin thats just catchy. I think GLDcoin booms because of its sustainability compared to other Altcoins. It may not ever rival bitcoin, but if i had to bet on an Alt to rival bitcoin i'd pick GLD. Normal people wll equate GLDwith Gold and value. They will equate Yacoin with with Scam, Digicoin with DigitalMonsters and Nerds, and DevCoin is just to damn hard to mine. All others, save litecoin will bite the dust eventually. GLD isn't another pump and dump like the rest. I believe that. I'm holding my coins.

translation= oh crap, we've got competition. quick lets discredit the guy with 100 posts. Ps, fix this dump of a forum. who runs this place, an idiot? it doesn't even have the go up/go down buttons and you can't even upload attachments. who moderates this place, a group of test monkeys with banana flavored keyboards?

Not really sure what anyone expected to happen when it hit a small exchange and there were millions stockpiled just waiting to be dumped. Of course the price was going to be extremely low. I had a few stockpiled from when block rewards were absurdly high and I sold the second I saw it on there.

"Normal people wll equate GLDwith Gold and value. They will equate Yacoin with with Scam, Digicoin with DigitalMonsters and Nerds, and DevCoin is just to damn hard to mine."

Are you still in high school or what?

Negative, Ghost Rider! A 404 error was encountered when searching for your logic.

How many times do I have to say it for every coin, everyone sells dirt cheap, kills coin, dead....

This coin is different. Enough is being held by a strategic group of people, who meet in a secret forum and discuss market strategies. They say the exception proves the rule. GLDcoin is the exception.

Nibble is the only non-pre-mined, non-insta-mined coin - period.  No other coin used our difficulty/reward ramp up save for DGC - and DGC came after Nibble.  All other coins were insta-mined to death within hours.

Nibble has only 21,000,000 coins (1/4 of Litecoin, 1/13 of WDC).  It has faster transactions than Bitcoin.  Sub 1 minute transactions don't really improve anything - confirmations are only needed with Bitcoin for large purchases.  Really large purchases are usually never paid for via credit card - rather check, wire etc, and Bitcoin beats all of those methods.

Nibble is the ONLY verified non-scam coin out there released in the last year - end of story.  If fairness, pre-mining etc were so important where are our backers?  Our miners?  Its more profitable than likecoin if you go by recent trades on the boards.

I could have made sub 1 minute blocks - but those coins are easily pwned via many attacks taking advantage of their "speed"

GLDCoin is no more shady than WDC, or Novacoin, or Bitbar, or Litecoin.  And I think GLDCoin will come around once these guys truly promote their coin.  I hope hey all become rich.  So before you point the finger, look at the coin your backing.  

I do not love this coin. It was a joke about the usernames. I wanted everyone to keep the price High until the buy orders met. Simple as that calm down there

what price you dumped

Block rewards are still too high to see a decent price increase, if this had waited for an exchange when it was harder to obtain it might have been good

think of it as a buy  pump not dump those that bought are not stupid:)
keep dumping (~)(O) so people can grab some :)

I offloaded most of my coins (~50K) between 0.015 mBTC and 0.0165 mBTC (I prefer expressing alt-coin rates in mBTC rather than BTC to avoid confusion due to miscounting number of zeroes :P). The price I got was the top of the price range so far (excluding the initial trades that had a combined volume of <500 GLD).

great its on the exchange, I had a successful day buying in.
don't complain about it being dumped..order up and support it. mining in the pools but not selling, taking advantages of lows and supporting it into the future.

At least now we have the proof that gld is a scammy shitcoin

you confuse proof with opinion.

Our goldcoin community isnt here to make quick money and the price for goldcoins is now stable at the same price people were selling them. From here on will we will try to work hard to build up our goldcoin.

Great News!

I have to wait a week or so to get some more $$$
and I'll be in there buying.

Cheers everyone ;D

Nice to hear i am also trying to transfere some money to buy some goldcoins up.

gldcoin community is full of love :)

you got any hosting room on your server? i just registered 1gld.us and need somewhere to host it until i can get it transferred to dreamhost.

hope it worked for you.  if it was not your dump price would be higher now..  at least its up there now to where you sold..  lots were bought  for .0005mbtc  :)    not bad..  price wil go up.. rich side is not selling yet

We pledged not to sell our coins and it looks everybody did what he promised. It seems the goldcoin community is still trying to buy up the coins. Everyday i am seeing more people join the goldcoin community and praising it for their efforts. Keep up the good job goldcoiners. 

And when people are done dumping the price will go up:)

+1 yup. where is your proof?

I still have my entire stack & am purchasing it up. Thanks for the support. There are obviously those people who stocked up large amounts and sold it when the exchange came, it happened with the other alt coins and now we need to build up now that those peopela re done selling.

I also got my heavy stock so let them folks talk shit, jealousy sucks

Anybody with a Goldcoin for their avatar want to explain to me why GLDcoin is worth buying for anything other than speculative reasons?  I get why it's worth mining, it's easy to mine and right now the main chains are difficult to mine

But why would a non-miner want to buy?  Once you guys are done with  your "pledge" not to sell, what reason is there for anyone to own these things?

I can tell you like them, treat me like a newbie - Tell me why I should be investing in GLDcoin.

the silence is deafening

Nope. 30% profitability, I think I'll take that as proof thanks. It took second place, in worthless Scrypt coins.
I sure am jealous of Krax, and his huge stock of worthless coins.

Anyone want a 1,040,000 GLD coins?  I'll sell it for 10 Bitcoins.  Let me know before I dump it into cryptsy.  I might just do a one shot dump to see how it reacts.

I'm buying, why not getting them at these prices in easier then mining :)

Stop dumping  ::)

So what is your investment strategy, will you be holding for a long term?  Is there a price at which you plan to sell, if so what is it?

Again, I understand the speculative potential - We call that the "greater fool" (http://en.wikipedia.org/wiki/Greater_fool_theory) theory

What I'm asking is are there *ANY* fundamentals that would make someone want to use GLDcoin over the many and varied other options on the market?

How long did it take you to accumulate over a million GLD coins?  A day? A Week? A Month?

Because the value will never, ever, ever go up...

from the guy who is screaming on the forum dont dump wdc.  ;D

people really don't now how to offload around here, miners dont seem to be very good traders :(

Last I checked, WDC was %144 profitable, so... ;)

well i'm doing alright on the exchange bought @ 0.00000600 BTC sold @ 0.00001850 BTC then bought @ 0.00000860 BTC then sold @0.00001497 BTC the bought @ 0.00000729 BTC ok then it fell much lower....but I snowballed my holdings way faster then mining ;)

i'll be patient it'll bounce, it maybe trading low but on really low volume now

wtf this coin dying fast

Prices are rising again :D

relax people it was just put on the market 12 hours ago

The prices are just where should be and from here we only can get up.

dont sell    with the amount of btc needed take out supply  prices  will go up lol

i you were the one dumped thanks  you made me buy at .000000112  now its 5 x more even if i wanted to dump  ask asking price:) got more to dump? lol

same reason as commodity trading:) its a market.. crypto is in no way a replacement of gov issued currency think about it  its not veggies you grow lol..    speculation my friend money to be made....

this, for the love of God this.

i feel vindicated that not getting listed was a better idea.

GLD differentiation point was the give away in bulk, which evened out early miners, which gave it a chance at grass root level, I gave a way a few K myself.

However, it appears to be another dump now

I can not understand why people always say "don't sell, every coin", when it gets listed.

WDC, YAC etc etc....

Of course people are going to dump

I am coming to the view that the value of the coin is closely related to the competence of the DEV team behind it, and the Number of DEVS.

Look at the number of puls etc in github for btc, ltc, PPC, TRC and then the rest, and you will see what I mean.

BTC is way out in front,
PPC,LTC,TRC ok.

The rest = close to silence

Well said Jubalix.

This was a pump and dump coin made for pumping and dumping. LOL @ people trying to convince others not to dump when that was what the coin was made for...

The price has double alone today, and there is tremendous buy support, We've gotten to a stable value for the coin.

stop assuming, you don't know shit because their are still a shit ton of holders

hmmm but some miners/sellers are pretty daft......like if you want to sell 100k+ don't do it in one hit lol unless u want to kill it or put up a wall and stall trading (too the noob with 150000 for 0.00001....let it breath ;)

I imagine this post embodies the average IQ of a Goldcoin investor.  :D :D ;)

I am glad you can judge someone by some posts online, pathetic imbecile you bored?

What else should I judge you by? We are on forums, where people judge other people by what they type...

I could already tell you were an idiot the second I saw the Goldcoin avatar next to your forum name anyways..

you mad brah?

I don't what i hate more. the dumpers or the digital coin fanboys who invade our threads.

fucking telling me about it

This is why Goldcoin is and always will be useless, thank the Goldcoin dev:

1 - 200 Block @ 10000 GLD (START Mining – They will go fast)
201 - 2200 Blocks @ 1000 GLD (should last a day)
2201 - 26200 Blocks @ 500 GLD (should last a week)
26201 - 48700 Blocks @ 400 GLD
48700 - 173700 Blocks @ 200 GLD
173701 - 673700 Blocks @ 100 GLD
~100 million total coins

You noobs know nothing about ALT coin investing if you're investing in some insta-mine obsessive early adopter reward coin.

Meanwhile, my cryptocoin investments are GAINING in value. I am so mad/jealous of ya'lls crap coin stash that is almost entirely worthles. hahahah you guys are funny.  ;D

Ok, I'll stop trolling you guys and leave you to watch your GoldCoin investments dwindle down to nearly nothing.

Cheers, don't say I didn't tell you so,

Ch

i can see it now going to get gobbled up and regretting selling so low lol

are you kidding me? who the fuck said we invested in it? I got all my coins for free... idiot!

 ;D

I gobbled it up about 10 mins ago... Still hungry..  Please someone put another block of 150000 up for sale.

Please keep trolling. I helps shake out the weak sellers.

+1

It's not so much trolling, but stating the truth.

Goldcoin will die like the millions of pump and dumps that came before it. There's nothing that you Goldcoin fanboys can do about it.

As soon as difficulty adjusts and all the for profit miners hop off your chain, the network will take hours to days to get any confirmations, and everyone will soon forget about Goldcoin.

how bout a bet? Bitcoin equivalent of 100 USD? you in?

I would agree with you, if the miners who are supporting the GLD network were making profits. But, interestingly, it seems that there is a lot of mining going on for other reasons.

You are putting all emphasis on profits and price right now. The coin is only 10 days old.

Look at the history of BTC : people mined for a year or so with no appreciable price at all: Why did they do that ?

In all honesty I do not predict what will happen, but there may (perhaps) be some different dynamic going on here.

We will see.

its not all about profit.. keep that in mind

If we were in for the profits we would not still be giving away thousands and thousands of coins which we could sell on the exchange.

WE ARE GOLDCOIN.

smartest thing you guys can do is keep it to just one exchange atm, volumes good there, when alt coins move to multiple exchanges trading volumes drop.

the chart was up to .001 BTC / Goldcoin two times. Very great maybe in a few days or weeks it will go higher than that and stabilized.

damn I wish I had put in some sell orders for that price, would have got lucky

You're wrong.
Who ever said anything about mining for a profit? I for one am mining for the altcoin, not for money. I'm even gonna get a better GPU (which I wouldn't have done in 6-12months) right now to help support it. I'm sure there are quite a few others who are doing the same.
I've already said this before
It will only die, if we let it die ;)

It seems to me that the coin dies

Those spikes have very little to do with actual market movements and more with the way this particular exchange (Cryptsy) functions.

Normally, if the lowest sell order has a price of 1 (arbitrary units for simplicity), and I place a buy order at price 10, the order is executed at the price of the lowest sell order (1) and the difference (9) is refunded. The trade is then booked in the history-logs as having occurred at price 1.

Cryptsy doesn't do this and instead tries to match the price as good as possible. So if a sell order for price 10 exists and I place a buy order at 10 on Cryptsy, I get it for that price, even though much cheaper sell orders are available for me. This is then listed as a trade at price 10 and causes a huge spike in the price graph.

In case of GLD, the spikes happened with very low volume trades. Either someone made a typo (easy to do with the number of zeroes in alt-coin prices) or just did a trade like this for fun to mess up the graph.

+1.  Absolutely right !

Tell the whingers and money-grabbers where to go.

Good Point.  Cryptsy is fairly good in fact. I like the function.  I have so far bought 400000 GLD there in about 100 trades.

that are a lot of coins. I am also trying to buy more.

So again, I keep asking and have yet to get a response

What does GLDCoin do better or different than other currently available and more popular cryptos? 

I understand that you guys like it because it's easy to mine and you're in it early, but why would anyone want to use it if they weren't mining it or expecting the price to continue going up because more people are speculating in it?   We call that the "Greater Fool" theory - it works until you run out of greater fools.

If you were in it for the profits, you'd be doing everything you can to convince people that there is opportunity - Like for example giving away GLDcoins so more people are invested in it succeeding, because they got coins for free and if they go up in value it will pay off for them.

One last time: Outside of getting GLDcoins on the cheap and hoping they go up in value, WHY would ANYONE want to use this over other already existing chains like Litecoin? 

Last time I'm going to ask, I'll just assume you have no answer if nobody answers again.

I'm lost because if you're so into only sticking to existing chains like litecoin why even look at this thread?

I don't care about Litecoin, I'm asking why someone looking at this for any reason other than because they think they can sell it at a higher price after getting them for cheap/free (mining at the very beginning, or being given them by people who are)

I'm really curious and it's odd nobody will answer me.  Why WHY would anyone want to use this vs. something that is already available and more widely adopted?  I appreciate you'd rather just talk about what you think my motives are, so let me be clear: I'm a journalist and I'm trying my very hardest to understand why this is anything other than a pump and dump.  Please convince me otherwise

Does it offer any differences or advantages?

For me it the transaction speed, seems very fast, faster than bitcoin.

Current profitability of BTC 163%.

In addition to the above, i'll be honest here, it's the first coin that I can mine with my single GPU that I feel like I have a say in what happens to it.

I also happen to like the name for what that is worth.

To date I have mined ~6,000 coins, purchased ~30,000 on cryptsy, pledged and or given away more than ~7000 coins.

I don't have $1000's or $10's of thousands of dollars to throw at a mining farm to mine bitcoin or even litecoin, that money is tied up in stocks, forex and physical silver, which I am not going to touch.

In addition I like the people that are involved with GoldCoin and I get to participate and see actual results from my contributions.

Others may feel differently, Others may have other reasons why, but for me the above is the absolute truth, take it or leave it.

*Image removed due to spamming*
-SaltySpitoon

I appreciate the attempts to answer this, and have follow-up questions.


Can you elaborate on this difference?  You say it seems very fast, why is that?


You like it because it's profitable to mine, as mentioned before that seems like the reason people would like it, but doesn't answer the question of why someone not mining and not speculating would want to use it.  

You like it because it is named  "gold" which makes people think its more valuable than something like "feather" - Do you think this is an advantage, or is it a marketing gimmick?  Does GLDcoin do anything to make it more like "gold" than any other cryptocurrency out there?

What are the reasons, besides being named "Gold" and being easy to mine when right now its hard to mine more popular alt-chains, that it is "building up a following"  - Is there anyone in this following besides Miners who gain from it being more lucrative to mine and speculators who think it will go up in value?   Does it offer any tangible differences in, say, the code, or the rules they codify?  Or is it just about the name and the ease of mining?  

Also, does anyone realize that making an agreement among early miners to not sell their mined coins is a classic example of collusion? (http://en.wikipedia.org/wiki/Collusion)  Supply side agreeing to not sell because it would increase the supply available to the market, when by keeping supply tight the price per unit sold will be higher than it otherwise should be?  Does anybody have a problem with that, or is it just standard practice as far as you're concerned?


Why should you have a say in what happens?  What do you bring to the table with this power?   Whose interest are you acting on behalf of?

Why do you like the name?  Does it have anything to do with reality, or do you think it is a good marketing choice that will make unsophisticated users more likely to trust it because they believe gold has value where feathers do not?

How much did you spend to buy 30,000 GLDcoins, how long did you mine for 6,000 GLDcoins, why did you give some away - Altruism or because you want people to associate value with it, since they now own some and stand to profit form its further adoption?

Besides being easy to mine, what is the advantage of mining GLDcoins?

How do you participate in GLDcoin?  Is there a forum? Do you vote on things?  What things have you directly impacted, and why did you think it was important enough to initiate change on?  Are there any things you feel should be changed about GLDcoin, what are they, why, and why hasn't it already happened?

That is really it.


GLD has some pleasant honest people., who are not generally in it for a quick buck.

Everyone likes to make a profit, sure, but there is satisfaction in decent, fair trading.

The nastier element on these forums are supporting other coins. We don't diss their choices.

Respect is all.

Curious: If you succeed and GLDcoin gets to be a dominant Alt-Chain, do you think the community will stay the same?

Again, I understand how it makes sense now.  But if you succeed, doesn't that fall apart?  Doesn't widespread adoption make that point moot?

The short term reasons are clear, I'm asking about the future of the coin.  Think 6 months out, two years ago - What is the reason at that point?

Enough questions. Some people have faith, and some need proof and never run out of questions.

There are some things you cannot find an answer to.

I think everyone has answered your questions to the best of their ability,with candour, and that is what makes the GLD community different.

I like it because it has a high profitability. I like it because of the word gold in it. I like it because when I look at my balance I don't see 0.000000001 numbers. The point is that I like it!
There was a profitability drop to ~40% that I noticed. Did i stop mining then? No!

I fully understand your enquiry, but you cannot find certainty.  You tell me what BTC will be in 1 year.

Evolution will find its own reasons.

You are most welcome to join us : I cannot guaratee success, but I know that GLD is technically as good as most alts. After that it is the adoption and support which matters most.

Great questions, I will try and be as eloquent as you in my answers

Yes, you answered about the short term reasons why you want to be involved, and have no answers to the medium-long term reasons why someone not mining or buying at the very beginning would want to.

• It's easy to mine compared to established coins
• One person felt like the transaction confirmations were faster, declined to elaborate
• Two people felt like the community was "good" and that they could influence things now
• Several people really like the fact that the name has "GLD" in it, which makes them think people will trust it
• Two people noted that since they were giving away coins, they were not in it for the profit - Did they give away all their coins?
• One person thought I'm asking too many questions and that I should just trust it on faith

So.... That's it?  Not a single person wants to extol the advantages actually built into the code?  Nobody even can tell me what the advantages are?

Let me know if I missed anything, you guys seem really excited about the fact that you're invested and able to influence something you don't really know anything about or at least don't want to talk details on.  

At the end of the day, I don't care what you choose to invest in - But if you're telling other people they should also invest in it, these are the questions that need to be answered and it's clear nobody involved wants to do that.

Have a great day.

Edit: I see someone is going to answer my questions, thanks!

There aren't any other advantages other than transaction speed in the code.

Pretty much all alt-coins are clones of LiteCoin with some of the variables changed:
- block reward, the # of coins per block mined, really a useless stat in its basic form, since multiplying everything by 10 just means everyone has 10x more coins and the value of the individual coin goes down a factor 10. Block reward typically goes down with block count to ensure a fixed number of coins to be generated in the end.
- block target, the intended speed at which the blocks are found. The difficulty depends on the block target and the network hashrate. Fast block target means quick blocks (and more coins being mined) and fast confirmations of transactions. But the chance of splitting the blockchain (either by accident or maliciously) increases as well.
- Difficulty adjustment interval, how often the difficulty is adjusted. Basically this should be as fast as possible, since a too slow adjustment means that large changes in network hashrate can cause the block generation rate to deviate greatly from the block target.

Beyond these 3 points, most alt-coins offer nothing new. GLD included. There are some that introduce further changes, for example the change in hashing algorithm in YAC, which made it a CPU-only coin (for now, anyway). But even then, the coins are still very similar to BTC/LTC: with mining, a blockchain, a wallet-file, etc... and everything linked together through cryptography and large-scale hashing.

There are non-code aspects that can set a coin apart: Adaptation by merchants, active development and I guess the name as well. The main problem is that even BTC is not that widespread that it makes sense to compete for merchant acceptance. The main exception here is, I guess, Phenixcoin (PXC), which is a currency that was released by and can be used for a casino-website.

Right now, alt-coins are as useful as their value in BTC/LTC. One or two alt-coins may (and I stress *may*) "break out" and gain widespread attention in a few years, but for now, it's mostly just playmoney.

And that's my opinion on alt-coins :) It definitely also holds for GLD, as the code doesn't offer anything new other than changes to the basic variables, there doesn't seem to be much in active development. And while there have been a few more giveaways for GLD than for other coins, I don't think that's a very convincing reason to place GLD above coins like YAC, WDC, PXC, etc... in the alt-coin picking order.

Good answer.  To simplify and summarize, buying or mining any alt-coin right now that is not a primary use chain is like buying a lottery ticket that might be worth a lot, and costs you very little relative to that potential return.   Is that right?

+1

lol thanks guys, I heard that somewhere.  The question is, are you attempting to defraud people or have you just drunk the koolaid so facts don't matter?

Others may disagree, but yes, I think so.

My "mining rig" is very poor, it does 140 KHash/s at scrypt, so I would never mine any established coin (BTC or LTC) at a profit. But I jumped in at the launch of several alt-coins just to see if I could grab some. I got in with GLD as one of the first and got many blocks in a short amount of time (low starting difficulty coupled with a slow retarget speed is a problem for many alt-coins, causing many blocks to be mined initially before difficulty adjusts). I gathered 73K GLD, gave a little bit of it away and then just ignored it for a while since not much seemed to be happening. Then trade picked up and GLD hit the Cryptsy exchange, so I sold my GLD for ~1 BTC in total. Not a huge profit, but nice for the effort it took (very little). Got very similar results with YAC. I have some other alt-coins that either didn't manage to trade or I started to late so only got small change.

Many miners will quickly calculate the profitability of an alt-coin (manually or with help of a site like coinchoose.com) to see what to mine. GLD currently has a higher profitability than Bitcoin or Litecoin, but as people switch over, it will even out. Once a coin hits an exchange, trading becomes mostly effortless and you'll see standard market-forces push it to profitability-parity with BTC/LTC. It's a matter of hopping on as soon as possible and cashing out before the others do.

Every coin that has hit an exchange recently has finally tanked in value. It may have bounced up and down a few times, but the final direction is always south: FTC, CNC, YAC, WDC, are all down. GLD is still in the bouncing up and down phase, you can make money by buying and selling at the right time. But with GLD not offering anything innovative over the other 4 coins I mentioned in this paragraph, I see it going down in the long run.

Honestly I'd mine goldcoin just for the sake of fun and learning something along the way :)

I can personally say emphatically that I am not out defraud anyone.

OK, you win. Facts don't matter.

Now I will at least be able to invest my time and money knowing that it is just for fun...

Do you hope to profit from your involvement in GDLcoin?  If the coin is destined to fail because it does not pass the bar to become a mainstream coin, or have any special advantages to make it a niche coin, by what other mechanism besides finding someone else willing to pay you more than your cost.

Yes and why are stating that it is destined to fail?
Are you invested in bitcoin or any alt-coins at all?
Do you expect a return on investment if so?
Did you/are you going to ask the same questions to the bitcoin and litecoin community?
Do you ask these questions to your stockbroker?

someone want trade with me? I am searching for GLD.

You can buy GLD here: https://www.cryptsy.com/markets/view/30

When you introduce a new cryptocurrency, it has to be *better* than the status quo, because otherwise there is no reason for anyone not involved with speculative initial phase to ever buy or use it.  Sure, right now you guys are one big happy family all agreeing to not sell your coins because that will rise the overall value, but it's that collussion that perpetuates the fraud.  If the policy was "Ok everybody do what you want and lets see where this goes" it would be fine, and the market would reflect reality - But because many of the major players appear to have agreed to limit the supply available to the market, it means you're waiting to sell until you've profited.

So in order for you to profit, you have to sell to someone willing to pay more to you than it was worth to you in cost, which is a very low number since its a brand new alt that is just not getting a little harder to mine.  Lacking any advantages, any differences, really anything besides a 'marketable name" that means you're looking for suckers who will ignore the fundamentals (it's not any better than anything else, so it has almost no chance of being adopted because it offers no advantage to incentivize such adoption) and pay you a higher price not because it fixes any problems or has a chance of adoption, but instead because they think they too will be able to find a sucker willing to buy it from them for more than they paid for it.

You're acting like that's not how a scam works, but actually - it is.   If you hope to profit from this coin, you can only do so by getting other people to value it despite the fact there is no reason to.

I'm not saying GLDcoin is the only one, just that it by all appearances is one.  I haven't had time to look into other coins, trying to be through in developing my opinion about GLDcoin.  You guys might be well intentioned, but it's very short-sighted to say "I hope to profit" and still act like having a gentlemans agreement amongst major holders isn't collussion to keep the price artificially high.  This of course causes the greater "profitability" of the coin vs. alternatives, which encourages more people to mine it, etc.   Again, I get why you first generation miners or people who got pre-mined coins for free want to be involved - Money for nothing!   But the logic fails at that point.

I very much have these questions about every other coin, it's just that Bitcoin and Litecoin (recently) have gotten stuck in a positive feedback loop that makes these concerns fall away as legitimate utility takes the place.   it's not that GLDcoin doesn't have that same utility, it's just that mirroring it is not enough to justify using GLDcoin vs. any of the more establish alternatives.

This is a BS answer and you didn't answer my questions, do you have any crypto coins at all?

First we were accused of having millions of goldcoins and that were just waiting to take GOLDCoin to an exchange and dump our coins. When that did not happen now we are again accused of making deals not to sell coins on the exchange. You think everybody got his coins free, but again you are wrong. I personally and i know others who bought most of their GLDCoins on the forum and cryptsy. You can even look it up when we were buying the coins up from start.

Of course, I do a show about cryptocurrency.  I've purchased Bitcoin, and been given Bitcoin, Litecoin and I think some ppcoins though I never figured out how to pick them up.  Our show is donation supported, I didn't realize it was even a question if I hold ccs

Take a read through this thread, people acting like they support GLDcoin are flat out saying it.

LOL bullshit. Had my sell order up at .00002628 for a portion of my coins hours after launch. No buys yet the price never went that high

Look at the blockchain, see where all the first coins went, and where they ended up.  Someone got a massive amount of coins. Millions.  And they sent them all somewhere Friday morning.  My guess, cryptsy...

I actually believed in Gold Coin and had near 200k.  Not anymore after seeing that.

The Dev mined 2 million plus, gave some away to look like a hero, then dumped them all.  I investigated on my own its easy to do.

Dump your GLD and buy Nibbles (no exchange for us yet).  Our coin has no pre-mining, insta-mining, and our release was fair.  The fairest of any.

I'm not trolling, I'm trying to help you guys out.  We'd love to have your enthusiasm on our team...

nibble is a failure, leave us alone we love our gold

The thread is getting a bit long but I must just say that your points are valid, and I appreciate you make them with respect (unlike some other posters) . Let me try and answer your queries in a valid way:

 IMHO the nature of money is simply confidence that someone else will accept it from you, so, in that respect, all forms of money are in the same boat (unless they are backed by Specie ,Gold etc).

 As far as technical innovations go, the block size schedule and difficulty retarget times (they are well tuned) are really the only variables that distinguish GLD from FTC....However, GLD starts from a much lower price base, so it will take a lot longer to reach the burnout stage, and hopefully by then adoption will be wide enough to stand it.

I am not in favour of buying votes in the poll, neither am I in favour of pressing another exchange to list GLD.

can we all just be one big happy family, I feel like I am in some kind of soap opera

PS. do I need to make you a cake for you to believe me that I support gldcoin since just saying isn't good enough

The GLD community is a Happy Family !  It is fine to argue our points with intelligent posters, just a few people are not very polite. Don't let them upset you !

I love having a go at some people so I can get some entertainment from this place :)

Nibbles are worth 40x GLD.  Nibble had more miners, is worth more than GLD, and we don't want to be on an exchange (yet).  We are keeping it low profile to mine and build something first.

 The dev mined 2 million coins. (He got the first 150 or so 10k blocks).  Look at the blocks, and look at the addresses, and then look at the balances. 

why do you think he posted in the noob section? 

I'll trade you 100 nibbles for 5k gold.

actually a smart move and something I can't get through to many of my fellow gldcoiners

We wish the Nibble community a lot of succes with their Nibble coin.

Well said !   The market will decide which coin is better, and they can coexist without a problem. Competition is healthy.

Yeah it did. Just because it went that high though doesn't mean your coins were purchased at that price.

The best buy order I see on your google docs exchange is 2LTC/1K Nibble. If I go and calculate the price on Cryptsy I see people are paying .67LTC/1K GLD which makes your currency worth 3x as much not 40x as much. So I'll trade you 1k gold for 333 nibbles. Then, we get into your 'premine'.... I've looked at the research and I know he didn't get it because I know others who got a few of those and I got one... also you don't even know who the dev is, how do you know he got it?

hahaha sh!tcoin .. i mean gldcoin crashed in value.     56.35%  of BTC.  It is even less than junkcoin.     Now you guys can stop spamming the forum and with your more or less copy of ltc made by a kid.

GLD progressing well. The difficulty has advanced, and the price is looking attractive for buyers.

GLD, it's like a friggin Cult. Face it, it's over, aint noone drinking the GLD Koolaid.

Cult members, don't understand logic. All they hear is derpderp herpa derp GLD derpderp

Thanks for your concern about our welfare, and for taking the time to post.

herpa derp derp. Long live GLD!!! :o

<3 gldcoin