Bitcoin Forum

I posted this on another thread but thought it could be food for thought for everyone.

Just for starters 42 has seemed to catch a bid in the market since late October.


Here is my take on 42coin. The developer Hendo420....I don't know what this guy is doing but he is wasting an opportunity with this coin. Whether it gets back to just 42 coins or not, it can STILL be a major player if it gets cleaned up. The math is there on this coin. Its what...at 52 as of right now? And there is what...14 million bitcoins at the moment? That's still about 270,000 to 1. Now, consider LTC relative strength is about 1/100ths of BTC. It currently has about the same amount mined as well. Now I'm not saying 42 should have the same strength as LTC. Lets go big here to show just how out of whack this current market is for 42. Lets say 42's relative strength is 1/10,000ths. That is 1000 times less "relevant" than LTC. Id say that is beyond generous considering the name recognition this coin had at one point. at 1/10,000ths BTC we should still be looking at a price of roughly 27 to 1 BTC right now. Its currently in the mid 2 to 3's.

Just as a frame of reference, I will use Dogecoin. Using the same algorithm, Dogecoin is only about 1/426ths BTC. Im only using 1/10,000ths BTC as a basis for 42. My thesis should be pretty clear. There is SO much upside to this coin if a few people get their act together. 

I mean, literally, its a $#!T coin right now. I've seen the disgust on here for the devs and all the guts of this coin. Im not saying that isn't warranted. It looks like hendo couldn't take the razzing and just let it go. Plus its fall from grace was EPIC. I am talking strictly numbers here. It could take a ride up to more of a fair value. Hendo, Man up. Stop getting your feelings hurt. Stop running away from online bullies. Its ridiculous. Buy a chunk of your own coins, ignore the chatter, fix and develop where its needed, and shove it back into the people's face who doubted you when this thing goes up. That's how you make something of yourself. I shouldn't have to tell you this. Hand the damn thing over to me. Ill buy 20% of the market and retire off of it. Seriously! That's the attitude of a winner and that's what this coin needs.

Shitcoins are shitcoins, no matter how rare

The big problem here is that no-one likes to deal in fractions of a coin, this is the main dogecoin strength vs 42.

Dogecoin is the shittiest shitcoin out there. How is that a strength? What if I told you that I don't like 1 million of my shitcoins to be worth 2 cents. That's a bit too much but you get the idea.
However 42 has a pretty good idea, but weren't there 52 coins out there?

While I agree, there is still money to be made to turn into more BTC. On a relative basis this coin is extremely undervalued compared to almost every other altcoin out there.

I agree somewhat with you. When you start a company, the norm isn't to have 10 shares of something. Its to have 1-10 million shares. In real terms if you give someone 1 out of 10 shares its 10% but everyone feels much better seeing 1,000,000.

I used Dogecoin in my original post ,but I ran the numbers on most of the top 10 popular coins. 42 was grossly undervalued. And lastly, just like some people don't like it, some people do. My thoughts are strictly on a relative value scenario.

There is 52 coins now. I think the dev messed up his calculations in the beginning. From a post Ive seen on here they think they have a fix for this. Im saying even if they don't, its not that big of deal in the long run. I actually think it could be better if they let it grow to a bigger number.

So, OP owns 1 out of 52 42 coins, and is trying to pump so he can dump? How else to explain the stream of bullshit emanating from this thread? It's extremely undervalued, except it's coded by some fuckwit that can't even figure out how to count to 42, it's got no network to speak of so it's extremely insecure, and it's only traded on Cryptsy which is in the midst of goxing. Did I miss anything?

leave 42coin as is...    cryptsy is the main exchange and they are having issues.. wait and see approach might see its outcome 

Lol, you mad? You sound mad. Sorry for calling out your attempt to pump a shit coin. Carry on.

It might need more than 42 coins in my opinion. Contrary to this other guy who thinks im trying to pump and dump. More coins would be vary dilutionary in the beginning. Cryptsy is the main exchange and it needs more liquidity, let alone if you try to expand its ecosystem and try to get on another exchange...not enough coins to go around. The only thing that could keep it at 42,52, whatever is if the price increased enough that most people couldnt afford a whole coin. that would have to be significant to put a dent in it. like 100+BTC per 42 just as a start! Something needs to happen to get this out of the rut it is in. either more coins or a much much higher price.

Speaking of Cryptsy, I have heard they are having issues but I havent heard what exactly they are. Can you fill me in?

Cmon, you basically admit in your posts that you only want to pump 42 so that you can cash out to BTC:


What are some actual reasons that 42 coin is undervalued? The total amount of coins is a bullshit argument, otherwise LTC would be worth 0.25 BTC, not 0.01. It's a coin with no user base, no hash power, a market cap that is less than a paycheck, and no innovative features. If 42 coin is good, why isn't OneCoin better? Shit, why not have the enitre coin supply be 0.001 coins; that would be so rare! Keep feeling sorry for me, I'll keep calling your favorite shitcoin a piece of shit.

So you have no actual reasons why the price should increase, other than the price should increase so that the price can increase...or something. Keep pumping, maybe you can double the market cap to $2k :P

Comparing your shitcoin to Bitcoin, Litecoin, Dogecoin, or any other coin with more than 5 nodes running on the network is like comparing apples and shitcoins - all of the above have people mining and using them, while 42 coin has a couple of asics mining it and two exchange nodes and not much else. Why would anyone want to use the 7000th scrypt clone coin? You still haven't provided any actual reason. Bitcoin is the first, Litecoin offered a new algo without the premine of Tenebrix, Dogecoin gave such wow and much community. 42 coin offers a poorly coded clone coin that can't even properly implement a 42 coin limit. Keep calling names and saying 'lol' rather than give any actual reasons why someone would want to own one of these 52 pieces of shit, I'm sure you'll attract others to your noble cause.

Dogecoin is hardly the shittiest and I would agree with the above poster who said people hate dealing with fractions.  My feelings don't run that strong but I like that aspect of doge.

idk if its still an issue with cryptsy since last week but my BTC withdraws were halted like many others.  cryptsy was able to help me withdraw using a different coin and selling it on another exchange..  I havent dare tried to use cryptsy since

Got it. thanks for the update. Good info.

 cryptsy chatroom

last time I get ban from the chat and the admin say It was not true here is the picture of my account!
romanvanree443
@AgentKaren: how long does it take to process a withdrawal?
TheWebonaute
very very long lol
goingonzo75
Is it just btc withdrawals that are not going through  or is it all coins this is ridiculous

agree with OP

42 has a likely spot in top 200 coins in the long run

but wrong on 1 point ... Hendo was/is a scammer ... see the record (hidden premine)

and he abandoned the project once caught ... so the original concept of just 42 coins is fubar

but 42 the network is fine as it is ... no need to fork right now (hash power is okay compared to the field)

later when a real sincere dev enters it can maybe fork to a POS [or other] and be a better investment

Thank You. This is what I want. Now I'm not a developer but I have all the business skills needed. I just want hendo to give it up and let a good team develop this the way it should. They literally did nothing for this coin. I've seen him post something about a revival but have seen nothing come from it. He needs to either apologize and work hard or get out of the way.

NO disrespect, but i will make this easy for you,

 HENDO owns 42coin and the github and the code,

no amount of group voting, or want will change that fact, i am sorry for the bags you hold.

just use the energy you have on a new coin, one without so much negativity and scamming around it.

J

Agreed.  It's pretty hard to come back from a coin with a history of a scam.

@duuuuude

agree.
why i sit on the sidelines.  he can screw up the process of a revival but he can't force a fork.  and I doubt he holds much coin.  

but there seems to be a collective 'community' that wishes for 42 to remain existent.

there's no other explanation for such a trainwreck of a scrypt POW coin holding on to strong trade and network performance despite having absolutely zero development (18 months abandoned) and not even a website.

so the current version of 42 will just keep clunking along until

1. Hendo comes to the table and demonstrates good faith
2. Else arrangements can be made by community to fork on their own

cool part is nothing could happen and 42 is still a viable coin

new thread https://bitcointalk.org/index.php?topic=1220610
cuz Hendo locked the orginal thread ... distancing himself from his crime

I disagree. With the magnitude of the epic fail that happened with this coin....everyone loves a great comeback story.

I agree. I think if Hendo has any coins he would be trying to make the value appreciate. He has never done anything. I mean. How much could he have? there is only 50 some coins right now. Thats only 100 ish bitcoins. Childs play when you really think about it. I think he has very few if any. Thats why Im saying for him to get out of the way. Ask for offers and take a buyout and walk away.

@duuude. Nothing to be sorry about. My whole premise of this article was on a relative basis 42 coin is undervalued..whether anything positive happens to it or not. It's just math. And I felt like sharing it

When 42 was added to craptsy people pumped it to 1800BTC in few hours

I know. ridiculous. It will never be anything close to that again. That was a lot of people getting into something they didnt understand. I do feel like 15-30btc could easily be in the realm of possibility if the right things fall into place.

Kid, please stop this foolishness.  The absolute number of any coin, be it BTC or 42 or anything else, is utterly irrelevant.  It is nothing but a necessary numeric abstraction that functions as a unit of account for the public ledger.  Any coin could be forked at any time for the purpose of sliding the decimal place to the right or left as many spaces as we like, and no value would be added or lost.

A particular blockchain derives it's value from adoption and functionality.  Community also plays a role, but only in the alt world.  42 coin has no adoption and no more functionality than any other random shit coin.  It doesn't appear to have much of a community.  In fact, I'd say it's marketcap of 115 BTC is looking a bit bloated right now.

View your holdings of a particular coin not in absolutes, but as a percentage of your ownership of that chain.  At the end of the day, your argument boils down to nothing but "it's gotta be worth a lot cuz there aren't a lot of them!".  Nonsense.

I love the amount of 'insight' in this set of posts, the basic fact is - if 42 only had 42 coins total, people would dump it all to BTC and stop mining it. Community? Get real.. New coin arrives, people mine/buy and sell, rinse and repeat - don't keep spewing fiction.

It wasn't a miscalculation of total coin-base - the dev just didn't have any conditions set for when supply exceeded 42.

Lets look at https://github.com/fourtytwo42/42/blob/master/src/main.cpp:
862:    if(nHeight == 4242424)
863:    {
864:       nSubsidy = 0.00042 * COIN;
865:   }
866:    if(nHeight >= 990382) 
867:    { 
868:       nSubsidy = 0.00;
869:   }
870:    return nSubsidy + nFees

Lines 866-869 were only added 5 months ago; so mining would only receive the fees (tiny) hence making it worthless. Cryptsy has decided to ignore the new code (because they do what they like basically) - so 42 will most likely go on forever.

Least the dev has a sense of humour:
846: if(nHeight == 420) // yay its 420 :) Time for a smoke
847:    {
848:      nSubsidy = 0.00042 * COIN;
849:   }

Basically, put this behind you - keep trading all your scrypt to BTC like everyone else, and dont read into the hype.

if you guys are paying attention, Cryptsy issues with withdraws would cause me not to sell my mined coins and now trying to find an exchanged is almost pointless..  if there is no why to trade them to btc or any coin or fiat .. i would think now that they are worthless :(