Bitcoin Forum

According to this: http://coinmarketcap.com/
Novacoin has been really bullish during the last 7 days. Is it a bubble forming? I honestly think that NVC is just another scamcoin ( copy-paste from LTC + copy-paste from PPC ). Therefore it really bothers me that it's going up like that. Can anyone explain the phenomenon?

Maybe the ponzi-style massive interest rates?

It is a centrally-managed money-supply, the lords of the kremlin or whatever decided to crank up the interest earned by stakeholders to insanely high levels akin to pirateat40 style ponzis and the like or maybe even higher than that. Maybe people are buying it to acquire stake, maybe not realising the comrades can crank it back down again any time, such as once the have dumped into this pump using their huge interest earnings?

In short it is not merely the usual "scam from the start" but an actual dynamically on-going scam where they hack it up to do any new scammy stuff they feel like on an ongoing basis.

-MarkM-

Are you in the right thread?

I think so, what is the interest rate on stake? What was it a few weeks/months ago? Has it changed?

-MarkM-

They're buying it because other people are buying it. There's little volume on NVC so it doesn't take anything to move the price.

Its a scam coin. When a few folks can trigger buys alone they can make the market move. I dont think Novacoin has much value at all. As a matter of fact, until these coins are actually used in transactions for tangible goods they should all have a value closer to current Stable Coin prices.

Haters need to use a word "scam" more often, may be 3-4 times across the sentence, more novascam, russkie bastards coin, red russian scam and so on.
PoW+PoS coins are the future, cause they are less vunerable to attacks and more energy efficient)
So, it's quite logical that NVC, bottlecaps, bitgem, bitbar etc have their value.

What happend? Just a nice manipulation expected...when you know history of NVC...

Nothing surprising for me... Waiting it go like half btc and (xxx-x.com) will dump their 150 000 coins...to you guys :)...But dont worry apparently NVC is used a lot in market russian... ;D

to be continued...

The interest rate was changed from 1% to around 50%. But it was done in the open with lots of advance warning. So I wouldn't call it a scam.. but I'm confused too as to why the price went up. If the Bitcoin devs even thought about trying the same thing it would be an epic coin-ageddon.

Bitcoin Dev would need to have their own exchage first... but yes

I like PoS, but that doesn't mean we need more PPC-clones that don't add much more. Especially ones with premines.


PoS made me a little bit uneasy with how it just gives more money to people doing nothing with money, but PPC's rate being 1%/year didn't bother me too much, as that's below most economies' inflation rates. Anything a little higher than common inflation rates is a bit weird. But you've got to be kidding about 50%, right?

People, you better do some research before posting smth like ppc-clone and nothing more, scam, premine, 50% interest and so on..
But, I can understand, that someone just hate NVC/Balthazar or just everything that smells "russian"  ;D

You list out issues with the coin, and then dismiss people that hate that coin as just being racists? That's an interesting debate strategy.

Oh please, one of the most infamous launches in history defined nvc forever as a scamcoin. Too bad...

Well, in Russia you don't own Novacoin, Novacoin own you

Who cares about the launch, or the pre-mine (or the mess that followed).  BTC was pre-mined.  That scamcoin is the 2nd most valuable crypto out there...  Just sayin.

may i ask... so when is a altcoin finally not a scam coin? by your standards of course.....

Total supply 326,217 NVC

Well there were more shady activities involved other than a premine. But yea, shady devs and premine seems to make a coin popular today.

You definitely don't understand PoS. First of all, PPC would be dead without centralized checkpointing, that's the problem being addressed in NVC.

PoS is about blockchain security and transaction confirming. Do you really think creating PoS is doing nothing?
The interest rate is made variable and it's initally high because of low difficulty, just like the minting when coin starts. It will decrease with time.

See, told you they will decrease the interest rates once their cronies have multiplied their stake with insane interest rates.

-MarkM-

This phenomenon is amazing only for those who still believe that the NVC is scamcoin.  :D

Everybody can study  NVC conception and understand "what & why".  ;)

There's no "they", the rate is being ruled by participants who can be anyone.

That's what I thought as well.  But what if, because of their questionable start, 'they' own well over 51% of all coins in existence?

But to answer this thread's title question, I think it's a combination of the sequence of recent attacks on blockchains and the increased awareness of the security characteristics of a PoS or PoW/PoS hybrid coin.  Even altcoins like CAP and CGB are rising in sympathy.  It's interesting to watch.

That's possible and I am sure someone owns large sums. But in the network they are the same as others, getting the same interest. And if they are getting large interest rewards now, so are other stakeholders. At best they can try to maintain their stake as percentage of money supply, but there's still pow minting that debases their stake.

Large holders are critical to currency survival because they are incentivized to keep the currency afloat. But if they dump I will only buy more because of pos. At least anyone knows the risk.

Yeah its like any other high interest ponzi scheme, everyone knows the risk but as long as they make a profit they don't care. Standard fare.

-MarkM-

Pretty professional comments out there.
I advise you to learn what Ponzi scheme is.

Not kidding :) The rate will decrease from 50% very slowly with time. Right now it decreases in relation to the amount of stake being mined to the power 1/6. It's the 1/6 that is going to keep it very high for a long time.

Btw, why is everybody forgot that the "premined" coins were destroyed by btc-e?

https://bitcointalk.org/index.php?topic=144158.0

The fact it existed in the first place is telling.

Guys, why don't you ask Balthazar about the reasons :)?