Amen!  Well put :-)

I just read this entire thread.  I have two questions/concerns from what I read.

1.  When did Devtome put a cap on 80, 000 words per writer per round, and where is that info posted?

2.  If the supply of Devcoins is truly unlimited, then I cannot see how in the long run its value can ever go anywhere but down.  That's essentially why fiat currencies experience inflation.

I see things to like about the intention to support artists, but not sure it's sustainable.

Doing the math, writing for Devtome is some of the best money a writer can make generating Internet content right now, but it definitely seems like a "strike while the iron is hot" type of deal.  If 7.2 million Devcoins are added every day forever, there will come a point where even if one writer picked up the entire 180 million dvc in a round it would be worth so little that no one would bother producing the 1,000 words needed to earn it.  But right now, it appears to be profitable.

When did you start writing for Devtome?

LOL!  The Devtome is being managed by some highly respected members of this forum, so... while that's certainly no guarantee, these members would stand to lose a lot of reputation capital if it turned out they were running a scam operation.

But even if they were, all any of the writers have contributed has been content, which is very easy to remove and repurpose elsewhere if the other end of the deal wasn't held up.

You can publish any content you want on Devtome, so my advice to anyone on the fence... go ahead and sign up (it's free), go through the steps you need to get a Devcoin wallet and all that (BTW, it has to be a wallet that sits on your hard drive, can't be web based), and then submit some content that you were going to write anyway (or have already written).  And then see how it pans out.  If it doesn't turn out the way you wanted it to, or it's not for you, then you aren't on a contract or anything and don't have to contribute any more content.

I have concerns about whether Devtome (or even Devcoin for that matter) is sustainable, but I'm reasonably confident that the people who run it are running an honest operation.  It might ultimately fail, but it's not a scam in my opinion.

When do you expect to get paid?

OK, I won't argue with you about the relative stability (or lack thereof) of Bitcoin.  But what about the other questions I brought up in my last message?  :-)

So who dumped 7 million Devcoin?  Was it one of the Devtome writers?  What did he/she trade it for?  That's likely to happen as long as Devcoin (provided one has enough!) can directly or indirectly be traded for USD and used to pay bills.  But even so, that seems like a drop in the bucket compared to 180 million being generated for Devtome writers each round.

Sure, BTC is not exactly stable as it does fluctuate, but lately it's been holding a value of between 120 and 130 USD and not really changing much.  It's certainly more stable now than it was back in March!

I hope you're right, that Devcoin will stabilize and gain traction as a currency.  Is there a Devcoin equivalent to the Bitcoin card?

So I went ahead and joined and started contributing content to the Devtome.  UnthinkingBit sent me a spreadsheet which shows unofficial word counts to date, and I estimated earnings based on the above formula.

My concern at the moment is that the value of Devcoins relative to the dollar is falling rather rapidly--it now takes almost a million devcoins to buy one bitcoin (up from 500,000 when I first started following the exchange rate a week or two ago), and at this point Bitcoins are fairly stable in value at right around $128 to one bitcoin.  So regardless of how you look at it, the value of Devcoins seems to be dropping.  I'm thinking that situation is made worse by the fact that each round an additional 180 million of them get put into circulation just from Devtome.  That seems like an awful lot of units to place into circulation and I would expect the value to go down with each new round unless there is a corresponding rise in demand for Devcoins.

With this in mind, what is being done at this point to help increase the value of Devcoins relative to Bitcoins (and dollars)?  How is the currency being promoted so more people get interested?

Right now, if there were a payout following the last estimate of word count, it would still be good money, especially for writing Internet content.  I just wonder how long that's going to last.

Any thoughts?

Has anyone heard of this one?  I just discovered it today and it's very new, and could potentially be an awesome affiliate program with a three tier commission structure.  There are two basic products for sale.  One is a prepaid bitcoin card where you load bitcoins onto a card and you can then use it anywhere that accepts mastercard.  I think it instantly converts bitcoins into whatever currency the store takes.  The other product is a listing in a directory if you happen to be a business which takes payment in bitcoins.

My concern is that the websites seem hastily put together and it's not clear that the concepts have been well thought out or if they're gaining much traction.  Does anyone else have any experience with this program or any of the products?  If so, would you recommend them?

Anyway, here are the links (they are affiliate links):

Sign up for the affiliate program

Get a Bitcoin card

List your business in the directory

As I said before I'm not getting involved with cloudhashing, so it's not a matter of at what stage of being scammed I'm in.  It's more like "wow, there's a LOT to learn here."  There certainly are other things going on besides logical reasoning--that's true for everyone.

As for it being obvious that selling mining contracts is a scam, it's not as obvious if you are brand new to the concept of mining and have no idea of what's actually possible.  I, for my part, have found all the posts that went over how much computing power, electricity, etc. it actually takes to be quite informative in that respect.

With a lot of things, I have found that just because something is obvious to *me* does not mean people who don't see what I see are idiots.

Now you people are getting nasty.  This is a newbie thread.  Maybe some of us don't have the benefit of your years and years of experience immediately spotting these scams.  Maybe we're actually trying to educate ourselves and learn so that we *don't* get taken in by the next scam.  I'm more of a detail oriented person, so for me, it's way more effective to give some specific reasons as to what's wrong with the picture than to just keep saying over and over "it's a scam."  The APR thing makes sense--that's a good detail.  So is the actual plausibility of mining yields.  I appreciate that sort of information; I really do, and yes, that (along with the defensiveness of the owner on a different thread) is plenty to keep me away from Cloudhashing and most if not all similar offerings.  So good work, people.  You are succeeding at warning people; just try to keep it civil even if we ask questions you consider to be stupid.

Relax!  I'm not getting involved in this one.  I was just making the point that it's easier to spot trouble areas for a website claiming to sell mining shares or contracts or whatever it is when you actually understand what goes on behind mining, something I don't at this point.  That's why I appreciate what people say about how the estimated yields are overly optimistic.  Even if the company is not a scam, it still could be a poor investment for that reason.  That point was made on another thread about Cloudhashing.

Thanks for the number crunching.  That's exactly the sort of information I was asking for.  There is another thread on this forum about Cloudhashing.  While it's not entirely clear that they are a scam (though some are convinced they are), they still may not be a good investment, and you really can only determine that if you have a good understanding of how Bitcoin mining actually works.

For those on this thread who know more about the mining math than I do, are the "mining contracts" being offered on www.cloudhashing.com possible?  Do the projected yields make sense?  Has anyone ever worked with them?  If so, what was the experience?  I'm not going to touch this for a while, but would like to know more about whether the idea of buying/renting mining computing power is even feasible as a moneymaker for either party.

1. Devda is a wallet
2. It is best to get in on Devtome while there aren't many publishers, but value of a share depends on how much each devcoin is worth, and they should be 10 cents each, but are 20 for 1 penny right now because no one knows/cares about them yet So shares could end up always being $50
3. Fiction is encouraged, just double check your work, and try reading outloud.
4a. Vircurex.com has been the main site for DVC exchange for a while, but recently MCXnow has joined and I've heard it's a good site too.
4b. I believe Devcoins will increase in value because shares are smaller now, so people will want more for their coins. And devcoin is becoming easier to find in Google searches, which means it will help bring people to devtome and bitcoin soon. Making both bitcoin and devcoin more valuable. And this one can "go somewhere" because of the idea behind it. It is literally the perfect coin for building a community, and developing the planet.
5. I would tell you to mine Devcoin instead of Bitcoin, because bitocoins are merge mined with Bitcoin. So mining DVC IS mining BTC, except you get lots of DVC.



Thanks so much for answering my questions.  A couple more: 

1.  I successfully registered an account with Vircurex.  Then I generated an address for BTC and DVC.  I'm assuming that when I want to exchange one for another, that process is pretty straightforward?  It's hard to visualize when there is nothing in either account.  Also, when I do get a balance in either one of the addresses I generated, is it pretty easy to then send them to a different address, such as one in my actual wallet?  Finally, are there any transaction fees to make trades?

2.  How does one mine for Devcoin?

I'm going to go ahead and register an account on the DevTome and see where that goes... Thanks for the tip :-)

Hey, I got my wallet!  Thanks.  Anyone willing to help me test it by sending me a small amount of Devcoin?  I'd be happy to send it right back (by the end of today) if you provide your address.  1LaX4XKS9xm912HsRReibKFayPDTVhLEZc

Hi FinShaggy,

I applied for an account at devda.ch, but it wasn't clear whether or not it was a wallet or not.  Guess I'll know more once my application is approved.

It sounds like from what you're saying that writing for the DevTome is a "get in now while the opportunity pays" type of thing, since they divide up the writing into shares.  Right now, a share pays well but once there are thousands of writers, it will go down to where you earn a dollar or two per article rather than $50 or so as you currently estimate.  Am I correct about this?  This isn't a dealbreaker or anything for me, but maybe an incentive to not sit on the fence too long :-)

Also, I noticed one of the latest contributions is a fiction story.  Is that allowed?  Encouraged?  If that is the case, that is way cool from the writer's point of view--might be a way to actually finance my novel writing aspirations ;-)  In some ways it can be easier to write fiction than nonfiction, though that isn't always true.

Finally, you mentioned the possibility of exchanging Devcoins for Bitcoins or vice versa.  1.  What exchange sites do you recommend to do that?  2.  Just wondering what is behind your belief that by next year Devcoins are going to majorly increase in value relative to Bitcoins and dollars?  With so many other cryptocurrencies coming on the scene, it's hard to assess which ones will actually go somewhere, so wondering why Devcoins stands out to you.

I'm currently playing with Bitcoins but haven't gotten into any others.  How would you try to convince me to get into Devcoins either in addition to or instead of Bitcoins?

I am interested in learning more about writing for Devcoins.  I have to read through the material about how to get set up carefully, but I have a question so far.  Are there any web based wallets for Devcoin?  I'm thinking something like Coinbase for Devcoins.  For a number of reasons I prefer to not have my wallet tied to a particular computer, so was wondering if an online walled was even possible at this point.

I really like Bitcoinget too and have been using it for weeks now.  It pays out once a day--usually around 9:30pm Mountain time.

I'd vaguely heard about it in the last year or so.  More recently a colleague who shares my interest in alternative currencies mentioned it and I decided to find out more.  I found a few sites where you can earn or receive bitcoins, tried out a couple wallets and started receiving bitcoins from the websites.  Bitcoinget is hands down the best bitcoin earning website I've encountered.

I really got into bitcoins during the couple weeks back in March when the value of Bitcoins climbed from $90 to $265 and then fell back down to $60 and back up to where it is now.

Although I don't really understand it, I'm fascinated by the way Bitcoin is introduced into circulation and all the algorithms and high math and computing power that goes into it.