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Looks like this coin has lost most of its momentum. If CoinedUp were going to add it I feel that they would have already done so, since they just added a heap of other coins (including Mooncoin, RonPaulcoin and Meowcoin).
Guess I'll never be able to get rid of this 1500 MONA.
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should i withdraw my cats from cryptsy ?
Shouldn't need to, they are already prepared for the fork apparently. I'm keeping mine there. |
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#cat-pool - http://catpool.co - is being closed, due to low poolrate, and nethashrate dropping - please withdraw your coins by Friday 10pm UTC 3rd Jan Well it's past that now. Also they seem aware of the fork.. are they still shutting down or what? Not that I particularly care myself, I'll probably stick with Poolerino. |
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There must be a lot of traders currently browsing this thread (or one somewhat wealthy one), the price on Cryptsy just jumped back up to .00063 from ~.0005. Looks like confidence may be slowly returning now that people know something is being done about the abysmal transaction times. Of course there are still some weak hands trying to get out for whatever reason, so price will probably drop back down for a bit.
Now that Cryptsy have confirmed that they're prepared for the fork, I feel safe transferring my CAT back from my wallet.
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CoinedUp has been made aware of the fork. Cryptsy and CoinEx left to be notified.
Did they say they were going to prepare for it or something? |
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If I have catcoins at exchange, are they "safe" there in term of this fork ? (i know exchange owner can run away with them, but that's not what i'm asking here:) )
You can withdraw them on whatever chain the exchange is on. If they update to the forked version, you'll be fine. If you want to be on the safe side, withdraw them before the fork happens. That way you can spend your coins on both chains, no matter which one survives. but If I withdraw them now, will they even get processed by the time fork happen? I have them on cryptsy. The fork isn't scheduled to take place for another 24 hours. Even if the block time is being misreported and it's closer to 4 hours per block (I'm not sure what the real value is at the moment, I think it might be more like 2 hours), you should be able to squeeze in a transfer by then. I just decided to move my CAT off of Cryptsy in preparation for the fork myself, frankly I don't trust them to handle it very well, if at all. Cryptsy nearly instantly registered the transaction, and my CAT is currently sitting in my wallet (although unconfirmed of course). |
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I'm starting to wonder. There's no real point to a coin that has no exchange, and MOON hit CoinEX in less than 24 hours. Obviously the dev isn't from here, but surely they have some kind of plan?
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It'd be at Sunday 1AM UTC, I think. |
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I'm not aware the dev has. I've spoken to him about it, and he seems willing to go ahead, but nothing official has been announced that I'm aware of. Also; I wouldn't want to say Forking The Cat out loud in public. It may be misconstrued. Where the hell is the dev in all of this anyway? He doesn't seem too interested in the future of this coin. If this fork does go ahead, what am I supposed to do with my CAT currently on Cryptsy? I'm not convinced they'll even bother updating their wallet, and a transfer back to my own wallet could take absolutely ages at this rate. |
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If there is no mining, there will also no trading be possible becuase of getting no confirms transactions need !
Come back mine CAT and donīt only see proftabilt of your shit rig
Well trading will always be possible as long as you already have CAT on an exchange like Cryptsy. It's the movement of newly minted coins to exchanges that's going to be difficult. If volume is increasing yet supply is drying up at this rate, the price normally would have already skyrocketed, if it weren't for the rampant price manipulation. Nice you trust craptsy !!! I would never stay my coins there if i not want to trade them, not @ craptsy and even not btc-e I never said I trusted Cryptsy. It was just an example, it applies to any exchange. |
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If there is no mining, there will also no trading be possible becuase of getting no confirms transactions need !
Come back mine CAT and donīt only see proftabilt of your shit rig
Well trading will always be possible as long as you already have CAT on an exchange like Cryptsy. It's the movement of newly minted coins to exchanges that's going to be difficult. If volume is increasing yet supply is drying up at this rate, the price normally would have already skyrocketed, if it weren't for the rampant price manipulation. |
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I think this one will hit an exchange when there is a block explorer.
Well there is this: |
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I suspect the small offers are being posted by using an API, and someone is writing programs with loops to post lots of small offers. Cryptsy (or some other enterprising exchange) could counteract the effect of this by allowing users to collapse offers based on falling into ranges of values (like .00078-.000799999) into one pseudo-offer. Any any case, on Cryptsy, you can conveniently specify a high number to do a purchase and it will automatically sell at the best possible price, so in effect you can eat up dozens or hundreds of these ridiculous entries, in one buying step. By contrast, you have to be careful at the other Catcoin supporting "free" exchange (left unnamebd), because if you try to do this, they'll pocket the difference, so you have to laboriously type each purchase amount to match each offer on the market to get the best price.
Sell on Cryptsy, buy from CoinedUp. You can sweep up a few sell orders on CoinedUp. Even if they're keeping the change (on the sale of the lower priced sell orders), the overall buy price is still lower than you'd pay using Cryptsy. That's been my experience. There's actually a stocktrading term for this strategy, but I forget the name for it. You have to get your timing right, because normally the price differences between two exchanges will normalise. Arbitrage. It's difficult to do with cryptocurrency though due to the transfer times (especially with CAT as it is at the moment). |
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Well I did pretty well today with the price crash. Went from an initial 106 CAT up to 123 CAT. Not a bad day of trading if I do say so myself.
I wish Cryptsy would do something about all these 1CAT buy/sell orders though. It's blatantly obvious market manipulation/trolling. Of course they won't, since there is no money in it.
I just hope the network hash rate gets back up to around 1GH/s or so sometime soon. Transaction times are horrendous at the moment. My pitiful 300KH/s isn't going to help with that much though.
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Think I'll wait until an exchange accepts the coin before I even think about selling my 1566 MONA. Though even then I might just hang on to it for a bit. Not sure yet.
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i wonder what it feels like to lose 250 coins like that   I wonder. I actually profited from that crash, went from ~107 CAT to ~120 CAT. Not bad if I don't say so myself. |
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Thanks for your replies. So where does the 10 minute block time fit into this?
Well in an ideal situation it SHOULD take 10 minutes per block. At the moment it's at nearly 30 minutes per block, so it currently takes nearly 3 times as long for transactions and payouts to process as it should. This in turn scares people away towards other faster altcoins, which in turn lowers the hashrate further, increasing the time taken per block, rinse repeat. Currently it's 26 minutes per block, meaning that even with the reduced 60 block confirmation time for payments on some pools, you're still looking at just over 26 hours for payments. Hell even at the expected 10 minutes per block, it would take 10 hours for payments even at only 60 confirmations. People are seeing these numbers, comparing it to other coins like DOGE (1 minute block time at around 80 confirmations for payments, or 80 minutes) or even MOON (90 second block time at ~50 confirmations, or 75 minutes) and simply shrug and move on. One of five things will happen at this rate: 1. Whoever is manipulating prices on Cryptsy gives up, or at least allows the price to increase. He/they are probably the biggest reason for the prices staying so low (difficulty has increased nearly 3x yet prices are about the same as the other day). At the moment the entire market price for CAT across the board is being dictated by one or two of the earliest miners who were around at the coin's launch. 2. Someone with massive hashrates (perhaps a larger pool like Multipool for example) needs to turn their attention to CAT. Unfortunately given the absurdly low prices, it's far more profitable at the moment to simply mine DOGE and trade for CAT if you really want to gain CAT. 3. The coin itself might need to be changed to have a smaller retarget time (resulting in a hard fork, which has an extremely high chance of killing the coin altogether, as it would be delisted from Cryptsy and half of the reason people are interested in this coin to begin with is the fact that it's the Scrypt Bitcoin). 4. Demand suddenly jumps 10x, demolishing the 2500+ CAT sell orders on Cryptsy and allowing the price to rise naturally. At this point that's simply not going to happen. 5. Miners keep leaving, block time keeps increasing, the difficulty never decreases, transactions end up taking days or even weeks to process, and the coin for all intents and purposes, dies. People keep saying that promotion is all the coin needs, but I think you are underestimating how much demand we'd need to generate to destroy the sell walls on Cryptsy. I think getting worried about a coin that's been up for 3 days on Cryptsy is a bit overdoing it. There are hundreds of thousand of coins being dumped. This is no surprise and has happened with EVERY coin released. Someone is buying all the coins. They are buying them for a reason. We will all learn that reason soon enough. If the coin was in trouble no one would be buying up everyones sells. There are multiple people buying EVERYTHING that has been sold. Because there is no miner's dumping on the coin it is easier to skyrocket it. ZET and QRK were easy to skyrocket in the past because miners cannot sell into the buy walls. CAT is producing low coins ... only 1% or 10,000 per day. Perfect to pump up. Anyways.. 2 of the last 3 days has seen selling and drops on most coins. This is no surprise. Well I'm still hanging onto my ~106 CAT, as I still have some hope that something will give. I'm hoping it's just because of New Year's that the prices are so low, but time will tell. There seems to be a 4000 CAT sell wall @ 0.00084 as well which isn't helping at the moment. EDIT: AND now there's a 2000 CAT sell order @ 0.00083. Great. |
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should be adding catcoin in the next few days That's pretty cool. Hope it happens. One more reason for Catcoin. Not a gambler myself, but we need services. i thought we could use some good news Hi, I was actually thinking of it last night. I will try and add it within the next few days or by end of the week. Thanks for the interest. that was the response i got this afternoon... on a side note someone needs to write an article called Cryptsy a site for trolls "trading at it's slimest" and then go on to how one person can manipulate the pricing and even troll off all prospective buyers i think that if it were submitted and published to a few cryptoblog they might change the way their trade system works cause right now it's broken Frankly Cryptsy have proven time and time again that they simply don't give a shit. Catcoin could die as far as they're concerned. |
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Thanks for your replies. So where does the 10 minute block time fit into this?
Well in an ideal situation it SHOULD take 10 minutes per block. At the moment it's at nearly 30 minutes per block, so it currently takes nearly 3 times as long for transactions and payouts to process as it should. This in turn scares people away towards other faster altcoins, which in turn lowers the hashrate further, increasing the time taken per block, rinse repeat. Currently it's 26 minutes per block, meaning that even with the reduced 60 block confirmation time for payments on some pools, you're still looking at just over 26 hours for payments. Hell even at the expected 10 minutes per block, it would take 10 hours for payments even at only 60 confirmations. People are seeing these numbers, comparing it to other coins like DOGE (1 minute block time at around 80 confirmations for payments, or 80 minutes) or even MOON (90 second block time at ~50 confirmations, or 75 minutes) and simply shrug and move on. One of five things will happen at this rate: 1. Whoever is manipulating prices on Cryptsy gives up, or at least allows the price to increase. He/they are probably the biggest reason for the prices staying so low (difficulty has increased nearly 3x yet prices are about the same as the other day). At the moment the entire market price for CAT across the board is being dictated by one or two of the earliest miners who were around at the coin's launch. 2. Someone with massive hashrates (perhaps a larger pool like Multipool for example) needs to turn their attention to CAT. Unfortunately given the absurdly low prices, it's far more profitable at the moment to simply mine DOGE and trade for CAT if you really want to gain CAT. 3. The coin itself might need to be changed to have a smaller retarget time (resulting in a hard fork, which has an extremely high chance of killing the coin altogether, as it would be delisted from Cryptsy and half of the reason people are interested in this coin to begin with is the fact that it's the Scrypt Bitcoin). 4. Demand suddenly jumps 10x, demolishing the 2500+ CAT sell orders on Cryptsy and allowing the price to rise naturally. At this point that's simply not going to happen. 5. Miners keep leaving, block time keeps increasing, the difficulty never decreases, transactions end up taking days or even weeks to process, and the coin for all intents and purposes, dies. People keep saying that promotion is all the coin needs, but I think you are underestimating how much demand we'd need to generate to destroy the sell walls on Cryptsy. |
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I have a question about the block time vs difficulty. (sorry I'm a relative newbie here) Pretend (totally pretend) hashrate went down to just a few miners @ 10 m/hash continuing to mine catcoins.....though the difficulty is 176, would they still be awarded a block every 10 minutes? Nope, it would take probably take days per block if it dropped to 10MH/s. If it gets to that point the difficulty will effectively stay at 176 indefinitely, killing the coin outright. Each miner would get a larger reward from each block yes, but the pitiful block time would cancel that out and then some. |
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