Somebody wants cheap coins...

So this old chestnut of a problem.

Sent some coins from my wallet, and there have been zero confirmations.  Tried restarting wallet, still no confirmations after an hour.  Wallet has been reduced by the number of coins I wanted to send, but they have not arrived at the other end, and there are no confirmations showing.

Have tried launching wallet with -rescan switch, but still no confirmations.

Any advice on what can be done?

Just as swift as with 1 card.  It all scales down (and up).  Just depends on the appetite for risk.  Is the ROI going to be complete before asics are out? is it the right coin to mine out of the dozens available and hoping to become big?

Is there a large enough buy market for that number of coins right now?  I could sell my circa 10M today probably with a little effort and make a pretty decent return, could I sell 100/200 million?  Probably impossible I would say.  So they have to hope the coin succeeds, or need to find a way of dumping large volumes regularly.  If that happens, it kills the coin in the early stages and they are left with a $130k rig thats mined a load of nothing.

Upsides and downsides to each strategy, but with that kind of hash power on a new coin, they are certainly taking a risk.  WOuldnt surprise me if they stuck around until block halving, then mined something else like doge or another coin where they can make a steady investment return until another early coin comes along and they want to take a few days risk on that.  Do I want to throw that kind of money (if they are gpu miners) at crypto as its not my day job, not really.  Ive probably invested £2-3k in miners and electricity so far since December.  If that goes down the pan, Im not bothered.  If ID invested close to £100k and that went down the pan before ROI was achieved, I'd be a bit annoyed.  So just depends on the appetite for risk, and if they are using GPU mining or whether they have got asics - then its a whole different ball game.

This ^^

It needs to stand out, so the symbols etc may be a nice addition - but make it too long and people wont bother reading it.  Short and to the point, does what it says on the tin, etc etc..

This is where my thoughts are, but they would be pretty dumb to have them all sat on one account.  Kind of gives the game away.  They could be doing maybe 20 Mh per asic, in that case it would be a lot wiser to register diferent accounts and stick one asic on each account, thats the best way of keeping them under the radar.   Though given the massive has rates seen by some single users, Im almost certain that asics are in the wild now.  Its just a case of who blinks forst as regards going public and selling the things in large volumes.

If they cant ship in large volumes, then they run the risk of alienating a lot of GPU miners who will fear becoming obsolete, killing coin values and making their own asic product look a bit pointless as an investment.  If they can build stock and shift them in the hundreds, then its a great money earner.  I'd buy one.  If they were available to order right now and have shipped, and not any of this "put a deposit down and we hope to ship it three months from now" garbage, Id happily put £20-30k into them tomorrow.

All relative, how much does that muc mining hardware cost?  At UK prices its £250 for a 280x that does 0.7Mhs  So would take 342 cards - thats £85,000 in cards alone, plus another 10% for boards, memory processors etc etc..  looking at well over £90,000 or about $130,000 in rigs.  Then there is the electricity at posibly 100KW + to run.

Or a botnet.

Unless of course asic scrypt miners are in the wild....

If they were, then the people making them would be nuts to sell them,just make the things and mine the coins without telling anyone else. Much more money to be made imho.

Although a relative newbie here, I have noticed that the number of threads with giveaways etc clutters the forum considerably.

However I can appreciate that these giveaways are an essential part of marketing for a coin, and moreover will be expected to happen for any coins with a premine.  It would therefore make sense to me to have a giveaway subforum where these can take place without cluttering the main alt coin forum itself.

These coins will need to be marketed, and it would seem the sensible move to allow this to continue here in a structured manner rather than drive this activity away from the site to other locations.  If coins are to be launched here, then it would seem sensible that all other information about a coin should be available here too, its just about keeping that information tidy.  Can a subforum for giveaways etc be considered?

I was responding to the posters prior to you. Took me a while to type.

As for driving prices down.  Even though the volume has dropped significantly, my posts are not driving the market down.  It just so happens that I post my views as to what is happening. Do you think the price dropped from 60 to 30 because a handful of people posted their doubts about the coin and warned against others pumping it?

I've traded lot myself, while mining other coins. I found I had 160k in my lot wallet, and have traded this to a little over 1m in the past few days that its been around 38-30.  That doesn't stop me being realistic over its future prospects though.  If the coin can be used for more than just gambling on a few sites that are run by those who are involved with the lot thread here, then it may have legs.  Other than that, its another alt for mining and auto selling with a bit of an escape for people to play on its own games if they wish. Nothing really groundbreaking.

People will have strong attachments to this coin given how much time they have invested in it, but this emotional attachment could blinker their view of just how attractive this coin is outside of the lot community itself. That's only human.

Couple of guys got arrested for using their btc exchanges to allegedly facilitate people buying and selling drugs.

Russia also released some advice that using "alternative" currencies was dangerous and could facilitate terrorism etc.

Combined these gave the whole cryptocurrency market a knock.  People will have bailed fearing a complete crackdown or closure of exchanges.  Will take some time to recover, and could get worse for a while yet.

So they haven't worn you down yet?

I used to post honestly about this coin here a couple of weeks ago.  Take your pick from the following responses "troll", "butthurt", "fud", "ignore", etc etc.

This coin is being run by a select few who hold tens if not hundreds of millions of these coins.  Some of the games are completely mis-sold (like the lotto that is actually a raffle).  The only one which is remotely fair is the rapidballs lottery.  Not that any of these few people controlling the coin will ever admit it, but I've never made a wrong call about this coin, ever.  I've called others out on pumping that would have caused people to lose money if they followed their calls to buy at 50 etc.  All these minority of people do is then tell others to ignore me.

The giveaways vastly over value the coin in terms of its worth.  Look at the latest one, 2,000 lot for sending 10 emails, writing your own opinion on each, taking screen shots of each, uploading all these screen shots so they can be submitted to claim the "giveaway".

That's not a giveaway, its pathetic pay for slave labour promotion.  How long is that going to take?  Even at 3 minutes each its half an hour.  For 2,000 lot? (48c at current exchange rate).  At the current rate that works out less than $1/hr.   Seriously.  That's the sort of "giveaway" we can expect?

How many millions were given away to promote the coin on "this weeks coin" for example?  And this was branded as "huge news for the coin".  The only person smiling about that is the guy who walked off with a few million for promoting the coin for a couple of days on a twitter feed read by about 800 people.  Which is probably less than the number of miners that were already on the coin by that point anyway.

Without some serious thought about how this is to be driven forward, the novelty of the games and casino will wear off, and it will be a case of a thousand cuts from auto selling which will cause drift here.  Unless of course there is another break by doge which is more or less dictating the market for new ALTs at the moment.  Look at the latest 200 trades, nearly all auto sells, and a buy order book that barely has 3 or 4 days worth of mining listed (about 94m a day mined).  What and who is going to sustain that level of buying if the coins gambling novelty starts to wear off?

I would like to see the block halving before it gets added to a major exchange, and preferably most of the way toward second block halving.  This will protect the current early miners from pump and dump that usually accompanies major exchange launches.  It would make for a good foundation on price.

Its not winter in the southern hemisphere.

Network has almost 1.5 GH/s now.

I dont think the bounty would be for the idea, I think it would be for the actual creation of the tool/site/system that helped.

Just a thought on the whole "green" thing.

It may be seen as a little bit hypocritical, given the large amount of electricity that would be used to mine it in the first palace.  However, if there were an element given back it could be a novelty that sets the coin apart and certainly may be looked upon positively by any media that choose to discuss cryptocurrency.  Needs to be done in such a way that it is distinguished from "earthcoin" that could also be misinterpreted as having any "green" credentials.

Have several ideas that could be developed for this coin, but need to discuss with a web developer, and perhaps graphics guy.


LEAF: fGMTcjLkQw5sveAmDyMA6TEL4ST9ZuDiQj

Again with this discussing the "lotto".

The easiest solution to fix this problem that people have with a minority of people winning the prizes is simply to describe it correctly in the first place.  It is a raffle draw, not a lottery.

The confusion begins by having a raffle game using "lotto" coins.

Just describe it as a raffle/tombola rather than a lottery and people will then understand why just a few people win all the time.

Its right there on that first post that block halving was changed to 15k to retain 21bn coin instead of 64bn with 60k block halving.

Try reading again.

The coins did not increase to 64Bn.

The block reward now halves at 15,000.  Total production has remained fixed at 21bn.

Such blind = boat missed.

It actually halves every 15k block.

Its 100 blocks according to 1st post.  Thay could be up to 50m given the random reward.  50m / 21 Bn = 0.23%.

Incredibly small premine, and many have already been given away with a wallet address published for people to check.

Network now over 1GH.