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Volume is incredibly low.
I just encountered BlackCoin and I think it's a very interesting pump concept. The coin switched from PoW to PoS. Now the only way to mine it is indirectly, and to facilitate that, there is a multipool, bcmultipool.com, which mines scrypt alts, dumps for BTC, and buys BC with BTC. It then pays out in BC.
The effect is that every 20-60 minutes there is a market order for BC. The BC bid keeps going up. Also, whatever scrypt is leading the return on difficulty gets dumped. If enough miners decide to take payouts in BC in this way, BC would then drain the marketcap of all the scrypt coins.
I like this idea, because I think its good for BTC. It's a layered market, and it reduces the fog of uncertainty regarding competitors by dumping and crushing the value of a large number of trash coins. Not sure if it is actually an improvement over just switch-mining with BTC payout, though. I might be.
I just encountered BlackCoin and I think it's a very interesting pump concept. The coin switched from PoW to PoS. Now the only way to mine it is indirectly, and to facilitate that, there is a multipool, bcmultipool.com, which mines scrypt alts, dumps for BTC, and buys BC with BTC. It then pays out in BC.
The effect is that every 20-60 minutes there is a market order for BC. The BC bid keeps going up. Also, whatever scrypt is leading the return on difficulty gets dumped. If enough miners decide to take payouts in BC in this way, BC would then drain the marketcap of all the scrypt coins.
I like this idea, because I think its good for BTC. It's a layered market, and it reduces the fog of uncertainty regarding competitors by dumping and crushing the value of a large number of trash coins. Not sure if it is actually an improvement over just switch-mining with BTC payout, though. I might be.
But surely the fact that the last stage of Blackcoin mining is dumping the BTC, makes it not good for BTC? You get a big BTC dump whenever the blackcoin pools pay out. The more popular blackcoin gets, the bigger the hash, the more alt > btc mined, the bigger the BTC dumps. The value of blackcoin keeps rising, so few are buying straight back in to btc when they get paid. So the net result is more bitcoin getting dumped at current buy order.
I'm mining on blackcoinpool.com with 4.2MH and getting about 0.0034 btc worth or blackcoin a day, which is twice what I've been getting of pure btc on multipools. I also bought 10,000 blackcoin at 9000 satoshi, it's now at 30,000+ :/ I'm very wary of altcoins, but this has been incredible so far.
Oh I am sure that black will add some vol in the short run but srriously do you think anyone will hold the bulk of their wealth in blackcoin, which is completely unusable currency? 90% off black gets turned to btc. The rest, the dumb money, is turned to fiat via btc. (Numbers out of a hat.) In the long run it adds holders, and it weakens all the scamcoins.
Blackcoin will have its use/purpose later. The addition of coinkite will help.
I've been a large holder even at its lows and I am blown away by the returns I have
I would also encourage you to buy more, but if your mining on the pool thats good enough
knocking at 400
