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It's not much, but the site's still in beta and has only been trading SC for a few hours.
Not impressed. Not convinced. Yes, facts are fairly unconvincing. Maybe next time I should try speculation. |
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It's not much, but the site's still in beta and has only been trading SC for a few hours.
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My guess is the overall price of solidcoins for the next few weeks will be lower than it is currently.
At the moment there exists 693 BTC worth of bids on bitparking exchange and ixcoins has 251 BTC worth of bids and i0coins have 274 BTC worth of bids.
And this is at the same time when solidcoins are 6 times the price of ixcoins and 10 times the price of i0coins when the total market bids in BTC are about 3 times at most for solidcoins as to ix or i0.
Conclusion: Solidcoin price is overpriced and needs to deflate pushing price downwards in the near term.
Updated  PREVIOUS BTC ORDERS VALUE ON BITPARKING EXCHANGE solidcoin - 693btc ixcoin - 251 btc i0coin 274 btc CURRENT BTC ORDERS VALUE ON BITPARKING EXCHANGE solidcoin - 556 btc ixcoin - 227 btc i0coin 248 btc Ruxum started SC <>US and SC BTC today, some orders were moved. |
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I made a 'Solidcoin accepted here' button for merchants who want one in the same style as Bitcoin.  |
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People need to give CoinHunter a break, he's put a lot of effort into getting this started. Most of the arguements against solidcoin have been either personal or vague and unarticulated. If you don't like SolidCoins, you dont have to use them.
That said, I think SC would do better in the long run if we focus on the positives of using it, and less on the negatives of BTC. Focusing on negatives might make potential supporters resentful. We owe the success of SC to BTC.
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I quote to mark the part I'm responding to. Your post is in the link. No ulterior motives.
POS systems. Let's not pollute the blockchain with a million transactions per second.
When you respond to only small fragments of what I say of course I don't make sense. In this case, you ignore the fact that there are degrees of trust. I'd trust strangers for small amounts with 1 or 2 confirms, but not with none whatsoever. I think this is an area that SolidCoin gives some flexibility, and I suspect there will be wider adaptation because of it. Out of curiosity what kind of transactions do you hope btc is used for? |
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Don't Solidcoins get thier first confirms faster?
True, but I didn't include that because it introduces very little value. We are playing for the future of currency here, and this way or that, POS systems will dominate most of the transactions (there may be Nakamoto blockchains with other functions this doesn't apply, but it surely does for SolidCoin because it has no other function). 3 minutes on average is too high for POS. So no gain there. When these systems are commonly used, most transactions will be instant, and network transfers will be like the wire transfers we have now. I don't know which API will prevail, but it's almost certain that it will keep the blockchain much more manageable than otherwise. you trust the person, it's ideal.
Transactions propagate almost instantly, so I don't actually wait for confirmations if I trust the person. I don't even need to trust them, I just need to know if they have the capacity and inclination to attack the network for that particular transaction, which excludes most of ordinary daily transactions. At least quote the whole sentance. If you own a coffee shop and you see the same people buying coffees every day, you might want one confirmation. It's a combination of the small cost and recognizing a regular customer. You don't want to have 0 confirmations, but you don't want to wait 40 minutes either. In cases like that it would not be worth a potential scammer's time to set up one fake confirmation, and hope it was the only one. And it's not worth a regular customers time to wait 40 minutes for a confirmation. Trust and amount of currency are both factors, and SolidCoin is more scalable. |
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Decentralized and no central authority mean that people can make new types of coins whenever they feel like.
No, Free Software means that. You can't make a new us currency because it's centralized. You can make a new bitcoin because it's not. No one controls it. |
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None of the coins have any real improvements except namecoin (quite ironic isn't it) various people have gone over this in some detail. Basically all the "improvements" come with a catch which will show up at a later time when the network is more majored.
I really don't get what the improvements are in SolidCoin. The only thing that is good about it is being immune to the difficulty problem that is currently haunting Namecoin. Merged mining is a real solution to that problem (again coming from Namecoin developers) that is beneficial in many ways (though shortening retargeting interval is also a good workaround). Every new *Coin will incorporate all these already developed solutions and advertise themselves as fast, secure, less deflationary, more inflationary, whatever. But the so called problems these solve constitute only the tip of the iceberg. What's important is technology. I'm really not against developers of these alternatives, but I wish they introduced new functions we need that can not be attained by improving what we already have. On the other hand, I too have surfed on the waves of SC and made me some BTCs.  Don't Solidcoins get thier first confirms faster? I know it takes the same amount of time for the same amount of security, but you dont always need 1000 confimations. For example, how often do you check cash for signs of counterfitting? It probably depends on who you're dealing with and how much is being exchanged. I think it's the same thing as solidcoin. If you want those first confirms faster because not much is trading hands, or you trust the person, it's ideal. |
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What about HypocriteCoin? The coin you insist others accept, while you don't accept others.
Decentralized and no central authority mean that people can make new types of coins whenever they feel like. It's going to take some natural selection before users adopt a favourite currency. I like BTC and Solidcoin right now, but it's too early for both to start telling people not to use them. If you're worried another coin will gain value while yours loses value then grow some balls and switch currencies instead of coming to the alt currency forum and whining about alt cryptocurrencies.
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I've switched back to mining Bitcoins, but only to buy more Solidcoins with them. Either way, it makes more sense to mine whichever give you more value, then switch to your currency of choice. The hasrate isn't directly related to interest, just value.
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Groovy design on the site. It's got to be tough starting something like that to earn people's trust. Solidcoin seems to be getting a lot of attention. That's Mooncoin, bitparking, Yourself and Ruxum later this week.
You might want to reword "It is save, since the whole trading is done automatically by our servers" to something like "It is safe since all of the trading is done automatically by our servers". Good luck.
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are out there in the world! and a small fraction is seen moving around on exchanges ? what does this mean ? the rest is being hoarded ?
Bitcoins are a bubble and once everyone finds out, it will burst. It hasn't got an economy to support it, there is no thing like a "Bitcoin economy". There are some obscure shops that accept Bitcoins but nobody knows if they ever sold anything. I said before, on other forums, that the price will drop and so it did. And it will keep on dropping until it reaches zero, everyone stops and difficulty gets stuck forever. Bitcoin just doesn't work. A digital wallet? Explain that to your mother. How do you obtain them? How do you pay with them? It's way to complicated for anyone without "nerd alert" written al over him. Wallets will get lost, people will loose money and in the end there will be no Bitcoin left. Deflation makes people hoard them but without anyone who wants them, they might as well hoard seashells. Read this carefully, you'll think of me when it all happens.Why are you hanging out in the Bitcoin forum? It's really not like anything that's been done before, so you can't compare the bitcoin econoy to anything. It's not perfect, but there's enough interest to give them value and most people I talk to about it seem to like the idea. Maybe it'll catch on. |
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My 'time logged in' seems to stop counting while I'm reading posts, so I have to force myself to keep switching pages while I'm on here.  |
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Hi, I'd like to get involved with the community. I'm not very interested in mining, which seems to be a lot of the discussion in the newbie section. I've responded to a few topics, but I'm pretty sure I can be more constructive in the other forums. In particular, I'd like to get involved with merchant services. Cheers!
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It's crazy what a pain it is to exchange for BTC. Paypal and creditcards realize BitCoin is a threat so they make it hard to access.
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Part of the problem with a currency that is suspected to gain value is that people are less willing to spend it. I think people would be more willing to accept it as a currency if it made some attempt to maintain a constant value instead of an increasing value. Yeah, that's actually a major issue IMO, and the worst part of that problem is: it seems that a lot of people very involved in BTC think that this on the contrary is a strength. This can even be read it the FAQ (not with those words, but that seems to be the idea): "don't worry, there won't be inflation but rather deflation, it's a great thing". No, it's not. If BTCs keep gaining value, clinging to your BTCs instead of spending them is actually a profitable investment. Since I don't think anyone will put all their money or even the majority of their money into BTC, noone will be forced to spend them, ie it's possible that everyone just cling to their BTCs. How useful is a currency if noone is willing to spend it? Real world money keeps losing 1-2% value every year, and when you think about it, that's definitely a strong incentive to either spend it or invest it, and not to keep it dormant in your safe like you'd do with, say... gold? Which leaves to my next question: are you guys willing to create another currency or to create another gold?If you're willing to create another gold, then there's a problem: real gold actually has an intrinsic value, ie it is required to build some electronics components, and lots of people women want jewelry made of gold. The same is not true of BTCs. BTCs serve no component-building purpose nor decorative purpose. If all the BTCs of the world end up in a forgotten stash on a forgotten hard drive, noone will miss it. At best maybe someone will create another BTC-like e-currency. I'm actually mining at the moment, but have no plan of selling or spending my BTCs any time soon... Increasing value is a problem, but I can't think of any good way to solve it. They need to be percieved as limited in number because they have no value otherwise. Miners don't need both an increasing difficulty and decreasing value of thier product over time. I'm planning on selling games for SC/BTC, but i suspect I'll have to sell them for less than they're worth in those currencies because customers will factor in the currencies potential when deciding to exchange for goods. Still, I love the idea of cryptocurrency, so I'm going to give it a shot. |
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You might want to check local laws about running a gambling site. I'm not sure about where you're from, but here in Canada you can go to jail for running a gambling operation that isn't liscenced.
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Part of the problem with a currency that is suspected to gain value is that people are less willing to spend it. I think people would be more willing to accept it as a currency if it made some attempt to maintain a constant value instead of an increasing value.
Also, the amount of time it can take for transactions isn't practical. So, between the awkward waiting persiods and forced scarcity I think people will find it hard to accept as a day to day currency.
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