I wouldn't be at all surprised if this move by the government in Vietnam is in response to strong public interest in cryptocurrencies in the country. And I really understand that. When we travel to Thailand, my partner and I often come back with a decent amount of baht on us. But when we came back from Vietnam we exchanged all our dong, despite knowing we'd probably be back soon. It is only a cheap bus ride over the border from Cambodia. The reason we got rid of the Dong is that it is volatile. In the last ten years it has gone from a US$ costing 16,000 VND to 23,630 today. That means a US$ costs about 50% more than it did ten years ago. Even if bitcoin sat level from when it started, never increasing in value at all. If you'd bought it then, it would be worth 50% more VND today. Add that to its record breaking year on year growth for an investment, and the Vietnamese are wise to set aside some cryptocurrency as insurance against national inflation. Vietnam is also a strong trading partner with China, and trades a lot with Thailand and Cambodia. A lot of the people in this region run their own family business, and don't have bank accounts. As cryptocurrencies become easier to use, and trading skills increase, I see this region of Southeast Asia as being likely early adopters. Interesting. I see all this leading to Gov't created, and sponsored, crypto in the future. It may take a long time but it will come. Which, I believe, is the main reason govt's are going easy on crypto now. They don't want to regulate themselves out of the game. When the majority of citizens are aware of, and comfortable with, crypto, I think there will be a "sea change" in the way we trade and use money. It would be fairly easy for those at the top of the power pyramid to simply mandate a schedule of declining reliance on fiat and increasing use of some government sponsored crypto coin. And, that will be the dangerous time for the industry because as you all know, government does not like competition. All the infrastructure we have built will be available and at their fingertips. In my humble opinion, it would be dangerous to think this won't happen. The question is, will it be good or bad? And will it foster more intra country trading and financial relations or will it hinder that type of cooperation? This is why what we do here, today in the crypto-sphere is so important. Do we pave the way for a new world financial order or, are we building our own gallows? Only time can answer those questions. I do see projects like DNotes as shining examples of what could, and can, be. Unlike men,not all cryptos are created equal. Each and every one of us should be taking measures to support honest projects that have real world value and resisting the urge to make a "quick buck" on the scams or near scams that pop up almost daily. Ultimately, we are responsible for ourselves, for our future and our children's future but we have a greater responsibility to the rest of the world as supporters of a new financial order so, lets steer it in the right direction as DNotes has been doing and, I'm sure, will continue to do. |
|
|
|
Thank you Dyna for all the clarifications. So in order for 1 to 1 swap to take place we need to sent the NOTES token to your vault account. That kinda not really a convenient process to do so to be honest. Why you don't have the option of Airdrop of NOTES coin to private wallet or may be consider getting a wallet developed for your project before you move ahead with snapshot. This wallet will be useful in future as well.
Rather than asking everyone to send tokens to you, actually it should be delivered to them as your project wants to initiate a swap. Are you planning to get Escrow's for each transfer of Notes to your vault being done during the swap period ?
Hi shade_wrath, thanks for joining us. To clarify - 1 option is opening your own account at https://dnotesvault.com and the DNotes in your own account will be automatically swapped to DNotes 2.0. This is the most convenient option. Option 2, is swapping DNotes by sending in DNotes to receive DNotes 2.0. Another, 3rd option, if any of the exchanges would be willing to participate in the swap process, they could be automatically swapped at the exchange. What does an airdrop entail? If I may jump in here, a lot of work you don't want to do including collecting new addresses from everyone's new wallets and sending the equivalent amounts of DNotes 2.0 to those new wallets from the blockchain snapshot of all the old ones. A real PIA and prone to error at every step especially when sending from an exchange account. You would have to have users send you their new addresses so you know who to match old and new addresses with, not good or you could inforce a cut off date and take another snapshot of the new blockchain, again a lot of work and you will miss people who procrastinate who will make you life miserable or, it can all be done online at the users end using the vault as middleman or, put the functionality in the new wallet itself. The Vault is a good solution. Lets users download the new wallet version at their leisure and keeps you out of it for the most part. Makes a lot of sense. Using the vault also extends the time for users to setup the new wallet. If they have DNotes on an exchange, I assume the exchange will perform the upgrade of the wallet without user intervention. Consider making a simple account generation method for this particular function, minimal info so the user impact is as little as possible. A simple page with an address to send to and input to enter their new address after downloading the new wallet from the same page. One step for the user, send to vault, download wallet, send back to new wallet, done. Just have to make sure the new wallets are available and must be downloaded before the user does anything else. You could also stress it would be in their best interest to open a full fledged vault account and simply keep their DNotes in the Vault. Put a time limit on it but don't make it too short, some people only check in monthly or longer. Give PLENTY of notice everywhere including asking pool operators to post a link to the instructions. Anyone holding DNotes in their own local wallet should be sophisticated enough to use the vault for this transition. Also gives you useful data about market penetration and basic numbers on circulation. Just my quick take on the situation... - OR - Build the upgrade into the new wallet. That way they can just run the upgrade (new wallet) and it will import the wallet.dat file from the old one and create the new balance. If new addresses are required, ET can phone home and have a unique one generated if you want or, do it on the fly like any QT wallet. Some extra code in the wallet but gets you totally out of the picture. Just like any other wallet upgrade to the user. Not knowing all the details of DNotes 2.0, hope I'm making sense. If not, simply disregard!  There are a couple issues and risks associated with upgrading the existing blockchain. We are taking the position that it is better, given the circumstances, to take on the burden of the swap process in the best interest of DNotes stakeholders. We will indeed have a deadline for the swap, TBD, and the snapshot will be based on a specific block number. Any newly mined DNotes after that block number will not be eligible for the swap. The exchanges may elect not to participate in the direct swap, in which case they will have to delist DNotes and inform their users to remove their DNotes from the exchange. Then after a period of time, they can relist DNotes as DNotes 2.0. Sounds good. Will you be using the Vault then to accomplish the swap? |
|
|
|
Thank you Dyna for all the clarifications. So in order for 1 to 1 swap to take place we need to sent the NOTES token to your vault account. That kinda not really a convenient process to do so to be honest. Why you don't have the option of Airdrop of NOTES coin to private wallet or may be consider getting a wallet developed for your project before you move ahead with snapshot. This wallet will be useful in future as well.
Rather than asking everyone to send tokens to you, actually it should be delivered to them as your project wants to initiate a swap. Are you planning to get Escrow's for each transfer of Notes to your vault being done during the swap period ?
Hi shade_wrath, thanks for joining us. To clarify - 1 option is opening your own account at https://dnotesvault.com and the DNotes in your own account will be automatically swapped to DNotes 2.0. This is the most convenient option. Option 2, is swapping DNotes by sending in DNotes to receive DNotes 2.0. Another, 3rd option, if any of the exchanges would be willing to participate in the swap process, they could be automatically swapped at the exchange. What does an airdrop entail? If I may jump in here, a lot of work you don't want to do including collecting new addresses from everyone's new wallets and sending the equivalent amounts of DNotes 2.0 to those new wallets from the blockchain snapshot of all the old ones. A real PIA and prone to error at every step especially when sending from an exchange account. You would have to have users send you their new addresses so you know who to match old and new addresses with, not good or you could inforce a cut off date and take another snapshot of the new blockchain, again a lot of work and you will miss people who procrastinate who will make you life miserable or, it can all be done online at the users end using the vault as middleman or, put the functionality in the new wallet itself. The Vault is a good solution. Lets users download the new wallet version at their leisure and keeps you out of it for the most part. Makes a lot of sense. Using the vault also extends the time for users to setup the new wallet. If they have DNotes on an exchange, I assume the exchange will perform the upgrade of the wallet without user intervention. Consider making a simple account generation method for this particular function, minimal info so the user impact is as little as possible. A simple page with an address to send to and input to enter their new address after downloading the new wallet from the same page. One step for the user, send to vault, download wallet, send back to new wallet, done. Just have to make sure the new wallets are available and must be downloaded before the user does anything else. You could also stress it would be in their best interest to open a full fledged vault account and simply keep their DNotes in the Vault. Put a time limit on it but don't make it too short, some people only check in monthly or longer. Give PLENTY of notice everywhere including asking pool operators to post a link to the instructions. Anyone holding DNotes in their own local wallet should be sophisticated enough to use the vault for this transition. Also gives you useful data about market penetration and basic numbers on circulation. Just my quick take on the situation... - OR - Build the upgrade into the new wallet. That way they can just run the upgrade (new wallet) and it will import the wallet.dat file from the old one and create the new balance. If new addresses are required, ET can phone home and have a unique one generated if you want or, do it on the fly like any QT wallet. Some extra code in the wallet but gets you totally out of the picture. Just like any other wallet upgrade to the user. Not knowing all the details of DNotes 2.0, hope I'm making sense. If not, simply disregard! |
|
|
|
nice
waiting HYPER is added too.
Thanks RoxanaMallett!  We will be including all coins listed on Bittrex exchange (including HYPER) in a a release later this week Thanks for your support. FYI "Supercoin" [SUPER] seems to pick up the symbol of the coin before or after it, sometimes just blank, but never it's own. |
|
|
|
On another note I had to start my Devcoin wallet all over again (download the block chain again). It is now stuck on 111 weeks behind for the past 24 to 36 hours. Do I just wait it out or do I need to try something different? Thanks.
EDIT: Well, waiting it out worked! Wallet is synced.
Synced without issue. Good to visit my balance again! |
|
|
|
How much do you think ARK going to cost this fall? Maybe $3-5? Or more considering it's closing in on $2.00 now... |
|
|
|
back from vacation ??
I saw, in another thread, that their dev team was "on vacation" and would return in October. Must be a cultural thing. |
|
|
|
XVG did take a big hit over the past month or so, but price-wise I truly think we've seen the bottom. We have good solid tech and a dedicated dev team and blow a lot of anon-coins out of the water which are at a lot higher market cap. I'll be honest, I was hoping the price would drop a bit lower so I could scoop up some more but it just refused to break any lower! lol
i agree, its already at bottom from past few weeks.. is there a team or handled by single person? Copied from https://vergecurrency.com/faq/"How Many Developers Does Verge Have? Currently, Verge has a few different development teams. The core team has one main developer (Sunerok) and 10 other contributors. The website team has two main developers (gfranko and hellokarma) and 16 other contributors. The marketing team has one main contributor (cryptorekt) and many other contributors. You can see a full list of our contributors on our website." Contributers: https://vergecurrency.com/#contributors |
|
|
|
Is theymos right when he claims IOTA is centralized? I am referring to a thread of him where he was analyzing various altcoins https://bitcointalk.org/index.php?topic=2095328.0He wrote the following about IOTA: IOTA
The tangle design is interesting and potentially useful, though I have several serious concerns about how it will actually work long-term:
- In order to achieve lasting, stable scalability, something will need to be done to limit bandwidth. Otherwise you still have the problem that everyone needs to download everyone else's transactions in order to be a trustless node, and this simply doesn't scale no matter what else you do. How can you split the network so that one node can trustlessly ignore a lot of the network's total transactions, but transactions are still possible cross-split? Doing something like splitting the graph into a cycle of semi-separate segments might be possible, but it seems very difficult to do this and maintain security+convergence.
- With a chain, if miners become evil and rewrite the last 6 blocks or something, everyone is going to notice and be affected, and so a unified response (PoW change, etc.) will be fairly easy. But with a graph, maybe an attacker could just nibble at the edges in such a way that 99.99% of users are able to think "well, it's not really my problem". In fact, it may not even be easily provable that an attack happened at all.
- I am not convinced that a tangle is stable/convergent/secure in all circumstances. Even if it seems to work under all tests so far, it may well fall apart under a clever but not-too-difficult attack, or perhaps even just on its own. The whole idea that transaction volume is what adds security to the tangle makes me uneasy, since an attacker can always produce unlimited fake transactions, while the network will only produce a "natural" number of transactions unless additional measures are taken to generate good fake transactions.
Possibly due to the IOTA devs sharing similar concerns, IOTA's software currently relies on centralized checkpointing. Besides the question above I still have not done the transition. The good amount of IOTA I own is still on my old account. Is there a security problem if I let the coin stored on my old address? Is it required to the transition? Unfortunately, I have not gotten a response to my above question yet. Is this topic discussed in a different thread or is just nobody interested here to talk and care about theymos' opinion about IOTA? A different question arose in the mean time. What do the AFY characters next to the seed input field in the IOTA client mean? Does it have something to do with the quality of the chosen seed? It's a simple checksum equation. if you enter your seed correctly, you will see the same characters each time. If you typo it, different characters or, a warning about seed length will appear. Just helps with being accurate. From what you typed in your message, "AFY" is the output of the checksum operation run on your seed. If you see ANYTHING else, you entered the wrong seed. |
|
|
|
I would buy at $0.50. I'm waiting.  I doubt that ARK will have its Mcap divided by 3 soon. Money to be made biying the dips and selling the highs. Currency has been very volatile and "quite" predicatble using basic trading indicators. You can make 2% steps by 2% steps playing 50% of your portfolio. for that type of trading, I would recommend some bot software like Gunbot Its having very good strategies and will buy/sell 24/7 But you still need to pay a lot of attention regardless of the bot you are using or it could really fuck you over. Don't just lean back when you got one up and running. you don't need a bot to make 2% steps. Just trade wisely following some technical indicators. And I agree: it's a dangerous game to use a bot... True, but always better to be safe than sorry. Have you actually used bots a lot and is there one you specifically liked? Nope, no bots. I don't trust them. Good ol' live trading... Totally on your side. Thanks for your honesty. It's always tempting to read about machines that make you money, but in 99/100 cases it'S complete bullshit. I am convinced though that there are some pros out there with superior software who make money of bots. There are only two machines that truly MAKE money, the Political Machine and the Printing Press. And we all know how well that works... |
|
|
|
Pump on Bittrex: any reason for it ?
I did not see one, therefore I sold part of my assets on the pump. Hoping to get more at lower price soon.
Actually, the idea is to accumulate and hold which will further increase the value. Whatever you are paying for Bay right now will seem like nothing at all in a few months... |
|
|
|
Update #2Starting from 25.09.2017 we are listed on Yobit - https://yobit.net/en/trade/USDE/BTC . It is a small recognition of our efforts. We have taken in consideration all the exchanges and we reached a consensus that Yobit is the best alternative to start. Starting from today, coinmarketcap.com has been notified of all the updates, new website, new explorer and new exchange. The explorer will be updated with the current value. We will apply to list USDE to more pools. What are the next steps for USDE? 1. Consolidate our volume on Yobit 2. Get listed on new exchanges. One member of our community has submitted USDE to C-cex.com voting list. Thank you g1itch. We will also add it on Novaexchange voting list. Bleutrade has been also notified. One of our team member is Level 3 on Poloniex and he already submitted to be list once again on Poloniex, and a second team members is waiting for his level 3 confirmation. Bittrex will add USDE after we update the algo. 3. Update the coin algo. we are looking to improve USDE algorithm, to implement multiple features like segwit and electrum. It will take time but we will get there. Also we are working on Android and Ios wallets. 4. Building a community - We have started our efforts to find more devs that could join our existing ones. We want to build a community of devs, content creators, editors and marketers. Thank you for your support and patience and we reiterate the fact that we are here for you in case you need support. For more updates please follow us on Twitter/USDEOfficial or just to meet us join our Discord Group https://discord.gg/2bRbvadKind regards, USDE Core Supporters Great info for all member here, but i think this coin can swap coin not used at the moment! because 16 bilin is big 1.6 Billions, but there are only 1,2 billions available So, you are bringing USDe back to life? I think your timing is perfect and as a long time holder, thanks! Hopefully you guys are for real, seen so many of these "revivals" that fall apart in a couple months that I have to be skeptical. But, I'll move some mining hashs over to it and see how it goes. Thanks for your ongoing efforts! PS: Any response from CMC? |
|
|
|
I wanted to say something about success in crypto but, I ran across a recent post by "wiser" in the Devcoin forum that says everything. Devcoin supporters are working on reviving the project and soliciting ideas and advice. One of the most on point and generally well thought out posts is reproduced below. These observations could well be a blueprint to success and match well with the DNotes philosophy:
Posted in Devcoin by "wiser"
"I thought I'd chime in with a few points....
-SNIP-
Thanks RJF, a great post by wiser, hitting on a lot of important topics for a coin developer / team to consider, much of which is in line with our strategies for DNotes. I think, in the end, it all boils down to a few things like ability, honesty, truthfulness, hard work and an idea that sets the project apart and fills a void that others haven't. With sound business processes and skilled leaders, the project should prosper. DNotes has always had these, ergo, prosperity. |
|
|
|
|
I wanted to say something about success in crypto but, I ran across a recent post by "wiser" in the Devcoin forum that says everything. Devcoin supporters are working on reviving the project and soliciting ideas and advice. One of the most on point and generally well thought out posts is reproduced below. These observations could well be a blueprint to success and match well with the DNotes philosophy:
Posted in Devcoin by "wiser"
"I thought I'd chime in with a few points. Back when I got started writing for the Devtome, Devcoin was one of just a handful of cryptocoins on the scene, meaning it didn't have much competition. Now there are over 500 cryptocoins in existence, some of which are so fundamentally solid and profitable that they are attracting the interest of venture capitalists and hedge fund managers. This means we can learn even more from the successful coins and honestly stack up Devcoin against them to see what would need to be changed in order to be competitive.
The following are a few observations I have about what it takes to make a successful cryptocurrency in today's industry:
1. More and more, it is important for a new coin project to be more than just a coin. It must be a complete ecosystem. This often means multiple tokens and interlocking systems. Some good examples are the emerging VIVA project (vivaco.in), Steemit (with its Steem, Steem Power and Steem Dollars tokens), Ethereum and NEM with their block chains capable of supporting other tokens.
2. There has to be genuine value supporting the coin. This means infrastructure that makes the coin easier to use or adds value to it in some way. Bitcoin has a lot of that (example, various trading platforms, Coinbase, payment processors, websites which sell quality products and accept Bitcoin payments) which has been added on by third parties. However a new altcoin needs to have some of that value added right from the beginning by the development team itself. Some other good examples of coins with value added infrastructure include DNotes and Steemit.
3. There has to be a development team. It can't be a one man show. The bigger and better organized the team, the better chance the coin has. A development team that runs the enterprise like a genuine business is even better. This means it can't all be about coding, though that is important. There have to be others on the team who handle the outreach and marketing and who tell the coders the features needed to make the coin user friendly for non coders (which is most of the people you hope will adopt your coin).
4. A coin needs a built in incentive to tie up the supply and keep it off the market. This means that it is in people's self interest to hold onto the coin for the long haul. Idealism or faith in the coin is not enough. If I am going to hold your coin there has to be something in it for me both now and in the future. The simplest way to do this is to offer some kind of interest equivalent whereby my holding onto the coin earns me a rate of return in the form of new coins or some other token. DNotes has the DNotes vault which pays monthly "interest" to all who hold coins in it for set amounts of time (the penalty for early withdrawal being that you lose the earned interest). Diamond Coin has a cloud mining operation where people earn Diamonds based on how much Bitcoin they have donated to the operation. Any Proof of Stake coin already incentivizes people to hold the coin and run the wallet.
I have always believed that Devcoin's biggest weakness as it works right now is that it incentivizes earning and dumping, not holding. Then to add insult to injury when it became known or suspected that people earning Devcoins were dumping them, they were often harshly repudiated here (not called out by name or anything but it was clear that those who dumped were considered to be bad for the coin,). In order to hold onto Devcoins you had to be altruistic towards it and basically take the hit from others dumping, and that is just not going to be sustainable because most of us plain aren't altruistic like that. This is probably the most important change Devcoin needs to make. The coin needs to be coded in to incentivize holding rather than dumping.
Related to this, it must be assumed that people will game the system if it is beneficial to them to do so. You need to engineer your system in such a way that there is no benefit to attempting to gain the system and that using the system in the way you intend is what gives the greatest benefit to the end user. That can be very challenging to accomplish but I believe it is possible and the successful (and not so successful) coins now out there have a lot to teach us about what kind of things need to be written into the code. The code should also be flexible enough that when you find a loophole you don't want, you can fix it with an update or fork.
5. The development team needs to have a good reason to create buy support for the coin on the open market. Again, altruism is not enough. In the case of Diamond coin, the developers need to buy Diamond in order to pay the weekly payouts from the cloud mining operation. If the developers aren't buying the coin, then others need to do so for reasons of self interest. With the exception of the speculators who are there to profit from trading itself, the reason that anyone else would buy the coin has to be because they need the coin. You need the coin in order to gain the benefit from accumulating and holding it, or you need it to pay someone with it, or you need it to buy something with it. An altruistic desire to prop up the coin's value is not enough and won't be sustainable long term.
6. The coin needs to be attractive to speculators. Speculators are important because they provide liquidity for everyone else, meaning others can easily buy or sell the coin at a consistent value (not too much difference between top buy and sell requests). So whatever it is that makes speculators go "wow, I want to speculate on this coin!" is what your coin needs to have so that everyone else can have the needed liquidity to get into and out of the coin at will.
7. The coin needs to have a solid community of people who are there because being part of this community will better their financial lives in some way. They should believe in the coin but that belief should stem from solid fundamentals and the perception that this coin will do good things for their bottom line. In order to nurture this community it is very important to have basic courtesy and professionalism wherever that community gathers. That community needs to be growing.
There are probably a couple more points that I have missed, but what I have shared is a good starting point. How does Devcoin do on each of these fundamentals? How could it be changed or forked to excel in those fundamentals which are weak now? The honest discussion around these points could become the basis for a solid plan for how to update Devcoin to now be competitive in today's industry."
|
|
|
|
Get more Inside Information about EMC2 - join to our Slack channel!
Despite all of those challenges that this coin has faced recently we've achieved more than 1000 subscribers in the Slack Channel and keep growing! So join to our Slack channel to get more info and to be at the peak of current events. pckomp [10:21 AM]
If anybody is interested in my opinion, I am loyal miner with 1 GH which is now about 1/6 of the whole network. Reward is now 8 EMC2 per block, soon it will be 4 EMC2. But I will mine EMC2 anyway. Why? Because it is never about what is profitable right now. Some people complain how they missed the price of the BTC of 2009. But they probably never mine BTC back then, because it was not what? ...profitable. So from my perspective, I really do not care what is right now. Remember, everything is great when everything is really bad, because there is the real opportunity. EMC2 has great future ahead. And only real problem here could be impatience, if anything.
Link: https://emc2slack.herokuapp.com/ How true! I stole the paragraphs below from a post by "wiser" on the DevCoin thread because it is the first post I've seen that completly sums up what is needed to be successful in this industry. The obversations presented here are well thought out and, proven in the real world. Best part about it, this isn't rocket science, it's common sense. Posted in Devcoin by "wiser" concerning reviving Devcoin: "I thought I'd chime in with a few points. Back when I got started writing for the Devtome, Devcoin was one of just a handful of cryptocoins on the scene, meaning it didn't have much competition. Now there are over 500 cryptocoins in existence, some of which are so fundamentally solid and profitable that they are attracting the interest of venture capitalists and hedge fund managers. This means we can learn even more from the successful coins and honestly stack up Devcoin against them to see what would need to be changed in order to be competitive. The following are a few observations I have about what it takes to make a successful cryptocurrency in today's industry: 1. More and more, it is important for a new coin project to be more than just a coin. It must be a complete ecosystem. This often means multiple tokens and interlocking systems. Some good examples are the emerging VIVA project (vivaco.in), Steemit (with its Steem, Steem Power and Steem Dollars tokens), Ethereum and NEM with their block chains capable of supporting other tokens. 2. There has to be genuine value supporting the coin. This means infrastructure that makes the coin easier to use or adds value to it in some way. Bitcoin has a lot of that (example, various trading platforms, Coinbase, payment processors, websites which sell quality products and accept Bitcoin payments) which has been added on by third parties. However a new altcoin needs to have some of that value added right from the beginning by the development team itself. Some other good examples of coins with value added infrastructure include DNotes and Steemit. 3. There has to be a development team. It can't be a one man show. The bigger and better organized the team, the better chance the coin has. A development team that runs the enterprise like a genuine business is even better. This means it can't all be about coding, though that is important. There have to be others on the team who handle the outreach and marketing and who tell the coders the features needed to make the coin user friendly for non coders (which is most of the people you hope will adopt your coin). 4. A coin needs a built in incentive to tie up the supply and keep it off the market. This means that it is in people's self interest to hold onto the coin for the long haul. Idealism or faith in the coin is not enough. If I am going to hold your coin there has to be something in it for me both now and in the future. The simplest way to do this is to offer some kind of interest equivalent whereby my holding onto the coin earns me a rate of return in the form of new coins or some other token. DNotes has the DNotes vault which pays monthly "interest" to all who hold coins in it for set amounts of time (the penalty for early withdrawal being that you lose the earned interest). Diamond Coin has a cloud mining operation where people earn Diamonds based on how much Bitcoin they have donated to the operation. Any Proof of Stake coin already incentivizes people to hold the coin and run the wallet. I have always believed that Devcoin's biggest weakness as it works right now is that it incentivizes earning and dumping, not holding. Then to add insult to injury when it became known or suspected that people earning Devcoins were dumping them, they were often harshly repudiated here (not called out by name or anything but it was clear that those who dumped were considered to be bad for the coin,). In order to hold onto Devcoins you had to be altruistic towards it and basically take the hit from others dumping, and that is just not going to be sustainable because most of us plain aren't altruistic like that. This is probably the most important change Devcoin needs to make. The coin needs to be coded in to incentivize holding rather than dumping. Related to this, it must be assumed that people will game the system if it is beneficial to them to do so. You need to engineer your system in such a way that there is no benefit to attempting to gain the system and that using the system in the way you intend is what gives the greatest benefit to the end user. That can be very challenging to accomplish but I believe it is possible and the successful (and not so successful) coins now out there have a lot to teach us about what kind of things need to be written into the code. The code should also be flexible enough that when you find a loophole you don't want, you can fix it with an update or fork. 5. The development team needs to have a good reason to create buy support for the coin on the open market. Again, altruism is not enough. In the case of Diamond coin, the developers need to buy Diamond in order to pay the weekly payouts from the cloud mining operation. If the developers aren't buying the coin, then others need to do so for reasons of self interest. With the exception of the speculators who are there to profit from trading itself, the reason that anyone else would buy the coin has to be because they need the coin. You need the coin in order to gain the benefit from accumulating and holding it, or you need it to pay someone with it, or you need it to buy something with it. An altruistic desire to prop up the coin's value is not enough and won't be sustainable long term. 6. The coin needs to be attractive to speculators. Speculators are important because they provide liquidity for everyone else, meaning others can easily buy or sell the coin at a consistent value (not too much difference between top buy and sell requests). So whatever it is that makes speculators go "wow, I want to speculate on this coin!" is what your coin needs to have so that everyone else can have the needed liquidity to get into and out of the coin at will. 7. The coin needs to have a solid community of people who are there because being part of this community will better their financial lives in some way. They should believe in the coin but that belief should stem from solid fundamentals and the perception that this coin will do good things for their bottom line. In order to nurture this community it is very important to have basic courtesy and professionalism wherever that community gathers. That community needs to be growing. There are probably a couple more points that I have missed, but what I have shared is a good starting point. How does Devcoin do on each of these fundamentals? How could it be changed or forked to excel in those fundamentals which are weak now? The honest discussion around these points could become the basis for a solid plan for how to update Devcoin to now be competitive in today's industry." |
|
|
|
I thought I'd chime in with a few points. Back when I got started writing for the Devtome, Devcoin was one of just a handful of cryptocoins on the scene, meaning it didn't have much competition. Now there are over 500 cryptocoins in existence, some of which are so fundamentally solid and profitable that they are attracting the interest of venture capitalists and hedge fund managers. This means we can learn even more from the successful coins and honestly stack up Devcoin against them to see what would need to be changed in order to be competitive.
The following are a few observations I have about what it takes to make a successful cryptocurrency in today's industry:
1. More and more, it is important for a new coin project to be more than just a coin. It must be a complete ecosystem. This often means multiple tokens and interlocking systems. Some good examples are the emerging VIVA project (vivaco.in), Steemit (with its Steem, Steem Power and Steem Dollars tokens), Ethereum and NEM with their block chains capable of supporting other tokens.
2. There has to be genuine value supporting the coin. This means infrastructure that makes the coin easier to use or adds value to it in some way. Bitcoin has a lot of that (example, various trading platforms, Coinbase, payment processors, websites which sell quality products and accept Bitcoin payments) which has been added on by third parties. However a new altcoin needs to have some of that value added right from the beginning by the development team itself. Some other good examples of coins with value added infrastructure include DNotes and Steemit.
3. There has to be a development team. It can't be a one man show. The bigger and better organized the team, the better chance the coin has. A development team that runs the enterprise like a genuine business is even better. This means it can't all be about coding, though that is important. There have to be others on the team who handle the outreach and marketing and who tell the coders the features needed to make the coin user friendly for non coders (which is most of the people you hope will adopt your coin).
4. A coin needs a built in incentive to tie up the supply and keep it off the market. This means that it is in people's self interest to hold onto the coin for the long haul. Idealism or faith in the coin is not enough. If I am going to hold your coin there has to be something in it for me both now and in the future. The simplest way to do this is to offer some kind of interest equivalent whereby my holding onto the coin earns me a rate of return in the form of new coins or some other token. DNotes has the DNotes vault which pays monthly "interest" to all who hold coins in it for set amounts of time (the penalty for early withdrawal being that you lose the earned interest). Diamond Coin has a cloud mining operation where people earn Diamonds based on how much Bitcoin they have donated to the operation. Any Proof of Stake coin already incentivizes people to hold the coin and run the wallet.
I have always believed that Devcoin's biggest weakness as it works right now is that it incentivizes earning and dumping, not holding. Then to add insult to injury when it became known or suspected that people earning Devcoins were dumping them, they were often harshly repudiated here (not called out by name or anything but it was clear that those who dumped were considered to be bad for the coin,). In order to hold onto Devcoins you had to be altruistic towards it and basically take the hit from others dumping, and that is just not going to be sustainable because most of us plain aren't altruistic like that. This is probably the most important change Devcoin needs to make. The coin needs to be coded in to incentivize holding rather than dumping.
Related to this, it must be assumed that people will game the system if it is beneficial to them to do so. You need to engineer your system in such a way that there is no benefit to attempting to gain the system and that using the system in the way you intend is what gives the greatest benefit to the end user. That can be very challenging to accomplish but I believe it is possible and the successful (and not so successful) coins now out there have a lot to teach us about what kind of things need to be written into the code. The code should also be flexible enough that when you find a loophole you don't want, you can fix it with an update or fork.
5. The development team needs to have a good reason to create buy support for the coin on the open market. Again, altruism is not enough. In the case of Diamond coin, the developers need to buy Diamond in order to pay the weekly payouts from the cloud mining operation. If the developers aren't buying the coin, then others need to do so for reasons of self interest. With the exception of the speculators who are there to profit from trading itself, the reason that anyone else would buy the coin has to be because they need the coin. You need the coin in order to gain the benefit from accumulating and holding it, or you need it to pay someone with it, or you need it to buy something with it. An altruistic desire to prop up the coin's value is not enough and won't be sustainable long term.
6. The coin needs to be attractive to speculators. Speculators are important because they provide liquidity for everyone else, meaning others can easily buy or sell the coin at a consistent value (not too much difference between top buy and sell requests). So whatever it is that makes speculators go "wow, I want to speculate on this coin!" is what your coin needs to have so that everyone else can have the needed liquidity to get into and out of the coin at will.
7. The coin needs to have a solid community of people who are there because being part of this community will better their financial lives in some way. They should believe in the coin but that belief should stem from solid fundamentals and the perception that this coin will do good things for their bottom line. In order to nurture this community it is very important to have basic courtesy and professionalism wherever that community gathers. That community needs to be growing.
There are probably a couple more points that I have missed, but what I have shared is a good starting point. How does Devcoin do on each of these fundamentals? How could it be changed or forked to excel in those fundamentals which are weak now? The honest discussion around these points could become the basis for a solid plan for how to update Devcoin to now be competitive in today's industry.
This is excellent. Wiser has captured the essence of success in crypto and reduced it to a few paragraphs of intelligent, well thought out observations and advice. What is printed above should become a roadmap for a successful crypto project. |
|
|
|
|
Show Posts
