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Hey all,
We need to realize a few things:
1. The number of coins generated is constant per unit of time. It doesn't matter what the total hash rate, the number of miners, or the N-factor is. Every day 144,000 new coins are created. Some are held by miners, but many (probably most) are sold immediately on exchanges.
2. For the price to go up, there has to be an ever increasing amount of BTC spent per day to buy those mined-and-dumped coins -- constantly! If more coins are put on the exchanges than there are BTC to buy them, the price drops.
3. For there to be BTC buying this coin, people outside of our little circle have to be aware of it and need a reason to buy it.
There seems to be a constant belief that if we can just get on a bigger exchange the price will go up. There is no reason to believe that -- there are plenty of has-been (and never-been) coins on Cryptsy and even BTC-E. A bigger, better exchange wasn't the solution before and it won't be now.
We need to remember that people aren't obliged to buy a coin simply because it exists or because it's available on a major exchange. People will only buy a coin when they believe more people will want to buy that same coin. Ultracoin's features are good, but they're not unique so they won't sell the coin on their own. Bumface's pseudo-celebrity status has taken us about as far as it will. There doesn't appear to be anymore steam in our pump engine, so we won't get attention through exceptionally high coin values.
What we need is intentional, focused, directed and intelligent promotion of why our coin is needed (the ASIC's are coming!), what our coin provides (ASIC resistance, lower heat/electricity/equipment wear, faster block times), and a flow of coins to people not reading this post. Typically this is done through games, faucets, activity on Reddit/Twitter/etc, extensive interaction with the coin community, tipping bots, and buying on to major exchanges. Coincidentally, this is also a list of things that haven't happened with Ultracoin.
As I understand it, Bumface's primary plan to address these shortcomings is to a) buy scrypt ASIC's and b) wait. I'm not sure what Bumface's role is this coin is supposed to be (he's not a developer and he's clearly not a promoter), so perhaps he could let us know what he believes his responsibilities are, if any. The rest of us can then try to identify what's missing and what we are capable of and willing to tackle. Regardless, I don't have confidence that he will take an active hand in leading this coin to success so I won't be looking to him for that anymore.
(Yes, I know Bumface is working on a UTC marketplace, but that's just as relevant right now as his "secret negotiations" with unnamed exchanges.)
So, knowing that our coin is floundering, what do you guys think we can do to push it forward? What can we do to show people our coin and help them understand why it's a good next step after Litecoin? Or should we just stay the course, trust whatever Bumface is doing, and wait?
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