So, let's take a step back...
If you add up the hash rate of middlecoin, wafflepool and clevermining, that's about 60 Gh/s give or take the odd 5. There's other coin switching pools with or without direct BTC conversion and I'm sure some of them are significant, but hey-ho, you get my drift.
On the other hand, we have litecoin and dogecoin which might be around the 200 Gh/s mark. *Crucially*, everything else feathercoin, worldcoin et. al are down at the 5Gh/s or so level.
So, here we all are. Moaning about the BTC/Mh/Day. Haven't we caused the problem. Collectively?
The profits are down because several of coin switching algorithms are all doing similar things (see poolpicker for FACTUAL evidence), the OPs can't create profit because the profit isn't there. The profit isn't there because (a) the pools are too big to hit the small coins and therefore (b) there's a requirement to convert whatever there is to BTC - and that requires someone to actually want piles of crapcoins nobody wants. Am I missing something here ?
I can imagine that people with 100's of BTC from the early days want to diversify, which drove things for a while. but there has to be a limit doesn't there ??
It is noticeable that H20 has been carrying 200 BTC of uselessness for ages on middlecoin - so even his back door trades have dried up. We are lucky, we have an organised and transparent OP, but the guy can't create money out of nothing. If there is no demand not much we can do...
Or...Is it all down to thousands of gridseeds coming online ? The litecoin hashrate keeps going up and I can't believe it's all down to AMD selling loads of 290s..
So what do you think ? Is the current profitablity just a blip, or have the big coin switching pools simply forced us to accept what we all know. CrapCoins are crap
I've been thinking about this very same thing since I started multimining. Multimining doesn't seem like a sustainable model because it introduces large and great fluctuations into altcoin markets, quickly raising the difficulties on these then abandoning them. I would imagine people that who actually want to be holders of the various altcoins may abandon them because their value is horribly unstable.
Doesn't this mean that multimining is creating lots of bubbles?
Can anyone give a rationale as to why multimining doesn't essentially hurt itself?
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