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Alternate cryptocurrencies / Altcoin Discussion / Re: WorldCoin Seen as a Threat?
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on: May 23, 2013, 03:39:46 AM
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First off, don't get delusional! WDC isn't anything special. It dropped just like EVERY other alt coin that has made it to an exchange. Also: the block chain growth is a real problem and the fork and 60% hash rate concentration to a single pool is scary as hell.
Now I'll let you start with your wild conspiracy theories again.
The 60% issue would bug me if it wasn't vern. I like the fact that the difficulty is adapting to the selloff and running miners price is holding really. |
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1931
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Alternate cryptocurrencies / Altcoin Discussion / Re: So what happened with all the "belief" in WDC?
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on: May 23, 2013, 12:02:06 AM
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What Litecoin did was find markets so you can buy and sell with it. That is why it is worth so much compared to all the other Alt-coins
Let me recall how situation with LTC went: 1. It was selling for as little as 0.003 when rumours about Gox adding it soon started. 2. Price went to over 0.01 in a matter of few hours which resulted in mining profitability jumping to 300% or more. 3. Miners saw that and switched their hashpower to LTC, difficulty slowly went up to compensate and hitted highest ever values. 4. Even more miners are mining LTC now due to old "LTC on Gox soon!" bullshits still echoing and new bullshits occassionaly being added to soundscape. 5. "LTC on Gox soon!" is starting to resemble BFL's "Shipping ASIC soon!" mantra but most people seem to be unable to fight neither of them. LTC dropped from 0.0325 to 0.0245 recently, you haven't noticed that? I am a fan of both coins but really Bitcoin fell from $260 remember that? |
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1937
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Alternate cryptocurrencies / Altcoin Discussion / Re: So what happened with all the "belief" in WDC?
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on: May 22, 2013, 11:36:08 PM
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You can't guess the real value of the coin. Miners only mine what is profitable, not the better coin.
People does not care about fast transaction, nor the name, nothing; is it profitable? Then mine and dump. That is the way to go at short term.
Miners are like a plague who eat, destroy and left. Any coin: FTC, CNC, WDC...
Miners generally have no idea what is "profitable" the use sites like Coinchoose to spoon feed them what to mine. However as I have pointed out in the Coinchoose thread, their methodology is flawed, and it is misleading miners. That image is still just mining revenue. Volume traded in BTC or USD is essential in letting investors know how their coin is doing. Last trade price is also a dud metric even for miners, you want a weighted average or candlesticks, you need to know the average trades that are going on, not the spot price. Mining has lead times.
I blame the confusing information on CoinChoose for the recent pump and dump by miners of FTC which has caused the coin all sorts of problems. Miners are pool jumping driven by the rapid changes on the site, from a simple change in profitability score, based on some pretty gross assumptions. Just because the spot price on a coin is X, it doesn't mean the miner will be able to sell his coins at that price, the spot price is usually not the same as the weighted average price, and it takes time, hours possibly days, to produce the coins, so by the time he has a salable parcel of coins, the price could have move all over the place. What's worse is without considering the trade volume, the miner is left to think they will always have buyers for the coins, which is often not the case unless they heavily discount, thus proving the profitability rating on CoinChoose to be misleading.
Need I mention that each coin has a different lead time until the next difficulty rate changes. That should be factored into the profitability metric.
https://bitcointalk.org/index.php?topic=152515.msg2098845#msg2098845coinchoose is a tool to use but you definitely have to do the math as reporting is way off at times. Anyone using Coinchoose.com as anything other than a basic tool is doing it wrong. But then, you seem to be playing well ahead of the game John. lol. Was a good call on the early solo mining of WDC on the litebonk forum. Would have over looked it completely had you not said something. But now it's time to get back to paying the 400 dollar monthly electric bill. Blah.... Oh your fine you made the $400 easy in WDC in one afternoon time to pick the next winner  Seriously though I think WDC's time based difficulty adjustment is going to ramp it right back up and up. Digicoin will do the same. Downfall is when its on coinchoose I think some people literally jump back and forth from pools by the minute (making it way unpredictable). Actually there is an app for that now isn't there. |
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