Good time to buy Devcoins!

[develCuy]

Price is back to 6 satoshis, my gut says: SELL! (if you bought at 3 or 4 satoshis previously).

For the coin haters: STFU. Thanks.

[develCuy]

Selling at 7 satoshis on Vircurex and Cryptsy.

[thebenjamincode]

thank you for telling us this info but may i know what exchange does DVC is included?

[develCuy]

https://vircurex.com
https://www.cryptsy.com/

thank you for telling us this info but may i know what exchange does DVC is included?

[tyz]

The coin has a good user base background and developers which have much passion for the project. But there are too many coins with too less options to spend them. Therefore the price have a natural top limit atm.

[markm]

Part of that is the big delay in the "Open Transactions for Grandmas" project, since people found Open Transactions too hard to get up and running.

For years Open Transactions was coming along nicely, but at some point they finally made some code change that made all existing server-contracts, aset-contracts, user-pseudonyms, accounts and so on obsolete, so that in order to move forward it would have been necessary to starta whole new Open Transactions server using the new system and gradually migrate all the assets and users and accounts over to it.

Then on top of that, the new stuff seemingly does not work yet.

We have been able to keep running using old code, but by the time the problem came out the java-based graphical client was already out of date compared to the last working version of the old server, so now all the operations are being done using the text mode commands, which discourages even people who might have used the java GUI if they could have managed to get it installed.

All this bascally means that the whole "stock market" and "devcoin based asset markets" system is mostly only being used via brokers, the brokers mainly being those guildmasters who have taken the trouble to learn the text mode commands for Open Transactions so that they can execute trades on behalf of their guild and its members.

So basically we are still waiting for an Open Transactions client useable by grandmothers, that is, easy enough to set up and use that even your granny could use it; and even when that comes out we will still then need to migrage all the contracts and accounts and pseudonyms over to that new system, which will be quite painful.

In the meantime maybe contact your guild's officers and see if they are able to execute Open Transactions orders for you or if they have some deal with some other guild that has the capability.

-MarkM-

[shanem]

I don't see much future for devcoin.
The coin supply is just too much. If it can go to 10 satoshi, it would already be time to sell.

[develCuy]

Too much coin supply is the design of Devcoin, the reason is to make it a true currency, not an asset. Devcoin is designed to spend it, what we need is to let people use a.k.a: provide services and products. So let's do it and stop complaining!

I don't see much future for devcoin.
The coin supply is just too much. If it can go to 10 satoshi, it would already be time to sell.

[markm]

Maybe a more sophisticated method of drawing up conversion rates would help?

The rates I post at http://galaxies.mygamesonline.org/digitalisassets.html do not take volume into account, so when for example mining corps ship fifty million units of "Deuterium" to a depot it seems very likely that for some currencies/assets the prices listed are not really reflecting very well what would happen if you actually went to an exchange and tried to buy or sell that amount of that asset.

Also of course the mere fact that conversion rates exist at all insulates the exchanges from such conversions; many debtors whose outstanding loans are denominated in DeVCoin have been failing to impact the exchange rates due to the accounting between the corps they sell raw materials to and the corps they owe DeVCoins to being mediated by "conversion rates".

The corp buying the deuterium and the corp holding the miner's debt both use the same conversion chart, the one at http://galaxies.mygamesonline.org/latestrates.inc (which incidentally has not been updated in a while so is actually somewhat out of date today).

For example suppose 50 million units of deuterium is delivered to a General Mining Corp depot today. General Mining corp pays, at today's listed price (which actually dates back to May 1st, as I mentioned these tables have not been updated frequently lately), 0.07731018 GMC per thousand units, which is listed in the same row of the table as being equivalent to 88495.57522123 DVC per thousand units.

The thing is, GMC does not go out to an exchange and buy (88495.57522123 x 50000 = 4424778761.06150000) DVC to pay to the loan-holder as payment against the miner's debt. Rather, they simply pay the loan-holder the supposed equivalent in some currency they find more convenient, which of course for General Mining Corp (GMC) quite often turns out to be GMC coin. So they send the lender (0.07731018 x 50000 = 3865.50900000) GMC instead for example, and the lender credits the miner the supposedly-corresponding number of DeVCoins, that is, 4424778761.06150000 DVC, against the miner's loan. (Minus any transaction fees or service fees etc of course.)

Of course when the miners who at some point chose to switch their debts over to a finance corp that allowed them to have their debts denominated in DeVCoins, this same kind of conversion took place. For example General Finance Corp did not send General Mining Corp hundreds or thousands of billions of DeVCoins (there are less than ten billion DeVCoins in existence so far as I write this) when it bought the GMC-denominated debts of certain miners, instead it bought them using GMC coins.

Considering that just one shipment of fifty million units of deuterium turns out to be a more than four point four billion DeVCoin value transaction, it seems clear that the liquidity on exchanges or sheer number of DeVCoins in existence needs to be way the heck higher so that miners and corps can throw such numbers of coins around just in the course of their day to day delivering-stuff-to-depots OR DeVCoins need to be worth a whole lot more deuterium per coin before the exchanges are likely to be of much use in conducting such business...

-MarkM-