[ANN] official NovaCoin thread - the original PoS+scrypt coin.

[Balthazar]

Ive heard a lot of scamm etc?

I've heard that Elvis is alive... Do not believe everything you hear and you will become immune to people's attempts to manipulate or read you.

is Novacoin a stable coin?

The age of blockchain is 293 days. I think that you've just got an answer.  

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[humanpsychedelic]

BTC-e got the "premine" then publicly destroyed it.

Link?  Proof?

Crypto is founded on being trustless.  Suspicion is healthy.

It makes no sense that any free market would be consistently less than 10%-20% FMV....unless it was being manipulated to collect fees from arb'ing.

Now suddenly one coin breaks away suddenly and for no conceivable reason, and a coin that has a history with that exchange.

If something smells like shit, it probably is.  There's too many exchanges and too many coins without that kind of baggage.

[humanpsychedelic]

I'd like to see proof of that if you have it.  I don't believe that Novacoin has been to $20USD before.  Am I missing something?  How would you have seen those open orders to say such a thing?

Novacoin hasn't been to $20 before, this is correct. I didn't mean that those orders were in the book before today. What I meant is that somebody uses a trading bot to create those orders on the fly (they would be very tedious to enter manually). He's been doing it for a long time and I don't think anybody pays much attention to it, I certainly don't. It's the big orders that move the market.

In case you didn't know it, you can view a larger part of the order book here than on BTC-e itself:

http://www.cryptocoincharts.info/orderbook.php?pair=nvc-btc&market=btc-e
http://www.cryptocoincharts.info/orderbook.php?pair=nvc-usd&market=btc-e

Again, those are closed orders.  BTC-e doesn't supply an API of open orders, if I am not mistaken.

You also assume a lot of trust.  If BTC-e is manipulating the market I highly doubt they would leave a trail in their publically exposed APIs.

I have a little more faith in criminal enterprise than that, especially with this much money on the line.

[Bitinvestor]

Again, those are closed orders.  BTC-e doesn't supply an API of open orders, if I am not mistaken.

You also assume a lot of trust.  If BTC-e is manipulating the market I highly doubt they would leave a trail in their publically exposed APIs.

I have a little more faith in criminal enterprise than that, especially with this much money on the line.

Dude, put down the bong. I tried to help you but I can't. Humanpsychedelic put on ignore. 

[501]

I'm currently only invested in btc/ltc but was looking at some of the other altcoins to see if any looked attractive. I noticed NVC has been trading around $5 or so for a long time, and then yesterday it randomly shot up to $20+. Just curious what's going on with this coin as it seems really unstable if this is just due to technical trading, or if there was a real event that caused the value to jump?

[artiface]

BTC-e got the "premine" then publicly destroyed it.

Link?  Proof?

Crypto is founded on being trustless.  Suspicion is healthy.

It makes no sense that any free market would be consistently less than 10%-20% FMV....unless it was being manipulated to collect fees from arb'ing.

Now suddenly one coin breaks away suddenly and for no conceivable reason, and a coin that has a history with that exchange.

If something smells like shit, it probably is.  There's too many exchanges and too many coins without that kind of baggage.

https://bitcointalk.org/index.php?topic=144158.0

[Bitinvestor]

I'm currently only invested in btc/ltc but was looking at some of the other altcoins to see if any looked attractive. I noticed NVC has been trading around $5 or so for a long time, and then yesterday it randomly shot up to $20+. Just curious what's going on with this coin as it seems really unstable if this is just due to technical trading, or if there was a real event that caused the value to jump?

Nice to meet you. I'm currently only invested in NVC but was looking at some of the other altcoins to see if any looked attractive. I noticed LTC has been trading around $3 or so for a long time, and then recently it randomly shot up to $17. Just curious what's going on with this coin as it seems really unstable if this is just due to technical trading, or if there was a real event that caused the value to jump?

http://www.cryptocoincharts.info/period-charts.php?period=alltime&resolution=day&pair=ltc-usd&market=btc-e

[humanpsychedelic]

BTC-e got the "premine" then publicly destroyed it.

Link?  Proof?

Crypto is founded on being trustless.  Suspicion is healthy.

It makes no sense that any free market would be consistently less than 10%-20% FMV....unless it was being manipulated to collect fees from arb'ing.

Now suddenly one coin breaks away suddenly and for no conceivable reason, and a coin that has a history with that exchange.

If something smells like shit, it probably is.  There's too many exchanges and too many coins without that kind of baggage.

https://bitcointalk.org/index.php?topic=144158.0

There we go.  Finding when people do shitty things is easy.  Finding when people actually clear things up is difficult. 

I appreciate the help.  Thank you.

I'm still curious as to a trading strategy which is beneficial for placing hundreds of automatic buy orders for 0.1 when the fee is so high if it is not BTC-e manipulating the market.

Again, thanks for clearing up the issue regarding the 100k pre-mined novacoins.

[Mike270]

There we go.  Finding when people do shitty things is easy.  Finding when people actually clear things up is difficult.  

I appreciate the help.  Thank you.

I'm still curious as to a trading strategy which is beneficial for placing hundreds of automatic buy orders for 0.1 when the fee is so high if it is not BTC-e manipulating the market.

Again, thanks for clearing up the issue regarding the 100k pre-mined novacoins.

I cannot answer what's the benefit of this trading strategy, but I've seen it quite frequently, often on cryptsy and mcxnow. Lots of These mini orders, and in many cases also twin mini orders (two orders right next to each other with the same tiny amount. Someone mentioned this is a trading bot called "jew bot" but I couldn't find anything on that.
My assumption is that These mini orders placed between larger orders are possibly supposed to "hide" an upcoming wall for the "Manual" Trader. But that's just a theory.
So sorry that I cannot provide a definitive answer other than that I frequently see this type of orders, it's not specific to NVC.

Kind regards
Mike

[Balthazar]

That's quite simple, I think.

http://en.wikipedia.org/wiki/Martingale_(betting_system)

Could be used for roulette, dices, etc. Some stupid trading bots could use this system too.

[glendall]

I just recommend any new comers to Novacoin, or to alt-coin trading in general, to do at least do 1 hour research into NVC before saying the old tired stuff.

Do you know what my first post about  Novacoin was, 8 months ago?  It was something along the lines of "Is NVC just the newest scam lol, what a joke" -- or something to that effect, check my post record if you don't believe me, maybe it was my 30th post (complete guess).

But you know what? I jumped the gun like many others and accepted the prevailing bad press about Novacoin. This is in part because of all the scam/dumb coins that do exist, which makes people defensive, understandably. Novacoin is not one of those.  I read up on it, Balt himself patiently addressed my own ridicule of the coin back then, and now 8 months later I can say come around 100%. I was wrong in my initial poor judgement NVC, and this changed after learning more about it.  

Just asking people politely to please read the facts (and not so much the press) and make your own judgement if you are new to NVC.  

Also consider the possibility that at least some of the people telling you it is such a bad coin could also just be trying to keep the price down for themselves.

edit: here's the link to my own post. Just want to show how much I came around from my initial impression to my sincere liking of the design of this coin:

https://bitcointalk.org/index.php?topic=171438.msg1783254#msg1783254

[Isotactic]

Hopefully someone can help me out here. I have what should a balance of 4.09 novacoin in this account: 4WQNm6LsRRzpm4JHA3iB9N1TWvP3k65CXz http://nvc.cryptocoinexplorer.com/address/4WQNm6LsRRzpm4JHA3iB9N1TWvP3k65CXz. The novacoin-qt client shows a 0 coin balance. When I repair the wallet the coins show up, all 4.09 of them. But as soon as I try to send the coins I get an error message saying: "Error: The transaction was rejected. This might happen if some of the coins in your wallet were already spent, such as if you used a copy of a wallet.dat and coins were spent in the copy but not marked as spent here." I have tried importing the private key to a different wallet with no success, it brings up the same error message. Any help that could be offered would be appreciated.

Edit: After 3 weeks of trying to process this transaction, 5 minutes after I posted this it cleared. Thanks anyway.

[Bitinvestor]

Edit: After 3 weeks of trying to process this transaction, 5 minutes after I posted this it cleared. Thanks anyway.

Haha, you should have waited 5 minutes more!

The only advice I can offer is to always make a backup of your wallet.dat so that you can easily recover your coins if something like this happens.

[Balthazar]

Maybe it was a syncronization issue. Such message means that the specified input is already marked as spent or doesn't exist in the available block chain copy.  

[Bitinvestor]

Today was the first time I've seen Novacoin mentioned in a major newspaper:

Novacoin

Yet another peer-to-peer digital cryptocurrency, Novacoin differs from most of the other altcoins by integrating protection schemes within the core of the currency, which deters abuse by mining groups.

Novacoin also has a technical cap of 2bn coins, a much larger number than most of the other digital currencies which top out in the millions, rather than billions of coins. The cap could also be increased if it was ever reached, giving novacoin a theoretical dynamic inflation.

http://www.theguardian.com/technology/2013/nov/28/bitcoin-alternatives-future-currency-investments

Is it really a good selling point to mention the 2bn cap but fail to mention that it may never be reached and that Novacoin is in fact one of the altcoins with the fewest coins in existence?

Novacoin has, in my opinion, the best design of all the coins. Sadly most people don't bother to do their own research and simply don't know how good it is. I think we should do some serious brainstorming and improve our marketing materials.

Here are the major selling points that come to my mind:

• Great design: Combines the best qualities of Bitcoin, Litecoin and Peercoin with its own improvements
• Very secure: Hybrid PoW/PoS design, attacker would need more than 50% of each to do double spending
• Fairness: Most coins are mined by PoS and go to those who own NVC, not to those who have cheap electricity
• Profitable: Considerable interest can be earned from PoS mining

[Balthazar]

Is it really a good selling point to mention the 2bn cap but fail to mention that it may never be reached and that Novacoin is in fact one of the altcoins with the fewest coins in existence?

Coins limit theoretically could be reached only in the very distant future, but another part of statement is correct enough. There are 3 basic factors which makes contribution into the resulting inflation rate:

• PoW block reward (depends on the PoW difficulty);
• CoinDays monetizing process (depends on the PoS difficulty && active inputs sum value);
• Coins destruction through the network fees (depends on the market activity).

So, we theoretically have a dynamic inflation rate which depends on the audience size and the market capitalization.

P.S. Some rules may vary in the protocol updates (e.g. txfee per 1kb, see BTC or LTC for the real-life examples), but it has only a little effect on the final result.

[vindimy]

Hello there,

Reddit ALTcointip bot has just announced its 2nd round of signups for a list of supported cryptocurrencies.

Please see the announcement for details. Thanks!

-- vindimy

[Balthazar]

vindimy, what happened to your trust score?

[Balthazar]

Just another victim of propaganda

http://www.youtube.com/watch?v=4MLbfOHinbE

[Balthazar]

http://forum.seacraft.sc/en/index.php/topic/679-new-way-to-get-the-seacraft-%E2%80%93-crypto-currencies/#entry2992

As you know, SeaCraft game is on a straight path to Steam early access, where publishing is scheduled for January 30th.
 
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