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April 16, 2013, 05:39:25 AM |
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Actually, this isn't surprising for an exchange, especially when the originator of the coin wants there to be an ample source for people to buy into. The more people buy, the more value there is in the coin. But the wisdom of Satoshi was not simply in making a new currency: it was limiting the supply so that any demand for it could catch up. When the supply exceeds the demand, it's probable that the price will drop (it doesn't always, but it can). When more people want something than there is a supply of the thing they want, then the price goes up as people clamor to be one of the few who own something.
110k is a bit much--heck, 60k might be too many. This was just greed, as the person wanted to create something out of nothing. Unlike Satoshi, this person was focused only on making a quick profit. By itself, that's not a bad thing; but if someone "poisons the pool" and transmits invalid coins, then there is no value left. Those who want to create a new cryptocurrency first have to see that there is a need beyond their own selfish desire for money.
Too bad, NVC is dead. It can't be trusted.
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