[ANN] 42-coin Development Discussion Thread

[IMZ Noo Account]

I see we keep getting more members in our community, but I also see most of the new members are quite new to the whole crypto world, same as me, so I have decided to write something as a heads up from my short but intensive experience.

1. Use simple trading methods in the beginning.

Brief explanation of how to trade:
Buying: 42-coin price is going down (you get that info on coinmarketcap/ looking at exchanges)
a) you pick a currency (USD/BTC/ETH/etc.), and you "position" your BUY order close to the price it is at (example: 42 coin is dropping to 2BTC in price, you place your BUY order at, lets say at 1.95BTC)
b) and now you wait until it fills a.k.a. you BUY the coin

Selling: 42-coin price is going up (you get that info on coinmarketcap/ looking at exchanges)
a) you take some 42-coins you own, and you "position" your SELL order close to the price it is at (example: 42 coin is going up to 6BTC in price, you place your SELL order at, lets say  5.95BTC)
b) and now you wait until it fills a.k.a. you SELL the coin

2. When moving funds from wallet (and you should ALWAYS keep the majority of your funds in a "cold"/paper wallet, desktop wallet, AND it should be BACKED UP) make sure the network is up and the wallets are up on the exchange ( and NOT in maintenance mode or offline). Neglecting this could result in loss of your funds.
a) keep funds in a safe place (backed up on a USB stick or something else)

3. Test exchanges with a small transaction first. Since you can transfer very small amounts from your desktop wallet, do a small 0.00000050-0.00000100 42 coins transaction first and wait until it gets deposited.

4. Check the wallet and network status on the EXCHANGE. If its offline or in maintenance mode, wait for wallet status online, and only then proceed, again with a small test transaction first

5. Join all the communities. Telegram, Discord, forums, and participate

This is really high quality, Ucicha. Thanks for your effort. I posted it on the Telegram 42 thread.

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[Ucicha]

I have a great teacher, hehe. Thank you IMZ for the lectures!

[IMZ Noo Account]

I have a great teacher, hehe. Thank you IMZ for the lectures!

Have PM-ed you some further notes. It's impressive that you see the value of helping newcomers.

And 'averaging':

if a member has thoroughly analysed an established crypto, and is ready to commit some capital to mid- and long-term trading, then averaging is a valuable practice. It goes roughly like this (you have the notes):

One: you maintain a dual focus: cryptos overall and the crypto(s) you're trading.

Two: you trade according to your skills. For the less skilled, that's when the coin is 'flat' or gently rising (and I mean over months and months). The wisest thing you can do is to not trade.

Three: decide what your 'exchange-exposure risk' is -- that might be 0.1 Bitcoin or much more. And never let your total capital on that exchange get more than about ten percent over that mark -- NEVER!! And let me be clear here: this is an insight into surviving as a crypto geek/trader. For every Moon Lambo Guy you hear about, there were a hundred who lost their capital, and slunk away. So you are gonna make much less profit on the spikes ('cause you'll sell earlier, and never put too much coin on exchanges . . . ) But over time, you will thrive.

Four: as you puddle quietly along, withdraw amounts of both Bitcoin and 42. Remember, your Bitcoin is how you get 42 when the price is down! And mark the values of the 'packets' you withdraw.

Five: then, when/if the market drops out from under you, but you have a nice chunk of cheap 42 that you bought a year ago, you can calculate the average buy-in price:

10 Coin X at 10,000 sats each + 20 Coin X at 3,000 sats each = 30 Coin X at 5,333 each.

Suppose you just bought Coin X at 10,000 per. Then the market crashes to 5,300.  You don't have any coin on the exchange that you can even sell at a break-even price. "OMG OMG!! Panic panic!!" Nuh. You transfer the 20 on, and put the whole 30 up to sell at 5,334; sell 'em; get a chunk of Bitcoin; and keep trading.




 

[Ucicha]

I have a great teacher, hehe. Thank you IMZ for the lectures!

It's impressive that you see the value of helping newcomers.

we have a saying: "You are, like the ones you hang out with."
and i am hanging out here with you

[Ucicha]

Update:

Nova Exchange working great, Livecoin working great(a transaction a few days old went through, the specific wallet is now online, so thats a point there), Trade Satoshi even has a working faucet(free coins you can pick up and start trading with, so point there)

Heard about altmarkets reopening trade too, so will check that out too

[IMZ Noo Account]

Update:

Nova Exchange working great, Livecoin working great(a transaction a few days old went through, the specific wallet is now online, so thats a point there), Trade Satoshi even has a working faucet(free coins you can pick up and start trading with, so point there)

Heard about altmarkets reopening trade too, so will check that out too

I am gonna try to keep a tight buy-spread on 42 on Nova. Gotta make 42 attractive.

[IMZ Noo Account]

What is ‘packing the gap’? and why should we do it?

Wide buy-sell spreads are bad for development. But what happens is that a small community becomes happy to plod along with a wide buy-sell spread – it’s profitable for them.

Suppose 42’s buy-sell spread is 5.0-4.0. If you get in at 4.0, and sell at 5.0, that’s 25%
So, buy at 4.0 and sell at 4.4 – that’s 10%. Buy at 4.0 and sell at 4.2% -- that’s 5% (but fees. So . . . 4.25%?)

Tl;dr: many trades at small margins.

[Atheneum Blockchain]

  I don't understand the purpose of the project.  Is meant more to be like a thought experiment?

[Atheneum Blockchain]

forked, prohashing.com and some others should resync

No forks. Prohashing node is offline.

maybe offline but i kept ending up at 100,093 with no chance to advance, until resynced

What is your wallet version?

42-v0.0.9-bdb-mingw
Jun 13 2018, 15:39:01

Where is the latest wallet version for download?

[Lasergun]

  I don't understand the purpose of the project.  Is meant more to be like a thought experiment?

Is meant more to be like a tool for diversification and investment safe.

Where is the latest wallet version for download?

https://bitcointalk.org/index.php?topic=1502028.0#post_op_wallet

[Ucicha]

  I don't understand the purpose of the project.  Is meant more to be like a thought experiment?

Personally, I find it so much fun giving it a "Deep Thought"

[IMZ Noo Account]

  I don't understand the purpose of the project.  Is meant more to be like a thought experiment?

Hi, A.B. Not a thought experiment.

42 is a crypto 'instrument' -- a commodity, an investment -- that is, it is actually deflationary.

[Ucicha]

I keep learning new stuff about this coin by the day. You should all join communication channels, Telegram, Discord, this forum. Information is rare as the coin, but there is value in that too.

[IMZ Noo Account]

https://twitter.com/Cryptopia_NZ?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Eauthor

IMHO the Cryptopia Guys are not handling the PR well. It's several days since the police apparently gave Topia the okay to reopen. But no Twitter post since then.

Whatever: my thought is: we continue developing our other exchanges. And if Topia reopens, well . . . that's good. And if it doesn't, we have hit the ground running.

Other communities may sit around in a daze. But not us!

IndiaMikeZulu

[Ucicha]

Other communities may sit around in a daze. But not us!

Thats right!

[muleroaa]

https://twitter.com/Cryptopia_NZ?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Eauthor

IMHO the Cryptopia Guys are not handling the PR well. It's several days since the police apparently gave Topia the okay to reopen. But no Twitter post since then.

Whatever: my thought is: we continue developing our other exchanges. And if Topia reopens, well . . . that's good. And if it doesn't, we have hit the ground running.

Other communities may sit around in a daze. But not us!

IndiaMikeZulu

Very sloppy indeed from Cryptopia, good to see that other exchange are still being worked on as well.

[Ucicha]

Hopefully some good news, the price of 42 coin listed on https://chainz.cryptoid.info/42/ in the upper left corner has been updated and the source for that information is from Cryptopia. So I am keeping hopes up they are comming back online or at least that the funds have not been touched
(the price listed on the explorer went to 0.00 when Cryptopia was hacked)

[sirslayer]

its been over a month and Crytopia  webpage is still down.... beside the theft, i can imagine 42 times the profits an exchange earns in a month time....

[Ucicha]

Cryptopia related update. The price listed in the upper left corner of the explorer is changing, which would imply something is going on the website, we just cant see it yet, apart from the "cough" trades going on. Hope that is not the case.

[IMZ Noo Account]

Hopefully some good news, the price of 42 coin listed on https://chainz.cryptoid.info/42/ in the upper left corner has been updated and the source for that information is from Cryptopia. So I am keeping hopes up they are comming back online or at least that the funds have not been touched
(the price listed on the explorer went to 0.00 when Cryptopia was hacked)

I'll get Uicha to walk me through this: not quite sure what I'm looking at.

Meanwhile, it's a week today since Topia posted on its Twitter.

[But Topia can kiss our tookus. The Telegram 42 channel is buzzing. Trading is good. Price is good.]