Why is dev coin valued so little?

[strunberg]

I'm wondering why is dev coin valued so little?

BBQ coin is already being traded for 1000 coins per btc,and it was considered a dead coin for quite a while.

[1714184575]

1714184575

[Luckybit]

I'm wondering why is dev coin valued so little?

BBQ coin is already being traded for 1000 coins per btc,and it was considered a dead coin for quite a while.

Because theres too many devcoins. Blame them for releasing billions.

[Luckybit]

Devcoin started out with the decimal place moved over with a high coin generation rate. Its purpose is to support development so in some ways its more like a donation system than a currency but it does get used to purchase real world goods. Its still quite early in development but it's supported many projects already.

And I think that is where they screwed up. They produced far too many too fast and now the coins are damn near worthless and I don't see how they will ever gain much USD value when they aren't very scarce.

These sorts of coins in my opinion should be even more scarce than Bitcoin. There should be maybe 2-3 million devcoins ever and then the price of a devcoin would go up. there were 2-3 million devcoins then each devcoin would probably be at least $1 or maybe 50 cent but when theres a billion of them why would anyone want to hoard that?

[jasinlee]

Devcoins intent by changing the amount released is to avoid "dust" so its essentially the same idea, just looks different.

[jasinlee]

Like I said, its more a development fund than a currency, they're pooled funds for project developers. If you're buying them then thank you very much, I've been awarded a couple of bounties and they have added up to a considerable sum when coupled with Bitcoins growth.

Whenever you buy a devcoin, you are contributing to projects that are open source like bitcoin, litecoin, and also other projects like games, free software, open source development of apps for your devices etc.

[Luckybit]

Like I said, its more a development fund than a currency, they're pooled funds for project developers. If you're buying them then thank you very much, I've been awarded a couple of bounties and they have added up to a considerable sum when coupled with Bitcoins growth.

Whenever you buy a devcoin, you are contributing to projects that are open source like bitcoin, litecoin, and also other projects like games, free software, open source development of apps for your devices etc.

I would love to buy Devcoins with USD. I would hate to buy Devcoins with Bitcoins. Bitcoins are deflationary and Devcoins are not. Devcoins are basically not going to appreciate in value like Bitcoins so you'd be better off paying developers with Bitcoins. Why use Devcoins at all when everyone seems to have millions of them anyway?

I just can't see how it can work. If it's just a donation why not make it hyper deflationary then? It should cost quite a bit of Bitcoin to produce a Devcoin and then it would make sense at least to me. But when 1 Bitcoin produces thousands of Devcoins whats the point? Why use Devcoin at all?

I'm a developer and artist myself. I want to support it, I just don't like how it's designed and can't see how it can work unless it's drastically changed. It should reward people who hoard it and then people will want to buy it and wont care if it donates. In fact, it's better for it to invest than to donate. It should be like I buy these coins and they gain a bit in value in USD so now I have incentive to buy, and at the same time it promotes developers and artists which is even more incentive to buy since I make money doing that myself. If it's pure charity and it does not exploit greed and the hoarding instinct it simply will not work.

[weisoq]

I've bought a bit over past week or so. Appreciate I could just be handing money over to laughing teenagers in their mum's bedrooms somewhere, but I don't think so and I value the work people are putting into these sort of ideas (even if this makes them some greater return, that's how the world should work). Find the entire concept of cryptocurrencies fascinating and frankly revolutionary in principle and not really bothered about price. Look forward to an idiot-proof windows wallet, and I mean for the sort of person for whom talk of the command prompt ended in about 1995 and who had to google 'ubuntu'. I'd agree with the view above that from an economic perspective you need to be careful about completely alienating your income stream. The alt-coins seem to be turning into casino markets, and your approach likely to be spurned if there's not enough info about or interest them (which is partly why I'm bumping the thread). Good work

[markm]

Back when DeVCoins were invented there were threads being created all the time arguing that BiTCoin should move its decimal-point because BiTCoins were worth to much, because psychologically people didn't want to deal in decimals they prefer whole numbers, and on and on like that. So DeVCoin deliberately started out with the decimal point already moved, in effect, by three decimal places, so that DeVCoins should never be worth more than 1/1000 as much as a BiTCoin.

DeVCoin also keeps creating 50,000 (instead of BiTCoin's original, but decreasing, 50) coins per block forever, so it probably will never actually reach a value of 1000th of a BiTCoin due to this constant creation of coins.

So basically the first thing you should do when thinking of DeVCoin price is take a factor of a thousand into account. They are 1/1000th coins. There is even a coin, GRouPcoin, which some people figure should eventually end up being in effect a "1000 DeVCoins" coin because it makes 50 coins per block forever. If it were not for the fact that GRouPcoin's difficulty is so insanely low it would maybe make sense to think of DeVCoins as 1/1000 of a GRouPcoin, but as it is GRouPcoins have been valued less than a DeVCoin per GRouPcoin by some people for quite a while just because of the vast difference in difficulty.

Presumably eventually DeVCoin should settle down as always being worth somewhat less than 1/1000 of a BiTCoin, or less than 1/250 of a LiTeCoin.

TL;DR the low price is deliberate, a response to all the people who used to constantly shout on the boards that the decimal place of BiTCoin should be moved. It was hoped that DeVCoins would this way be small enough in value that moving the decimal place should not become necessary, at least not until BiTCoins are worth much much more than the highest they have been so far.

This can actually be quite useful, for example on the Digitalis Open Transactions server where all assets are integers (whole numbers) DeVCoins are useful when you want a lot of granularity in prices.

-MarkM-

[weisoq]

Thanks for the info. As a typical non-developer but just interested party I do wonder how many others will be keen to support the work with no price sensistivity when there's such significant skew, and increasing awareness of alternatives. If the process is/was effectively being solved for something close to a constant btc payout, then having a continued regular buying stream in an environment of greater volatility and competing developments is quite a big assumption. Only one opinion, but I'd think there's value in at least feigning some element of scarcity. But I guess the concepts were thought through, and if you find it works as intended then great.

[Zeke_Vermillion]

Counter-intuitively, it is possible that devcoin's inflationary spirit may make it much more useful for some purposes. For example, if I'm looking for an e-currency to use in testing a speculative application, devcoin is great. It has some (low) value, is exchange-traded on some decent exchanges, so I can use it in the real world on a small scale. But I won't cry if I lose my devcoins in some crypto-disaster or cloud drive failure.

[Zeke_Vermillion]

Also pretty sure the relationship between cryptocoin supply and total ecosystem value is nonlinear. So for example, by increasing liquidity and usefulness of devcoins the total value of all devcoins could theoretically be much higher than all BBQcoins, even if the latter seem attractive to coin collectors based on snapshot economics of per unit price. As far as I'm concerned, I would rather use testnet than BBQcoins for most real purposes...

[Vladimir]

Maybe I do not get something and if so please do correct me. However, I understand that 80% of devcoins mined goes somehow to a group of people called "developers". Plus there are all these insane changes of decimal points etc... I simply do not understand how this can ever worth anything more than 0. What's the point for anyone to mine a single block and why would anyone with any common sense spend a single penny on this BS.

They took elegant Bitcoin model and cut balls off of it. No fair startup subsidy to miners, inflation, funneling mining bonuses to a select group of people. Makes no sense to me at all. I simply do not understand how would anyone in his right mind believe that this could be somehow pegged to BTC with some multiplier/divisor.

This dev coin idea is braindead, stillborn and a waste of electrons or maybe I just do not get it.

If I am ever in a charitable mood I would donate with something that actually has value i.e. Bitcoin.

I suppose it has a useful side effect of getting some inflationistas off our backs and into their own currency.

[ondratra]

Fortunately DevCoin is mergemined crypto currency. That means you can mine SHA-256 currencies like Bitcoin, TerraCoin or Freicoin and meanwhile mine also DevCoin, Ixcoin and Namecoin.

That basically motivates miners - you don't lose any hashing power by mining DVC, but it can be still exchanged so anyone can "put value" to it. Also DVC can get bigger value when developing community grow larger.

I am looking forward the time I can pay someone for creating website, copywriting, etc. Such services denominated in DVC would force people to buy DVC and raise it value by this act.

The third perspective is charity. You can keep your extra coins in DVC so you help other people (developers) and if you change your mind or you will be in need of those coins, you can exchange them back. Maybe you will lose some value, but possibly you can even raise your own capital over time. This is great advantage over real-world charity.

[markm]

Merged mining also means you can mine at a 100% payout p2pool pool and the pool can cover all its own expenses with the merged mined coins, whereas other pools usually charge a fee for using them.

A pool will also be able to pay more than 100% once someone develops software to enable the pool operator to divvy out to the mioners some extra earnings, for example the pool operator could sell all the altcoins on an exchange, for bitcoins or for whatever other coin the pool would like to use to give its miners more than just the bitcoins they mine.

All that is needed is some tool a pool could use to figure out how much each miner "deserves" of whatever extra bonus pay the pool wants to give to its miners.

p2pool takes care of giving the miners a full 100% of the bitcoins they mine, with no fee.

We need somethng to give out extra rewards though so we can offer in effect a "negative-fees pool".

-MarkM-

[digitalindustry]

I'm wondering why is dev coin valued so little?

BBQ coin is already being traded for 1000 coins per btc,and it was considered a dead coin for quite a while.

Sha-256


Dev is a "forced" market , not a free market .

devs will be paid by the free market when they put work into a crypto currency evolution.

They get paid in the currency they help develop.

That's the market.

"See market work , work market work. "

[JessicaMILFson]

So what's your prediction on the price of a Devcoin in 1-2 years?

There's 4 billion in circulation already.

http://coinmarketcap.com/

[chondrite]

What specific things has devcoins help produce?  Is there a list somewhere?  I'd like to know the type of work they payout before I start buying in.

[Fallout]

What specific things has devcoins help produce?  Is there a list somewhere?  I'd like to know the type of work they payout before I start buying in.

Here is a lot:

http://www.devtome.com/

[chondrite]

What specific things has devcoins help produce?  Is there a list somewhere?  I'd like to know the type of work they payout before I start buying in.

Here is a lot:

http://www.devtome.com/

Is there any accountability in how much someone gets paid for work?  There is a cat meme tome (http://www.devtome.com/doku.php?id=cat_meme_page) and another about the concepts of environmental anthropology (http://www.devtome.com/doku.php?id=concepts_in_environmental_anthropology).  Do they get paid the same?  Is someone really getting devcoins for making a cat meme page?

[mhill12]

Devtome funding is paid as "shares" and every 1000 words of original content is a "share." I believe every month or two 180,000,000 DVC are divided among the community based on how many shares you have. Usually each share is worth ~$50 to $300 depending on the number of shares and the DVC price.