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Author Topic: Good job killing DGC /  (Read 3835 times)
diegodos
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May 24, 2013, 12:23:12 AM
 #81

cryptsy is a disaster for altcoins, there's little hope with cryptsy in existence in my opinion.

Perfect comment




They add every Shi** COIN

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cebb
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May 24, 2013, 12:28:13 AM
 #82

Because at this point it's incredibly redundant.

Well, true.. but isn't that always the case in the beginning?

They are all redundant.  All crypto coins, just like BTC.

You think BTC too? Even now?

I too think all alt-coins are redundant including BTC. Answer to following question should suffice.

1) Do you really need bitcoins? Is there anything you need that you cant buy with fiat currencies?


To me Bitcoin has two major purpose.

1) Bitcoins are useful for those wanting to do shady transactions on silk road and similar websites. But that's not why you are holding your bitcoins. You are holding bitcoins because you think that someone will have the need to use bitcoins for shady transactions and the value will go up.

2) Almost free money transfer internationally. You can send bitcoins from US to Europe for a small fee of 0.01 BTC. Fiat cant beat that. But do you need to transfer money internationally? You think that someone else will need to transfer money and this will drive the price up. There is a catch in this too. we are forgetting the fees involved in transferring fiat> BTC by sender and BTC>fiat by receiver at the end of the day.

The fiat/BTC conversion step can become obsolete if we all get paid in BTC for our jobs and we can buy groceries in BTC but thats too optimistic. Even if our employer pays us in BTC, he would need to get BTC from somewhere? He cant have ASICs churning in basement to pay all the employees.
erk
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May 24, 2013, 12:31:21 AM
 #83

IMHO The reason price of DGC (and any other new altcoin) falls as soon as it hits an exchange is:

a) Lot of alt-coins at the moment
b) Only miners are aware of the 2 day old coin (who are sellers and not buyers)
c) Those with low latency and high hash power need to dump the coin ASAP before moving on to another. That's because history of all recently launched coins (FTC, CNC, YAC) points to same thing. Price goes down for the first few days and then stagnates at low prices.



Trouble is the market locks in at the low price, and it's damn near impossible to break away from it unless some media announcement gets the ear of the traders eg. rumour that LTC is going to Gox. That's why it annoys me when the miners don't take care with their initial selling price, you have a couple of minute window at setting the initial price, and they blow it.
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May 24, 2013, 12:31:26 AM
 #84

cryptsy is a disaster for altcoins, there's little hope with cryptsy in existence in my opinion.

Perfect comment




They add every Shi** COIN


Exchange doesn't decide the success or failure of a coin. Buyers and sellers does. Devs and PR of the coin does.

In case of DGC and cryptsy. there were no sell orders for half a day (because of the glitch) yet no one was willing to buy higher than 0.005.
techbytes
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May 24, 2013, 12:31:59 AM
 #85

IMHO The reason price of DGC (and any other new altcoin) falls as soon as it hits an exchange is:

a) Lot of alt-coins at the moment
b) Only miners are aware of the 2 day old coin (who are sellers and not buyers)
c) Those with low latency and high hash power need to dump the coin ASAP before moving on to another. That's because history of all recently launched coins (FTC, CNC, YAC) points to same thing. Price goes down for the first few days and then stagnates at low prices.

I agree, but if it's going to happen to every new altcoin then it's not really a reflection on the coin itself, and the question becomes one of how to survive it?

How to survive is all up to the developer and he is doing a great job.  Him being active will keep the community active with this altcoin.
As I said before, an inactive developer will lead to an abandon ship.

-tb-

baritus
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May 24, 2013, 12:36:59 AM
 #86

Let's move it over to our own forum: http://digitalcoin.co/forum/index.php

Now you don't have to sort through posts Smiley.
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May 24, 2013, 12:37:34 AM
 #87

IMHO The reason price of DGC (and any other new altcoin) falls as soon as it hits an exchange is:

a) Lot of alt-coins at the moment
b) Only miners are aware of the 2 day old coin (who are sellers and not buyers)
c) Those with low latency and high hash power need to dump the coin ASAP before moving on to another. That's because history of all recently launched coins (FTC, CNC, YAC) points to same thing. Price goes down for the first few days and then stagnates at low prices.

I agree, but if it's going to happen to every new altcoin then it's not really a reflection on the coin itself, and the question becomes one of how to survive it?

The one to survive will survive based on Darwin's survival of the fittest theory. The coin has to be innovative and coin needs media and  mass awareness and support to survive.
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May 24, 2013, 12:40:37 AM
 #88

Because at this point it's incredibly redundant.

Well, true.. but isn't that always the case in the beginning?

They are all redundant.  All crypto coins, just like BTC.

You think BTC too? Even now?

You don't think BTC is a crypto coin?

I meant do you think BTC is redundant, even now?
kaputt
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May 24, 2013, 12:44:13 AM
 #89

Because at this point it's incredibly redundant.

What is redundant? The coin itself or the way a percentage of people are treating it?
cebb
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May 24, 2013, 12:44:28 AM
 #90

Quote
There is a catch in this too. we are forgetting the fees involved in transferring fiat> BTC by sender and BTC>fiat by receiver at the end of the day.

I don't pay any fees to buy bitcoins.

To me, bitcoin isn't about how much it's worth.  It could be worth $1 a coin and it would still be useful to me.  You are missing the entire premise of why bitcion exists.

May be not you. but most people do pay fees to buy and sell bitcoins (exchange commissions, buy sell spread, exchange with drawl fees etc)

You haven't answered the question. Why do you need bitcoins? I mean YOU not other people.

P.S. I do hold bitcoins and want to see still higher prices, but just trying to do a fair conversation here.
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May 24, 2013, 12:44:51 AM
 #91

Let's move it over to our own forum: http://digitalcoin.co/forum/index.php

Now you don't have to sort through posts Smiley.

But.. but.. this is just getting interesting!! Smiley
kaputt
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May 24, 2013, 12:52:54 AM
 #92

It's not a matter of need. It's a matter of want. I want to make a purchase without directly or indirectly paying a 2.99% fee. A good percentage of purchases are made via credit card. Multiply this out and that is how much we are being charged collectively to use CC and debit card purchases. Why are we paying this much? The vast majority of my customers pay via credit card. On some purchases, the profit margin after cost, fees and taxes is so small, that the financial institution makes more money than I do. I understand that we have to pay for the service, but times have changed. We now have the Internet.
Hydroponica
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May 24, 2013, 12:56:06 AM
 #93

Because at this point it's incredibly redundant.

Well, true.. but isn't that always the case in the beginning?

They are all redundant.  All crypto coins, just like BTC.

You think BTC too? Even now?

I too think all alt-coins are redundant including BTC. Answer to following question should suffice.

1) Do you really need bitcoins? Is there anything you need that you cant buy with fiat currencies?


To me Bitcoin has two major purpose.

1) Bitcoins are useful for those wanting to do shady transactions on silk road and similar websites. But that's not why you are holding your bitcoins. You are holding bitcoins because you think that someone will have the need to use bitcoins for shady transactions and the value will go up.

2) Almost free money transfer internationally. You can send bitcoins from US to Europe for a small fee of 0.01 BTC. Fiat cant beat that. But do you need to transfer money internationally? You think that someone else will need to transfer money and this will drive the price up. There is a catch in this too. we are forgetting the fees involved in transferring fiat> BTC by sender and BTC>fiat by receiver at the end of the day.

The fiat/BTC conversion step can become obsolete if we all get paid in BTC for our jobs and we can buy groceries in BTC but thats too optimistic. Even if our employer pays us in BTC, he would need to get BTC from somewhere? He cant have ASICs churning in basement to pay all the employees.

So, the obvious question comes to mind, why are you even at bitcointalk.org?

Wilderness
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May 24, 2013, 12:57:09 AM
 #94

Well so far, sellers on Cryptsy are following the all too common trend for killing a new alt, starting sales at the highest bid for buying, for some reason you people cant hold back just for a little while and start selling at a much higher rate, eventually people Will buy higher, but all you tards sell out, and ruin what could have been a really good profit for the rest of us -

translation: I don't actually believe in this coin myself, but my greed told me to hold out for a higher sell price but unfortunately I missed the peak and now I am coming to terms with having to sell at a much lower price or hold coins that may never recover
cebb
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May 24, 2013, 12:58:53 AM
 #95

Because at this point it's incredibly redundant.

Well, true.. but isn't that always the case in the beginning?

They are all redundant.  All crypto coins, just like BTC.

You think BTC too? Even now?

I too think all alt-coins are redundant including BTC. Answer to following question should suffice.

1) Do you really need bitcoins? Is there anything you need that you cant buy with fiat currencies?


To me Bitcoin has two major purpose.

1) Bitcoins are useful for those wanting to do shady transactions on silk road and similar websites. But that's not why you are holding your bitcoins. You are holding bitcoins because you think that someone will have the need to use bitcoins for shady transactions and the value will go up.

2) Almost free money transfer internationally. You can send bitcoins from US to Europe for a small fee of 0.01 BTC. Fiat cant beat that. But do you need to transfer money internationally? You think that someone else will need to transfer money and this will drive the price up. There is a catch in this too. we are forgetting the fees involved in transferring fiat> BTC by sender and BTC>fiat by receiver at the end of the day.

The fiat/BTC conversion step can become obsolete if we all get paid in BTC for our jobs and we can buy groceries in BTC but thats too optimistic. Even if our employer pays us in BTC, he would need to get BTC from somewhere? He cant have ASICs churning in basement to pay all the employees.

So, the obvious question comes to mind, why are you even at bitcointalk.org?

I want to learn more about the currency.

P.S. I do hold bitcoins and I am all in for the fun ride and want the prices to go up.
techbytes
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May 24, 2013, 01:01:37 AM
 #96

Because at this point it's incredibly redundant.

Well, true.. but isn't that always the case in the beginning?

They are all redundant.  All crypto coins, just like BTC.

You think BTC too? Even now?

I too think all alt-coins are redundant including BTC. Answer to following question should suffice.

1) Do you really need bitcoins? Is there anything you need that you cant buy with fiat currencies?


To me Bitcoin has two major purpose.

1) Bitcoins are useful for those wanting to do shady transactions on silk road and similar websites. But that's not why you are holding your bitcoins. You are holding bitcoins because you think that someone will have the need to use bitcoins for shady transactions and the value will go up.

2) Almost free money transfer internationally. You can send bitcoins from US to Europe for a small fee of 0.01 BTC. Fiat cant beat that. But do you need to transfer money internationally? You think that someone else will need to transfer money and this will drive the price up. There is a catch in this too. we are forgetting the fees involved in transferring fiat> BTC by sender and BTC>fiat by receiver at the end of the day.

The fiat/BTC conversion step can become obsolete if we all get paid in BTC for our jobs and we can buy groceries in BTC but thats too optimistic. Even if our employer pays us in BTC, he would need to get BTC from somewhere? He cant have ASICs churning in basement to pay all the employees.

So, the obvious question comes to mind, why are you even at bitcointalk.org?

Right... because if I have this same conversation with my friends or family, they will think I'm crazy...   Grin

-tb-

fenican
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May 24, 2013, 01:15:58 AM
 #97

The reality is these coins are backed by:

1.  The length of the blockchain

2.  The difficulty

3.  The amount of compute power necessary to maintain the network

Bitcoin is the most valuable because it has (1) The highest hash rate, (2) the longest block chain, and (3) by far the strongest network

LTC is a runner up

Most of the alternate coins are a pale shadow of BTC/LTC but over months and years a few winners may emerge.  We're undergoing an experiment here to sort out who those winners may be.
erk
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May 24, 2013, 01:23:55 AM
 #98

The reality is these coins are backed by:

1.  The length of the blockchain

2.  The difficulty

3.  The amount of compute power necessary to maintain the network

Bitcoin is the most valuable because it has (1) The highest hash rate, (2) the longest block chain, and (3) by far the strongest network

LTC is a runner up

Most of the alternate coins are a pale shadow of BTC/LTC but over months and years a few winners may emerge.  We're undergoing an experiment here to sort out who those winners may be.

I agree with most of that, except the compute power to maintain BTC network has shifted from GPU to more energy efficient FPGA/ASIC devices, and the other coins are still on GPU.
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