Ixcoin TODO

[jackjack]

So, the altcoins are there to pay the electricity bills.

For most people, yes.

I take the opposite approach.  When/if I ever get my ASICS I plan to use part of my bitcoins to pay the electricity, the rest to buy more mining rigs to try and get ahead of the coming masses and finally, I plan to hoard any and all merge mined coins hoping just one bit it big.

In this mining game, only the top 1% will make big money and the rest will get the crumbs.  It's important to get ahead of the curve, ahead of the herd.  For that I think one needs at least $50,000-$100,000 and then additional incremental investments to keep up with the difficulty.

The logic is that only a small % of people on earth have the money risk appetite to invest that much in mining rigs.  And to do that I only need 1 coin to jump in price and that would give me the necessary disposable income to jump ahead of the coming 99%. 

Once you're ahead it should be easy to keep the lead and make massive money - but if you fall behind you'll never be able to catch up.  First movers can definitely make a killing here if they play it right.

You forgot "Bitcoin ETF"

[Vlad2Vlad]

Are you sure that merge mining doesn't slow your rig down at all, not even increasing electric consumption?

It doesn't - you produce the same amount of hashes, which are sent to the pool server, which then checks them against different coins. So basically the pool server does more work, not you.

That is the best news one can get for buying these expensive and elusive ASICS.

I predict there will be dozens of merge mined coins next year.  If you get enough ASICS now you can stand to make a killing.  It's a big risk but so is the potential.

[Vlad2Vlad]

So, the altcoins are there to pay the electricity bills.

For most people, yes.

I take the opposite approach.  When/if I ever get my ASICS I plan to use part of my bitcoins to pay the electricity, the rest to buy more mining rigs to try and get ahead of the coming masses and finally, I plan to hoard any and all merge mined coins hoping just one bit it big.

In this mining game, only the top 1% will make big money and the rest will get the crumbs.  It's important to get ahead of the curve, ahead of the herd.  For that I think one needs at least $50,000-$100,000 and then additional incremental investments to keep up with the difficulty.

The logic is that only a small % of people on earth have the money risk appetite to invest that much in mining rigs.  And to do that I only need 1 coin to jump in price and that would give me the necessary disposable income to jump ahead of the coming 99%.  

Once you're ahead it should be easy to keep the lead and make massive money - but if you fall behind you'll never be able to catch up.  First movers can definitely make a killing here if they play it right.

You forgot "Bitcoin ETF"

Lol.  Of course.  I think I've said "Bitcoin ETF" so many times that it's now implied in fact.  The Bitcoin ETF will simply accelerate awareness and a massive inflow of millions of new speculators and miners.  That means the time we has to get ahead of the curve is cut down to 3-12 months from what would have otherwise been a few years.  Either way, Bitcoin and alt coins can never be put back in the box - Pandora is out, and the bitch can never be put back in her box.

[CYPER]

Are you sure that merge mining doesn't slow your rig down at all, not even increasing electric consumption?

It doesn't - you produce the same amount of hashes, which are sent to the pool server, which then checks them against different coins. So basically the pool server does more work, not you.

That is the best news one can get for buying these expensive and elusive ASICS.

I predict there will be dozens of merge mined coins next year.  If you get enough ASICS now you can stand to make a killing.  It's a big risk but so is the potential.

I admire your pesimism 
I believe that no coin that can be merge-mined will ever increase in value, because of the fact it is merged mined.
Back when merge-mining was first introduced for Namecoin I myself and other people believed that this might somehow make NMC increase in value - it didn't.
And it make sense, because mining have no correlation to the value of a coin. Its value is derived from simple market forces - interest to buy and interest to sell

[Vlad2Vlad]

Are you sure that merge mining doesn't slow your rig down at all, not even increasing electric consumption?

It doesn't - you produce the same amount of hashes, which are sent to the pool server, which then checks them against different coins. So basically the pool server does more work, not you.

That is the best news one can get for buying these expensive and elusive ASICS.

I predict there will be dozens of merge mined coins next year.  If you get enough ASICS now you can stand to make a killing.  It's a big risk but so is the potential.

I admire your pesimism  
I believe that no coin that can be merge-mined will ever increase in value, because of the fact it is merged mined.
Back when merge-mining was first introduced for Namecoin I myself and other people believed that this might somehow make NMC increase in value - it didn't.
And it make sense, because mining have no correlation to the value of a coin. Its value is derived from simple market forces - interest to buy and interest to sell

How am I pessimistic?  I feel I'm being optimistic.  Unless you're referring to the fact latecomers will never make any real money.  This is true for any new industry - this is reality, not everybody can get rich in this universe, not now not ever.

And I wasn't implying that merge mining would cause any coin to spike in value.  I was referring to market forces such as raised awareness, a spike in demand, a Bitcoin ETF, a spike in market participants, a spike in speculative investors, a spike in institutional investors, etc.

And this did happen to Namecoin - where it was trading at $.001 earlier this year and in April when Bitcoin spiked Namecoin went up 100,000%, from $.001 to $1.  For a while it was actually over $1.

And we are still at max 1% population active rate.  A Bitcoin ETF alone could spike that to 10% in under 12 months.  The media, govt and banks can then take the participation rate to at least 40% and they can do it faster than the Internet funds adoption from 1994 to 2000.

This thing (alt-coins) is rigged to go sky-high, the right pieces and market participants just need to fall into place and if you've got your investments ready to go just sit back and watch the show.

[CYPER]

Are you sure that merge mining doesn't slow your rig down at all, not even increasing electric consumption?

It doesn't - you produce the same amount of hashes, which are sent to the pool server, which then checks them against different coins. So basically the pool server does more work, not you.

That is the best news one can get for buying these expensive and elusive ASICS.

I predict there will be dozens of merge mined coins next year.  If you get enough ASICS now you can stand to make a killing.  It's a big risk but so is the potential.

I admire your pesimism  
I believe that no coin that can be merge-mined will ever increase in value, because of the fact it is merged mined.
Back when merge-mining was first introduced for Namecoin I myself and other people believed that this might somehow make NMC increase in value - it didn't.
And it make sense, because mining have no correlation to the value of a coin. Its value is derived from simple market forces - interest to buy and interest to sell

How am I pessimistic?  I feel I'm being optimistic.  Unless you're referring to the fact latecomers will never make any real money.  This is true for any new industry - this is reality, not everybody can get rich in this universe, not now not ever.

And I wasn't implying that merge mining would cause any coin to spike in value.  I was referring to market forces such as raised awareness, a spike in demand, a Bitcoin ETF, a spike in market participants, a spike in speculative investors, a spike in institutional investors, etc.

And this did happen to Namecoin - where it was trading at $.001 earlier this year and in April when Bitcoin spiked Namecoin went up 100,000%, from $.001 to $1.  For a while it was actually over $1.

And we are still at max 1% population active rate.  A Bitcoin ETF alone could spike that to 10% in under 12 months.  The media, govt and banks can then take the participation rate to at least 40% and they can do it faster than the Internet funds adoption from 1994 to 2000.

This thing (alt-coins) is rigged to go sky-high, the right pieces and market participants just need to fall into place and if you've got your investments ready to go just sit back and watch the show.

Sorry, I meant optimism
Don't get me wrong, I really really really hope your predictions of the future come true, but I am mostly pessimistic that Alt-Coins will see the same uproar as BTC.
There could only be one real digital currency that can take over the world (we can dream at least) and that would be BTC. It's the first one, it's the most secure one, it's the most supported one.
I don't see a scenario where any other Alt Coin has a chance of being used for direct purchases of goods and services on a massive scale, something that even BTC hasn't achieved yet.
They will always be in BTC's shadow and they will always be exchanged for BTC. So they will always be speculative form of currency.

[BitJohn]

Just wanted to thank our IXcoin traders with their own Cryptsy.com avatar. We will be giving coins away and possibly merchandise randomly to folks who sport a cryptsy avatar on any coin forum that we spot.

[Vlad2Vlad]

I agree in the end only one currency will be chosen for the whole planet.

But I also don't think it will be Bitcoin, at least not in its current form.  If anything they'll do a hard fork and take all the positives from all the other alt coins and make one super and perfect alt coin.

But that's a few years off.  The other alt coins simply have to go up, much higher.  I'm not saying ixCoin will go to $200, what i am saying is that on a % basis, many other alt coins will go up higher than bitcoin over the coming few years, given bitcoin is already up a massive amount.

Look, for the next couple years there should be a massive spike in awareness and demand for alt coins and it will take a year or 2 to saturate the market with enough at coin supply to reach some equilibrium.  Until that happens there should be an enormous inbalance between the demand for alt coins and the number of alt coins out there for sale.  Add to that the illiquid nature of alt coin exchanges and you've got a recipe to blow away the riches the Internet ever created.  

It should come hard and fast and it should blow up very violently and very quickly and we will probably see a massive bubble form which will probably pop eventually and that's where a couple scapegoats like the winklevoss twins will come in handy.   I'm really curious if someone else suggested to them at some point to invest in bitcoin and then later, once again, to apply for an ETF license.

My guess would be neither decision was originally theirs alone.

[Vlad2Vlad]

Just wanted to thank our IXcoin traders with their own Cryptsy.com avatar. We will be giving coins away and possibly merchandise randomly to folks who sport a cryptsy avatar on any coin forum that we spot.

How many ixCoins are we talking about?  And what is your relationship to ixCoin if you don't mind me asking?

TIA

[Vlad2Vlad]

I'm gonna make another crazy prediction since the bitcoin ETF seems to be all but a sure thing at this point.

We're gonna have emerging countries switch to an alt coin and very possibly to Bitcoin.  I'm gonna even call the first country to do so:  INDIA!

In actuality it could be Indonesia, Brazil or any other emerging country but I'll stick to India.  The dollar's loose policy is destroying the currencies of these struggling economies.  They have to act soon and if just one switches then there will a very much expected snd desired chain reaction which should take Bitcoin to $10,000.

I know, we haven't even gotten to my $1,000 prediction and I've already upped it to $10,000.  Thars how I roll.


Here's a taste of India's problems and it's only gonna get worst.  They're gonna play right into the Bitcoin plan:  Mass global adoption.


http://finance.yahoo.com/news/rupee-where-currency-collapse-confounds-210459680.html

[BitJohn]

Just wanted to thank our IXcoin traders with their own Cryptsy.com avatar. We will be giving coins away and possibly merchandise randomly to folks who sport a cryptsy avatar on any coin forum that we spot.

How many ixCoins are we talking about?  And what is your relationship to ixCoin if you don't mind me asking?

TIA

We trade them on cryptsy of course.

[Vlad2Vlad]

@BitJohn,

So you don't have a relationship with ixCoin or its founders?

I've never seen an exchange give out particular coins for free.

So you work for cryptcy, then?

I have a question, if you do.

I have a CrapCoin but I don't want to list it yet anywhere until I invest some money in it so it's not such a CrapCoin.  I realize I can list a CrapCoin cause I've seen lots of them come and go but I want to wait.

My question is, Cryptcy seems to be a better exchange compared to say, CoinE, what are the qualifications and how does one list a particular coin on Cryptcy?  

Much appreciated.

[Vlad2Vlad]

Devcoin and Ixcoin are both growing in mining, but Ixcoin is going up in price, devcoin is falling down.

Bitcoin   254777   65,750,060.1491   568,710.8600

Devcoin   103588   21,386,373.5496   204,119.4999

Ixcoin   157384   12,766,268.2213   178,961.3272


DVC/BTC   0.00000044   0.00000044   0.00000044
IXC/BTC   0.00005558   0.00006198   0.00006198

Correct.  You woud expect that.

Devcoin is diluting some 200 million coins per month while ixCoin is becoming more and more scarce as the clock ticks and soon there will be no more ixCoins to mine.  So devcoin is acting much like the dollar while ixCoin is more like a commodity, like gold.

[Vlad2Vlad]

Difficulty above 13 million. 

Lol, it's getting ridiculous.  I don't understand why it's rising faster than bitcoin.  I don't see any one person targeting just ixCoin.  That's not possible, right?  I mean, you won't even make your electricity money back.

[DeathAndTaxes]

Even if Bitcoins hashrate was flat (~70 mill) and never rose Ixcoin difficulty would rise if more people merged mined it.

13/70 = ~18% of Bitcoin hashpower is merge mining Ixcoin.  That leaves a lot of room for difficulty to rise.

[Vlad2Vlad]

Even if Bitcoins hashrate was flat (~70 mill) and never rose Ixcoin difficulty would rise if more people merged mined it.

13/70 = ~18% of Bitcoin hashpower is merge mining Ixcoin.  That leaves a lot of room for difficulty to rise.

That makes sense.  I didn't realize there are people who don't automatically choose to merge mine.

[Vlad2Vlad]

Why the sudden interest in ixCoin?

Or do we simply have more ASICS so they're trying to maximize profits?  I know I'll merge mine when/if I get my ASICS.

Bitcoin hit $142 in Mt Gox today.  I said roughly 10 days ago we'd hit $150-$200 in the next 2-3 weeks on rumors or an ETF license.  Looks like it's right on time.  ETF should go live in the next 60 days, I suspect.

That will absolutely change everything in the crypto coin world.  This is only the beginning!

[K1773R]

Why the sudden interest in ixCoin?

Or do we simply have more ASICS so they're trying to maximize profits?  I know I'll merge mine when/if I get my ASICS.

Bitcoin hit $142 in Mt Gox today.  I said roughly 10 days ago we'd hit $150-$200 in the next 2-3 weeks on rumors or an ETF license.  Looks like it's right on time.  ETF should go live in the next 60 days, I suspect.

That will absolutely change everything in the crypto coin world.  This is only the beginning!

its not interest Mr Delusion...
Merged Mining is free! you get ixcoins for free, all you have to pay is the cpu cycles the ixcoind needs
You dont need to be interested in ixcoins at all, most ppl who do MM probably dump their coins to BTC anyway.
this was always the case, so if btc hashrate is climbing fast, ixcoin will too!
the same happend for namecoin, devcoin, i0coin.

[DeathAndTaxes]

Why the sudden interest in ixCoin?

Or do we simply have more ASICS so they're trying to maximize profits?  I know I'll merge mine when/if I get my ASICS.

Bitcoin hit $142 in Mt Gox today.  I said roughly 10 days ago we'd hit $150-$200 in the next 2-3 weeks on rumors or an ETF license.  Looks like it's right on time.  ETF should go live in the next 60 days, I suspect.

That will absolutely change everything in the crypto coin world.  This is only the beginning!

its not interest Mr Delusion...
Merged Mining is free! you get ixcoins for free, all you have to pay is the cpu cycles the ixcoind needs
You dont need to be interested in ixcoins at all, most ppl who do MM probably dump their coins to BTC anyway.
this was always the case, so if btc hashrate is climbing fast, ixcoin will too!
the same happend for namecoin, devcoin, i0coin.

This.  To put it into perspective Namecoin difficulty went from 31M to 41M and is projected to go to 55M with next difficulty change.  It is almost triple the difficulty of IXCoin and still increasing by more than 100% a month.  Bitcoin difficulty is likely going to increase by at least 500 million between now and the end of the year.  If 10% of those new ASICs merge mine one or all of the coins their difficulty will go up by 50 million.

[Vlad2Vlad]

Why the sudden interest in ixCoin?

Or do we simply have more ASICS so they're trying to maximize profits?  I know I'll merge mine when/if I get my ASICS.

Bitcoin hit $142 in Mt Gox today.  I said roughly 10 days ago we'd hit $150-$200 in the next 2-3 weeks on rumors or an ETF license.  Looks like it's right on time.  ETF should go live in the next 60 days, I suspect.

That will absolutely change everything in the crypto coin world.  This is only the beginning!

its not interest Mr Delusion...
Merged Mining is free! you get ixcoins for free, all you have to pay is the cpu cycles the ixcoind needs
You dont need to be interested in ixcoins at all, most ppl who do MM probably dump their coins to BTC anyway.
this was always the case, so if btc hashrate is climbing fast, ixcoin will too!
the same happend for namecoin, devcoin, i0coin.

Hence my statement:   Or do we simply have more ASICS so they're trying to merge mine.

Try reading past the first sentence next time if you're so capable.