Ixcoin TODO

[Vlad2Vlad]

No, just the usual "hiccup" when bitcoin rockets. It will be back in a short time.
Mining it? Now it is above 100 million in difficulty, with over 1,3 million value of mining. No point in mining it.

Exactly, the asks are still above 10000 and there's hardly any sell orders. So the drop of some 20% is artificial since there's no sellers. 

I still don't understand how with nearly 17 million coins out and with nearly 100 Tera Hash of mining there's hardly ever any sellers.  That makes no sense, we should see pools and people dumping all the time.

[DeathAndTaxes]

The amount of TH/s is irrelivent to the number of sellers.   1 sole miner or 1 PH/s the same amount of coins are generated.   The amount generated is negligible.  A small number of fools own the majority of coins hoping it goes higher.

Not really difficult to see why there are hardly any sell orders.  There is also hardly any volume (it takes a buyer and a seller to make a sale).   Average daily volume is <1 BTC.   To pretend there is this mass adoption is kinda silly.  Of course you have hooked your hopes and dreams to this so I don't expect you to believe it but maybe nobody else will follow you down that path.

[Vlad2Vlad]

Ok, now ixCoin is down.  I had over 20,000 of ixCoin buy orders at what I thought were ridiculous prices, from 8502 to 6777 and they just all got taken out.  But the sell side, the asks, are still showing over at 10,000, so there's nobody willing to posts lower asks.  

On the one hand it's nice to finally pay a cheaper price but on the other hand this does shake my confidence and conviction in ixCoin.  

Still, I have other buy orders and they're not filling so there's obviously nobody out there willing to dump any real amount of ixCoins.

[Vlad2Vlad]

The amount of TH/s is irrelivent to the number of sellers.   1 sole miner or 1 PH/s the same amount of coins are generated.   The amount generated is negligible.  A small number of fools own the majority of coins hoping it goes higher.

Not really difficult to see why there are hardly any sell orders.  There is also hardly any volume (it takes a buyer and a seller to make a sale).   Average daily volume is <1 BTC.   To pretend there is this mass adoption is kinda silly.  Of course you have hooked your hopes and dreams to this so I don't expect you to believe it but maybe nobody else will follow you down that path.

I realize TH is not equal to number of miners or sellers, but the reality is that there is a correlation.  When ixCoin had 1 TH there were many less miners and sellers than now when there's 100 TH.  the simple reason is that there are many more new entrants and also older miners who switched from mining maybe Scrypt, now bought affordable ASICS and are merge mining.

And it does matter if a coin has 2,000 holders as opposed to 3.  It gives the coin some stability and predictability.  So again, 100 TH of mining and easily a few thousand miners with good ASICS power yet hardly any selling.

And I don't buy the volume story.  If people wanna dump their coins they at least list them and since ixCoin is mined for free, most would dump it at any price, just like they do with other coins like Devcoins, yet that's not happening and I can't think of any good reason.  1.5 pennies or even half a penny is a good price for a free coin which 99% believe has no future so then where are the sellers?


There is no mass adoption,  never said that, but there are definitely thousands of miners holding some amount of ixCoin. 

Finally, I didn't land on ixCoin and then let confirmation bias take over.  It was the opposite, I objectively looked at all the coins and chose the one which I felt had the most promise to be the next big thing.  I made an objective analysis and decision.

So obviously I have a lot riding on this coin but if anything fundamental were to change I am objective enough to where I would cut this coin lose and cut my losses.  I have done that many times int he past with stocks and it is a difficulty thing to do and few can detach themselves from their money to be able to think clearly.

My confidence is shaken a bit seeing ixCoin finally relent to the Bitcoin effect but the fundamental rationale which convicted me to buy ixCoin is still there.  I would like to get some kind of confirmation however cause it's really difficult to remain dedicated on an investment when it's dropping in value so hard and fast.

[markm]

To me they just aren't worth enough to be worth the bother of selling them. How much an hour would one be making adding up the minutes it'd take to fire up the daemon find out how many coins you have send them to an exchange wait for them to be confirmed there and sell them? So I would expect people would wait until they have tens of thousands of them before caring about whether they are worth the bother of selling them...

I actually think I had about 20,000 of them way back when, so maybe if I took the trouble to dig them up I could get $200 or more for them. But why bother? Unless I am desperate for the bucks I might as well just forget about them for now, who knows maybe some day when bitcoins themselves aren't selling for such crazy-low prices (less than $1000 each still, hard to believe but true, amazing!) maybe the other merged coins will be worth a dollar or more each and actually be worth digging up to sell...

-MarkM-

[Vlad2Vlad]

In the last 2 days I added close to 40,000 more ixCoin.

This madness has to stop.  How many times have I said that in the last 2 months?  lol. I have way more than I will ever need if my prediction holds true.  I'm hoping to buy and hold like 10 Bitcoins from here on out since I think I will be able to swap them out, 1:1 for pure gold ounces next year.

I know, I've already been called crazy for this prediction, just like my other ones.  

I just don't wanna chase Bitcoin to $250 from $210 now.  We should see at least a profit taking sell-off and if it gets down to $170 then I've got $2,000 to put into it.  After that I'll just have to have the self control to not dump it all into ixCoin.  Lol

[Vlad2Vlad]

To me they just aren't worth enough to be worth the bother of selling them. How much an hour would one be making adding up the minutes it'd take to fire up the daemon find out how many coins you have send them to an exchange wait for them to be confirmed there and sell them? So I would expect people would wait until they have tens of thousands of them before caring about whether they are worth the bother of selling them...

I actually think I had about 20,000 of them way back when, so maybe if I took the trouble to dig them up I could get $200 or more for them. But why bother? Unless I am desperate for the bucks I might as well just forget about them for now, who knows maybe some day when bitcoins themselves aren't selling for such crazy-low prices (less than $1000 each still, hard to believe but true, amazing!) maybe the other merged coins will be worth a dollar or more each and actually be worth digging up to sell...

-MarkM-

But don't merge miners dump coins they don't care about regularly?  Using cryptsy it can be done automatically.  And there's massive ASICS pools and people with big mining farms.

At 96 coins per block we should be seeing a lot more selling than we are now and at 1.5 cents it's worth something. 

I'm curious, does anyone know what kind of dumping i0Coin is seeing?  That's a good test, since they're even cheaper.  I'm gonna keep an eye on them to see if merge miners are dumping that the way you'd expect.

Thanks for your input.

[markm]

I think maybe if they truly don't care they simply don't get those coins.

For example at Bitparking's mmpool you only tell it the addresses of the coins you want, those you don't want you simply do not get...

Plus how many pools even merge Ixcoin at all? Only bitparking ever merged I0coin and back then it was also the only one merging Ixcoin too...

So maybe doublec, the admin of bitparking, has all the coins!

Most people who merged mine do so at a pool that only mines bitcoins and namecoins, I think? Maybe Devcoins too in the case of Eligius?

-MarkM-

[Vlad2Vlad]

I think maybe if they truly don't care they simply don't get those coins.

For example at Bitparking's mmpool you only tell it the addresses of the coins you want, those you don't want you simply do not get...

Plus how many pools even merge Ixcoin at all? Only bitparking ever merged I0coin and back then it was also the only one merging Ixcoin too...

So maybe doublec, the admin of bitparking, has all the coins!

Most people who merged mine do so at a pool that only mines bitcoins and namecoins, I think? Maybe Devcoins too in the case of Eligius?

-MarkM-

Interesting, thanks for the insight.

I for one would merge mine anything even coins which i thought were a waste of time, since it's free and it will help me pay for the electrons.

And as for mining pools which may in fact be holding a few million ixCoins, the same holds true, why not dump them for anything you can get if you think the coin is crap, and maybe keep a few hundred K just in case.

And it's clear to me that almost no miner or investor thinks ixCoin has any chance.  I have yet to find even 1 person like me who thinks ixCoin is worth accumulating in any large quantity - something i have not seen for any other alt coin, let alone one which has been around a few years, from the very beginning.  

For this contrarian reason alone - it's a good idea to hold some ixCoin.

Recently another good reason was added to my ETF 2.0 theory.  Look at Namecoin, it's been around since the beginning, it's been tested thru and thru and it has a massive hash network with a large loyal following - yet just like that:  it died.

That's scary.

So if you're a bank or a country or a major investor and you're thinking of investing millions or you want to start a Crypto ETF 2.0, one major thing you will need is a tried, true and tested coin which has no chance of causing you any major hard forks or major setbacks.  

That said, ixCoin stands among just a few coins which meet this criteria.  And the best part, it's way more liquid and soon the entire mining risk will be removed, since the coins are almost fully matured and minted.

It's really little things like these, which most don't even see nor think about, which reinforce my conviction in ixCoin.

And it is very odd ixCoin has survived this long with not only an anonymous dev but also a non-existent one.  This is yet one more reason ixCoin stands alone from all the other alts.  If you're gonna take a coin over or do an ETF it's best to not have anyone in the way - the fact Satoshi disappeared helped the adoption of Bitcoin enormously and now we have this big "Coincidence" happening with ixCoin.  

In my opinion these coincidences have become too many to be ignored yet it seems nobody sees what I'm seeing.

I will soon prove to be a real visionary or the biggest idiot here.  lol.

[DeathAndTaxes]

At 96 coins per block we should be seeing a lot more selling than we are now and at 1.5 cents it's worth something.

96 coins per block is only 13K per day.  If 100% of miners sell instantly and not wait/hope for better prices it would only be 13K in volume. Volume is ~5K to 30K per day.  

What kind of volume would you expect is merge miners are just selling off as they mine?  Miners dumping 200K per day everyday despite only mining collectively 13K?

[Vlad2Vlad]

At 96 coins per block we should be seeing a lot more selling than we are now and at 1.5 cents it's worth something.

96 coins per block is only 13K per day.  If 100% of miners sell instantly and not wait/hope for better prices it would only be 13K in volume. Volume is ~5K to 30K per day.  

What kind of volume would you expect is merge miners are just selling off as they mine?  Miners dumping 200K per day everyday despite only mining collectively 13K?

Honestly I don't know what to expect as far as volume.  It just seems like coins with less coins out and similar output have much higher dumps from pools than ixCoin.  Like DogitalCoin, it only has 8 million coins out and there's massive multi pool dumping.

Granted that's a more popular coin so maybe the sales volume has a lot to do with it.

Have you watched i0Coin at all?  That would be a good example I think since that's merge mined and its not that popular.  So I'd be curious to know what kind of dumping is seen there on a regular basis by miners and pools just trying to get back some money for energy costs.

Thanks for your input, by the way.  Still rough around the edges a bit, lol, but that's better than someone who doesn't bother to give any criticism.

[Vlad2Vlad]

Anybody wanna sell 2 or 3 BTC at $180 a piece?  I'll pay using PayPal.  Thanks.

[CYPER]

Anybody wanna sell 2 or 3 BTC at $180 a piece?  I'll pay using PayPal.  Thanks.

Why would anyone want to sell $24 below market rate 

[Vlad2Vlad]

Anybody wanna sell 2 or 3 BTC at $180 a piece?  I'll pay using PayPal.  Thanks.

Why would anyone want to sell $24 below market rate 

Cause you get the cash now.  Some don't wanna wait 1 week for coinbase.  And as far as Mt. Gox, it's a few weeks and many cant get their $$$ out.  And by the Time that week goes by they may lose much more if the price tanks.

So I guess anyone who thinks the price may drop and wanna lock in $180 and get paid now I guess would go for this deal.  If not then I'm gonna wait, a sell off has to come, way too much way too fast on no real news. I'm not gonna chase Bitcoin when I know how volatile it is.

[DeathAndTaxes]

Honestly I don't know what to expect as far as volume.  It just seems like coins with less coins out and similar output have much higher dumps from pools than ixCoin.  Like DogitalCoin, it only has 8 million coins out and there's massive multi pool dumping.

The number of coins in supply has nothing to do with miners dumping.

If miners only mine 13K coins per day how could they sell more than 13K coins per day?  Counterfeit coins?

[DeathAndTaxes]

Anybody wanna sell 2 or 3 BTC at $180 a piece?  I'll pay using PayPal.  Thanks.

Why would anyone want to sell $24 below market rate  

Cause you get the cash now.  Some don't wanna wait 1 week for coinbase.  And as far as Mt. Gox, it's a few weeks and many cant get their $$$ out.  And by the Time that week goes by they may lose much more if the price tanks.

So I guess anyone who thinks the price may drop and wanna lock in $180 and get paid now I guess would go for this deal.  If not then I'm gonna wait, a sell off has to come, way too much way too fast on no real news. I'm not gonna chase Bitcoin when I know how volatile it is.

When you sell on coinbase (or any other exchange) you lock in the price at the current price.   The fact that ACH will take 3-4 days to clear doesn't change the price sold at.

[Vlad2Vlad]

Anybody wanna sell 2 or 3 BTC at $180 a piece?  I'll pay using PayPal.  Thanks.

Why would anyone want to sell $24 below market rate  

Cause you get the cash now.  Some don't wanna wait 1 week for coinbase.  And as far as Mt. Gox, it's a few weeks and many cant get their $$$ out.  And by the Time that week goes by they may lose much more if the price tanks.

So I guess anyone who thinks the price may drop and wanna lock in $180 and get paid now I guess would go for this deal.  If not then I'm gonna wait, a sell off has to come, way too much way too fast on no real news. I'm not gonna chase Bitcoin when I know how volatile it is.

When you sell on coinbase (or any other exchange) you lock in the price at the current price.   The fact that ACH will take 3-4 days to clear doesn't change the price sold at.

Thanks.  I've read people complaining how it took them a week to get the deal done but those could have been buys.

[Vlad2Vlad]

Does anybody wanna pitch in with me for a bounty to update the ixCoin wallet?  I mean it doesn't even have a passphrase option to be able to lock your wallet.

I don't understand how the dev could have done such a major coding job like adding the merge mining patch but then fail to update the wallet which is now like 2 years old.

So let's get together and put a bounty together to get a new upgraded and much more secure wallet going.

Can anyone comment how much bounty it would require to get this done.  From what I see it's already done for other similar coins like i0Coin or Bitcoin so maybe it's as easy as copying and pasting the code but I don't know for sure.

Any input would be appreciated.  Thanks in advance.

[Vlad2Vlad]

Come on.  What's a fair bounty to update the ixCoin wallet.  Encryption is a must and it's probably the only wallet with no encryption.  Strange - even my ShitCoin has encryption.  Lol.

[tazman]

Does anybody wanna pitch in with me for a bounty to update the ixCoin wallet?  

Vlad

If you look at the first page of this post you will see the following bounties have been offered.


   Ixcoin client update bounties
   ----------------------------
   Nasakioto   30,000 IXC   
   tazman      10,000 IXC   
   ayayay   "I can contribute Ixcoins to development"


Just add your name to the list if you're interested.