[DVC]DevCoin - Official Thread - Moderated

[sidhujag]

Remember way back when CDN, GMC, GRF, MBC, NKL, UKB, UNS and such were skyrocketing so much that there were concerns that debts denominated in such units might never be able to be paid off, so that there was a big move to denominating debts in DeVCoins (DVC) instead because DVC seemed much less prone to endless skyrocketing of price?

Take a look at http://galaxies.mygamesonline.org/plotdvc.html now... Those previously skyrocketing currencies have been dropping steadily, down below the lows recorded since those tables and plots started being accumulated. Maybe that large scale movement could have something to do with it?

-MarkM-

So in game those assets have been trading lower and lower vs devcoin? Then because dvc price was so low they must have fell alot lower against btc... but makes sense that devcoin rise if people are now hedging those other assets vs dvc.

[1714989336]

1714989336

[1714989336]

1714989336

[1714989336]

1714989336

[georgem]

I don't mean a place to keep your savings, I mean a place to pile your buy side depth if you are trying to uphold the value of a coin by ensuring it always has depth.

Of course I would prefer to have them all on my own exchange, but if I must have them on someone else's then I prefer Vircurex because their payment system means I can afford to have offers in place that I don't expect anyone to ever actually take me up on. I can afford to have them there "just in case" and in order to have offers at every possible number of satoshis of price because the bitcoins earn while they sit there providing depth.

Also obvious of course is to try to only use "profit coins", as soon as possible, that is, get your initial capital back to your own wallet as soon as possible, plus some profits too, so that the only coins you have on any third prty site are "pure profit" coins the site already earned you.

I left my coins on Vircurex knowing the freeze was coming because I figured it would be nastily ironic to evacuate them to some scam exchange and have them stolen. What I left was leftover profit after taking take-home profit, and I figured if they do get stolen its maybe better to let Vircurex, who made/earned them for me in the first place, steal them than ship them off to some other thief. Almost all other exhanges were obviously scammers, their entire exchanges existed purely for the purpose of perpetuating endless numbers of scam of the day scamcoin scams, they were all about proliferating as many scams per day as possible, jumping on as many new scams as possible, anyone whose entire business is based on profiting from scams it seems stupid to imagine is not planning to scam you so I avoid them.

The thing I like least about Vircurex actually is they seemed to get so desperate they started to jump on scams too, I think for example if supporting DOGE was at all justifiable the same facts that justify accepting DOGE ought to have caused them to drop the scrypt coins that had even less hashing power than DOGE, since the main thing DOGE did for the world was prove how patheticaly weak even litecoin's hashpower was, making it clear that even litecoin, and certainly all the scrappy scrypt coins with even less hashpower than litecoin, are ridiculously insecure.

I wish they would add GRouPcoin though, since it has quite a bit of hashpower and would help make Vircurex the place to go for dealing in merged mined coins.

-MarkM-

I hear you. And I used to like vircurex for having only a few selected coins, and not 200 like so many others.

I think the best way in the future would be to have a pure devcoin only exchange.

Where DVC/BTC is traded and nothing else.

Someone has to make that happen.  

[Cor2]

Yes, ofcourse I understand their payback plan.

From your description, I get the impression that you do *not* understand their payback plan.
They pay back from their source of income - the fees on the exchange. If they stop the exchange, they will never be able to pay back.

To continue acting irresponsible shouldn't be considered "courageous"... it should be considered dangerous.

Where do you get that they act irresponsibly? Please prove your statement or shut up with spouting nonsense.

[georgem]

From your description, I get the impression that you do *not* understand their payback plan.
They pay back from their source of income - the fees on the exchange. If they stop the exchange, they will never be able to pay back.

They can get a bankloan or work another job, and pay us all back. Putting the weight on their own shoulders, not ours!
Why do you make it look like the only way for them to act is to keep on doing the same thing they proved to be incompetent with???

Where do you get that they act irresponsibly? Please prove your statement or shut up with spouting nonsense.

The way I heard from many traders who got caught off guard and got their accounts frozen, their communication was far from perfect and early enough.
Many people had no time or possibility to react to what was coming.
So why should we call that responsible?
Most people were completely at the mercy of vircurex.

[Cor2]

The way I heard from many traders who got caught off guard and got their accounts frozen, their communication was far from perfect and early enough.
Many people had no time or possibility to react to what was coming.
So why should we call that responsible?
Most people were completely at the mercy of vircurex.

Of course, Vircurex was hacked and that showed a vulnerability in the site. As soon as Kumala found out, he communicated that and
in the whole process he has taken the steps necessary to protect the interest of the users of his exchange as much as he could.
I believe he even held a poll whether to shut down (and everyone losing money) or continuing with frozen accounts and the users of
the exchange gave the feedback that they wanted the option of the frozen accounts, so you might have listened to a few vocal traders, but not to the majority. The freezing of balances in 4 currencies was announced many days in advance, so there was no lack of communication.
You could say that the breach shows that Kumala was incompetent, but I beg to differ - he would not be developing and running an exchange if he was incompetent, it only showed that someone was clever enough to design a way to capitalize on a bug in his design.
All websites that are online to date have vulnerabilities, so your statement that Vircurex should be taken offline makes no sense,
we would just be losing a good exchange for no good reason.
Apparently you have an axe to grind with Vircurex, well so be it. I can't change a closed mind. I will stop replying to this thread.

[georgem]

All websites that are online to date have vulnerabilities, so your statement that Vircurex should be taken offline makes no sense,
we would just be losing a good exchange for no good reason.

I'd rather have a constant churning of faulty exchanges going under, and new better exchanges replacing them, so that real innovation can happen.
So that the customers win.

This is a business that does not allow for any mistake. I am sorry to tell you.

Apparently you have an axe to grind with Vircurex, well so be it. I can't change a closed mind. I will stop replying to this thread.

I needed to offset the surprisingly very pro-vircurex sentiment here with a little reality checking.

Now back to devcoin. I'd rather see devcoin create some real growth coming from real innovation, instead of relying on some odd rallies created by obscure exchanges.

[Cor2]

Now back to devcoin. I'd rather see devcoin create some real growth coming from real innovation, instead of relying on some odd rallies created by obscure exchanges.

Agree - devcoin growth would be welcome. I have held a couple M DVC for a very long time, losing quite a bit of real money with the slow glide down, so these rallies are a welcome relief in that I have recouped the losses and made some money after buying and selling more coins, now again I am in the game of getting more DVC. The other coins I engaged in have also always some unique characteristic
as a me-too clone is doomed to just slide down into nothingness. DVC certainly is unique but it is also important to continue to
develop a coin - other successful coins typically are adding something - either features of the coin itself, its network or market.
Oh and one last thing: exchanges do *not* create rallies. They are trading platforms. It is the traders (like you and me) that create rallies.

[georgem]

Oh and one last thing: exchanges do *not* create rallies. They are trading platforms. It is the traders (like you and me) that create rallies.

How would you know? The internal workings of an exchange are completely opaque to us outsiders.
I hope that in the future we will get some kind of more transparent decentralized way of exchanging currencies.

At the moment we have to assume that anything an exchange reports (volume, pricelevel, reserves(?)) is unreliable.

PS: I am happy that you can use such rallies to offset previous losses you made, but I for one would have liked the price of devcoin to stay low for a little longer so I could be able to accumulate more millions.  
That's probably why the possible fakeness of this rally annoys me so much. lol  

[Cor2]

I thought of another possibility why someone would be exchanging so massive amounts of BTC for other currency:
Isn't BTC not allowed to be traded in China? Other crypto currencies might be preferred so that might explain the weird trading of BTC for
other currencies. I do not know why he would not be trading on other exchanges, unless he can't register there or does not speak English so he can'e easily use a different exchange. It is all a blind guess at this moment...

[Arbitrageur]

so there was no lack of communication.

actually there has been a lack of communication. kumala never said how 100k ltc (and some other btc) disappeared from the exchange in 2014. only 25k lt were missing last year. 100k is massive. anyhow, let's hope it can continue this way, what happened, although weird, might get people back to the exchange for trading. no volume, no chance to repay back the depositors with frozen funds (like me for over 40btc). based on yesterday trading volume it would only take 15 years to repay the missing amounts.

[georgem]

based on yesterday trading volume it would only take 15 years to repay the missing amounts.

 

kinda makes you question their whole approach... it's like buying government bonds or something...

[weisoq]

There's also the government btc auction issues over next couple of weeks, where outcome is uncertain for price and perception. So this may not be the best time to be selling dvc. http://www.usmarshals.gov/assets/2014/bitcoins/

[Hunterbunter]

There's also the government btc auction issues over next couple of weeks, where outcome is uncertain for price and perception. So this may not be the best time to be selling dvc. http://www.usmarshals.gov/assets/2014/bitcoins/

Are you saying people are using dvc to hedge btc?

[Andrew DD]

[I think it's icoin

[weisoq]

Are you saying people are using dvc to hedge btc?

Not hedge, maybe diversify. I don't know whether auction results are public, but price is price and the media love slamming cryptos. Depends whether people hold/trade to maintain long term $ value or transiently. Most of the chunky vircurex buys were of the more stable, older alts. I haven't studied relative price variance but there might be an argument to spread btc holdings depending what any correlations are. Alternatively could be just overanalysing some punts. As for continued dvc buying I don't know, beyond wider appreciation of potential future trends we've discussed before.

[Hunterbunter]

Are you saying people are using dvc to hedge btc?

Not hedge, maybe diversify. I don't know whether auction results are public, but price is price and the media love slamming cryptos. Depends whether people hold/trade to maintain long term $ value or transiently. Most of the chunky vircurex buys were of the more stable, older alts. I haven't studied relative price variance but there might be an argument to spread btc holdings depending what any correlations are. Alternatively could be just overanalysing some punts. As for continued dvc buying I don't know, beyond wider appreciation of potential future trends we've discussed before.

Fair enough...whatever it was, seems to have taken a rest now.

[HotSwap]

Hello, I am currently testing out a Devcoin Dice game and would love to have it added to the main Devcoin post. It does also give out free Devcoin to start everyone out.

clouddice.net/devcoin

Thank you!

~HotSwap

[weisoq]

Hello, I am currently testing out a Devcoin Dice game and would love to have it added to the main Devcoin post. It does also give out free Devcoin to start everyone out.

clouddice.net/devcoin

Thank you!

~HotSwap

You mean to the first post on this thread? Best to pm 'aegis'.

[HotSwap]

Hello, I am currently testing out a Devcoin Dice game and would love to have it added to the main Devcoin post. It does also give out free Devcoin to start everyone out.

clouddice.net/devcoin

Thank you!

~HotSwap

You mean to the first post on this thread? Best to pm 'aegis'.

I did already but it shows they haven't logged in for a long time. I figured it was someones alt account.

[ranlo]

Hello, I am currently testing out a Devcoin Dice game and would love to have it added to the main Devcoin post. It does also give out free Devcoin to start everyone out.

clouddice.net/devcoin

Thank you!

~HotSwap

You mean to the first post on this thread? Best to pm 'aegis'.

I did already but it shows they haven't logged in for a long time. I figured it was someones alt account.

It is. There are 3 people with access to it, though IIRC only one person actually utilizes it as it's needed. I forgot who the other two are, and I try not to step on anyone's toes when it comes to this stuff so I don't log the account.