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Author Topic: What's with the buying panic of novacoin?  (Read 2002 times)
Hyena
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July 26, 2013, 09:43:16 AM
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According to this: http://coinmarketcap.com/
Novacoin has been really bullish during the last 7 days. Is it a bubble forming? I honestly think that NVC is just another scamcoin ( copy-paste from LTC + copy-paste from PPC ). Therefore it really bothers me that it's going up like that. Can anyone explain the phenomenon?

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markm
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July 26, 2013, 09:48:48 AM
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Maybe the ponzi-style massive interest rates?

It is a centrally-managed money-supply, the lords of the kremlin or whatever decided to crank up the interest earned by stakeholders to insanely high levels akin to pirateat40 style ponzis and the like or maybe even higher than that. Maybe people are buying it to acquire stake, maybe not realising the comrades can crank it back down again any time, such as once the have dumped into this pump using their huge interest earnings?

In short it is not merely the usual "scam from the start" but an actual dynamically on-going scam where they hack it up to do any new scammy stuff they feel like on an ongoing basis.

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CoinEntropy
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July 26, 2013, 09:55:05 AM
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Maybe the ponzi-style massive interest rates?

It is a centrally-managed money-supply, the lords of the kremlin or whatever decided to crank up the interest earned by stakeholders to insanely high levels akin to pirateat40 style ponzis and the like or maybe even higher than that. Maybe people are buying it to acquire stake, maybe not realising the comrades can crank it back down again any time, such as once the have dumped into this pump using their huge interest earnings?

In short it is not merely the usual "scam from the start" but an actual dynamically on-going scam where they hack it up to do any new scammy stuff they feel like on an ongoing basis.

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markm
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July 26, 2013, 10:32:25 AM
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I think so, what is the interest rate on stake? What was it a few weeks/months ago? Has it changed?

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GSnak
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July 26, 2013, 11:15:04 AM
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They're buying it because other people are buying it. There's little volume on NVC so it doesn't take anything to move the price.
dmatthewstewart
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July 26, 2013, 11:21:47 AM
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According to this: http://coinmarketcap.com/
Novacoin has been really bullish during the last 7 days. Is it a bubble forming? I honestly think that NVC is just another scamcoin ( copy-paste from LTC + copy-paste from PPC ). Therefore it really bothers me that it's going up like that. Can anyone explain the phenomenon?

Its a scam coin. When a few folks can trigger buys alone they can make the market move. I dont think Novacoin has much value at all. As a matter of fact, until these coins are actually used in transactions for tangible goods they should all have a value closer to current Stable Coin prices.

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July 26, 2013, 06:25:21 PM
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Haters need to use a word "scam" more often, may be 3-4 times across the sentence, more novascam, russkie bastards coin, red russian scam and so on.
PoW+PoS coins are the future, cause they are less vunerable to attacks and more energy efficient)
So, it's quite logical that NVC, bottlecaps, bitgem, bitbar etc have their value.
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July 26, 2013, 06:32:33 PM
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What happend? Just a nice manipulation expected...when you know history of NVC...

Nothing surprising for me... Waiting it go like half btc and (xxx-x.com) will dump their 150 000 coins...to you guys Smiley...But dont worry apparently NVC is used a lot in market russian... Grin

to be continued...

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July 26, 2013, 06:36:50 PM
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The interest rate was changed from 1% to around 50%. But it was done in the open with lots of advance warning. So I wouldn't call it a scam.. but I'm confused too as to why the price went up. If the Bitcoin devs even thought about trying the same thing it would be an epic coin-ageddon.
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July 26, 2013, 08:07:29 PM
 #10

The interest rate was changed from 1% to around 50%. But it was done in the open with lots of advance warning. So I wouldn't call it a scam.. but I'm confused too as to why the price went up. If the Bitcoin devs even thought about trying the same thing it would be an epic coin-ageddon.

Bitcoin Dev would need to have their own exchage first... but yes

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AgentME
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July 26, 2013, 08:24:15 PM
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Haters need to use a word "scam" more often, may be 3-4 times across the sentence, more novascam, russkie bastards coin, red russian scam and so on.
PoW+PoS coins are the future, cause they are less vunerable to attacks and more energy efficient)
So, it's quite logical that NVC, bottlecaps, bitgem, bitbar etc have their value.

I like PoS, but that doesn't mean we need more PPC-clones that don't add much more. Especially ones with premines.

The interest rate was changed from 1% to around 50%. But it was done in the open with lots of advance warning. So I wouldn't call it a scam.. but I'm confused too as to why the price went up. If the Bitcoin devs even thought about trying the same thing it would be an epic coin-ageddon.

PoS made me a little bit uneasy with how it just gives more money to people doing nothing with money, but PPC's rate being 1%/year didn't bother me too much, as that's below most economies' inflation rates. Anything a little higher than common inflation rates is a bit weird. But you've got to be kidding about 50%, right?
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July 26, 2013, 09:24:00 PM
 #12

People, you better do some research before posting smth like ppc-clone and nothing more, scam, premine, 50% interest and so on..
But, I can understand, that someone just hate NVC/Balthazar or just everything that smells "russian"  Grin
AgentME
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July 26, 2013, 09:53:17 PM
 #13

People, you better do some research before posting smth like ppc-clone and nothing more, scam, premine, 50% interest and so on..
But, I can understand, that someone just hate NVC/Balthazar or just everything that smells "russian"  Grin

You list out issues with the coin, and then dismiss people that hate that coin as just being racists? That's an interesting debate strategy.
limbaugh
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July 26, 2013, 10:02:10 PM
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People, you better do some research before posting smth like ppc-clone and nothing more, scam, premine, 50% interest and so on..
But, I can understand, that someone just hate NVC/Balthazar or just everything that smells "russian"  Grin

Oh please, one of the most infamous launches in history defined nvc forever as a scamcoin. Too bad...
thekidcoin
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July 26, 2013, 10:10:34 PM
 #15

Well, in Russia you don't own Novacoin, Novacoin own you

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thekidcoin
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July 26, 2013, 10:12:29 PM
 #16

People, you better do some research before posting smth like ppc-clone and nothing more, scam, premine, 50% interest and so on..
But, I can understand, that someone just hate NVC/Balthazar or just everything that smells "russian"  Grin

Oh please, one of the most infamous launches in history defined nvc forever as a scamcoin. Too bad...
Who cares about the launch, or the pre-mine (or the mess that followed).  BTC was pre-mined.  That scamcoin is the 2nd most valuable crypto out there...  Just sayin.

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barwizi
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July 26, 2013, 10:16:36 PM
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may i ask... so when is a altcoin finally not a scam coin? by your standards of course.....

LAUDA = SCAMMER, THE WORST MANAGER IN BITCOINALK, DO NOT TRADE WITH LAUDA
LAUDA = SCAMMER, THE WORST MANAGER IN BITCOINALK, DO NOT TRADE WITH LAUDA
LAUDA = SCAMMER, THE WORST MANAGER IN BITCOINALK, DO NOT TRADE WITH LAUDA
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LAUDA = SCAMMER, THE WORST MANAGER IN BITCOINALK, DO NOT TRADE WITH LAUDA
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July 26, 2013, 10:18:29 PM
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According to this: http://coinmarketcap.com/
Novacoin has been really bullish during the last 7 days. Is it a bubble forming? I honestly think that NVC is just another scamcoin ( copy-paste from LTC + copy-paste from PPC ). Therefore it really bothers me that it's going up like that. Can anyone explain the phenomenon?

Total supply 326,217 NVC
limbaugh
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July 26, 2013, 10:19:20 PM
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Who cares about the launch, or the pre-mine (or the mess that followed).  BTC was pre-mined.  That scamcoin is the 2nd most valuable crypto out there...  Just sayin.

Well there were more shady activities involved other than a premine. But yea, shady devs and premine seems to make a coin popular today.
RoadTrain
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July 26, 2013, 10:54:33 PM
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Haters need to use a word "scam" more often, may be 3-4 times across the sentence, more novascam, russkie bastards coin, red russian scam and so on.
PoW+PoS coins are the future, cause they are less vunerable to attacks and more energy efficient)
So, it's quite logical that NVC, bottlecaps, bitgem, bitbar etc have their value.

I like PoS, but that doesn't mean we need more PPC-clones that don't add much more. Especially ones with premines.

The interest rate was changed from 1% to around 50%. But it was done in the open with lots of advance warning. So I wouldn't call it a scam.. but I'm confused too as to why the price went up. If the Bitcoin devs even thought about trying the same thing it would be an epic coin-ageddon.

PoS made me a little bit uneasy with how it just gives more money to people doing nothing with money, but PPC's rate being 1%/year didn't bother me too much, as that's below most economies' inflation rates. Anything a little higher than common inflation rates is a bit weird. But you've got to be kidding about 50%, right?

You definitely don't understand PoS. First of all, PPC would be dead without centralized checkpointing, that's the problem being addressed in NVC.

PoS is about blockchain security and transaction confirming. Do you really think creating PoS is doing nothing?
The interest rate is made variable and it's initally high because of low difficulty, just like the minting when coin starts. It will decrease with time.
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