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Author Topic: What's with the buying panic of novacoin?  (Read 2001 times)
markm
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July 26, 2013, 11:09:55 PM
 #21

See, told you they will decrease the interest rates once their cronies have multiplied their stake with insane interest rates.

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Alex AXe
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July 27, 2013, 12:07:23 AM
 #22

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?
This phenomenon is amazing only for those who still believe that the NVС is scamcoin.  Cheesy

Everybody can study  NVC conception and understand "what & why".  Wink

BTC: 1PReUo29T7zSq9RjfBUbcVaYwfZ66mGvzs |  Украинская биржа криптовалют
RoadTrain
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July 27, 2013, 12:47:44 AM
 #23

See, told you they will decrease the interest rates once their cronies have multiplied their stake with insane interest rates.

-MarkM-

There's no "they", the rate is being ruled by participants who can be anyone.
mercSuey
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July 27, 2013, 12:53:41 AM
 #24

See, told you they will decrease the interest rates once their cronies have multiplied their stake with insane interest rates.

-MarkM-

There's no "they", the rate is being ruled by participants who can be anyone.

That's what I thought as well.  But what if, because of their questionable start, 'they' own well over 51% of all coins in existence?

But to answer this thread's title question, I think it's a combination of the sequence of recent attacks on blockchains and the increased awareness of the security characteristics of a PoS or PoW/PoS hybrid coin.  Even altcoins like CAP and CGB are rising in sympathy.  It's interesting to watch.
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July 27, 2013, 01:02:34 AM
 #25

See, told you they will decrease the interest rates once their cronies have multiplied their stake with insane interest rates.

-MarkM-

There's no "they", the rate is being ruled by participants who can be anyone.

That's what I thought as well.  But what if, because of their questionable start, 'they' own well over 51% of all coins in existence?

But to answer this thread's title question, I think it's a combination of the sequence of recent attacks on blockchains and the increased awareness of the security characteristics of a PoS or PoW/PoS hybrid coin.  Even altcoins like CAP and CGB are rising in sympathy.  It's interesting to watch.
That's possible and I am sure someone owns large sums. But in the network they are the same as others, getting the same interest. And if they are getting large interest rewards now, so are other stakeholders. At best they can try to maintain their stake as percentage of money supply, but there's still pow minting that debases their stake.

Large holders are critical to currency survival because they are incentivized to keep the currency afloat. But if they dump I will only buy more because of pos. At least anyone knows the risk.
markm
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July 27, 2013, 01:10:47 AM
 #26

Yeah its like any other high interest ponzi scheme, everyone knows the risk but as long as they make a profit they don't care. Standard fare.

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RoadTrain
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July 27, 2013, 01:30:48 AM
 #27

Yeah its like any other high interest ponzi scheme, everyone knows the risk but as long as they make a profit they don't care. Standard fare.

-MarkM-

Pretty professional comments out there.
I advise you to learn what Ponzi scheme is.
cabin
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July 27, 2013, 03:20:20 AM
 #28

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?

Not kidding Smiley The rate will decrease from 50% very slowly with time. Right now it decreases in relation to the amount of stake being mined to the power 1/6. It's the 1/6 that is going to keep it very high for a long time.
z0rr0
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July 27, 2013, 09:05:10 AM
 #29

Btw, why is everybody forgot that the "premined" coins were destroyed by btc-e?

https://bitcointalk.org/index.php?topic=144158.0
AgentME
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July 27, 2013, 05:13:03 PM
 #30

Btw, why is everybody forgot that the "premined" coins were destroyed by btc-e?

https://bitcointalk.org/index.php?topic=144158.0

The fact it existed in the first place is telling.
Snail2
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July 27, 2013, 05:44:00 PM
 #31

Guys, why don't you ask Balthazar about the reasons Smiley?
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