As you wish damnation...
Holy crap was out for a new year party and the lotto page exploded as usual...
Now i saw your chart and while it shows a drop.. i believe i have seen that on pretty much every coin launch..Sad to say that despite being new to the cryptoworld (December 3rd) I have observed the launch of at least 15 coins. I don't believe real world mechanics apply when it comes to the launch of a coin in the same sense of a stocks IPO. For the simple reason that alt coins dont offer real world services. Cryptocurrencies have values based on their speculative values in the short term which should be at least (1-2 weeks) at which point we will either start to see a lack of interest in the coin and it will start to die or the coin will start depending on its established services and its long term viability will be shown in approx 2-3 months... You can correct me on this as i haven't been around long enough but i've spent days/nights tracking progress of coins and i dont think i am wrong in my observations.
Fairly indicative of where the market feels a coin will head. Are there examples of coins launching, heading south for 48 hours and recovering to 5-10x the value in a couple of weeks? Doubtful, and certainly not without a more organised and professional approach to ther marketing. The constant, "lets get this on cryptsy", "lets get this on coinwarz" type posts are nothing short of pumping. Many of these people who were (and still are) pumping were spouting about 200 satoshi when this hits cryptsy. People will have invested in this based on these pumps, and now what? Nothing to back up those blatant ramps and the possibility of a whole bunch of new entrants to this coin that are possibly sitting on a loss thanks to the relentless and baseless pumping by a few individuals with nothing other than their own investments or interests at heart.
Anomalies like DOGE went up due to their hype and extensive marketing but i truly doubt its long term viability.. Going viral almost always has the same end.. Death... Haven't really seen the services that support Doge but it will be interesting to see how that plays out. Some of the new next generation coins might exhibit this ability due part to hype and part to perceived real world services.
The hype is exactly what people keep pumping for here - lets get on cryptsy, lets get on coinwarz, hold the coins and it will be good, etc etc. Just pump after pump. When the mutipools hit it, the same will happen as has happened to others.
Now on the issue of premine.. can you let it pass.. its silly really..we dont complain if a company retains 51% of its shares and sells the remaining 49% to the public do we? it wasnt hidden and was clearly mentioned from the beginning.. it was 2% (300M) when the coin just started and nothing was given away... its 2 weeks later and its still 300M and they have given away around 100M.. So They've spent over 100M since its launch about 2 weeks ago and i dont believe it has stopped.. i'm sure that they are still looking for more ways to get it marketed. Or would you suggest a company blows its entire budget on the launch of a coin?? That doesn't seem sensible. There is no need for transparent accounting cos i think 200M for devs is fine.. why? you as a single trader scored 1btc plus got back your stake. sven prob sold a few million every day for 11 satoshis each.. we've all made money out of it..
When a company sells shares publicly, the accounts are also public. Thats why as a shareholder you have a say on the running. You get to see what decisions are being made and where the money is being "spent". In this case we have no idea if the coins have actually been spent, or just invested, or stuck on cryptsy for a quick buck. If the CEO of a company puts his shares up fr sale, this has to be made public. Because just as a CEO selling shares would raise questions about confidence, so would the dev of a coin sticking tens of millions on cryptsy. There has been no acknowlegement of this one way or the other from the "team", which speaks volumes imho.
Hell I'm hashing with 400KH/s i made about 490K on solo mining and another 500k on pool mining.. I risked LOT1 at coinbomb for 80% return on a 629k to make another 500K.. altogether i sold about 640k lot for 0.35 BTC.. why cos i am new to this and i needed to figure out cashing out options.. so do you know what i am going to do with my money earned.. Nothing. its going towards buying me a better card/s as i am moving to building a mining farm for the public (real world) before moving onto the online world. Now, was tht necessary? Nope not really... its quite literally a long winded grandfather story but pointless in the end... I had to stop mining about a week ago as i wasnt earning much since LOT went on coinedup
Now why i like LOT... wallet works.. no fork so far.. no trouble really beside ddos.. no weird errors that basically killed the experience.. were you there for the launch of Mooncoin it was a lovely.. debacle of insanity that took FUBAR to an art form... no premine.. but noone could mine for half an hour after launch but wonder of wonders somehow a ton of blocks got mined.. All pools kept dying and the difficulty jumped from 1-39 i pretty much quit after 1 hour of that.. cashed out the 200k moons at coinedup for about 0.02BTC and said goodbye.. Side note i dont believe it premined by owner.. i think multipool created the coin.. so their usual 1.5% fee on all the new blocks would have been enough to cover their fees.. personally i kinda think its an interestingly twisted way to get your premine.. Best part about the launch was seeing bitcointalk and multipool crash at the same time.. was kinda like running my card on intensity 18 and watching a movie at the same time..
I would say 200M is fine for their services as i am sure that hundreds of Lotters (what are we called anyway) have made thousands on trading LOT.You mention concerns about premines putting off newminers but we are reaching the point where new miners arent going to be bothered about that.. they will see that for relatively less difficulty they can earn 40 satoshis. I think quark has been heavily premined but its got a remarkable pricing... Personally i prefer.. dev tell us how much was taken and thats the end of that..
So in short, its fine for LOT to behave in exactly the same way as other coins, but people expect its value to be significantly different. Why? Do what you've always done, and get what you've always got is the old saying. If there is no open bok on the premine, then it will behave exactly the same as every other alt coin with a decent premine and multipools bashing its value. Why would it be any different if the devs arent going to behave any differently. You honestly think that 200m, or at todays exchange rate $56,000 is a justifiable "reward" for the work done? Crikey are some people in for a shock when they have to make it in the real world if they think returns like that are available for that much effort. As has been said, an exact duplicate of this coin could be created for around $100. I could personally throw $20,000 at marketing a product without even blinking, and would you believe that making a 100% return would not be excessive? The people who can bring true value to a coin, the people with tens of thousands of dolloars/pounds/euros to throw around will see straight through a premine with no open book, and the coin will not be on their radar long term. Thats just economic basics.
I dont mind spending some time working on communicating to make the coin better and in many ways i consider Hampuz to be the treasurer (lol) and Oldminer as the Chairman.. mrlotto is kind of the founder and thats pretty much it.. We are an active community there is no doubt of it.. we care about the coin there is no doubt on it.. but i suggest we carry these particular conversation at the official lotto forum rather than here. Cos arguing out here is kinda like having a board room negotiation/argument in front of the shareholders.. is there any wonder the prices drop.. in fact i think if we look at cryptsy we might see a correlation of when a dump takes place to when an argument was taking place in here.
All empire bulding in their own right to be honest. Ive yet to see a single one pump anything that hasnt got their own interests at the heart of it, yet openly accuse others of just being in it for what they can get. Its phenomenaly hyporcitical to say the least. You think people would be pumping the lottery every other post without making around 4% of everyones loss? Of course they are in it to make a profit, but rather than admit that, they just mock others for only being in it for what they can get (or calling them trolls) while putting on this facade that they are doing everything for the god of the coin and everyone else, nothing what so ever to do with their own personal gain. Its laughable.
So I can get called a troll somewhere else too? I think Ill pass. I'll leave it to the pro's to take this in the right direction.
