LOTTOCOIN OLD THREAD, [CLOSED]

[damnation]

With the autosell turned off, wouldn't it be really easy to create a pool that does the same? Make all users mine to one cryptsy account, write an autosell scrypt and pay users in bitcoin.

Right?

thats along the lines of me telling everyone to send LOT to my cryptsy account and i will pay you back in btc.. anyone interested ??

LOL..

What you might want to suggest is that all new Alt coins introduced to cryptsy have auto-sell disabled for the first month

yea thats reasonble

it doesnt matter the duration...it will kills it.....have you wonered why all the alts are this dead cheap and continue to be cheaper every minute.....its cos the multi pools are killing them.......they will all die very soon.....the autosell feature is very bad for us traders and the coins....thats what is killing the coins now....cos all alt coins are on coinwarz.com......so tell me which older coin older than a month is save apart from the SHA-256 coded coins....all the script coins are going to die......

Nah, the reason why alt coins are smaller in value is because of the quantity available.. SHA-256 are worse off as they are subject to Multipools and vaporware ASIC..
Auto sell is a relative small factor in the equation as your forgetting about the various other exchanges on the internet.. Cryptsy might be the largest but taking the position that all sales on cryptsy effect the value of the coin everywhere else is a naive idea..

I have a feeling we couldnt compare with the chinese markets.. with most of the exchanges offering fiat for alt directly.. or do you really expect all the alt coins to be worth USD 1? With damn near every coin nowadays being generated in the millions.. with billions or inifinte as the end game.. there's not enough gold,oil,precious stones to support those prices.. Not unless you would prefer to spend USD 100 for a chicken egg?

*edit* as for being cheaper every minute.. any idea how many new scrypt alts are being released every day? forget the one's announced on bitcointalk.. dont forget the russians and chinese have their own coins.. hype etc..

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[kwasime]

With the autosell turned off, wouldn't it be really easy to create a pool that does the same? Make all users mine to one cryptsy account, write an autosell scrypt and pay users in bitcoin.

Right?

it cant be done that way........cos with that if all the coins they mine go into one account.....the orders have to be placed manually.....and it will reflect in the order book to....what they do is they mine to a single address on cryptsy....auto sell from that address to the highest bidder.....so it is always filling orders to the highest bidder....without that feature on criptsy....thaey can autosell....as all they mine will just go into an account on cryptsy without it going getting trading directly but will require trading to be made manually

[kwasime]

With the autosell turned off, wouldn't it be really easy to create a pool that does the same? Make all users mine to one cryptsy account, write an autosell scrypt and pay users in bitcoin.

Right?

thats along the lines of me telling everyone to send LOT to my cryptsy account and i will pay you back in btc.. anyone interested ??

LOL..

What you might want to suggest is that all new Alt coins introduced to cryptsy have auto-sell disabled for the first month

yea thats reasonble

it doesnt matter the duration...it will kills it.....have you wonered why all the alts are this dead cheap and continue to be cheaper every minute.....its cos the multi pools are killing them.......they will all die very soon.....the autosell feature is very bad for us traders and the coins....thats what is killing the coins now....cos all alt coins are on coinwarz.com......so tell me which older coin older than a month is save apart from the SHA-256 coded coins....all the script coins are going to die......

Nah, the reason why alt coins are smaller in value is because of the quantity available.. SHA-256 are worse off as they are subject to Multipools and vaporware ASIC..
Auto sell is a relative small factor in the equation as your forgetting about the various other exchanges on the internet.. Cryptsy might be the largest but taking the position that all sales on cryptsy effect the value of the coin everywhere else is a naive idea..

I have a feeling we couldnt compare with the chinese markets.. with most of the exchanges offering fiat for alt directly.. or do you really expect all the alt coins to be worth USD 1? With damn near every coin nowadays being generated in the millions.. with billions or inifinte as the end game.. there's not enough gold,oil,precious stones to support those prices.. Not unless you would prefer to spend USD 100 for a chicken egg?

*edit* as for being cheaper every minute.. any idea how many new scrypt alts are being released every day? forget the one's announced on bitcointalk.. dont forget the russians and chinese have their own coins.. hype etc..

do you know the amount of lotto coins that enter cryptsy every hour through auto sale....have you wondered why the walls on lotto disappear so rapidly....do you think they are dumps by individual.....check and see the volume being poored every hour and you will understand....they are killing the al coins........the transaction time is tooo fast for the coins to handle.....and for them to target the sha-256 will be impossible cos they will run at a lost and will need to hold and sell at a better price thats why there are not auto sell on the sha-256 coins

[skillrun]

lets start a ticket series ?

[damnation]

With the autosell turned off, wouldn't it be really easy to create a pool that does the same? Make all users mine to one cryptsy account, write an autosell scrypt and pay users in bitcoin.

Right?

thats along the lines of me telling everyone to send LOT to my cryptsy account and i will pay you back in btc.. anyone interested ??

LOL..

What you might want to suggest is that all new Alt coins introduced to cryptsy have auto-sell disabled for the first month

yea thats reasonble

it doesnt matter the duration...it will kills it.....have you wonered why all the alts are this dead cheap and continue to be cheaper every minute.....its cos the multi pools are killing them.......they will all die very soon.....the autosell feature is very bad for us traders and the coins....thats what is killing the coins now....cos all alt coins are on coinwarz.com......so tell me which older coin older than a month is save apart from the SHA-256 coded coins....all the script coins are going to die......

Nah, the reason why alt coins are smaller in value is because of the quantity available.. SHA-256 are worse off as they are subject to Multipools and vaporware ASIC..
Auto sell is a relative small factor in the equation as your forgetting about the various other exchanges on the internet.. Cryptsy might be the largest but taking the position that all sales on cryptsy effect the value of the coin everywhere else is a naive idea..

I have a feeling we couldnt compare with the chinese markets.. with most of the exchanges offering fiat for alt directly.. or do you really expect all the alt coins to be worth USD 1? With damn near every coin nowadays being generated in the millions.. with billions or inifinte as the end game.. there's not enough gold,oil,precious stones to support those prices.. Not unless you would prefer to spend USD 100 for a chicken egg?

*edit* as for being cheaper every minute.. any idea how many new scrypt alts are being released every day? forget the one's announced on bitcointalk.. dont forget the russians and chinese have their own coins.. hype etc..

do you know the amount of lotto coins that enter cryptsy every hour through auto sale....have you wondered why the walls on lotto disappear so rapidly....do you think they are dumps by individual.....check and see the volume being poored every hour and you will understand....they are killing the al coins........the transaction time is tooo fast for the coins to handle.....and for them to target the sha-256 will be impossible cos they will run at a lost and will need to hold and sell at a better price thats why there are not auto sell on the sha-256 coins

I was actually pointing out the fact that a single feature on cryptsy was not the reason for the death of all ALT coins..

 i am curious to know how one determines how much LOT is being sent into cryptsy every hour.. cos the only volume i can see is the one in the trade page.. and i am pretty sure that is the trade volume over a 24 hour period.. which is useless for this exercise as day trading will contribute to much of this volume

i can honestly say that the 269K i bought at 16 satoshis were mostly filled in blocks of 1000.. there was a 94,000 block and a 20k and a 15k block but the rest were all in 1000 Lot blocks.. as for walls disappearing its more likely that others have cancelled and replaced their orders with lower prices.. that can be seen at the 5btc and 4btc buy wall at 14 and 13..

It goes back to what "KeyserSozeMC" said.. "Stop day trading noobs"..

[RENDERING]

Fee's are now 0% http://lot.coinarmy.com

[kwasime]

lets start a ticket series ?

already sent them a ticket........and everyelse should tooo......they can come and trade like we do....but using autosell.....is killing us......imagine you buy a coin...and place it for a sell order....and you know you are the one in queue to sell...but your order remains there but rather the buy price and orders keep reducing.....how will you feel??....it isnt going to stop soon......the difficualty now is nothing and will continue for a long time...it doesnt matter the amount of wall you put up....they will vanish and the coins will be worthless....you will looose....and especially....it doesnt help long term holders at alll....cos everyone will be continue to get the coin cheaper and cheaper for a longtime....so when then do you call long term.....5 years?

[Hashturbater]

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[Thorgrim]

I can attest to the autoselling problem. My last buy order was basically filled mostly 1000 LOT at a time. There were some bigger ones too, but even those were relatively small 30k and could have been auto sells from a larger rig.

This problem isn't just newer coins either. Basically anytime buy pressure lets up like when BTC starts making big moves and people go into the watch and see what happens mode most coins start to fall in price.

I mentioned it before but I think the dev team should fork the Lottocoin.

I recommend immediately halve production right now. Don't wait another two months. This would reduce selling pressure by 50% immediately. Maybe even another 50% cut a month after that. Then use the coins not mined early to extend the block rewards of later levels to add hashrate stability.

This is one of the big problems with coins with a short mining cycle. The % of coins being produced each day vs. what is already in circulation is very high and this makes them very profitable to mine. You can see this with DOGE. Then you add multipools and autosells and you have a recipe for disaster.

You might argue that if the price drops enough then the multi-poolers and auto-sellers will leave you alone but if everything is dropping, which it is  then the profitability is relative and LOT will still get mined and sold.

[damnation]

thats a good observation thorgrim and i would agree with the Fork idea... the problem i've noticed as well is that there are just too many coins in circulation right now so frankly speaking 20-25 range is pretty much the range.. for the coins in circulation.

An interesting consequence to a fork with a halving would be that the prices would spike as well..

but out of curiousity lets say price doubles and settles in at 50.. how are we still not susceptible to multipools? Half the rewards and double the price seems about the same to me.. it's basically the old problem of borrowing from peter to pay paul.. no difference in the ultimate outcome..

[carlb007]

Whats happening with LottoCoin is exactly the same as whats going on with Doge. Infact i posted about it yesterday in that thread relating to dozens of sell orders pouring in for 1000-5000 doge every single second.
It seems these new coins with high volumes and low values are just easy meat for whatever automated system choses to target them. None will ever manage to get a foothold if this continues, and no matter what new coin you support (Lotto/Doge/EAC) all are going to continue to be plagued by this BS situation. It wont matter long term if one of these cryptos gets the most amazing support from shops and systems using the coin because if they all drop to such a low level in price now, people can simply drop 1BTC and harvest masses of them that will just lead to mass dumps at the slighest hint of a price hike.
I dont see anyway out of this cycle unless the exchanges start enforcing limits on their API calls because whilst its all cash to them right now, if it continues it will ultimately reduce their income long term as all the Alts are hammered away at to be worth the same as each other - ie zero.

[kwasime]

I can attest to the autoselling problem. My last buy order was basically filled mostly 1000 LOT at a time. There were some bigger ones too, but even those were relatively small 30k and could have been auto sells from a larger rig.

This problem isn't just newer coins either. Basically anytime buy pressure lets up like when BTC starts making big moves and people go into the watch and see what happens mode most coins start to fall in price.

I mentioned it before but I think the dev team should fork the Lottocoin.

I recommend immediately halve production right now. Don't wait another two months. This would reduce selling pressure by 50% immediately. Maybe even another 50% cut a month after that. Then use the coins not mined early to extend the block rewards of later levels to add hashrate stability.

This is one of the big problems with coins with a short mining cycle. The % of coins being produced each day vs. what is already in circulation is very high and this makes them very profitable to mine. You can see this with DOGE. Then you add multipools and autosells and you have a recipe for disaster.

You might argue that if the price drops enough then the multi-poolers and auto-sellers will leave you alone but if everything is dropping, which it is  then the profitability is relative and LOT will still get mined and sold.

i realised it about 3 days ago when lot moved from 50 down to 30........cos all my orders were filled in 1000 and i posted here that i think there was something wrong at cryptsy.......then today i decided to buy some alts too....and my orders were all filled in 10....imagine a 20000 order being filled in 50 and 30s.....plus another 40000 being filled in 10s.......you can check http://coinmarketcap.com/......when i started trading in lotto the supply way just about 2.1 billion...that was about 4 days ago....and now it is 3,342,026,443.....so we have more than 1.2 billion dumped into the market in just 4 day??.....so whats gonna happen in say by next week........if the walls on cryptsy break down?

[OfWelDan]

With the autosell turned off, wouldn't it be really easy to create a pool that does the same? Make all users mine to one cryptsy account, write an autosell scrypt and pay users in bitcoin.

Right?

thats along the lines of me telling everyone to send LOT to my cryptsy account and i will pay you back in btc.. anyone interested ??

LOL..

Yeah just like pool mining: hey send me some of your khashes and I will send you some btc.. anyone interested??

Kinda like the same thing. When pool mining you see how much coins are being added to your account, could be done exactly the same with my autosell bot pool

[kwasime]

and before anyone posts anything......just check what happed to cent and col.....you will understand.......they died on cryptsy......so you can post bs calling those raising concerns noobs.....and talk about long term when you money will end up being stuck like it is with col and cent

[holzer]

Someone with a couple of bitcoins needs to buy up 20 and under to get a little momentum going.

[damnation]

With the autosell turned off, wouldn't it be really easy to create a pool that does the same? Make all users mine to one cryptsy account, write an autosell scrypt and pay users in bitcoin.

Right?

thats along the lines of me telling everyone to send LOT to my cryptsy account and i will pay you back in btc.. anyone interested ??

LOL..

Yeah just like pool mining: hey send me some of your khashes and I will send you some btc.. anyone interested??

Kinda like the same thing. When pool mining you see how much coins are being added to your account, could be done exactly the same with my autosell bot pool

Not at all with a pool you get to see your hash performance and general overview of your returns.. the only pool that actually succeded with your suggested model was middlecoin.. he doesnt tell you what he is mining.. and charges you 4%..3.88% for the purists.. in some cases he trades coins into ltc and then into btc

Theres a lot of complaints about it for its lack of transparency.. but it work..

as for disabling auto-sell it would be pointless.. just create a macro to record clicks and refresh page every 5 minutes and sell everything at current highest buy price.

[damnation]

and before anyone posts anything......just check what happed to cent and col.....you will understand.......they died on cryptsy......so you can post bs calling those raising concerns noobs.....and talk about long term when you money will end up being stuck like it is with col and cent

you dont need to go that far.. look at cage.. it died 45 minutes after launch at coinedup.. mostly i think buyers have gotten tired of the million coin buys with BTC with the variety available so they have taken a wait and see approach.. am actually curious as to what the alt scene will be next month and the general market understanding towards value of a coin that's to be generated in the billions..

[skillrun]

anyone got infos about LOT gets on bter?
Any nice info for the coin?

[noedelx]

Whats happening with LottoCoin is exactly the same as whats going on with Doge. Infact i posted about it yesterday in that thread relating to dozens of sell orders pouring in for 1000-5000 doge every single second.
It seems these new coins with high volumes and low values are just easy meat for whatever automated system choses to target them. None will ever manage to get a foothold if this continues, and no matter what new coin you support (Lotto/Doge/EAC) all are going to continue to be plagued by this BS situation. It wont matter long term if one of these cryptos gets the most amazing support from shops and systems using the coin because if they all drop to such a low level in price now, people can simply drop 1BTC and harvest masses of them that will just lead to mass dumps at the slighest hint of a price hike.
I dont see anyway out of this cycle unless the exchanges start enforcing limits on their API calls because whilst its all cash to them right now, if it continues it will ultimately reduce their income long term as all the Alts are hammered away at to be worth the same as each other - ie zero.

nah not rly doge aint like lot

doge cant be used for anything the only reason for it price whas a hype ( compare it to dutch tulps) theres a insane amount of doge coins out there aswel (to much suply/demand)

any coin wich will be released now a days will have problems with multipools the coin just has to survive till some other coin gets created and get bombed with multipool.

[damnation]

by the way does anyone know about the scrypt from multipools.. Are we sure they use the autosell function of cryptsy..

i remember posts about using the API to monitor volume of buy and price.. and then the corresponding sell order was made to fill up the orders according to price and then volume.. so that sell orders would be alot quicker.. come to think of it.. I think there is a thread called C.A.T which does that..