What happened? Yesterday 1 42 used to be more than 1400 BTC on Cryptsy, now it is only around 1000?
Of course there is going to be profit-taking for such a rare coin.
Brings the price down a little for bit of us who want more
I think the multipools were a big part of it. It keeps trying to climb higher, but keeps getting knocked back down to 1000.
Yet you keep hashco.ws in the OP even after several complaints.
Don't even start this here please!
I just sold all of my (let's call it DontWannaTell - you can easily find out from my forum history if you think it's important, but I don't want to make a negative promo) DWT coins for a shitty price to buy some 42 dimes instead in a hope to cover my huge loss on DWT.
As I see, this kind of anti-miner propaganda played a huge role in the current problems of DWT.
Network hash speed and diff must continuously go UP, not down to make profit on a continuously rising price.
You scare of the miners -> networks speed and diff drops -> price falls -> lot of panic sells -> price hits the bottom -> not a single sole wants to mine and/or buy anymore -> another dead coin
It's only a matter of days to achieve this and I doubt there is a way back from there but it sure takes months if it ever happens.
You won't get rich in a few days. But it's possible to get a nice cut in a few weeks if you play nice. I think that's better than getting stuck with a struggling coin for months (and wish to cut your losses every day).
Mine, mine and mine! Everybody! MINE!!!
Mine the coin and buy the coin. Don't ban and/or scare anybody from mining or buying it.
Don't bother about the real-time price, think about the future to make that dream happen!
Are you saying you rather just mine and dump this coin because you don't expect it to last long. Thats the major problem with middle and hashcow. Jumping on new coins. They can kill a new coin in a few weeks, more well established coins are less effected by these technics because there coins have masive amounts of coins being held already by different users, but not so for a new coin like this where only a few coins exist. I personally want to see 42 do well this is why I don't think these pool should be in the OP the OP maybe getting paid to keep them there or doesn't care to much about long term of the coin thats what is scary to me. That would also make me just want to dump now.
I want to see this coin do well. But a few days of dumps from middlecoin and hashcow will send the exchange rate down. I estimate that these two pools will be dumping 1/4 of the coins mining each day. Which should drive price down. Buy support will also wait for the dumps and buy a week or two from now.
The fluctuating difficulty that these pools cause is hurts miners than are mining 42 all day. The guys that believe in the coin loose about 10%-20% of there earnings to these huge hoping pools. I'm discussed that hendo420 just laughs it off and continues to leave hashcows in the Op, some how approving something that may be the death to his baby.
I agree with some of your arguments and I see your points in some others. Some, I can't accept.
No, I just said I already bought a significant amount of 42. You must know, I knew I am buying relatively expensive coins, I didn't wait for duping dips. This means I plan to keep longer.
I said everybody should think in weeks as a minimum, not in days or hours. Even if you want a relatively quick profit from this coin. Nobody should freak out on the real-time price.
Longer plans are even better. Of course.
But I can't agree with you about scaring anybody away from mining.
Mining is the blood pump, the soul, the steam machine in, the moving force behind each and every coin.
If a coin loses network speed, it also looses value.
Sure, for a short time, the eliminations of a lot of miner-dumpers creates positive price fluctuation because the demand will react slower (stays quasi constant for a while) than the supply (almost dies off for some moment instantly). But after that, demand will also drop. -> Miners will react, you loose the last miner-dumpers.
And this is the point where demand is low, you see tons of panic sells. -> price drops even lower -> now you see the last panic sells and a constantly dropping network speed along with a constantly dropping price until you have about 0.0x Gh/s and a lot of zeros on the wrong side of the decimal point in the price because nobody is stupid enough to buy a coin which doesn't have a decent network speed.
As I said, I just saw this happen with my last investment.
BTW, I am also mining this coin 24/7 and I do know it actually has a very bad net profit right now. -> That's why I bought even at current price. Because it's still too low.
But if you kill the network speed, then... God help this coin! And me... because I will loose a lot ... again...
If it ever falls below 1 Gh/s, that's game over. It just won't come back. Not in this environment. People will forget 42 and mine "the next big thing". And the investors will follow the miners. It's very simple.
You need to keep every miners. Get even more attention, gather even more miners! Don't scare them off!
Have you ever checked the network speed of Bitcoin or Litecoin? Do you think those coins have a relatively decent price for 1/maxcoin?
Go and check a coin which is around a relatively long time ago with a low network speed.
What's your conclusion?
