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Author Topic: Don't lowball your coins until they aren't profitable to mine.  (Read 1208 times)
Cannoli
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January 14, 2014, 01:19:20 AM
 #1

When Coinye's launched, I saw a big discussion on it and decided to jump on the bandwagon.  I mined several million in a couple days than read that the rapper's lawyers were going to pursue anyone who traded the coin and figured Cryptsy probably wouldn't touch it.  I quit mining them and kept an eye out on a place to unload them for litecoins.  Then a few days ago a site opened up where you could trade them for litecoins.  At first, I wasn't sure about the place so I test traded 100,000 for .000004 litecoins and they sold instantly.  When I got paid I went back and could easily get .000004 for whatever I had.  I went back to mining them because they were paying better than mining litecoins directly.  Over the next day or so, their were several buyers who would low ball but all the coinye holders would stick to their price.  Eventually, you would see lowball offers disappear then one of the coinye's offers would also disappear and the new price above would prove they just sold at or just under .000004.  Then coinye sellers started popping up and all were busy trying to underbid the other guy instead of just setting at the same price and waiting it out.  Everyday, more lowball coinye sellers would show up and undercut the lowest offer.  Now they are posting under .000002.  On the first day or two, you wouldn't think of selling for that.  We had them and they wanted them.  Eventually, they would pay the price.  Right now, their are offers to sell so low, it won't even pay for the electricity much less the rig.  As I am typing this post, a fool has over 3 million Coinye's offered at .00000140.  I can guarantee that if he had just mined Litecoins, he would have netted about 2 more coins than he's selling for there. 

Quit giving your coins away.  By doing so, you are driving the price to an unprofitable level.  Don't panic.  People want your coins but you still deserve to get paid for mining them.  The folks that come to buy them want to add them to their portfolio and, if you hold your ground for a good price, they will come around and pay it.  If everyone low balls just to dump them, it ain't worth mining.  Supply and Demand.  You got the supply that's in demand.  Quit getting into price wars with your fellow miner.

Oh well, back to mining Litecoins.
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neuroMode
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January 14, 2014, 01:55:43 AM
 #2

I'm sitting on 10M+ that I've been mining for my 3rd day now with about 23MHash/s. Hell no I ain't selling into anyone's lowball offer. I'm not even looking to sell these yet until I see something that makes it worth the time and resources I risked allocating my whole rig to it in light of the C&D letter and slight controversy of its launch.


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Cannoli
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January 14, 2014, 06:45:53 AM
 #3

The site is 0daycoins.com and I also threw a few million on some good bitcoin deals when the litecoin trading started going south on the price.  I just checked and can see from the history that I made one trade at .00000010, several trades for .00000009 and one last trade at .00000008.  If you look now, the highest unfilled buy offer is at .00000004 and the top lowest sell offer is about 17 million coyes at .00000005.  Hell those were way down on the buy side the other day and no one would consider it.  They'll finally pay a fair price if they can't get it for nothing.  It's like Walmart is selling frickin coinye's now. 

You're probably right though, I'm gonna sit on my coinye's until the initial dumps all subside.  I'm hashing similar to you and the difficulty is about to drop again.  Hopefully, when Coinye-exchange.com comes online, all the dumpers will be out of coins and mining something else.  I wouldn't worry about the c&d letter though.  I read today where they sent one back to him telling him to cease and desist from interfering with their coin since after the changes they made it clearly is not confusing the public into thinking Kanye is somehow backing the coin since their coin is based on a meme of a "gay fish".

Mine on bro.
kalus
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let's make a deal.


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January 14, 2014, 06:49:49 AM
 #4

Quit giving your coins away.  By doing so, you are driving the price to an unprofitable level.  Don't panic.  People want your coins but you still deserve to get paid for mining them.  The folks that come to buy them want to add them to their portfolio and, if you hold your ground for a good price, they will come around and pay it.  If everyone low balls just to dump them, it ain't worth mining.  Supply and Demand.  You got the supply that's in demand.  Quit getting into price wars with your fellow miner.
everyone's in a different financial situation.  some people might need the money or see coinye as a joke vs. an actual investment strategy.  some people might need the money that minute.  

Many speculators here also don't give a crap about the long term survival of a coin; they only see opportunities for arbitrage, and damn the coin if it collapses after they skim their cut.

You're seeing it from the miner's perspective, and looking at it as a return on your investment of hardware.  That takes into account the cost of production, protecting the coin, and making the coin's economy sustainable.  I think that's a well-rounded worldview for cryptos, but it isn't seen that way the majority of get-rich-quick speculators.  

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alz
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January 14, 2014, 09:35:06 AM
 #5

@Cannoli


Good post thanks,

This issue seems to be one of the major issues affecting all alts to some degree or another ATM, seems like a high percentage of the new hashpower that hit the pools after last years spike is in the hands of people with no patience and even less intelligence!
not trying to sound harsh but how else do describe people who invest time and money into accumulating a commodity then rush out and panic sell en mass thus destroying a large percentage of the value of that commodity?
Then they learn nothing from this and do the same again on the next coin!??

And anyone who running power hungry GPU rigs without enough money to cover power cost for a few months in order to give themselves the  latitude to sell at the most profitable time is IMO on the fast track to going out of business, there is nowhere near enough money in mining to not sell smart if you ever want to pay for thoses R9 290X's.

Still on the upside I predict a ton of cheap second hand GPU  to start hitting ebay around the end of the month(rent time) for the next few months as people who rushed in in December realise that they are never going to break even let alone make any real profit.

just my 0.00000002 BTC

Stay strong miners the speculators are having a field day at your expense......


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kitkat007
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January 14, 2014, 09:39:24 AM
 #6

Same thing happens with all new coins like EAC...

There are too many noobs/idiots out there, people are selling coins at prices i really cant understand.

Its even worse than people that are panic selling on the market because you did not buy them when you mine them... so profit = profit just dont sell at worse prices :S
Cannoli
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January 14, 2014, 11:42:30 PM
 #7

I have to agree with all the replies. 

BUT ON ANOTHER NOTE:

If you have any coins on 0daycoins.com, GET THEM OUT NOW.

The site is closing down.  I just walked in logged in to the anouncement.  You occasionally hear of folks loosing coins to sites.  I was leaving litecoins on there because the sale price of coye's was getting so low I was thinking about buying them from the low ballers when they got cheaper than electricity.  I just withdrew everything and have recieved the bitcoins and Litecoins.  The Coye's still haven't shown up and everytime I confirm the email.  I go back and they are still there.  Luckily, I only had about couple hundred thousand because I quit depositing them as I watched the low ballers take away the incentive. I have a feeling that Kanye's attorney's emailed them a threatening letter and possibly scared them into freezing the conye's.  I did get my bitcoins and litecoins to my wallet after confirming with email but I have withdrew the same amount of coye's at least 5 times.  Everytime I get an email, confirm it, then check the account and they haven't moved to pending withdraws as the others both did.

 Last time I checked, there were literally 10-20 thousand coye's at all the extremely lowball sale offer price points.

I'd happily kiss mine goodbye if I knew all the ten's of thousands of lowballers lost their coye's too.

Karma bitches...
Cannoli
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January 14, 2014, 11:52:39 PM
 #8

Update.  They did get sent and I just read an article where sorry ass kanye has filed a federal lawsuit naming 0daycoins.com, coinye-exchange and another one I never heard of.  The article says the developers have thrown in the towel.

Boycott Kanye.......
roozifus
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January 15, 2014, 12:02:07 AM
 #9

It's a market guys, the price will reach a natural price on it's own, you can't stop that.

You could "in theory" get together and all horde your coins and that might keep the price up, but then that's not really the price because you can't sell them, as soon as you do try to sell them the price will go down :S

But if you think the coin will do well in the long term just hold them and don't worry about the current price Smiley
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January 15, 2014, 12:12:25 AM
 #10

On the conye thing, no exchange unless maybe overseas will touch the coin. They dont want the legal headach.

As for the rest of the topic, I price my coin on the history of the coin price vs the dif. If I mined a coin at a higher dif and the price creaters, I still wont sell at the fraction of the price. I might take a little hit, but not that much. I figure the price will go up to reflect what I wanted to make.

You also have to be realistic too. Cant expect 1 coin to equal 1 BTC lol

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Cannoli
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January 15, 2014, 12:24:50 AM
 #11

I apologize for getting so off subject on my own post but I don't want to leave any misinformation here.  The coye's did not come out after all.  It sent three withdraws of 158 coins each only.  I'm leaving the other 159,000 or so and I'm moving on to a different coin.

Again, sorry for not starting a new post on the coinye closing thing.

But I must say, I have gotten some great advise off this post already.

Bitcoin Forum rocks....Thanks all.
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January 15, 2014, 12:59:19 AM
 #12

First I want to start out by saying that I am in no way any part of the dev team for Noble, just an alt coin miner who feels the need to help others, and by others I mean the community. Noblecoin has to be the most under-appreciated coin of all time. I am putting this post out to urge minners to just take a second and check out this new alt, https://bitcointalk.org/index.php?topic=402667.0, or http://www.noblecoin.info
(or http://www.noblemovement.com).

           The thing that sets this coin apart from all others is honestly the premise on which it is being approached as well as the dev. Not only does this coin have promising projects in coming down the pike, such as it's marketplace that will allow sales of goods and services as well as a speculated integration/exchange for Noblecoins to USD, they also are the most crystal clear and transparent alt coin I have ever seen. In today's realm of alt coins, premining has become somewhat of an issue, but I do feel is a necessity. It is not the olden days of bitcoin where you have the ability to mine your own coin and be able to make anything to give back to the community. Today is the day of multipools and super-hashers that jump in a pool and "pump and dump", essentially killing the coin and leaving nothing for the community. With Noble, there is no question as to what money is where and how it is being used. They have a public ledger, http://www.noblecoin.info/public-ledger/, which clearly shows where the premine is, where it is going, and what it is being used for. The dev has been clear on his intentions from day 1 and is beyond passionate about helping the community. One great example is a pool issue which happened lately, in which the dev reviewed the pool and the people hashing on it, and paid accordingly to cover all lost costs. I personally have never seen anything like that. Here is part of the leger itself.

"Giveaways: 5,413,500 (720 individual giveaways) | Pools: 850,000 | Block Explorer: 50,000 | Translations: 580,000 | Design & Dev. Tips: 45,000 | Games (Seeding and configuration): 1,162,000 | Hash Spreading (12.1): 650,000 | Faucets: 160,000 | Zapto Fiasco (14.1): 1,058,000"

          Finally, the coin has several plans to help charitable donations and an actual road map to accomplish a steady stream of help without flooding the market or impacting it's miners or the community. The dev is active typically 18+ hours a day, is on IRC constantly, updating the op, arranging give aways, and helping constantly. I urge every person to at lest check them out, I'd hate to see anyone miss out on a good thing as I want to see the cryptocurrency community prosper together. Please check them out.

Better idea --- fuck off.
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