Hello everyone! I am fairly new to PotCoin and Bitcoin. Recent news has me asking a few questions... I am a merchant looking into accepting PotCoin within my 3 dispensaries I own. I have had many 'cash' problems and I am tired of dealing with the banks. I read several articles online over the past week and have begun doing a lot of research on PotCoin.
Has there been any official PotCoin or CryptoRush statements regarding the PotCoin that was stolen? About 7.5% of the current circulated PotCoin were involved in this hack I think this needs to be addressed by someone...
Part of my research has been figuring out the stability of the coin...
* 18+million coins have been mined by a group called scryptominers who are notorious for just dumping coins
* 4+ million coins were hacked
As a merchant looking at PotCoin for future I see 40%+ of the current PotCoins as what you guys call 'dumpable' and is currently apparently being seen within the market... What kind of advantage is there to using PotCoin vs. BitCoin? How can there be ANY stability if 40%+ of the market is just waiting to dump their coins?
PLEASE correct me if I am wrong I am just trying to understand how PotCoin can be beneficial to my businesses under such volatility.
The 18 million coin figure may seem like a big number, but what is the total worth of it all currently in USD? I believe they're currently worth approx 0.6 cents each, which would make them worth 108k in total. That's just a tiny fraction of the daily transactions going on daily in the US legalized states alone.
And if the total # of coins in existance right now is just the (145000 blocks)(420/block)= 60.9 million coins, which @ 0.6 cents each is 350,000 USD current value. That's still just a tiny fraction of daily business in the (legalized) industry.
So to think......What would happen if a lotta folks in just one county in Washington state or Colorado started using this tomorrow for 420-related commerce? Would there be enough coin at present value? Or would the coin price have to go up due to simple supply/demand. The more adoption, the more $ value the limited # of coins would have to represent. Miners would then get a better price for new coins, yet still wouldn't be able to mine them fast enough to cause large downward pressure (mining rate is a fixed # of coins per day). So personally I'd guess that, more adoption of the coin leads to more scarcity over time, which would cause higher value.
But adoption/use-in-commerce is key, otherwise it's just another thing people are trading on the internet. But if it starts getting used for commerce in the business, even on a small/regional scale, it's hard to imagine it going down, simply due to the small amount that's actually available. $350,000 worth of currency units can be stretched to sustain how much daily buisness in an economic system? They can only support more than that if their value goes up to match the need right?
Get everyone you know in the industry and all your customers to start using it and make it worth more (a lot more) than it is now.