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Author Topic: Question about NYM on CoinedUp  (Read 405 times)
Murch
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January 28, 2014, 06:25:46 PM
 #1

Hey guys, been trading on CoinedUp a lot lately and noticed a coin called NYM (naanayam). I calculated the current supply and it's somewhere around 700k. Despite this low current supply, the price is around 1000 satoshis. I would have thought that by virtue of the lowish supply and relatively old age (released November) it would be worth at least 10x that? I know that sounds stupid, but you'd be surprised how many coins adhere to those criteria. Just to put things in perspective, at 1000 satoshis and 700k supply, it has a market cap of 7 btc.

So what's holding the coin back? Just wanted to know if there were any glaring issues that killed the coin before I commit any of my holdings to it.
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wazzujoel
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January 28, 2014, 06:40:45 PM
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Like everyone else here, I am no expert. From my perception though, crypto-currencies do not follow the standard model of economics that a lot of our Fiat infrastructure is built on. The relative net worth of a coin is not dependent on market cap or supply, but really more dependent on irrational internet hype of the coin. So although I do agree with you that such a small market cap can leads to big returns, that market cap in and of itself doesn't make that coin more popular and hence more valuable.  

I've not looked into the details of this coin you mentioned. I don't even think looking at market caps and buying based on them is a bad idea... I do that too. Just throwing my 2 cents out there that internet hype is worth more than market caps.

BTC - 1HPYmh2GHb7CTG97jj1JzC9LwHViAojr3k
LTC - LiBuHco5YbVKMoEYYAHHcjYcNcNnfbu8T4
DOGE - DTGmiJLnn1r941s4Rb2JNjttTXt7Ht2BnY
Murch
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January 28, 2014, 06:49:19 PM
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Fair enough, I see what you're saying and I'd even venture to say our viewpoints are quite similar. What you're saying is that it needs some sort of hyper demand to kick it in the balls. What NYM seems to have is a low supply but completely nonexistent demand, which is what's confusing me. I'm hoping someone here knows why that is.

Thank you for your input. Smiley
wazzujoel
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January 28, 2014, 07:12:17 PM
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That's exactly right. So really the question you need to answer is, how reasonable is it that this coin will get some irrational hype and cause it to inflate? I don't have the answer to that... but if it does, with such a low market cap you can make a lot.

It reminds me a little of MoonCoin. I jumped on MoonCoin on release and mined it for a week, and even bought some because it had such a low market cap and had a good deal of forum coin talk. For the next 3-4 weeks on coinex you either could sell what you had for .01 ubtc/moon or you couldnt sell it at all. This coin was dead, and I kept what I had because at the current market value it was worth more to me then what people were buying. I expected it to be de-listed and I'd just store my coin in my wallet. Then one day, it jumps in value by 10x, and the next day it was up 40x. I sold all at 35x...

My question for you is why MoonCoin and not NYM? I'll tell you that one of my tests for the value of coins is if cryptsy will carry them. anyways, perhaps someone will have more information for you on NYM. I'll just add, if you do decide to buy - just consider it money you are throwing away and may never see again.

BTC - 1HPYmh2GHb7CTG97jj1JzC9LwHViAojr3k
LTC - LiBuHco5YbVKMoEYYAHHcjYcNcNnfbu8T4
DOGE - DTGmiJLnn1r941s4Rb2JNjttTXt7Ht2BnY
Murch
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January 28, 2014, 07:23:10 PM
 #5

Hahah, yeah that seems to be a winning strategy in the crypto markets. A coin is down in the dumps? Well, it's not like you have anything left to lose so might as well hold. Congrats on that trade.

Hmm, that's a good point you have about cryptsy, although you never know what kinds of random stuff they'll add haha. That's good advice, in fact I'd go so far as to say you should consider all money in crypto to be disposable. The risk and reward is what makes cryptos so beautiful in my eyes.

I guess the biggest value I see in NYM is that it's on CoinedUp and hasn't been pumped yet during this insane altcoin bullweek.
Murch
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January 30, 2014, 09:44:59 AM
 #6

Any other opinions?
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