Thoughts on Max Keiser's coin (Maxcoin)

[Herp]

Like many of the users here, I was frustrated by the messy launch, the fact that getting your hands on a windows client, mining info and such was close to impossible for those less tech savvy, who are not Linux users.

In retrospect, though, would it be a bad thing for Max&co to have gotten their hands on some coins by making day 1 mining less accessible to the average user? I think any holders would agree that Max could do much better job as a promoter if he had some skin in the game.

The coin itself, while it doesn't feature ground breaking innovations, it does have an ASIC proof Keccak (SHA-3) mining algorithm, which is way more than what most of the alt coins have. Most alt coins use either Litecoin based Scrypt or SHA-256.


Devs had this to say about the launch:

I agree that Max's approach can rub people up the wrong way but that's his style; love it or hate it.
To correct some misconceptions about the launch:
It was a mess and we own up to that.
It was not intentionally so chaotic.
The devs have made no money out of MaxCoin (we've actually lost money right now in server costs).
Max provided no funding to the dev team and to my knowledge had no advantage over any other miner (excluding his financial resources of course)
We had every intention of having GUI wallets available for all all clients at launch as well as a CGMiner port (we planned originally to release this on day 2 to allow people to CPU mine first but it became apparent that the community were going to beat us to it so we put resources into developing one but proved unsuccessful due to time and competing priorities), stratum port and p2pool port.
The above was not possible due to time and resources constraints and it was decided that it would be better to launch as was than delay and upset the community.
In hindsight it was the wrong move to release when we did and we should have delayed but hindsight is 20/20 as they say.
This above is my take on things personally and doesn't reflect the opinions of the entire dev team or Max himself. A comprehensive statement explaining and apologising the launch will come hopefully tomorrow.
I can only apologise if people feel cheated and or let down by the launch. We all hope to do better in the future.

 http://www.reddit.com/r/maxcoinproject/comments/1xgo7a/the_launch_wasnt_for_crypto_cry_babies_cowboy_up/cfbany3




 I see a few things going for this coin:

1. SHA-3 mining algo, which is not the standard SHA-2 or Scrypt.

2. Max Keiser behind the coin as big media personality.

3. Max Keiser's financial expertize, knowledge of cryptos and filthy rich friends that can jump in the bandwagon.

4. Since Max Keiser is also an investor in Bitcoin businesses like Bitpay, he will financially support the project to increase adoption and create the infrastructure.

5. Efficient mining with Nvidia cards.

6. The coin has inbuilt algorithm changing so if someone was to build an ASIC the devs would simply change the algorithm and they would be rendered useless. Posted by the Maxcoin devs http://www.reddit.com/r/maxcoinproject/comments/1xh1xl/the_maxcoin_advantage/cfba4hy

Coins like Megacoin and many others among top 20 by market cap don't have any of these advantages. Maxcoin has big upside from these levels.

Here are some links in case you have no idea of what I'm talking about:

Website:
http://signup.maxcoin.co.uk

Reliable exchanges:
https://bter.com/trade/max_btc
https://mcxnow.com/exchange/MAX
https://www.cryptsy.com/markets/view/152

Coindesk article
http://www.coindesk.com/max-keiser-altcoin-maxcoin-makes-debut/

Twitter
https://twitter.com/maxcoinproject

Bitcointalk thread
https://bitcointalk.org/index.php?topic=438150.0;topicseen

[1713252198]

1713252198

[wezra]

I personally believe the launch and coin were appalling. The value is now dropping so fast that the Devs and mk got their wish to create a perfect example of a pump and dump coin with no innovations.

Kudos to those that made money on it but for the majority, the frustrations of a messy and appalling launch made this coin all but impossible to mine. Added to that it was supposed to be CPU only and 30 mins before it's final launch cudaminer comes along giving some users unheard of hash rates with nvidia cards, the whole thing should serve as an example of everything that's wrong with crypto and the fact that greed and making a quick buck reigns supreme.

Anyways, that's my opinion on it and I doubt I will be agreed with

[Herp]

Added to that it was supposed to be CPU only and 30 mins before it's final launch cudaminer comes along giving some users unheard of hash rates with nvidia cards, the whole thing should serve as an example of everything that's wrong with crypto and the fact that greed and making a quick buck reigns supreme.

Anyways, that's my opinion on it and I doubt I will be agreed with

I believe the devs asked users if to add or not gpu mining. Many users made the case GPU mining would be more fair cos otherwise tech savvy hackers using botnets could unfairly get the upper hand.

[illodin]

Anyways, that's my opinion on it and I doubt I will be agreed with

I agree completely.

[foodies123]

[itsallpc]

Mine a good coin like prospercoin then

[Jarod1231]

After a rollout only matched by Obamacare, I refuse to mine, accept or invest in this coin... let it die.

[Cloudpost]

The price drop is so fast, it is a really, really bad sign for the coin (especially for a coin with tons of miners and high difficulty).

The start was awful, I don't want to touch that coin after all troubles.

[Herp]

After a rollout only matched by Obamacare, I refuse to mine, accept or invest in this coin... let it die.

Well first launches are often messy. Things are pretty stable now, though. There are working windows clients, several mining pools and 3 exchanges or more that listed the coin.

[Nullu]

The higher the price goes up, the bigger the price crash it's going to be. There are going to be some very angry buyers in the next few weeks. That is my prediction. It just takes one of these big early miners to dump all their coins and you will see some epic price crashing.

The launch was a disaster. Too few people profited from it early on, so the coin distribution is terrible. If they hadn't screwed this coin up so much it would be nicely distributed, but as it stands there are people with hundreds of Maxcoins and given the current pricing they could crash the market at a whim.

It doesn't matter how well it gets from here on out. The launch has created some very big coin holders who hold a great level of influence over the value of the Maxcoins in your pocket. You've been warned.

[Jarod1231]

After a rollout only matched by Obamacare, I refuse to mine, accept or invest in this coin... let it die.

Well first launches are often messy. Things are pretty stable now, though. There are working windows clients, several mining pools and 3 exchanges or more that listed the coin.

I understand launches are messy, but they had how long to release the coin and then they don't release it with a win-QT or a compiled EXE miner? Seriously? .. and then they promise to give instructions on how to mine without these things... release the rar password and then 30 minutes later give partial instructions?

[Herp]

The higher the price goes up, the bigger the price crash it's going to be. There are going to be some very angry buyers in the next few weeks. That is my prediction. It just takes one of these big early miners to dump all their coins and you will see some epic price crashing.

Maybe so, but keep in mind Max promoted the shit out of Bitcoin and got onboard many big name Bitcoin investors. Max is also shareholder in Bitpay and other important Bitcoin businesses.

I can easily see MaxCoin being more popular than stuff like Doge, Feathercoin and so on, that don't have such big brand and name behind.

[Pangia]

Maxcoin is the ENRON of cryptocurrency.

Keiser is a perp.

[Nullu]

The higher the price goes up, the bigger the price crash it's going to be. There are going to be some very angry buyers in the next few weeks. That is my prediction. It just takes one of these big early miners to dump all their coins and you will see some epic price crashing.

Maybe so, but keep in mind Max promoted the shit out of Bitcoin and got onboard many big name Bitcoin investors. Max is also shareholder in Bitpay and other important Bitcoin businesses.

I can easily see MaxCoin being more popular than stuff like Doge, Feathercoin and so on, that don't have such big brand and name behind.

If that's the case, then I'll buy in after the market crashes. If it doesn't crash, then I will miss out, but at the same time, if it does, I'd lose a hell of a lot. Too risky for me.

[Herp]

Maxcoin is the ENRON of cryptocurrency.

Keiser is a perp.

Now some people are still angry and understandably so. I was also angered by the launch.

Once dust settles, though, and rage subsides, I can see this coin overtaking stuff like Doge, Feathercoin, Next and so on.

[Herp]

The higher the price goes up, the bigger the price crash it's going to be. There are going to be some very angry buyers in the next few weeks. That is my prediction. It just takes one of these big early miners to dump all their coins and you will see some epic price crashing.

Maybe so, but keep in mind Max promoted the shit out of Bitcoin and got onboard many big name Bitcoin investors. Max is also shareholder in Bitpay and other important Bitcoin businesses.

I can easily see MaxCoin being more popular than stuff like Doge, Feathercoin and so on, that don't have such big brand and name behind.

If that's the case, then I'll buy in after the market crashes. If it doesn't crash, then I will miss out, but at the same time, if it does, I'd lose a hell of a lot. Too risky for me.

I think it already crashed from 0.04-0.03 to 0.004. It's now stable around 0.004-0.005.

[Nullu]

The higher the price goes up, the bigger the price crash it's going to be. There are going to be some very angry buyers in the next few weeks. That is my prediction. It just takes one of these big early miners to dump all their coins and you will see some epic price crashing.

Maybe so, but keep in mind Max promoted the shit out of Bitcoin and got onboard many big name Bitcoin investors. Max is also shareholder in Bitpay and other important Bitcoin businesses.

I can easily see MaxCoin being more popular than stuff like Doge, Feathercoin and so on, that don't have such big brand and name behind.

If that's the case, then I'll buy in after the market crashes. If it doesn't crash, then I will miss out, but at the same time, if it does, I'd lose a hell of a lot. Too risky for me.

I think it already crashed from 0.04-0.03 to 0.004. It's now stable around 0.004-0.005.

A relatively small crash, considering I'm willing to bet there are still some big Maxcoin holders right now. I'll wait until it hits a few more exchanges and see what happens.

[Herp]

The higher the price goes up, the bigger the price crash it's going to be. There are going to be some very angry buyers in the next few weeks. That is my prediction. It just takes one of these big early miners to dump all their coins and you will see some epic price crashing.

Maybe so, but keep in mind Max promoted the shit out of Bitcoin and got onboard many big name Bitcoin investors. Max is also shareholder in Bitpay and other important Bitcoin businesses.

I can easily see MaxCoin being more popular than stuff like Doge, Feathercoin and so on, that don't have such big brand and name behind.

If that's the case, then I'll buy in after the market crashes. If it doesn't crash, then I will miss out, but at the same time, if it does, I'd lose a hell of a lot. Too risky for me.

I think it already crashed from 0.04-0.03 to 0.004. It's now stable around 0.004-0.005.

A relatively small crash, considering I'm willing to bet there are still some big Maxcoin holders right now. I'll wait until it hits a few more exchanges and see what happens.

Was just checking the MaxCoin reddit and there are 2 channels there

http://www.reddit.com/r/maxcoinproject/
http://www.reddit.com/r/maxcoin

These two combined have 700 subscribers already.

Also, MaxCoin http://imgur.com/3K21aoR getting close to the 24h daily volume of Doge.

[Nullu]

The higher the price goes up, the bigger the price crash it's going to be. There are going to be some very angry buyers in the next few weeks. That is my prediction. It just takes one of these big early miners to dump all their coins and you will see some epic price crashing.

Maybe so, but keep in mind Max promoted the shit out of Bitcoin and got onboard many big name Bitcoin investors. Max is also shareholder in Bitpay and other important Bitcoin businesses.

I can easily see MaxCoin being more popular than stuff like Doge, Feathercoin and so on, that don't have such big brand and name behind.

If that's the case, then I'll buy in after the market crashes. If it doesn't crash, then I will miss out, but at the same time, if it does, I'd lose a hell of a lot. Too risky for me.

I think it already crashed from 0.04-0.03 to 0.004. It's now stable around 0.004-0.005.

A relatively small crash, considering I'm willing to bet there are still some big Maxcoin holders right now. I'll wait until it hits a few more exchanges and see what happens.

Was just checking the MaxCoin reddit and there are 2 channels there

http://www.reddit.com/r/maxcoinproject/
http://www.reddit.com/r/maxcoin

These two combined have 700 subscribers already.

Also, MaxCoin http://imgur.com/3K21aoR getting close to the 24h daily volume of Doge.

Yes, the activity for the coin is truly astonishing, but where people see amazing success, I see a bubble. You've got to ask what's sustaining this coin right now, and personally I think the majority of it is hype. I can sense it in the air. That buzz of excitement that Maxcoin could be the next big thing. It's barely been a couple of days. That raises red flags to me. I will assess the situation in a few weeks. As of right now I can't trust any evaluation of this coin.

Real investors think with their heads, not with their emotions. There is a lot of emotion around right now, and that always worries me.

[illodin]

After a rollout only matched by Obamacare, I refuse to mine, accept or invest in this coin... let it die.

Well first launches are often messy. Things are pretty stable now, though. There are working windows clients, several mining pools and 3 exchanges or more that listed the coin.

First launches? There's been hundreds of launches so far, probably this "dev team" hasn't been in any judging from how they handled their "fair for everyone" launch.

These idiots kept hundreds of people awake 2 nights waiting for it and then finally when they released their shit only the few linux users were able to mine it.