[ANN] Blacknet BLN | Staking | Future of zApp & ZeFi

[johnngbluntzky]

Well.. that's just part of the fun really, and usually coming from people who probably threw 50 bux at it an think it's like a greyhound track (which it does feel like at times!), but cutting the crap what do people really know? Nothing is what.
All I know is that I invest on a model and continually analyse the health of that model. A crazy speculative community gives the community part of the model points, so I like it. But the multipool still hasn't prooved anything, so I am worried about that, it has scored no points on my model.
Will breathe a sigh of relief when/if we get positive data. In other words, I hope we haven't pumped BC way past what the multipool can handle.

once again, completely agreed.

on that note, seems like a lot of resistance has just lifted on the road back to 9000.

What a coincidence... Cryptsy always have problems in the "right" time  

hahaha.. so fuckin true. i've lost so much potential profit because of stuck coins at cryptsy it makes me sick. i rarely use them anymore, it's just not worth the risk to me.

**if they ever hooked up a BC/USD section though... hah i would consider it.

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[Jeff Jefferson]

y no use of mintpal. they are really fast with payouts.

[johnngbluntzky]

y no use of mintpal. they are really fast with payouts.

mintpal is by far my go-to exchange at the moment.

[Ziploc]

The same person or group has been dumping at just under 9k for 15 hours now! They stopped for an hour a couple of times. That is one hell of a lot of blackcoins.

How would you know that it is the same person?

I've watched this and interacted with it for about 14 hours, the shape of much of the graph has been affected by my interaction with the dumper (I did about 10% of todays bc volume on mintpal).

1) When it takes a break, it stops suddenly in an on/off way. All sell orders will stop at the same time and the market recovers. Then a while later it suddenly switches back on. Clearly 1 person is commanding it.
2)  I've seen what I think is the same person before on other coins. They choose a target number and reaching that number is always in near sight but impossible. Every time you buy another sell order pops up a few seconds later (its done by bot, probably browser extension). After a while the number will drift slowly down over time, but if more than one person/team was dumping it then it could not possibly be this uniform and controlled.
3) The sell list order amounts will all randomly flick up and down, there's no way multiple sellers just happen to all be changing their sell amounts so often.

so... how do we kill the beast?

It's good that most people are in agreement that there is a “BlackCoin Monster” doing a controlled dump, here are a few of my thoughts:

1) I think the monster is doing it to get rid of its holdings at a profit rather than to control price. Controlling price by selling seems ultimately futile. It is not using big sell walls which it doesn't want to sell, but rather a bot to insert lots of small sell orders dynamically. Looking at the sell order list does not show the massive scale of the dump, so I think it's being hidden to keep people buying into it.

2) It surely has to run out of coins eventually. Its goal is actually similar to ours, it wants to get rid of its coins and we want to buy cheap coins. The way to kill the monster is to do what it wants and keep buying. It's just that there's so many of the coins it's causing problems.

3) This monster has a LOT of coins. I own 2% but it seems to have a lot more than I do.

4) When the monster has dumped for a while the market volume slows and eventually grinds to a halt. People stop buying when they see the price not moving, even though it's good for them if they can get cheap coins instead of expensive ones. Then usually the monster moves the price down a little to stimulate things. The only way to keep the market moving is to either raise or lower the price.

5)  I believe this is the same dumper who dumped on SpainCoin a couple of weeks ago and destroyed it (see my previous post on this in my account profile). SpainCoin had a surge of optimism and a big push upwards from 0.00028. Then this dumper kicked in selling at just under 0.0008. It stayed like this for many hours, then slowly the price went down. The dumper stopped dumping around 0.00045, but it was too late by then and everyone had lost confidence and the coin never recovered.
I don't believe there's a chance of the BlackCoin community losing confidence and killing the coin (SpainCoin was toilet paper and had no community) but I can see hurdles ahead if this keeps going and the price lowers or the momentum is killed. There could still be quite a bit of lost confidence temporarily.
The bot software on the SpainCoin dump worked very much like this “BlackCoin monster” bot does. The situation was also similar – the SpainCoin dump happened just after a pre-publicised event designed to push the price up so people bought into it - like Black Friday was (the SC event was a fork with a new mining algorithm).

could be this address BGzT8xVi2raGqGC6g9orocm7AEYCsJXyDz check it out on

http://maarx.nl/maarx.nl/blackcoin/distribution/

[ivan1975]

Who wants my BlackCoins?

[kana]

y no use of mintpal. they are really fast with payouts.

The coin they are selling to get bc is probably not on mintpal

[darcius]

i like the devs and the community, but sooner or later someone has to point out; this coin has already risen over 1900% in value. what makes people have such wildly speculative opinions about blackcoin's future price?

Hey John, this thread on blackcointalk is a great start. Read through a few of the posts and it should answer any of your questions. Blackcoin is definitely like no other coin before it.

[Jabulon]

Help!! I unlocked my wallet. And on the bottom right it says its encrypted and unlocked but I just tried sending to someone and I did not had to fill in a password how do I fix this fast?

Hey - Easy solution for you going forward: Use debug window/console tab to unlock (for staking) and keeping the password control of send function. If you use the settings dropdpdown 'unlock wallet', the result is total unlock, and anyone with access to your wallet can send out your coins without further ado. Only useful if you need to do a bunch of quick sends.

And always remember, in console, to delete history after entering password within unlock command. Otherwise it sits there in plaintext, very risk, much dangerous.

[zwiggelbig]

Help!! I unlocked my wallet. And on the bottom right it says its encrypted and unlocked but I just tried sending to someone and I did not had to fill in a password how do I fix this fast?

Hey - Easy solution for you going forward: Use debug window/console tab to unlock (for staking) and keeping the password control of send function. If you use the settings dropdpdown 'unlock wallet', the result is total unlock, and anyone with access to your wallet can send out your coins without further ado. Only useful if you need to do a bunch of quick sends.

And always remember, in console, to delete history after entering password within unlock command. Otherwise it sits there in plaintext, very risk, much dangerous.

Hi and now in noob language? What is debug window/console tab? Yea I used the dropdown unlock wallet. ..

Can't the devs change this for other noobies?

[Jabulon]

Help!! I unlocked my wallet. And on the bottom right it says its encrypted and unlocked but I just tried sending to someone and I did not had to fill in a password how do I fix this fast?

Hey - Easy solution for you going forward: Use debug window/console tab to unlock (for staking) and keeping the password control of send function. If you use the settings dropdpdown 'unlock wallet', the result is total unlock, and anyone with access to your wallet can send out your coins without further ado. Only useful if you need to do a bunch of quick sends.

And always remember, in console, to delete history after entering password within unlock command. Otherwise it sits there in plaintext, very risk, much dangerous.

Hi and now in noob language? What is debug window/console tab? Yea I used the dropdown unlock wallet. ..

Can't the devs change this for other noobies?

Not to worry, it isn't complicated. Start your wallet up fresh. It will be locked. Go to help dropdown and select debug window. From there, click on console tab. Then enter the following (without quotes, and replacing PSSWD with your passphrase:

"walletpassphrase <PSSWD> 9999999 true"

hit enter.
click red bar lower-right, or just do ctrl+L to clear console history, close out of debug window.

You will see the lock icon is now open, and your green staking light will go on. You are now staking, but password will still be required to perform a send, or other sensitive operations (like setting up new address in address book).

edit: the 9999999 part is a time value, in seconds, that you want your wallet to remain open. You can make it lower, e.g., '3600' or whatever you like.

[lethagized]

My first post here, and i have a newbie question. So you mine on blackcoinpool using the most profitable alt at the time. You end up with lets say some doge coins. You go to cryptsy or mintpal to sell these dogecoins. Is the only option open to you is to trade these doge for BC? If so, then won't everybody then sell these BC for BTC/LTC thus increasing sell pressure of BC thus devaluing the price of BC?

Thanks in advance for any answers.

[Jabulon]

My first post here, and i have a newbie question. So you mine on blackcoinpool using the most profitable alt at the time. You end up with lets say some doge coins. You go to cryptsy or mintpal to sell these dogecoins. Is the only option open to you is swap them for BC? If so, then won't everybody then sell these BC for BTC/LTC thus increasing sell pressure of BC thus devaluing the price of BC?

Thanks in advance for any answers.

The pool mines whatevercoin and uses the btc proceeds to purchase BC, in which you are then paid. What you choose to do with those BC is up to you, but most people mining are on the pool because, guess what, they want to own more BC. Otherwise it would just make more sense to mine on your own and dump what is most profitable to dump.

[Don007]

Im wondering.. Now the price of BC is increasing, its harder to earn BC right?

Sure, the BC we already own are worth more.

[Jabulon]

Im wondering.. Now the price of BC is increasing, its harder to earn BC right?

Sure, the BC we already own are worth more.

Correct. When BC value rises, payout is lower (in number of BC), but as you point out, this is compensated for by the value increase per/BC.

[johnngbluntzky]

i like the devs and the community, but sooner or later someone has to point out; this coin has already risen over 1900% in value. what makes people have such wildly speculative opinions about blackcoin's future price?

Hey John, this thread on blackcointalk is a great start. Read through a few of the posts and it should answer any of your questions. Blackcoin is definitely like no other coin before it.

that was a good read, thanks.

[Don007]

Allright. Thanks for your reply / confirmation.

Lets hit the 2 gh/s!

[mr_random]

In other words, I hope we haven't pumped BC way past what the multipool can handle.

Let's not overstate the effect of the mulitpool on the price. It gives a nice little boost but the daily trading volume of Blackcoin is 500 to 1000 BTC.

In terms of price this coin by design is going to trend upwards so long as there is demand. The amount of coins in circulation is virtually fixed (1% inflation a year is nothing). Compared to Litecoin which has hundreds of thousands of dollars of new mined coins dumped on the market every day. Then factor in these selling points - 10 second transactions (proof of work coins like Worldcoin FORKED when they tried to go down to 30 seconds, no way they can handle 10 seconds so they stay safe at 60 secs), 100% pure of stake, strong community, no pre-mine etc.

When we get up to Litecoins price the only dumps we have to sustain are people taking profits. If you have followed the price of Blackcoin like I have there have been several "floors". Once a floor is established and enough people have dumped their cheaper bought coins for profit, the next upswing occurs  . We saw this at 600 satoshis, 1500 satoshis, briefly at 3500 satoshis, 5000 satoshis approximately and if we stay in the 8000's  or higher by monday I will call the 8000's the new floor.

9500 is going to be a big barrier to break. Because the last few times we've been near it the price has dipped, sometimes a fair bit. But we observed this exact same behaviour at 5000 and when we finally broke 5000 for the first time the crowd went wild and we went on a pump up to 9000 very quickly (this is exactly as I predicted and I posted as such here). My only concern right now is the BTC uncertainty with china. A btc crash always sends shockwaves throughout the crypto community causing everything to drop. Conversely, seeing Blackcoin rise steadily in these market conditions is a very bullish indicator. These are very early days with Blackcoin and all my analysis points to big price rises ahead.

I've ended up writing a lot more than I expected but it's because I am a passionate supporter of this amazing coin and my confidence only grew as I saw what a skilled developer we have (even found a security flaw in Mintcoin).

There is lots of fear, uncertainty and doubt spread in this community by manipulators but people here are also smart enough to read between the lines and that is why we are seeing Blackcoin grow from strength to strength as other coins are struggling.

There are great times ahead, I urge everyone to be patient and reap the rewards. 6 months from now we will all be extremely happy.

I'm done!  

[Jabulon]

To the community: Why massive in-community participation of rig-rental power is essential in current and future iterations of Black Friday

Apart from the obvious, namely that MORE is BETTER, it's because we are offering bonuses for top miners. This opens us to the possibility of non-community players who seek to capitalize by laying on major hashing power to profit from the bonus (made of community donations), followed by dumping it back in our faces.

Rent a rig. Rent big. I'm personally aiming for 30-50MH on a consistent basis for as long as I can afford it. (38MH/s as of this writing).

Edit: Granted, the bonuses are not crazy high and I don't foresee much potential abuse, even in a worst case scenario. Nonetheless, we are in way better shape if the miners are overwhelmingly BC supporters and not outside players.

[Varvarin]

Any chance of getting paid for yesterday any time soon? Or is the price too high? 

[Jabulon]

Any chance of getting paid for yesterday any time soon? Or is the price too high? 

The delay is due to Cryptsy slowness.