★ ZEIT ★ [COMMUNITY & KNIGHTS] [ULTRA LOW INFLATION] [MICRO-PAYMENTS]

[rhadamanthes]

The fact is that the only trades that appeared to make some volume on mintpal are panic sell trades. And this could lead people to completely give up on this coin if we get back to 1 sat (not concerned, i'm in for the long term)

[niothor]

The fact is that the only trades that appeared to make some volume on mintpal are panic sell trades. And this could lead people to completely give up on this coin if we get back to 1 sat (not concerned, i'm in for the long term)

Long term? That's something hard to imagine in the crypto world.
In 5 years all the cryptos might be extinct and a new type replacing them.

So , how do you define longterm?

[niothor]

That won't happen while trading is happening. The worry is if the 1 sat buy wall disappears at which point we are in trouble and may turn into a LTC trade.

The moment the price is hitting 1 satoshi , people don't want to sell and buyers don't want to offer twice (2 satoshi) for it. That is when trading stops.

[uki]

The fact is that the only trades that appeared to make some volume on mintpal are panic sell trades. And this could lead people to completely give up on this coin if we get back to 1 sat (not concerned, i'm in for the long term)

That is what most people say if selling would mean accepting a huge loss (put your own number here). What is long term in terms of crypto markets?
Are CTM bag holders allowed to say the same?
For now we had one and the only pump in ZEIT that got us to double digits (17 sat at max., if I remember correctly) and since then it is all the way slide to one, which will materialise soon. Personally I would love to avoid degradation of ZEIT to LTC trading on Mintpal, but if there are no spectacular news -  that is what we have in the cards. I am afraid the coin may have a similar path as CTM that also used to trade for 5 sat in the early days. Now it trades at 5 litoshi with no views on double digit litoshis in any reasonable "long term" perspective. Sadly enough, not even the best ideals and philosophy behind the coin would get the job done, if there are no people interested in buying it.

[atronite]

The fact is that the only trades that appeared to make some volume on mintpal are panic sell trades. And this could lead people to completely give up on this coin if we get back to 1 sat (not concerned, i'm in for the long term)

Well 27 billion coins (in total existence) amounts to only 270 btc total market cap, and there isn't nearly that much on the markets. If there are 270 us in this community who truly believe in this coin, we could put in buy orders on Mint for 1 BTC each at 1 satoshi and that would put a massive buy floor on the coin.

$400-500 on the market isn't that much folks. At the end of the day, the value of a coin is in its community, just like it always has been.

But we have to start outreach programs to other folks in the TZM movement because that is what this coin is tailored to.

[Rent_a_Ray]

its been 23 days since my first minted block wich means that block is now 23 days old yet the leaf dosent say any blocks are ready for minting

do you think the latest wallet update could have reset timers or something?

Network stores your coinage, not a wallet...

ye I know wallet with addresses only give access to data on the blockchain  but that dosent explain why the leaf bottom right dosent say blocks are ready for minting  but the dates on transactions are 23 days old since the last mint

If it is low mint value, you have to wait.... That is business...

you seem to be missing my point

there`s an icon next to the encryption padlock which is supposed to tell you when there are blocks ready for minting

as I understand it, the very second that block turns 20 days old the icon should say there is coins ready for minting

I am not getting that

It is simple:
Mintication checks if there is a chance to mint (works only with fully encrypted wallet). If it is possible, you can open your wallet for minting.
Leaf turns back to grey.
Coinage has nothing to do with that. You have a "CHANCE" to mint after 20 days. Means not, that you mint instantly. There is a network priority.

[LionOfNarnia]

LUVVIN'

PoS

30 sucessful mintings since midnight, who cares about MintPal dumpers when the coin is flowing so nicely into my wallet

[atronite]

LUVVIN'

PoS

30 sucessful mintings since midnight, who cares about MintPal dumpers when the coin is flowing so nicely into my wallet

Price IS a barometer of interest my friend. Price isn't everything, but it isn't nothing either.

We need something to energize this community, something that has good marketing buzz. But not really sure what would create that.

[uki]

LUVVIN'

PoS

30 sucessful mintings since midnight, who cares about MintPal dumpers when the coin is flowing so nicely into my wallet

Price IS a barometer of interest my friend. Price isn't everything, but it isn't nothing either.

We need something to energize this community, something that has good marketing buzz. But not really sure what would create that.

that is exactly my point. 25% yearly interest will be eaten if the price drops from 4 to 3 sat. Now if the price drops from 4/5/6 satoshi to 1 or below, the loss is even bigger and can't be covered from minting. This is where the whole PoS idea becomes weak - things work well, if, and only if in the long term the price of the coin stays stable (or increases a bit to provide you an extra premium). As soon as the interest vanishes (community not strong enough, whatever else, you name it) and the price drops significantly, minting feature does not offer any significant protection - thus not much difference to non-PoS coins.  

[rbizz]

LUVVIN'

PoS

30 sucessful mintings since midnight, who cares about MintPal dumpers when the coin is flowing so nicely into my wallet

Price IS a barometer of interest my friend. Price isn't everything, but it isn't nothing either.

We need something to energize this community, something that has good marketing buzz. But not really sure what would create that.

that is exactly my point. 25% yearly interest will be eaten if the price drops from 4 to 3 sat. Now if the price drops from 4/5/6 satoshi to 1 or below, the loss is even bigger and can't be covered from minting. This is where the whole PoS idea becomes weak - things work well, if, and only if in the long term the price of the coin stays stable (or increases a bit to provide you an extra premium). As soon as the interest vanishes (community not strong enough, whatever else, you name it) and the price drops significantly, minting feature does not offer any significant protection - thus not much difference to non-PoS coins.  

+1

I was just saying the same thing here a couple days ago and everyone was like, "It's about the idea behind the coin, it's a movement, the money is secondary blah blah blah."  

This community continues to downplay the importance of price, and seems to think that PR and a social media presence will spontaneously happen within the community because people believe in zeitgeist.

[solarion]

LUVVIN'

PoS

30 sucessful mintings since midnight, who cares about MintPal dumpers when the coin is flowing so nicely into my wallet

Price IS a barometer of interest my friend. Price isn't everything, but it isn't nothing either.

We need something to energize this community, something that has good marketing buzz. But not really sure what would create that.

that is exactly my point. 25% yearly interest will be eaten if the price drops from 4 to 3 sat. Now if the price drops from 4/5/6 satoshi to 1 or below, the loss is even bigger and can't be covered from minting. This is where the whole PoS idea becomes weak - things work well, if, and only if in the long term the price of the coin stays stable (or increases a bit to provide you an extra premium). As soon as the interest vanishes (community not strong enough, whatever else, you name it) and the price drops significantly, minting feature does not offer any significant protection - thus not much difference to non-PoS coins.

+1

I was just saying the same thing here a couple days ago and everyone was like, "It's about the idea behind the coin, it's a movement, the money is secondary blah blah blah."  

This community continued to downplay the importance of price, and seems to think that PR and a social media presence will spontaneously happen within the community because people believe in zeitgeist.

-1.

It's a silly argument that implies that the price is dropping because PoS, when the fact is the supply of new money was far far greater when the coin was still in it's hybrid PoW/PoS stage. New money supply is practically zero at this point. The exchange rate is dropping because people are fickle and have very short attention spans. If there's no whiz bang headline each day then they move on to a different coin. Crying about the price and claiming you "had to" sell at 2 is silly. Nobody is forcing you to sell your coins except you. One major supporter withdrew his support to re-allocate capital. The coin has been in an exchange rate tailspin ever since due to herd mentality.

[Vandalay23]

Somebody really wants to keep the price down....
suddenly this huge sell wall at 2 satoshi

I believe someone accumulating more and more before another pump like the last one to 17...

As much as I want to believe in the future of this coin (mine are from the beginning in the wallet)
It seems that PnD whales are having fun with it, while all the us naives watch them from the side
Without gaining any profit....

It brings me to think that high % PoS coins make it easy for those whales, cause most of the holders just keep their coins in the wallets for staking...

Just a thought...

[solarion]

What's making it easy for whales to manipulate is the low price/coin. Everyone is a bargain shopper and as soon we get close to breaking free, buy support dries up and sellers come out of the woodwork.

[rbizz]

LUVVIN'

PoS

30 sucessful mintings since midnight, who cares about MintPal dumpers when the coin is flowing so nicely into my wallet

Price IS a barometer of interest my friend. Price isn't everything, but it isn't nothing either.

We need something to energize this community, something that has good marketing buzz. But not really sure what would create that.

that is exactly my point. 25% yearly interest will be eaten if the price drops from 4 to 3 sat. Now if the price drops from 4/5/6 satoshi to 1 or below, the loss is even bigger and can't be covered from minting. This is where the whole PoS idea becomes weak - things work well, if, and only if in the long term the price of the coin stays stable (or increases a bit to provide you an extra premium). As soon as the interest vanishes (community not strong enough, whatever else, you name it) and the price drops significantly, minting feature does not offer any significant protection - thus not much difference to non-PoS coins.

+1

I was just saying the same thing here a couple days ago and everyone was like, "It's about the idea behind the coin, it's a movement, the money is secondary blah blah blah."  

This community continued to downplay the importance of price, and seems to think that PR and a social media presence will spontaneously happen within the community because people believe in zeitgeist.

-1.

It's a silly argument that implies that the price is dropping because PoS, when the fact is the supply of new money was far far greater when the coin was still in it's hybrid PoW/PoS stage. New money supply is practically zero at this point. The exchange rate is dropping because people are fickle and have very short attention spans. If there's no whiz bang headline each day then they move on to a different coin. Crying about the price and claiming you "had to" sell at 2 is silly. Nobody is forcing you to sell your coins except you. One major supporter withdrew his support to re-allocate capital. The coin has been in an exchange rate tailspin ever since due to herd mentality.

You have billions of coins so of course you are always quick to debunk any negative criticism.  No one ever "has" to sell of course, but if it dips and never comes back you'll wish you did.  Oh but right, you're the guy more concerned about the "idea" behind the coin, so I guess it doesn't matter to you if the price dips and never comes back.

[roadies]

I set a buy at 1 sat a long long long time ago and forgot about it (I have a few coins setup with buys like this). I didn't think I'd ever see it come close, and here we are at 2 sats.

Is anyone mining through hashcows to keep buy demand going?

[solarion]

LUVVIN'

PoS

30 sucessful mintings since midnight, who cares about MintPal dumpers when the coin is flowing so nicely into my wallet

Price IS a barometer of interest my friend. Price isn't everything, but it isn't nothing either.

We need something to energize this community, something that has good marketing buzz. But not really sure what would create that.

that is exactly my point. 25% yearly interest will be eaten if the price drops from 4 to 3 sat. Now if the price drops from 4/5/6 satoshi to 1 or below, the loss is even bigger and can't be covered from minting. This is where the whole PoS idea becomes weak - things work well, if, and only if in the long term the price of the coin stays stable (or increases a bit to provide you an extra premium). As soon as the interest vanishes (community not strong enough, whatever else, you name it) and the price drops significantly, minting feature does not offer any significant protection - thus not much difference to non-PoS coins.

+1

I was just saying the same thing here a couple days ago and everyone was like, "It's about the idea behind the coin, it's a movement, the money is secondary blah blah blah."  

This community continued to downplay the importance of price, and seems to think that PR and a social media presence will spontaneously happen within the community because people believe in zeitgeist.

-1.

It's a silly argument that implies that the price is dropping because PoS, when the fact is the supply of new money was far far greater when the coin was still in it's hybrid PoW/PoS stage. New money supply is practically zero at this point. The exchange rate is dropping because people are fickle and have very short attention spans. If there's no whiz bang headline each day then they move on to a different coin. Crying about the price and claiming you "had to" sell at 2 is silly. Nobody is forcing you to sell your coins except you. One major supporter withdrew his support to re-allocate capital. The coin has been in an exchange rate tailspin ever since due to herd mentality.

<snip> Oh but right, you're the guy more concerned about the "idea" behind the coin, so I guess it doesn't matter to you if the price dips and never comes back.

That's correct. That's why I've doubled the bid wall at 1. If you feel you "have to" sell at 1, please feel free. Those coins will also leave the exchange and go into my wallet.

[solarion]

I set a buy at 1 sat a long long long time ago and forgot about it (I have a few coins setup with buys like this). I didn't think I'd ever see it come close, and here we are at 2 sats.

Is anyone mining through hashcows to keep buy demand going?

I am, but I have very little scrypt mining power(1.5Mh/s). This is why I've repeatedly asked the devs to include multipool options that can accommodate sha hashes...which I have lots of.

[stevegreer]

You have billions of coins so of course you are always quick to debunk any negative criticism.  No one ever "has" to sell of course, but if it dips and never comes back you'll wish you did.  Oh but right, you're the guy more concerned about the "idea" behind the coin, so I guess it doesn't matter to you if the price dips and never comes back.

And what exactly is so wrong with having a coin where the community wants there to be an idea behind it? Having a coin that supports TZM was the idea of the dev from the get go. If we let go of this idea then we become just another coin in the ever increasing number of coins on the market. So if you are so against the "blah blah blah" as you so eloquently worded it, then feel free to dump your coins and move along. Maybe you are better off with the get rich quick schemes like Darkcoin or Bitcoin Plus if you are looking for instant profit. And no, before you ask, I am not holding billions of Zeit. Far from it.

In the meantime, I support the blah blah blah and will continue to do so. And if you are holding Zeit in any decent number then I will urge you to think twice about dumping them. By all means, get involved with other coins if you are looking for instant profits, but hold your Zeit for more long term than short term gains.

[uki]

-1.

It's a silly argument that implies that the price is dropping because PoS, when the fact is the supply of new money was far far greater when the coin was still in it's hybrid PoW/PoS stage. New money supply is practically zero at this point. The exchange rate is dropping because people are fickle and have very short attention spans. If there's no whiz bang headline each day then they move on to a different coin. Crying about the price and claiming you "had to" sell at 2 is silly. Nobody is forcing you to sell your coins except you. One major supporter withdrew his support to re-allocate capital. The coin has been in an exchange rate tailspin ever since due to herd mentality.

@solarion
Just to make my point clear. I am not implying that the PoS model is making the price drop. What I am saying is that PoS model does not provide you with any kind of additional protection over non-PoS coins, if the price drops a lot due to the loss of interest. 25% more on something close to zero, is still close to zero enough to make a coin disappear and to make your investment a failure. What I am criticising here is the belief that just the feature of a coin itself (PoS model in this case) can make a coin successful in the long run (whatever we understand by the long run). Actually, it is the strength of the community itself what makes any coin successful rather than any new feature or coin model, be it a very small number of overall coins, big number of coins, minting, you name it. It is exactly in this moment in which ZEIT community must stand and prove strong enough (bring news, create interest, etc.) to keep the coin alive on the market, e.g., see beginning of DOGE for a successful example. Just blind belief in PoS won't make it survive in the long run.

PS.
There is a very good blog (in German) describing five phases of an altcoin life-cycle: Start- First Pump - First Dump - Dead Cat Bounce - De-listing.  Although it uses PoW coin as an example, I don't see why a PoS model should behave differently.


 

[rbizz]

You have billions of coins so of course you are always quick to debunk any negative criticism.  No one ever "has" to sell of course, but if it dips and never comes back you'll wish you did.  Oh but right, you're the guy more concerned about the "idea" behind the coin, so I guess it doesn't matter to you if the price dips and never comes back.

And what exactly is so wrong with having a coin where the community wants there to be an idea behind it? Having a coin that supports TZM was the idea of the dev from the get go. If we let go of this idea then we become just another coin in the ever increasing number of coins on the market. So if you are so against the "blah blah blah" as you so eloquently worded it, then feel free to dump your coins and move along. Maybe you are better off with the get rich quick schemes like Darkcoin or Bitcoin Plus if you are looking for instant profit. And no, before you ask, I am not holding billions of Zeit. Far from it.

In the meantime, I support the blah blah blah and will continue to do so. And if you are holding Zeit in any decent number then I will urge you to think twice about dumping them. By all means, get involved with other coins if you are looking for instant profits, but hold your Zeit for more long term than short term gains.

I would love to know specifically what the long term plans are.  I'm sure everyone else would too.  Right now it seems like Zeit is being propped up by one guy here with a lot of money who is either very concerned about his investment or is pushing the price down to pick up cheap coin so he can eventually pump it up.  This guy obviously has money and I'm sure he's not going to squander it, so I'm holding for the pump.