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Question: ZEITCOIN
https://zeit-coin.net
https://zeit-knights.slack.com
https://t.me/zeit_coin

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Author Topic: ★ ZEIT ★ [COMMUNITY & KNIGHTS] [ULTRA LOW INFLATION] [MICRO-PAYMENTS]  (Read 1002794 times)
This is a self-moderated topic. If you do not want to be moderated by the person who started this topic, create a new topic. (3 posts by 3 users deleted.)
sdersdf2
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April 14, 2014, 10:31:48 AM
 #8361

The whale in question wiped out the entire ask side of the order book up to 16 and then dumped on the bid side down to 4. No idea why someone would do this, but they ended up with a whole lot more Zeitcoin coin than they started with. If the intent was to dump and smash the price, well then they failed miserably. Grin

Drk doesn't pay a stake every month so there's far less reason to hold it.


So this coin's approach is like BC, FAC - proof of stake and multipool that helps support the price?

Correct, except Zeitcoin's stake isn't just a token stake, it's 25%. BC is 1% and FAC is 6%.

Which means the stake provides more support for the price?
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stevegreer
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April 14, 2014, 10:42:06 AM
 #8362

I lost 359,599 ZEIT on CryptoRush.in and never got an email back from zeitloss@zeit-coin.com regarding it.

That's because ZEITCOIN wasn't responsible for the loss, Cryptorush was. Man, where have you been? Now that the value is finally rising you are interested again? I thought we were past all of this CR crap by now! You need to keep pinging CR about your loss because they were responsible for it.

You know what scares me about these whales smashing all of these walls? They probably aren't the types who are even the least bit interested in POS of the coin. They want to make money quick and easy. Hey, I'm thrilled as hell to see the value finally going up, but I just hope it lasts and those same whales that smashed through the walls don't do a massive dump for profit which drives the value back down so they can buy low and start the circle all over again. Sorry for my pessimism.

As for me, I still plan to hold and continue to reap the benefits of POS.

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April 14, 2014, 10:44:15 AM
 #8363

That's exactly what I'm trying to get a sense of - going forward, is this coin going to behave like POS coins BlackCoin and Faircoin, or is it going to behave like another pump and dump POW coin?

You have to understand this coin isn't built like BC and Dark. The current Zeitcoin money supply is 27,203,668,083 which is many many times the supply of BC and Dark combined(74.4m & 3.7m). Coins with tiny supply are easily pushed around by whales. As Zeitcoin's value rises it will become less and less volatile over time.



So by that token, it would appear that there is 365x more zeit than there is of BC. By that token, in order for Zeit to experience a similar price rise up to BC's level, it would have to get to 136 satoshi in order for zeit and BC to have the same value.

That means that getting to 100 satoshi would put market value at 27200 BTC, or $11.4m assuming BTC price of $420. That would put it in 7-10th place in market cap depending on which site you use, which is pretty impressive.

1000 satoshi would put it in the top 3. It will take a lot just to put a $11.4m market cap on this coin, much less $114m, on a sustainable level.




Meaning... unlikely?
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April 14, 2014, 10:47:00 AM
 #8364


You know what scares me about these whales smashing all of these walls? They probably aren't the types who are even the least bit interested in POS of the coin. They want to make money quick and easy. Hey, I'm thrilled as hell to see the value finally going up, but I just hope it lasts and those same whales that smashed through the walls don't do a massive dump for profit which drives the value back down so they can buy low and start the circle all over again. Sorry for my pessimism.

Exactly the sort of thing I'm worried about. No more pump-and-dump coins for me.
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April 14, 2014, 10:54:55 AM
 #8365

The whale in question wiped out the entire ask side of the order book up to 16 and then dumped on the bid side down to 4. No idea why someone would do this, but they ended up with a whole lot more Zeitcoin coin than they started with. If the intent was to dump and smash the price, well then they failed miserably. Grin

Drk doesn't pay a stake every month so there's far less reason to hold it.


So this coin's approach is like BC, FAC - proof of stake and multipool that helps support the price?

Correct, except Zeitcoin's stake isn't just a token stake, it's 25%. BC is 1% and FAC is 6%.

Which means the stake provides more support for the price?

Something like that. It provides an incentive for folks to keep Zeit off the exchanges and in their wallets, which creates a far greater level of scarcity in the exchanges than would otherwise be possible. Yet, the coin has a big enough supply that it would be capable of world wide adoption without each individual unit becoming too incredibly expensive. People are kind of silly in that they would rather own 1000 of a monetary unit than .0001 of that same unit, even if they have the same purchasing power. In that sense, zeit plays into that psychology. But the practical value is that a .1 zeit cost of transaction is SOOO much cheaper than .0002 bitcoin, which effectively puts a 5-10 cent transaction fee at current prices (as opposed to a tiny fraction of a penny for zeit).   

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April 14, 2014, 10:57:30 AM
 #8366

That's exactly what I'm trying to get a sense of - going forward, is this coin going to behave like POS coins BlackCoin and Faircoin, or is it going to behave like another pump and dump POW coin?

You have to understand this coin isn't built like BC and Dark. The current Zeitcoin money supply is 27,203,668,083 which is many many times the supply of BC and Dark combined(74.4m & 3.7m). Coins with tiny supply are easily pushed around by whales. As Zeitcoin's value rises it will become less and less volatile over time.



So by that token, it would appear that there is 365x more zeit than there is of BC. By that token, in order for Zeit to experience a similar price rise up to BC's level, it would have to get to 136 satoshi in order for zeit and BC to have the same value.

That means that getting to 100 satoshi would put market value at 27200 BTC, or $11.4m assuming BTC price of $420. That would put it in 7-10th place in market cap depending on which site you use, which is pretty impressive.

1000 satoshi would put it in the top 3. It will take a lot just to put a $11.4m market cap on this coin, much less $114m, on a sustainable level.

meh. Give it a year of fiat inflation and 11.4m or 114m will seem that much more attainable. I don't believe blackcoin's meteoric rise is based on fundamentals. Nor do I believe it's current market cap is either justifiable or sustainable. Expecting Zeitcoin exchange rates to soar to the moon overnight is akin to expecting black's stake payout to spontaneously multiply itself by 25.
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April 14, 2014, 11:27:28 AM
 #8367

So. Developed of first auction with zeit cryptocurrency started!

We very hope for the help and support...


Theme on official zeit forum - http://forum.zeit-coin.com/viewtopic.php?f=27&t=115
Site - http://cryptobid.org

http://s28.postimg.org/kn4h0o9xp/zeit.png
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April 14, 2014, 11:36:15 AM
Last edit: April 14, 2014, 12:15:15 PM by jommy99
 #8368

Another interesting new exchange for Zeitcoin buying / trading with a nice interface https://xnigma.com/markets/view/70
Oh and lets vote for ZEIT at Swisscex one of my personal favorite exchanges   https://www.swisscex.com/voting

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✬ Earn 2.5% Annual Interest ✬ Seeking Dev Team Help ✬ Blazing Fast Multi Mode Wallet ✬ Android Wallet ✬ No premine or IPO ✬
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atronite
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April 14, 2014, 11:37:45 AM
 #8369

So. Developed of first auction with zeit cryptocurrency started!

We very hope for the help and support...


Theme on official zeit forum - http://forum.zeit-coin.com/viewtopic.php?f=27&t=115
Site - http://cryptobid.org



You guys are from Russia? I thought they banned anything to do with crypto currencies. Or was it just the Russian banks being overly paranoid of compliance risk, like many other countrys' central banks?

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April 14, 2014, 11:41:43 AM
 #8370

So. Developed of first auction with zeit cryptocurrency started!

We very hope for the help and support...


Theme on official zeit forum - http://forum.zeit-coin.com/viewtopic.php?f=27&t=115
Site - http://cryptobid.org

http://s28.postimg.org/kn4h0o9xp/zeit.png

You guys are from Russia? I thought they banned anything to do with crypto currencies. Or was it just the Russian banks being overly paranoid of compliance risk, like many other countrys' central banks?

No no...these are fairy tales Smiley It isn't forbidden, but it "is not recommended", because Central Bank shall though somehow to react. Russia has high potential for cryptocurrency. Simply someone shall begin...
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April 14, 2014, 11:57:20 AM
 #8371

Oh wow what a splendid price movement to wake up to!

Boy am i glad i made the right decision on march 1st of which coin to start mining.  My 9.5m zeit ive accumulated over that time with my lonely 7970 is really paying off Cheesy
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April 14, 2014, 12:05:33 PM
 #8372

I lost 359,599 ZEIT on CryptoRush.in and never got an email back from zeitloss@zeit-coin.com regarding it.

That's because ZEITCOIN wasn't responsible for the loss, Cryptorush was. Man, where have you been? Now that the value is finally rising you are interested again? I thought we were past all of this CR crap by now! You need to keep pinging CR about your loss because they were responsible for it.

You know what scares me about these whales smashing all of these walls? They probably aren't the types who are even the least bit interested in POS of the coin. They want to make money quick and easy. Hey, I'm thrilled as hell to see the value finally going up, but I just hope it lasts and those same whales that smashed through the walls don't do a massive dump for profit which drives the value back down so they can buy low and start the circle all over again. Sorry for my pessimism.

As for me, I still plan to hold and continue to reap the benefits of POS.

You are totally right about responsibility here, but as far as I remember (still shows on first thread) there is a reimbursement fund of the community.
What happened to that?

Most of us who purchased zeitcoin back then are strong believers in the idea, because who else would buy a coin that is on the floor?
With prices up, it's possible to return the investment in btc with much less coins.
coradan
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April 14, 2014, 12:09:48 PM
 #8373

Today is being an important day for ZEIT:


One more thing: NXT
http://www.nxt.cool
mhkso2
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April 14, 2014, 12:16:49 PM
 #8374

 Grin :(We will ask people to pm us through twitter their wallets only way to ensure that it is the person we added.

We have a few that only had facebook they can message us through there

stevegreer
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April 14, 2014, 12:48:24 PM
 #8375


You are totally right about responsibility here, but as far as I remember (still shows on first thread) there is a reimbursement fund of the community.
What happened to that?

Most of us who purchased zeitcoin back then are strong believers in the idea, because who else would buy a coin that is on the floor?
With prices up, it's possible to return the investment in btc with much less coins.

You are right about the reimbursement fund. Last I heard about it was that, unfortunately, there wasn't nearly enough donated into it to cover the costs of all the losses caused by CR. From what I understand, CR is "under new ownership" and the new owners have stated that they intend to try to reimburse the losses. But keep in mind that they are also dealing with Blackcoin, and I'm sure with the value of BC currently, that it is their priority. Just keep pinging them in the mean time.

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April 14, 2014, 12:49:43 PM
 #8376

It looks like the Multipool is doing it's job Cheesy... finally we got away from 5 sat..
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April 14, 2014, 12:55:51 PM
 #8377

It looks like the Multipool is doing it's job Cheesy... finally we got away from 5 sat..

Pretty sure this movement isnt even because of the multipool (i havnt been paid in zeit yet).  Likely from some whales.
Vandalay23
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April 14, 2014, 12:56:40 PM
 #8378


You are totally right about responsibility here, but as far as I remember (still shows on first thread) there is a reimbursement fund of the community.
What happened to that?

Most of us who purchased zeitcoin back then are strong believers in the idea, because who else would buy a coin that is on the floor?
With prices up, it's possible to return the investment in btc with much less coins.

You are right about the reimbursement fund. Last I heard about it was that, unfortunately, there wasn't nearly enough donated into it to cover the costs of all the losses caused by CR. From what I understand, CR is "under new ownership" and the new owners have stated that they intend to try to reimburse the losses. But keep in mind that they are also dealing with Blackcoin, and I'm sure with the value of BC currently, that it is their priority. Just keep pinging them in the mean time.

There is a huge gap between "not enough funds" and "no fund at all". it would be nice to get something back. nobody is asking the community for a total refund.
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April 14, 2014, 12:57:19 PM
 #8379

idk why but my wallet always de-syncs can someone post some addnodes for me please.
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April 14, 2014, 01:01:29 PM
 #8380

It looks like the Multipool is doing it's job Cheesy... finally we got away from 5 sat..

Pretty sure this movement isnt even because of the multipool (i havnt been paid in zeit yet).  Likely from some whales.

the multipool has to buy zeitcoin before it can payout... hence the price going up
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