Get more Inside Information about EMC2 - join to our Slack channel!
Despite all of those challenges that this coin has faced recently we've achieved
more than 1000 subscribers in the Slack Channel and keep growing! So join to our Slack channel to get more info and to be at the peak of current events.
pckomp [10:21 AM]
If anybody is interested in my opinion, I am loyal miner with 1 GH which is now about 1/6 of the whole network. Reward is now 8 EMC2 per block, soon it will be 4 EMC2. But I will mine EMC2 anyway. Why? Because it is never about what is profitable right now. Some people complain how they missed the price of the BTC of 2009. But they probably never mine BTC back then, because it was not what? ...profitable. So from my perspective, I really do not care what is right now. Remember, everything is great when everything is really bad, because there is the real opportunity. EMC2 has great future ahead. And only real problem here could be impatience, if anything.
Link: https://emc2slack.herokuapp.com/ How true! I stole the paragraphs below from a post by "wiser" on the DevCoin thread because it is the first post I've seen that completly sums up what is needed to be successful in this industry. The obversations presented here are well thought out and, proven in the real world. Best part about it, this isn't rocket science, it's common sense.
Posted in Devcoin by "wiser" concerning reviving Devcoin:
"I thought I'd chime in with a few points. Back when I got started writing for the Devtome, Devcoin was one of just a handful of cryptocoins on the scene, meaning it didn't have much competition. Now there are over 500 cryptocoins in existence, some of which are so fundamentally solid and profitable that they are attracting the interest of venture capitalists and hedge fund managers. This means we can learn even more from the successful coins and honestly stack up Devcoin against them to see what would need to be changed in order to be competitive.
The following are a few observations I have about what it takes to make a successful cryptocurrency in today's industry:
1. More and more, it is important for a new coin project to be more than just a coin. It must be a complete ecosystem. This often means multiple tokens and interlocking systems. Some good examples are the emerging VIVA project (vivaco.in), Steemit (with its Steem, Steem Power and Steem Dollars tokens), Ethereum and NEM with their block chains capable of supporting other tokens.
2. There has to be genuine value supporting the coin. This means infrastructure that makes the coin easier to use or adds value to it in some way. Bitcoin has a lot of that (example, various trading platforms, Coinbase, payment processors, websites which sell quality products and accept Bitcoin payments) which has been added on by third parties. However a new altcoin needs to have some of that value added right from the beginning by the development team itself. Some other good examples of coins with value added infrastructure include DNotes and Steemit.
3. There has to be a development team. It can't be a one man show. The bigger and better organized the team, the better chance the coin has. A development team that runs the enterprise like a genuine business is even better. This means it can't all be about coding, though that is important. There have to be others on the team who handle the outreach and marketing and who tell the coders the features needed to make the coin user friendly for non coders (which is most of the people you hope will adopt your coin).
4. A coin needs a built in incentive to tie up the supply and keep it off the market. This means that it is in people's self interest to hold onto the coin for the long haul. Idealism or faith in the coin is not enough. If I am going to hold your coin there has to be something in it for me both now and in the future. The simplest way to do this is to offer some kind of interest equivalent whereby my holding onto the coin earns me a rate of return in the form of new coins or some other token. DNotes has the DNotes vault which pays monthly "interest" to all who hold coins in it for set amounts of time (the penalty for early withdrawal being that you lose the earned interest). Diamond Coin has a cloud mining operation where people earn Diamonds based on how much Bitcoin they have donated to the operation. Any Proof of Stake coin already incentivizes people to hold the coin and run the wallet.
I have always believed that Devcoin's biggest weakness as it works right now is that it incentivizes earning and dumping, not holding. Then to add insult to injury when it became known or suspected that people earning Devcoins were dumping them, they were often harshly repudiated here (not called out by name or anything but it was clear that those who dumped were considered to be bad for the coin,). In order to hold onto Devcoins you had to be altruistic towards it and basically take the hit from others dumping, and that is just not going to be sustainable because most of us plain aren't altruistic like that. This is probably the most important change Devcoin needs to make. The coin needs to be coded in to incentivize holding rather than dumping.
Related to this, it must be assumed that people will game the system if it is beneficial to them to do so. You need to engineer your system in such a way that there is no benefit to attempting to gain the system and that using the system in the way you intend is what gives the greatest benefit to the end user. That can be very challenging to accomplish but I believe it is possible and the successful (and not so successful) coins now out there have a lot to teach us about what kind of things need to be written into the code. The code should also be flexible enough that when you find a loophole you don't want, you can fix it with an update or fork.
5. The development team needs to have a good reason to create buy support for the coin on the open market. Again, altruism is not enough. In the case of Diamond coin, the developers need to buy Diamond in order to pay the weekly payouts from the cloud mining operation. If the developers aren't buying the coin, then others need to do so for reasons of self interest. With the exception of the speculators who are there to profit from trading itself, the reason that anyone else would buy the coin has to be because they need the coin. You need the coin in order to gain the benefit from accumulating and holding it, or you need it to pay someone with it, or you need it to buy something with it. An altruistic desire to prop up the coin's value is not enough and won't be sustainable long term.
6. The coin needs to be attractive to speculators. Speculators are important because they provide liquidity for everyone else, meaning others can easily buy or sell the coin at a consistent value (not too much difference between top buy and sell requests). So whatever it is that makes speculators go "wow, I want to speculate on this coin!" is what your coin needs to have so that everyone else can have the needed liquidity to get into and out of the coin at will.
7. The coin needs to have a solid community of people who are there because being part of this community will better their financial lives in some way. They should believe in the coin but that belief should stem from solid fundamentals and the perception that this coin will do good things for their bottom line. In order to nurture this community it is very important to have basic courtesy and professionalism wherever that community gathers. That community needs to be growing.
There are probably a couple more points that I have missed, but what I have shared is a good starting point. How does Devcoin do on each of these fundamentals? How could it be changed or forked to excel in those fundamentals which are weak now? The honest discussion around these points could become the basis for a solid plan for how to update Devcoin to now be competitive in today's industry."
