Fluttercoin is being raped by other multipools dumping their mined coins on fluttercoin exchange.
While the fluttercoin multipool buying small amounts there is no way fluttercoin can gain traction.
What are the ideas to overcome this? I see some:
- Switch fluttercoin to POS and stop POW
- Retarget difficulty so its not interesting anymore for multipools to mine.
others?
Im still holding a lot of FLT with some profit, but if this continues I have to sell because its not worth it.
Thanks for your ideas.
I am sitting on damn near a loss right now, but I also know that these multipool attacks are cyclical and burn themselves out after awhile as they ruin the profitability of the coin they are hammering to the point that its not worth hammering any more.
I really wish FLT would have had at very least KGW to fend this off as it is very hard to remain a supporter of the coin in forums etc. when the charts make it look like you are incapable of understanding basic math. The only upside is that there is another halving this saturday and this will really bring the profitability down to unappealing levels and old coins mined during fat rewards era will start getting sold off to replace lost income from mine-to-dump.
Its worth noting that other coin communities are in much, much worse shape right now in terms of profit (selling for 3 or 2 sats and massive 20-30 BTC sell walls) but the community itself is largely blowing it off and keeps trying to create new tools to promote their coin, runs multiple subreddits, runs contests, twitter campaigns and more. I don't know why Flutter has not attracted these kinds of users, but we can't just rest on the innovation of Proof of Transaction and expect that to pull all the weight. It's not even that great as an implementation, to be honest it feels like a kind of experimental "what-if" scenario that was turned into a real coin. Though - the fundamental idea behind it is worthy of a lot of respect and will eventually get traction.
I have about 1 BTC invested in Flutter, all paid for - i didn't mine anything - and I wish I had more time to do all these projects but frankly I have to limit myself to being a cheerleader here and there as I am only moderately savvy in the technical side of crypto.
But there are people who have 5, 10, 20 or more BTC in Flutter (whether through early low diff mining or through trading) and I hope they can see the value in making a public commitment to throwing 5% or 10% of that at some of the bounty projects to get this community jolted into action.
I will put in 5% of what I have if I know some of the early owners will do the same because I am certain we will all get that same % back in profitability if the community can get out of the "you go first" mode that it is stuck in.
The bloom will be off the PoT rose soon enough if the head start on other coins is not taken advantage of with some PR efforts and quickly! I am already seeing a sudden uptick in "innovation of the week" whitepapers coming out which will quickly crowd the message space with distractions that will all try to steal what little spotlight is currently on Flutter away from it.
