Blackcoin's BC-Multipool crap-coin killer is now operational :o

[StuartGT]

As far as I understand it, their new community-driven Multipool will slowly kill 'mining-profitable' alt-coins: by mining those alt-coins and selling them, reducing those prices.  Meanwhile, Blackcoins will be purchased from the Exchanges, thereby increasing it's own demand and value.

For other coins to survive, they'll need to drastically up their dev & marketing skills, community spirit, and while also offering something new (NXT ticks all these boxes).  Meanwhile the already existing PoS coins are now also in a race to implement their own coin-focussed Multipools.

Finally some excitement in the Alt-Community!

Disclaimer: I've investments in NXT, NEM, Exocoin, ECC, MINT and BC; currently mining DOGE & ECC

[mlord1010]

As far as I understand it, their new community-driven Multipool will slowly kill 'mining-profitable' alt-coins: by mining those alt-coins and selling them, reducing those prices.  Meanwhile, Blackcoins will be purchased from the Exchanges, thereby increasing it's own demand and value.

For other coins to survive, they'll need to drastically up their dev & marketing skills, community spirit, and while also offering something new (NXT ticks all these boxes).  Meanwhile the already existing PoS coins are now also in a race to implement their own coin-focussed Multipools.

Finally some excitement in the Alt-Community!

Disclaimer: I've investments in NXT, NEM, Exocoin, ECC, MINT and BC; currently mining DOGE & ECC

Or coins getting slammed by the pool are 51% attacked fork and dead.  So you get 0 payout in BC for the day.  This is like a gang war, doge will have it's own multipool and so on...  This is not a good development.

[blade87]

The pool operators said they are working on coins that have sufficient buy support. (at least for the day )

[illodin]

Is BitcoinExpert behind this?

[brokedummy]

Everybody thinks this will have some limitless ability to lift blackcoin all the way to BTC parity. It will help for a little while sure, then the electric bills will come in, BC will crash and we will all move on to Blitzcoin or some other one week open mining crapcoin.

[chesthing]

I also agree this idea won't work long term. Why would you use this multipool instead of Middlecoin or Wafflepool for the real thing that actually has a chance at adoption? all you are going add are more trading costs to get back to btc. Sure fueled a nice pump though.

[Infectiphibian]

So you want us to mine shitcoins, sell at a loss, then buy BC at an inflated rate? Yah, you make a whole lot of sense.

[chesthing]

Well, before they can buy bc they need to take the shitcoin and trade it for btc then to bc incurring 2 trading fees. It makes more sense to mine with a multipool that mines shitcoins for btc, then you get a choice whether/when to buy bc. I think the idea was stupid from the beginning, not sure how to explain the enthusiasm shown by the current pump.

[Infectiphibian]

Well, before they can buy bc they need to take the shitcoin and trade it for btc then to bc incurring 2 trading fees. It makes more sense to mine with a multipool that mines shitcoins for btc, then you get a choice whether/when to buy bc. I think the idea was stupid from the beginning, not sure how to explain the enthusiasm shown by the current pump.

The whales aren't done yet pumping. I keep watching the top BC wallets grow and shrink buy millions of coins each day. One wallet grows to 4 million BC, then drops to drops to 1.5 million. Later in the day it is back at 3 million. The link below is the blockchain explorer for the top 100 wallets.

http://agran.net/bc_getbalance.php?top=100

[Jeezy911]

I don't think most people realize the implications of this. ALL POW coins are in the line of fire by this and I love it. In fact, looking ahead long term after it kills off all POW shitcoins is it actually possible that the crosshairs could be set on Litecoin and then......? Maybe not as far fetched as you might think, either way, it's a big fucking deal!

[Infectiphibian]

I don't think most people realize the implications of this. ALL POW coins are in the line of fire by this and I love it. In fact, looking ahead long term after it kills off all POW shitcoins is it actually possible that the crosshairs could be set on Litecoin and then......? Maybe not as far fetched as you might think, either way, it's a big fucking deal!

I completely agree with you on this. I just see this pool as the laziest, most expensive way to gain BC. It's nothing more than Middlecoin pool for BC. 

[solid12345]

Maybe I need to understand the economics a bit better but what difference does it make whether people mine and dump shitcoins for Bitcoin than dumping for Bitcoin and buying BC? It's really no different at the end of the day. I think it is pretty much understood by most of the community that most coins that pop up on "most profitable" status on coinwarz are destined for death anyway.

[dasource]

Maybe I need to understand the economics a bit better but what difference does it make whether people mine and dump shitcoins for Bitcoin than dumping for Bitcoin and buying BC? It's really no different at the end of the day. I think it is pretty much understood by most of the community that most coins that pop up on "most profitable" status on coinwarz are destined for death anyway.

Buy Support for BC will prop the price up! The higher the hashrate on the multipool the more BTC being used to buy BC.
Think about it, theoretically if middlecoin decided it was only going to payout in BC you would see 100-200BTC being used to buy BC every day. Think about what that could do in theory! Ofcourse this is all until ASIC turns up!

[brokedummy]

Well, before they can buy bc they need to take the shitcoin and trade it for btc then to bc incurring 2 trading fees. It makes more sense to mine with a multipool that mines shitcoins for btc, then you get a choice whether/when to buy bc. I think the idea was stupid from the beginning, not sure how to explain the enthusiasm shown by the current pump.

The whales aren't done yet pumping. I keep watching the top BC wallets grow and shrink buy millions of coins each day. One wallet grows to 4 million BC, then drops to drops to 1.5 million. Later in the day it is back at 3 million. The link below is the blockchain explorer for the top 100 wallets.

http://agran.net/bc_getbalance.php?top=100

Don't get your hopes up, this is probably just the exchange moving between hot and cold wallets. Most of the top balances are probably exchange wallets. Each exchange can have any number of wallets really.

[Infectiphibian]

Maybe I need to understand the economics a bit better but what difference does it make whether people mine and dump shitcoins for Bitcoin than dumping for Bitcoin and buying BC? It's really no different at the end of the day. I think it is pretty much understood by most of the community that most coins that pop up on "most profitable" status on coinwarz are destined for death anyway.

Most multipools are trying to create maximum profit, while this one is intending on crashing the price of the coins we mine. By using this pool, you will be selling your coins for the least profit, they buying into a coin that is being pumped heavy. You have no control over what price coins will be sold, BC will be bought, and what time the BC will be bought. If you mine in a pool that you can pull your coins out of and sell at your own will, you will be in control. You can sell your shitcoins at a peak and buy your BC during a crash. The question is, who do you want in charge of your finances?

[brokedummy]

I don't think most people realize the implications of this. ALL POW coins are in the line of fire by this and I love it. In fact, looking ahead long term after it kills off all POW shitcoins is it actually possible that the crosshairs could be set on Litecoin and then......? Maybe not as far fetched as you might think, either way, it's a big fucking deal!

What do you think all the multipools are doing already? BC multipool is just spit in the ocean of multipools mining POW shitcoins and dumping for btc, and when the newbs realize how stupid it is to blindly trade btc for BC the hash will plummet, everyone will try to cash out of BC and the bubble will burst and there will be much crying and butthurt to go around.

[Infectiphibian]

Well, before they can buy bc they need to take the shitcoin and trade it for btc then to bc incurring 2 trading fees. It makes more sense to mine with a multipool that mines shitcoins for btc, then you get a choice whether/when to buy bc. I think the idea was stupid from the beginning, not sure how to explain the enthusiasm shown by the current pump.

The whales aren't done yet pumping. I keep watching the top BC wallets grow and shrink buy millions of coins each day. One wallet grows to 4 million BC, then drops to drops to 1.5 million. Later in the day it is back at 3 million. The link below is the blockchain explorer for the top 100 wallets.

http://agran.net/bc_getbalance.php?top=100

Don't get your hopes up, this is probably just the exchange moving between hot and cold wallets. Most of the top balances are probably exchange wallets. Each exchange can have any number of wallets really.

I am speculating a little bit, but most of those top wallets have been up since before BC was on an exchange. Everytime I see the price drop, a few of those wallets go up in value. My assumption is that the price drops when these guys are done playing for the day. If they are cold storage wallets, I can't believe there is that many people leaving their money on exchanges still.

[solid12345]

What do you think all the multipools are doing already? BC multipool is just spit in the ocean of multipools mining POW shitcoins and dumping for btc, and when the newbs realize how stupid it is to blindly trade btc for BC the hash will plummet, everyone will try to cash out of BC and the bubble will burst and there will be much crying and butthurt to go around.

Well I think the reasoning is since BC is no longer being minted, it's considered a safe place to invest your BTC into it and you could stand more to gain from taking your few bitcoins and investing in a new and growing coin that could be taken to new heights.

It's no different than people using their BTC to buy Litecoin on the assumption Litecoin will be .1btc someday and they will make more in the end through owning a higher number of Litecoins than Bitcoin. Add in all the buyers like myself who don't mine but are tired of being dumped on by multi-pools, you got a winning combination.

[Jeezy911]

I don't think most people realize the implications of this. ALL POW coins are in the line of fire by this and I love it. In fact, looking ahead long term after it kills off all POW shitcoins is it actually possible that the crosshairs could be set on Litecoin and then......? Maybe not as far fetched as you might think, either way, it's a big fucking deal!

What do you think all the multipools are doing already? BC multipool is just spit in the ocean of multipools mining POW shitcoins and dumping for btc, and when the newbs realize how stupid it is to blindly trade btc for BC the hash will plummet, everyone will try to cash out of BC and the bubble will burst and there will be much crying and butthurt to go around.

For that to happen, the sell orders of blackcoin would have to total more than 55 BTC per day at the current hashrate. It could happen, but that's clearly not the trend we are seeing not. Sell orders are down and hash is going up.

[Infectiphibian]

What do you think all the multipools are doing already? BC multipool is just spit in the ocean of multipools mining POW shitcoins and dumping for btc, and when the newbs realize how stupid it is to blindly trade btc for BC the hash will plummet, everyone will try to cash out of BC and the bubble will burst and there will be much crying and butthurt to go around.

Well I think the reasoning is since BC is no longer being minted, it's considered a safe place to invest your BTC into it and you could stand more to gain from taking your few bitcoins and investing in a new and growing coin that could be taken to new heights.

It's no different than people using their BTC to buy Litecoin on the assumption Litecoin will be .1btc someday and they will make more in the end through owning a higher number of Litecoins than Bitcoin. Add in all the buyers like myself who don't mine but are tired of being dumped on by multi-pools, you got a winning combination.

I never really considered those that don't mine. A pool like this can manipulate the price in the buyers favor. The biggest difference between the buyer on an exchange and the miners in this BC pool, the miner has zero control, while the buyer gets to make their own decision. I would rather lose my money on my own that than leave it up to a pool with a get rich quick scheme.