[ANN] [NAUT] Nautiluscoin - First Coin w/Stabilization Fund - Digishield

[KimJongUn]

I know exactly how mining works and why it is done, ive just never done it because so far in crypto history buying and holding a coin is 1000 x more profitable.

The purpose of mining is NOT to generate profit.  It is to secure the blockchain.  It does this by providing incentives, but when those incentives go away, so does your security.  

Without serious hashrate on your coin, anyone could steal all of your coins anytime they wish.

As stated previously in the thread even if the coins were mined out, which i doubt will happen cause already most of the miners are crying they can't even find a block.

OK, so you're claiming the coin is broken?  The specifications say block time of 1 minute.  And yeah, some blocks are taking over an hour.

That is NOT a good thing.  If miners start jumping ship with a very high difficulty, it could take YEARS before the next block is found.  That means no transactions during that time.  And you think that this is a POSITIVE thing about this coin?  LOL.

 If it does get mined out, the market will not get dumped on so hard and the value will go up, all of the sudden the small fee for mining a block isn't so small.

If it gets mined out and there is nothing securing the blockchain, there will be NO market.  Fools like you might think it's just fine to have a "traders only" coin.  But no exchange is that stupid.

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[KimJongUn]

and you never answered my question, if so many of these coins are mined already, where in the fawk did all the Naut go?  

Why the fuck would I know?  I did not make up the number of 2 million+ coins mined.  It's a simple fact, available to anyone who bothers to take a look at the blockchain.

Multiply the current block number times the block reward and you get the total number mined.

Why is that so fucking hard to understand.  It's not a matter of opinion.

[IncreaseMyT]

We all know Max is the king of pump and dump.  

All the other coins I have no idea who they are, but I know who BK is and cnbc and fast money.

I dont know if you saw my edit but I said with something to lose.

I already covered the problem with miners, and a fee for service.  Which I like better then mining.

So again yes I understand how it works.

Why so much hate for this coin if its such a scam coin?

It is a fast coin as well.  If somehow a way is found to go from naut to usd it will get a huge boost.

Then even after all that crap, its just a matter of time before this thing gets pumped regardless, I will say again, sell volume.  where is the naut? This feels like dejavu ltc @ 009

I had huge bags of then and everyone said I was crazy, lol maybe I am, but I got bags of naut....... you need some?  I got you

[IncreaseMyT]

I know exactly how mining works and why it is done, ive just never done it because so far in crypto history buying and holding a coin is 1000 x more profitable.

The purpose of mining is NOT to generate profit.  

I am officially done after this comment, this is exactly why miners mine you numbskull lolololol

hence the mega dumpage of easily mined coins..

You get no more reply from me.

[Alphi]

I already covered the problem with miners, and a fee for service.  Which I like better then mining.

So again yes I understand how it works.

hang on what?
are you sure you understand how it works?

fees are for transactions..... fees are voluntary....

for transactions you need a mature market with people buying and selling goods.. not just speculative trading.

speculative trading is done on exchanges.. this is all done off the block chain... blockchain is only used when you send coins to your exchange or withdraw them

this means no fees going to miners... so miners will be very  


I think you got lucky with LTC if you bought back then... and that's great.. but I think it went to your head because your due diligence and reasoning skills seem to be way off the mark..


sure if the coin goes to PoS when the coins are all mined then problem solved...
but fees from mining a speculative instrument?
bwahaha... funniest thing I've heard all day.

[IncreaseMyT]

I already covered the problem with miners, and a fee for service.  Which I like better then mining.

So again yes I understand how it works.

hang on what?
are you sure you understand how it works?

fees are for transactions..... fees are voluntary....

for transactions you need a mature market with people buying and selling goods.. not just speculative trading.

speculative trading is done on exchanges.. this is all done off the block chain...

this means no fees going to miners... so miners will be very  


I think you got lucky with LTC if you bought back then... and that's great.. but I think it went to your head because your due diligence and reasoning skills seem to be way off the mark..


sure if the coin goes to PoS when the coins are all mined then problem solved...
but fees from mining a speculative instrument?
bwahaha... funniest thing I've heard all day.

again I understand very clearly how it works.  If naut went straight to cash or was able to be used to buy something (besides dirac) then there will be transactions, and a fixed price miners could calculate for.

Isnt it pretty cheap to mine this coin?

awww man your making me think twice, maybe we should all dump our coins now so we can buy them back double?

cause thats about what the real spread is on this thing

[PilotofBTC]

Also, there was talk of moving this to a PoS system as well. So, that gives incentive for people to maintain the network.

Hey, what ever happens, happens. I've realized profit cause I bought LOW and sold some HIGH.

It's a fun past time no matter what happens. 100% of cryto coins are still a huge experiment.

[Alphi]

again I understand very clearly how it works.  If naut went straight to cash or was able to be used to buy something (besides dirac) then there will be transactions, and a fixed price miners could calculate for.

Isnt it pretty cheap to mine this coin?

awww man your making me think twice, maybe we should all dump our coins now so we can buy them back double?

cause thats about what the real spread is on this thing

I don't know how easy the coin is to mine there is no mining calculator that I could find.
chances are the coin price will rise if there is more hype on tv.
or if the stabilization fund managed to dump a whole bunch of coins at the top of the rally and then has enough funds to buy up huge amounts of coin now.

the problem is that this coins big selling point was its stabilization fund which doesn't appear to have done anything yet for the stability of the price.
first off they will have to use their 1% premined coins to trade for a greater share of coins.. and then if that succeeds then maybe they will have enough power to smooth out the bumps..
but if you ask me.. given the volatility of crypto coins.. you'd have to be Moses to hold back those waves.

I think we are looking at another maxcoin here but the difference being that this max is actively trading the coin on a daily basis.
so depending on how good he is.. that will determine the longevity of the coin...

[CrowdWhale]

Starting to look like the bottom is 10k. What's with the block explorer?

[Doging]

What about reducing block reward?

[andyatcrux]

Miners have jumped off of this and difficulty has dropped significantly. It is "profitable" to sell at .0002 because you can get nearly 16 NAUT per MH/s daily. Many miners see earning .003 BTC per MH/s daily as enough to clear costs. Many of them are flat out wrong. Even with an ASIC and low electricity costs every miner dumping at the price point will likely never see a ROI of their mining equipment. There are many people who put this stuff on a credit card and have not really thought ahead. Sad but true.

And many hobby miners think they have to "dump" before everyone else rather than sell in increments to allow for price to rise and profit more.

[KimJongUn]

I am officially done after this comment, this is exactly why miners mine you numbskull lolololol

hence the mega dumpage of easily mined coins..

You get no more reply from me.

The purpose of mining is to secure the blockchain.  Clearly you do not even have a concept of what that means.

It blows my mind that someone can be so ignorant and so arrogant at the same time.

[andyatcrux]

I am officially done after this comment, this is exactly why miners mine you numbskull lolololol

hence the mega dumpage of easily mined coins..

You get no more reply from me.

The purpose of mining is to secure the blockchain.  Clearly you do not even have a concept of what that means.

It blows my mind that someone can be so ignorant and so arrogant at the same time.

The direct incentive is profit.

The purpose is to secure the blockchain and for miners who also hold some this is another incentive for them.

It seems the two of you are not really disagreeing on this. 

[Doging]

Miners have jumped off of this and difficulty has dropped significantly. It is "profitable" to sell at .0002 because you can get nearly 16 NAUT per MH/s daily. Many miners see earning .003 BTC per MH/s daily as enough to clear costs. Many of them are flat out wrong. Even with an ASIC and low electricity costs every miner dumping at the price point will likely never see a ROI of their mining equipment. There are many people who put this stuff on a credit card and have not really thought ahead. Sad but true.

And many hobby miners think they have to "dump" before everyone else rather than sell in increments to allow for price to rise and profit more.

If they knew the stability fund buys at any price it might encourage them to hold.

[IncreaseMyT]

I am officially done after this comment, this is exactly why miners mine you numbskull lolololol

hence the mega dumpage of easily mined coins..

You get no more reply from me.

The purpose of mining is to secure the blockchain.  Clearly you do not even have a concept of what that means.

It blows my mind that someone can be so ignorant and so arrogant at the same time.

For the 8th millionth time I understand why miners mine

For the money

In the process of mining the block chain is secured and transactions are confirmed

This is not why a miner does it, the miner does it in an attempt to make money, due to the reward.  

So as far as me understanding mining it seems I understand it better than you.

If there was no reward there would be no miners.  Unless the transaction fee was enough of the coin to sell and still turn a profit.

BTW you still haven't responded to me as to why you were pimping Korea coin, but have a problem with this one?

Obviously I was wrong about the price and am buried now, so I need to log off and come back in a few days, the dumping is ugly.

Busy as for understanding mining and the coin, why you think anyone does anything for free nowadays is beyond me, mining is about money.  

[CrowdWhale]

Naut isn't on CoinWarz. How might I go about calculating the price point?

[andyatcrux]

Naut isn't on CoinWarz. How might I go about calculating the price point?

Here is something that will give you an idea. https://ipominer.com/

[PilotofBTC]

I am officially done after this comment, this is exactly why miners mine you numbskull lolololol

hence the mega dumpage of easily mined coins..

You get no more reply from me.

The purpose of mining is to secure the blockchain.  Clearly you do not even have a concept of what that means.

It blows my mind that someone can be so ignorant and so arrogant at the same time.

Given your supposition that a fully mined coin is dead, isn't EVERY cryto coin headed there? Whether it is 3 months, 3 years, or 3 decades? When bitcoin is fully mined, there will be no more miners, hence no transactions, hence the coin is dead. How is that rectified?

For example, NXT is 100% in existence (I think it's 1billion). The genesis block created 100% of the coins, and NO  MORE coins will ever be created. There are Zero miners. Does this mean NXT starts failed?

[asnghost]

I am officially done after this comment, this is exactly why miners mine you numbskull lolololol

hence the mega dumpage of easily mined coins..

You get no more reply from me.

The purpose of mining is to secure the blockchain.  Clearly you do not even have a concept of what that means.

It blows my mind that someone can be so ignorant and so arrogant at the same time.

Given your supposition that a fully mined coin is dead, isn't EVERY cryto coin headed there? Whether it is 3 months, 3 years, or 3 decades? When bitcoin is fully mined, there will be no more miners, hence no transactions, hence the coin is dead. How is that rectified?

For example, NXT is 100% in existence (I think it's 1billion). The genesis block created 100% of the coins, and NO  MORE coins will ever be created. There are Zero miners. Does this mean NXT starts failed?

When BTC if fully mined, there are transactions fees that will reward miners. They equation is simple, as long the rewards are > than the cost there always be miners.

Either way with pow u need to reward the miners to secure the blockchain.

[KimJongUn]

Given your supposition that a fully mined coin is dead, isn't EVERY cryto coin headed there? Whether it is 3 months, 3 years, or 3 decades? When bitcoin is fully mined, there will be no more miners, hence no transactions, hence the coin is dead. How is that rectified?

For example, NXT is 100% in existence (I think it's 1billion). The genesis block created 100% of the coins, and NO  MORE coins will ever be created. There are Zero miners. Does this mean NXT starts failed?

Crypto 101 here, I guess....

NXT uses Proof of Stakes.  This is another valid way to secure a blockchain.

By the time Bitcoin is mined out, the amount that miners will get from transactions will likely be many times the block reward.  If not, then Bitcoin will need to find another solution to secure the blockchain.  But Bitcoin won't be mined out for many decades.  The time it takes to mine out a coin isn't just a wild guess or a matter of opinion.  It's just math.  Shouting louder and more insanely doesn't change it.

Doing nothing and making it a "Traders Only" coin is idiotic.  It is literally an invitation for anyone with a few Scrypt ASICs to come rob you blind and/or destroy your coin.