[XMR] Monero Speculation

[mmortal03]

Bytecoin has slipped ahead of Monero on coinmarketcap.com again.

You do understand that the real market cap is very close to zero right?

Well over 80% premine plus an almost infinite supply gives it a market cap at 1 million when if only sells at the lowest possible price that's possible on an btc-exchange. 1 satoshi.

They could easily trade it up to multiple million $ in market cap with only a few thousand dollars.

It definitely sounds like something that they would do. Why haven't they?

[1715029170]

1715029170

[smooth]

Bytecoin has slipped ahead of Monero on coinmarketcap.com again.

You do understand that the real market cap is very close to zero right?

Well over 80% premine plus an almost infinite supply gives it a market cap at 1 million when if only sells at the lowest possible price that's possible on an btc-exchange. 1 satoshi.

They could easily trade it up to multiple million $ in market cap with only a few thousand dollars.

It definitely sounds like something that they would do. Why haven't they?

As with any pump and dump, their play is to sooner or later trade out of the 150+ billion (80%+) premined coins. Trying to make a big enough pump to do that in todays market would be difficult if not impossible. The market won't even support selling 1k-2k USD per day. So the most sensible strategy is to keep it somewhere viable in the rankings at minimal cost, wait, and hope for a better chance to exit.

Notice how the other clone coins run by the same outfit have been abandoned (FCN, QCN, MCN, etc.). That's because they didn't have the same magnitude of premine (though they all had a month or two of likely instamine given their un-deoptimized miners), so not enough incentive to keep them going.

[jehst]

As with any pump and dump, their play is to sooner or later trade out of the 150+ billion (80%+) premined coins. Trying to make a big enough pump to do that in todays market would be difficult if not impossible. The market won't even support selling 1k-2k USD per day. So the most sensible strategy is to keep it somewhere viable in the rankings at minimal cost, wait, and hope for a better chance to exit.

Their only hope of cashing out is a massive crypto bubble where every shitcoin in the Top 50 is getting millions thrown at it by panicked investors who aren't taking the time to research each one.

[smooth]

As with any pump and dump, their play is to sooner or later trade out of the 150+ billion (80%+) premined coins. Trying to make a big enough pump to do that in todays market would be difficult if not impossible. The market won't even support selling 1k-2k USD per day. So the most sensible strategy is to keep it somewhere viable in the rankings at minimal cost, wait, and hope for a better chance to exit.

Their only hope of cashing out is a massive crypto bubble where every shitcoin in the Top 50 is getting millions thrown at it by panicked investors who aren't taking the time to research each one.

When you have 80% of the coins it doesn't take a massive crypto bubble like that to cash out 10 million USD or more. BCN market cap peaked at about 12 million USD, and that wasn't in during a massive crypto bubble, at least not the peak of one, it was well into the 2014 decline.

BCN has a better chance to pump out than some crappy #40-50 coin. It has interesting technology, pretty web sites, a backstory, and a somewhat professional and experienced crew of scammers running it.

[iCEBREAKER]

Bytecoin has slipped ahead of Monero on coinmarketcap.com again.

Price only means something within the context of volume.

Has Bytecoin ever had higher volume than Monero?  Even once?

BCN hasn't even had regular daily volume over 5 BTC since last summer.

It's dead Jim.  No wonder they are launching CN 2.0!

[smooth]

Bytecoin has slipped ahead of Monero on coinmarketcap.com again.

Price only means something within the context of volume.

Has Bytecoin ever had higher volume than Monero?  Even once?

BCN hasn't even had regular daily volume over 5 BTC since last summer.

It's dead Jim.  No wonder they are launching CN 2.0!

2.0 was the version of the original white paper, and is still the version number on the (slightly different) copy of the original white paper on their web site right now: https://cryptonote.org/whitepaper.pdf



Nothing new here. Probably -- who knows what they will actually do -- they're somewhat clever scammers.

Showing up at a conference seems like part of the effort to keep hope (of a pump and exit) alive.

[jehst]

As with any pump and dump, their play is to sooner or later trade out of the 150+ billion (80%+) premined coins. Trying to make a big enough pump to do that in todays market would be difficult if not impossible. The market won't even support selling 1k-2k USD per day. So the most sensible strategy is to keep it somewhere viable in the rankings at minimal cost, wait, and hope for a better chance to exit.

Their only hope of cashing out is a massive crypto bubble where every shitcoin in the Top 50 is getting millions thrown at it by panicked investors who aren't taking the time to research each one.

When you have 80% of the coins it doesn't take a massive crypto bubble like that to cash out 10 million USD or more. BCN market cap peaked at about 12 million USD, and that wasn't in during a massive crypto bubble, at least not the peak of one, it was well into the 2014 decline.

BCN has a better chance to pump out than some crappy #40-50 coin. It has interesting technology, pretty web sites, a backstory, and a somewhat professional and experienced crew of scammers running it.

Pumping their market cap to 12 million USD might only cost them a few thousand. Actually selling 10 million worth to investors will be a different story. Should be interesting to see if they can. At that point, I'd have to admit that it was a pretty good long-con.

[smooth]

As with any pump and dump, their play is to sooner or later trade out of the 150+ billion (80%+) premined coins. Trying to make a big enough pump to do that in todays market would be difficult if not impossible. The market won't even support selling 1k-2k USD per day. So the most sensible strategy is to keep it somewhere viable in the rankings at minimal cost, wait, and hope for a better chance to exit.

Their only hope of cashing out is a massive crypto bubble where every shitcoin in the Top 50 is getting millions thrown at it by panicked investors who aren't taking the time to research each one.

When you have 80% of the coins it doesn't take a massive crypto bubble like that to cash out 10 million USD or more. BCN market cap peaked at about 12 million USD, and that wasn't in during a massive crypto bubble, at least not the peak of one, it was well into the 2014 decline.

BCN has a better chance to pump out than some crappy #40-50 coin. It has interesting technology, pretty web sites, a backstory, and a somewhat professional and experienced crew of scammers running it.

Pumping their market cap to 12 million USD might only cost them a few thousand. Actually selling 10 million worth to investors will be a different story. Should be interesting to see if they can. At that point, I'd have to admit that it was a pretty good long-con.

It's certainly an attempt at a long con. Why the hell else are they still at it (while having given up on the other ones)?

I'll agree with you its a long shot, but perhaps worth the probably-modest cost of keeping it going now.

[jehst]

As with any pump and dump, their play is to sooner or later trade out of the 150+ billion (80%+) premined coins. Trying to make a big enough pump to do that in todays market would be difficult if not impossible. The market won't even support selling 1k-2k USD per day. So the most sensible strategy is to keep it somewhere viable in the rankings at minimal cost, wait, and hope for a better chance to exit.

Their only hope of cashing out is a massive crypto bubble where every shitcoin in the Top 50 is getting millions thrown at it by panicked investors who aren't taking the time to research each one.

When you have 80% of the coins it doesn't take a massive crypto bubble like that to cash out 10 million USD or more. BCN market cap peaked at about 12 million USD, and that wasn't in during a massive crypto bubble, at least not the peak of one, it was well into the 2014 decline.

BCN has a better chance to pump out than some crappy #40-50 coin. It has interesting technology, pretty web sites, a backstory, and a somewhat professional and experienced crew of scammers running it.

Pumping their market cap to 12 million USD might only cost them a few thousand. Actually selling 10 million worth to investors will be a different story. Should be interesting to see if they can. At that point, I'd have to admit that it was a pretty good long-con.

It's certainly an attempt at a long con. Why the hell else are they still at it (while having given up on the other ones)?

I'll agree with you its a long shot, but perhaps worth the probably-modest cost of keeping it going now.

If they actually cash out their 80% premine, does the coin stop being a con? Because it's the pre-mine that makes the coin a con. And dumps are what legitimate investors are afraid of, right? If they cash out the premine, it would transform the coin into a fairly distributed coin. Those devs may even have an incentive to stick around as devs for additional opportunities that devs get based on their status as experts. Could there be a bizarro future where bytecoin becomes a legitimate coin? LOL.

[smooth]

If they actually cash out their 80% premine, does the coin stop being a con? Because it's the pre-mine that makes the coin a con. And dumps are what legitimate investors are afraid of, right? If they cash out the premine, it would transform the coin into a fairly distributed coin. Those devs may even have an incentive to stick around as devs for additional opportunities that devs get based on their status as experts. Could there be a bizarro future where bytecoin becomes a legitimate coin? LOL.

That assumes that reputation as a scammer means nothing. I'd personally not want to invest in a coin where the developers were known scammers, but to each his own.

However, in the case where:

1. It were known that the original scammers had cashed out, and that the buyers were actually widely distributed and not just another (or somehow the same) small group of scammers; and

2. The original developers abandoned the project and someone else took over.

Then sure it could become a totally legitimate project.

The odds of this actually happening are between slim and none.

In a sense, though this is one obtuse way to describe Monero. The original developers cashed out at effectively zero (or whatever they got dumping BCN in the first couple of months) and a new group of unrelated developers took over.

[jehst]

In a sense, though this is one obtuse way to describe Monero. The original developers cashed out at effectively zero (or whatever they got dumping BCN in the first couple of months) and a new group of unrelated developers took over.

Coins are like superheroes. They each have their origin stories.

[mmortal03]

Speaking of Bytecoin and coinmarketcap.com, they still haven't marked it as a premined coin, even though all the evidence is there that they did premine it.

[grendel25]

I'm still tracking XMR as a possible investment or short term flip.  Of course I'd want to keep some just to see what happens. 

XMR is mostly a European market, right?

Bytecoin?  Hmmm... I think I mined some of that a while back.  Time to dig out some wallets. 

[smooth]

Speaking of Bytecoin and coinmarketcap.com, they still haven't marked it as a premined coin, even though all the evidence is there that they did premine it.

It was, but the Bytecoin supporters got the tag removed. As I said, they're pretty clever and professional scammers. There's a thread about it somewhere.

[saddambitcoin]

I'm still tracking XMR as a possible investment or short term flip.  Of course I'd want to keep some just to see what happens. 

XMR is mostly a European market, right?

Bytecoin?  Hmmm... I think I mined some of that a while back.  Time to dig out some wallets. 

Monero users are all over the world. Core devs are in Africa, Europe, North America...maybe even Asia but I'm not certain.

There does seem to be a large concentration of active users in Europe, perhaps moreso than USA at this time.

Reference https://www.moneroclub.com/offers/ (which is like the Localbitcoins for Monero).

[mmortal03]

I'm still waiting on being able to buy XMR directly for USD, and we can't even get the following!: https://www.ccedk.com/xmr-usd

It would even be cool if there were a way to buy NuBits directly for USD, or anything comparable without a ridiculous fee, so that there's no potential volatility until buying the XMR.

[rdnkjdi]

I'm still waiting on being able to buy XMR directly for USD, and we can't even get the following!: https://www.ccedk.com/xmr-usd

It would even be cool if there were a way to buy NuBits directly for USD, or anything comparable without a ridiculous fee, so that there's no potential volatility until buying the XMR.

Coinbase instant -> Pol is USUALLY 15 - 20 min.

[Oscilson]

I'm still waiting on being able to buy XMR directly for USD, and we can't even get the following!: https://www.ccedk.com/xmr-usd

It would even be cool if there were a way to buy NuBits directly for USD, or anything comparable without a ridiculous fee, so that there's no potential volatility until buying the XMR.

There is XMR/USD pair in Poloniex.

[Shrikez]

Stop selling, twerps!

[S3052]

Monero Forecast Update:
http://bullbearanalytics.com/2015/01/25/cryptocurrency-forecast-ripple-stellar-monero/