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Luckybit
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May 09, 2013, 10:00:46 PM |
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Ok, you detractors, I might be incorrect here, but I don't think this is meant to be a serious coin. It's meant to make fun of all the supporters of new altcoins with smaller and smaller caps that are 'designed' to help 'increase the coins value'. It's drawing attention to the fact that all you're really doing with ultimate caps is moving the decimal place around. Of course, I could be wrong, and this could be serious, in which case I would have to say it's fairly retarded.  I'm one of the supporters of coins with smaller and smaller caps because coins with larger and larger caps just end up being pump and dump coins. Prove otherwise. Make a coin worth more than Bitcoin or Litecoin with a higher cap. That said Onecoin takes it too far to the extreme. I support SLIGHTLY less than Bitcoin. 10 million coins is half of Bitcoin. 5 million is half of 10. But 1 coin is too much less. That's like if I make a coin called cloud coin and I say the cap is 500 trillion. This would be fine right? Sigh. Again, I see people talking about how much individual coins are worth.  the success of a coin is not how much the individual coin is worth, but in how stable, accepted, and useful it is. So far, yes, bitcoin is winning. But it had a huge head start on most of the others, and litecoin is giving it a good run in terms of stability and acceptance. Bitcoin already is acceptable and useful. We need coins to store our wealth also. Where do we put our money when Bitcoin crashes? Cash out into USD? Hell no. We need store of value coins for the same reason we need gold bars so the concept behind Bitbar or Bitgold or whatever is sound. You're looking for a currency, nothing stops you from just buying Bitcoins and trading them since they are clearly the most useful coins. But when those coins crash due to volatility then tell me the worth of each coin doesn't matter. When people buy Bitcoins and they find out their $260 purchase is now worth $50 you tell me it doesn't actually matter how much each coin is worth. It does matter when people start putting life savings into it. And yes we need coins for people to put their live savings into and clearly it's not Bitcoin. Bitcoin is being set up to be the default store of value coin. It's valuable, but while it IS currently used for most real world buy something transactions, it's not very good at it, due to block times and long waits for confimation. It's got a good setup as a savings account, but not so much as a checking account. And we are on the same side here. What I'm promoting is virtual commodity coins which take on the role of default store of value so Bitcoins can evolve into a currency. Bitcoins will never evolve into a currency when there are no coins worth more than Bitcoins to put our savings into. When I want to put my savings somewhere right now Bitcoin is a better place than the banks, maybe even could be better than gold someday, but that is not what Bitcoin was designed for and that is not going to be good for the long term viability of Bitcoin. Bitcoin has to transition into becoming a currency and the way to speed this up is to create virtual commodities so people can take their Bitcoins and buy these commodities and let these commodities go way up in $ value so that if Bitcoin goes down then through diversification our life savings, retirement, etc are safe. The idea of buying gold bars is silly, but the idea of buying virtual gold bars makes a lot of sense if you buy them with Bitcoins and who knows maybe something like Bitplatinum could come along and we can buy that when the price of Bitcoins is sinking and protect our selves knowing the value of Bitplatinum will never really lose it's $ value. The niche exists, fill it and Bitcoin and Litecoin can become currencies. This would mean the price of Bitcoin and Litecoin would have to be around $60-70 not $100+. Eventually the Bitcoin price would even go down as people buy the virtual commodities for their long term investment purchases. Sigh. Why does bitcoin have to be the currency? Why does ANY specific coin have to be the currency? Let things evolve to what they're best suited for, not for what YOU think that they would be best suited for. Use what's available instead of trying to force something to work in a way that might be better served by something else. Because the success of all cryptocurrencies depends on the success of Bitcoin. It's not the ideal situation but as of right now there is only really Bitcoin which is going mainstream. Maybe when Litecoin, Namecoin, PPcoin or some others share the spotlight we can stop worrying about making Bitcoin into a currency but right now if Bitcoin does not become a currency then the whole experiment will fail. wow. That's like saying the success of a software company is dependant upon the success of Microsoft. That's ridiculous. Sure, if bitcoin went into some kind of death spiral, say suffering from continuous 51% attacks etc, the alt coins would take a hit. no one's arguing that. And then, the alt coins would start to slowly divorce their value from bitcoin. The reason that people want bitcoins is because bitcoin is the first, it's big name, it's well known. Heads up, Henry Ford was pretty smart, and the Model A WAS an entirely new concept. But while BILLIONS of people are driving automobiles, not too many of them are driving a Model A. Or a Model T, which was even more popular than the Model A. Things progress, through trial and error. people try things, and they work better or they don't. And then they try MORE new things, and THOSE things work better or they don't. That's just how it is. Has been forever. Will always be. They can't. Litecoins can never be more valuable than Bitcoin and can never divorce their value from Bitcoin because Bitcoins are more scarce than Litecoins. So if Bitcoins fail then so will Litecoins. Namecoins and PPcoins have a chance because they are significantly different and currently as scarce or more scarce than Bitcoins. Mincoin has a chance if it's actively developed, but Litecoin, Chinacoin, Feathercoin and all those coins with double, triple, or x10 as many total cap as Bitcoin will not be able to divorce their value from Bitcoin. The reason for this is when Bitcoin prices crash no one is going to think "yeah let me go buy some of them Litecoins that are worth 0.3 the value of Bitcoins!". What people think is "Let me cash out right now, this is stupid!". I study the charts all day and when Bitcoin goes down so does Litecoin and all the other coins which follow that style of expanding the total cap. The coins which seem to not be tied to Bitcoin are PPcoin which are scarce, Mincoin which are scarce, etc. My point is I need coins to put my money in when Bitcoin is volatile and I don't want to have to sell out. I beg you pardon? PPCoin are scarce? What's the total market cap of PPCoin, sir?
As of April 15 2013, PPCoin had a market cap of $4 million USD, making it the third largest crypto-currency.
http://en.wikipedia.org/wiki/PPCoin
Total PPcoin cap according to Dustcoin 47256
Total Namecoin cap according to Dustcoin 46095
Total Litecoin cap according to Dustcoin 529869http://dustcoin.com/miningMy theory is that because PPcoins and Namecoins have lower market caps that is the reason why they don't respond to Bitcoins crashes. I see the scarcity acting as some sort of buffer. Namecoins have gone down recently and so have PPcoins and all other coins but not in response to what Bitcoin is doing and more in response to Feathercoin, Chinacoin, Junkcoin etc. These are just my own observational opinions coupled with the facts. Some additional facts which can change my mind or prove my theory correct would be finding the total number of PPcoins generated, total number of Litecoins generated, total number of Namecoins generated and the rate that they were generated. My theory is that coins which generate lots of coins at a quick rate are pump and dump and those sorts of coins which have generated a lot are much more prone to crashing, this is why I think Litecoin crashes along with Bitcoin but some of the more scarce coins don't. If it turns out somehow that PPcoin has more total coins than Litecoins then it would prove my theory incorrect and I would have to change my mind. |
