Post
Topic
Board Altcoin Discussion
Re: AskDevs (a solution to the controversy and quality problems with Devtome)
by
pb321go
on 19/08/2013, 10:03:50 UTC
A problem with devtome/devcoin seems to be that it's a pre-mined or inventor-created internet token, like the rather notorious ripple, that the creators can attempt to flog for real money (USD, or BTC which are then sold for USD), but while the creators can try to sell whatever tokens they create, the writer-contributors only get 'leaked' devcoins at an extremely slow rate. As devcoins are sold off - and there is of course nothing else to do with them - at an ever-devaluing rate (1,000,000/BTC a short while ago, now 2,000,000/BTC) the amount that devtome writers can earn per month (around the 100,000 devcoins/day, ongoing if they keep writing at the maximum permissible level of 80,000 words per month) will get less and less in 'real money' terms. Someone starting this game will think that even if they get devcoins at a slow rate initially, if they keep writing the maximum permissible number of words per month (or rather per devcoin block), they will eventually build up a worthwhile income after many months (or devcoin blocks) of writing, but actually the steady devaluation of devcoins relative to BTC/USD means that in 'real money' terms they will never be able to earn more than a trifling amount of real money per month (or per devcoin-block) for the work they do.
A brilliant idea which I much admire, but these cryptocurrency wheezes are essentially only good for the inventors, and for a few early adopters.
By the way, I have some tulip bulbs to sell if any of you kids are interested.