Quote from: alz on January 14, 2014, 05:24:50 PM

Quote from: Speedie on January 14, 2014, 04:52:57 PM

>>>>

I could go on for several screens-worth of typing about the auto-switching auto-exchange pools and the damage that they do to the markets, nevermind to their own users' profitability, but I won't. Suffice to say that they will collapse in on themselves and deservedly so. You have the biggest one needing to spend most of its time mining LTC because it's simply too big for anything else, and that of course begs the question of why you would pay someone 3% + exchange fees to mine something that you could mine yourself for far less. Those are the kinds of lazy miners who IMHO will get bored with making < $10 per MH/s per day and quit rather than making decisions for themselves. Add in certain pool admins who exit their large positions with all the grace of a rutting rhinocerous (really, if you have for example 12,000 of a coin to sell then do it in 500 coin blocks throughout the day - it's better for your users and the markets than hurr durr hit the sell button all at once) and the lazy / incompetent will disappear eventually. I also think that more and more up-and-coming coins like EAC will use the difficulty-adjustment-per-block approach that makes them a nightmare for those pools. Other deserving coins will gain so much hash rate as the trashcoins die out that the pools won't have the same effect as they do right now when the total hash rate is spread so thinly.

So when I threw the line out about not relying on a 2 week old coin to pay the electric bills, this was the thinking behind it. Treat your business like a business and don't assume that an untested new product is going to pay the bills. That's what established low risk / low reward coins should be used for. And for those who say that EAC at 200 Satoshois wasn't worth the cost to mine it, I'd love to see the math behind that. I was getting around 170,000 per day when the difficulty was in the 20s and 30s which at 200 Satoshis would be 0.34BTC per day, or $280ish at the current CoinBase sell price. For that claim to be even remotely realistic would require an electric rate of about 40-45c per kWh. Please show me another business where the "failures" return a 75% profit margin for very little effort? No really, please?

Flame suit on

Cheers for your input, Its good to see someone with such a well thought out strategy laying it out for the less experienced miners.
I agree with what you said , particularly the part about the switching pools, these are a blight on the whole crypto movement and represent a cheapening lazy approach that we could well do without.
as we have seen thus far the evolutionary principle is powerfully at work in the crypto world so I expect the wheat to be sorted from the chaff in short order this year as there really is so much chaff out there!
Lets hope that this process includes the profit switching pools as well.
The crazy goldrush we have seen recently is most certainly turning sour for some of our less patient peers as evidenced by the ironically doom laden prophesies based on minute by minute analysis of the exchange rate,(is there anyone who does Not have AtlantisPlatform in ignore? lol)
anyhoo good stuff,
My feeling is that long term the delayed crypsy launch will prove a positive for EAC as it seems to have hastened the weedling out of the weakwilled dumpers and newbies who have no idea how to work thier investments.

Not learning are you, still bashing miners and calling them names like "weakwilled", "newbies", "clueless newbies", "weedlings" (not sure what that is) WOW! Such ignorance, much idiot! You want to weed out miners? Huh

?

Now for the other poster, cryptos are not like other businesses, 99% of these coins will not be long term. Basically you have all these hundreds of new crypto's, let's think of them as colored balloons. They are all balloons just different colors. Everyone with a brain quickly inflates his balloon with helium as quickly as possible and lets it go to see how high it will go. 99% will eventually lose their gas and float back to the ground, however some will catch a current and soar. Earthcoin left their balloon uninflated, limp and lying on the ground, not even wanting to pump it up. Now it is forgotten, it was too long, should have pumped it up and let it fly and then maybe it would have soared. Not even Viagra can help it now.

Another way of saying it, all these coins are little blobs of shit, everyone picks theirs up and slings it at the side of the barn and hopes it sticks. Most don't and they slowly ooze their way back to the ground. Earthcoin left their blob of shit sitting on the ground saying they would wait to sling it, and instead it got trampled into the ground, now it can't even be picked up and slung on the side of the barn. I am sorry to tell you but there is no long term here, there is nothing different here, only a foolish person would count on long term with this. Even Bitcoin may not be long term, who knows? Your chance of the whole vege world going with earthcoin, , 1 in a million!