Post
Topic
Board Announcements (Altcoins)
Re: [CGA] Cryptographic Anomaly - The Elusive Coin - ON IT'S FIRST EXCHANGE!
by
brother3
on 17/02/2014, 01:51:41 UTC
Besides as an experiment, I really don't understand the purpose of this coin.  Anyone in finance or economics wants things to be as transparent and predictable as possible in order to make decisions that will cost you your life savings if you guess wrong.  Currency isn't supposed to be unpredictable, it's supposed to be...easily predictable...or nobody will use it.  

I haven't really looked in depth to the functions this coin uses, but it's either just going to be something random that averages out over time, hence making it just a regular litecoin clone, or it will actually be random and unpredictable, meaning terrible to use as a currency.

Not necessarily. One of the key attributes of a thing to be used as currency is scarcity. Mining, the analogy all of these alts and BTC itself are based off of, is indeed rather random, arbitrary, and capricious. I used to mine gold as a hobby. Would like to do it again, too. My biggest profit was ONE 1.4 oz nugget. I just plain got lucky on that one. There were weeks where I got dust, and overall I probably lost money on the venture, were it not for that one nugget. But that gold still went into circulation. ONCE THAT HAPPENS, then it's valuable as currency in a general sense. Miners, whether physical or digital, PRODUCE the currency. That they also spend it is somewhat irrelevant to it's utility as a currency.


Very well said!