Post
Topic
Board Announcements (Altcoins)
Re: ♦ [ ANN ][ MIM ] ♦ Magic Internet Money ♦ Now TRADED on CRYTPTORUSH ♦
by
ggc1ose
on 07/03/2014, 01:34:53 UTC

MIM is at a disadvantage to other currencies because the initial price estimate for all coins is based on total coin population.
From this article:
http://cryptofrenzy.wordpress.com/2014/02/16/secret-price-formula-for-just-launched-coins/
Altcoin Initial value = (Total BTC Supply ÷ Total Altcoin Supply) ÷ 5000to10000

For MIM, you're modelling 'unlimited coinage' with a 1 trillion upper limit. On the optimistic side we get:
MIM initial value = (21e+6 ÷ 1e+12) ÷ 5000 = 0.4 satoshi

MIM might be estimated to be worth as little as 0.2 satoshi. Ouch. We are already seeing this play out in the markets, where MIM/BTC bids at 1 satoshi are pretty much gone now. MIM will end up being traded against Litecoin, and let's be honest, Litecoin markets suck. This is why I think we should cut the max population to get the coin over 1 satoshi value. (Coin reduction has happened successfully with other coins e.g. Kittehcoin). There's still plenty of inflationary magic and it will take a good while to mine all the coins.

HinnomTX


Most traders are in for short or mid term... I don't see why you count with 1trill instead of the 1.5-2 year average of 20-30bill, which makes it more rare than doge mint panda etc, all of the  ~100b coins.

However, given that we can count with 20-30bill either way I wouldn't be against any change that keeps it in that range for the foreseeable future.