Re: [ANN] FujiCoin | Japan | Since 2014 | The Best Crypto Currency
Ok, I now know the value of a Fujicoin.
Last week for 24 hours I threw 100mh worth of hash rate at N=11 Scrypt at the Fujicoin chain. As expected it adjusted difficulty quickly to compensate and the number of miners went from three and around 150mh total before I started to four others and 250mh. Apparently someone saw me mining and brought up some more power to compensate.
So I was mining 25% of the chain. Mined for 24 hours and got about 1,000,000 fujicoins in a wallet.
Now how much are those coins worth? Well, they need to be worth the opportunity cost I could have made to mine some other coin like Litecoin. I would have been able to mine 3 lite cents in 24 hours using the same equipment. Therefore 1,000,000fjc=.03ltc
Or 1 fjc=.03/1,000,000 litecoins.
or 1 fjc=.00000003 LTC
Given that LTC=177.72 usd, the value of 1 fjc is .00000003*177.72 or $.0000053316
Hurray!
Unfortunately that's less than 1 sat per fjc which is probably why it's not trading on exchanges.
Given that as of this morning 1 LTC=.005 btc then 1 fjc=00000000015 btc.
Last week for 24 hours I threw 100mh worth of hash rate at N=11 Scrypt at the Fujicoin chain. As expected it adjusted difficulty quickly to compensate and the number of miners went from three and around 150mh total before I started to four others and 250mh. Apparently someone saw me mining and brought up some more power to compensate.
So I was mining 25% of the chain. Mined for 24 hours and got about 1,000,000 fujicoins in a wallet.
Now how much are those coins worth? Well, they need to be worth the opportunity cost I could have made to mine some other coin like Litecoin. I would have been able to mine 3 lite cents in 24 hours using the same equipment. Therefore 1,000,000fjc=.03ltc
Or 1 fjc=.03/1,000,000 litecoins.
or 1 fjc=.00000003 LTC
Given that LTC=177.72 usd, the value of 1 fjc is .00000003*177.72 or $.0000053316
Hurray!
Unfortunately that's less than 1 sat per fjc which is probably why it's not trading on exchanges.
Given that as of this morning 1 LTC=.005 btc then 1 fjc=00000000015 btc.
I think your theory is correct in terms of how miners think of the value of fujicoin.
But I don't think the market price can be explained by that. For example, the price of DOGE cannot be explained by that theory.
Atomic DEX currently has buy orders for 21 sat LTC (290,000 FJC) and 6 sat LTC (1.8 million FJC).
If you sell your mined FJC in this market, you will get more profit than when you mined LTC. Try running it.
the elephant in the room is the 80 million or so FJC maybe more since last I looked a couple years ago that are NOT selling on exchanges...thus if there
is no volume it is a dead coin. ie....you try to sell your FJC and can't sell it for 2 years...pretty much a dead coin gimmie
brad