Hello everyone! I am fairly new to PotCoin and Bitcoin. Recent news has me asking a few questions... I am a merchant looking into accepting PotCoin within my 3 dispensaries I own. I have had many 'cash' problems and I am tired of dealing with the banks. I read several articles online over the past week and have begun doing a lot of research on PotCoin.
Has there been any official PotCoin or CryptoRush statements regarding the PotCoin that was stolen? About 7.5% of the current circulated PotCoin were involved in this hack I think this needs to be addressed by someone...
Part of my research has been figuring out the stability of the coin...
* 18+million coins have been mined by a group called scryptominers who are notorious for just dumping coins
* 4+ million coins were hacked
As a merchant looking at PotCoin for future I see 40%+ of the current PotCoins as what you guys call 'dumpable' and is currently apparently being seen within the market... What kind of advantage is there to using PotCoin vs. BitCoin? How can there be ANY stability if 40%+ of the market is just waiting to dump their coins?
PLEASE correct me if I am wrong I am just trying to understand how PotCoin can be beneficial to my businesses under such volatility.
I can only say that they used to dump bitcoins like they were nothing back in the day. Heck a faucet every 3-4 hours could get you 3-4 coins per try. Now that same faucet would be essentially giving out 1500-2k easily if they were giving the same amount out. Also a pizza costed 10,000 btc if you are seeing where I am going with this... Adoption = rise in price = more uses=greater steady price. Its like if thousands of people had say a dollar but no one would take it for anything, it would not be worth nothing, not even if you combined thousands of them. Now if just 10 people took it, people would trade it there then others would start taking it then it rises in price as adoption grows. People will mine coins and dump anything, even high profitable coins/bitcoin/42coin/21coin etc. Some people just don't care about price, they immidiately want some btc. Others do care and keep their coins but maybe trade some coins for others. Say I want to buy something from one store and they only take (insert coin name here) and I have lots of (insert other coin name here). I can sell my (other coin name here) and trade them for (first coin name) and they can be used at the store I wanted to purchase from. I basically did dump, but exchanged one medium for another because I wanted the item that only took coin (1) as opposed to coin (2).