Post
Topic
Board Announcements (Altcoins)
Re: [ANN][DRK] DarkCoin | First Anonymous Coin | First X11 | First DGW | ASIC Resistant
by
poornamelessme
on 08/04/2014, 00:47:20 UTC


Ah yes.  But you are very young and I don't think you comprehend what that would do to the coin.  Please consider this:

1.  many people have paid a lot of money for coin, with the statistics laid out before them.  They knew of the history of the coin, yet they decided to buy anyway.  So they took into consideration the history of the coin and the future total number of coins that will be mined.   You want them to accept a short term increase of 33% of the total number of coins mined this year, decreasing the value a minimum of 30%, but likely to crash the market and kill the coin.  Look at what the "airdrop" for Auroracoin did.  People collected the coins and cashed them out right away, not caring that the price was crashing, they were getting something for nothing.  It is human nature, and I'm sorry, but at 17 you will still be idealistic, blindly so if you don't see this coming.

2.  Doing this would remove all trust in this coin.  People would feel the developer is untrustworthy, changing the game at the drop of a hat.  I argued against changing the number of coins to be mined, not just because I thought a larger number of coins was good for the usefulness of the coin, but because I didn't want things mucked with.  I think stability is important.   But since it actually  increased the future value of the coin due to making it more scarce, it was overwhelmingly supported.  But remember, people will always vote themselves more money, it's human nature.  It's why a democracy can never work and why the United States is a Republic.  Until they understand the consequences.  Unfortunately, the masses have other things on their minds than to dig in deep enough to make a wise decision.  That's why we're always in financial trouble Cheesy

I'm very glad you've become interested in cryptocurrency.  In a few years, you will have a good understanding of economics if you keep up with it.

I thought it odd that an airdrop was even briefly considered. It would kill the price of the coin and really not rectify the original issue. New people would take their free coin, then dump... and kill the price, like you said.

I did mention one idea in cryptohunter's moderated thread (unless he deleted it, like most of my other posts) --

The only way I could see something like a mini-airdrop working is if a small amount of coin was given out to early miners/adopters, sort of like a token to partially rectify the early instamine thing. I have no idea how early miners/adopters would even be identified (blockchain/mining address)? But pretend if it could be confirmed, it would get around a couple of problems of a big airdrop, mainly new people gobbling up coins to dump and killing the price of the coin. Those receiving it would be much less likely to dump, were about mining or buying coin early on, so logically they'd be more likely to hold. People would probably still complain, but it's the only way I can see anything like that working.