I agree with AlexGR and his inflation fact. For me i do not longer mine VTC because my expensive energie cost.
Only people mining now are those who have significant low energie cost. They only do it now because they still can make a profit with VTC and their GPU. Price will steady decline as it is doing over weeks now.
If only 25% of actual supply could be mined now selling pressure would come down and price can go up again.
This would result people come back and invest in VTC again.
Think about this and ask community. Make it real after community has decided and do it with the announced fork. I paid a lot of btc for my VTC and still hold them up to now, but at some point i also have to cut my loss.
Its also time to cut my loss on ltc. Only crypto i have over are then btc, vtc and drk.
By now drk is my last chance to go on with crypto without loosing around 5k.
I am related to crypto since end november 2013 and now after 7 month i work out day by day how this game works. As a nwbee there is only blood left on the crypto street.
What does it say about VTC if we choose to change the specifications of the coin whenever prices fall too low for our liking?
This is more than "prices fall too low for our liking". This is about the future of the coin and the perception of dying which creates a self-fulfilled prophecy through waves of dumping.
Exactly. But I'd also like to point out (again) that the price hasn't fallen - continual investment into VTC has ensured the price has remained stable - people measuring against BTC might as well be measuring VTC price in terms of Lean Hog contracts.
One way to look at it... another is that if a miner doesn't sell for BTC he's sure to make a loss (opportunity cost), so why wouldn't a miner want to convert to BTC? He's not interested in steady USD value if the BTC is rising.
Same for holders. If I know tomorrow it's going down to 0.001, why not sell today and rebuy later? (actually I've done that two times when I felt that it's gonna go even deeper)
As I see it the bitcoin reward formula cannot be successfuly emulated by other coins unless they desire to spend 4 years into irrelevancy. By that time people will say "ok, this hasn't make a break for what? 3-4 years? Why would it suddenly do anything now?" It's not inspiring (to put it mildly).
Bitcoin could afford to do it because it was the first and there was simply no initial price worthy of mention and hence that initial price could not be eroded. It was USELESS / costed nothing, so the only way was up.
Here we start with initial speculation that gives value - let's say 1$ per coin in the first month with 1mn coins. However this value cannot be preserved if we issue another 9mn coins - as there has to be another 9mn injected in cash (or 4.5mn injected for half supply of coins assuming miners keep the rest). The prospect for much higher prices is almost out of the question. And why would one keep something that precludes the possibility of much higher prices due to an embedded inflation mechanism?
I knew the inflation problem when I bought, so I can't complain. The market was full of shitcoins after the doge-aftermath so there weren't many options of legit coins except vtc and drk.
If you conduct a poll you can see how the community feels on this matter. The arguments for not changing the game or changing the game if it threatens the coins future both have some strong + and -'s and I'm not one to discard either easily. If not now, you can examine it further down the line. Just have it in the back of your mind.
Over and out.