Quote from: Timespace on July 17, 2014, 08:27:18 AM

Quote from: IanFoxley on July 17, 2014, 07:44:58 AM

Ok.

Who sold 100 000 bsy coins at 2 satoshi each?

Crazy, now folks who will want to buy this coin will think any price more than that is too expensive.

100 000 banksy takes ages to mine and the amount of power etc you use, and the amount of coins in a block would mean that selling them at 2 satoshi is just crazy.

Why do people try and sell at lower and lower prices...??

People were buying at a certain price, but then people set up sells that are almost half that. Crazy!

Think about how much energy you use up to mine, the amount of coins in a block.. WHen you see them for such little amounts, you are not gonna get the money back for the energy you are paying for, mining it in the first place and you are just letting whales with lots of money, just hoover them up for basically, nothing.

Take me for example, it tells me in the pool that I will get around 1500 bsy coins a day at my current hashrate, which is 715 Kh/s. So if people are just selling them at 2 satoshi each, I might as well just mine a coin that gets 1000s of coins in a block as might have more chance of getting a profit, even though my GPU burns electricity like crazy.

Sorry, just having a rant! lol

I saw this and wondered the same question. There are only a few things I can fathom. Someone accidentally a button. Someone feels the need to share some love. Someone wants the coin to be devalued right off the bat and doesn't give a flip about chump change. Also, this person could be selling to themselves to reduce risk, and they actually do care about maintaining some value. May actually be a tactic to get miners to dump really cheap coins into your wallet. Lemmings jumping off a cliff comes to mind.

Those are the three options off the top of my head. Its weird, but not really a bad thing. As long as supporters keep coming, things are good. Most coins never see 1 satoshi, or maybe it is the other way around. It will be interesting to see what happens.

There are over a hundred million Banksycoins currently. I assume 95 million still unallocated from the premine for giveaways. The first 5 million already allocated for the first giveaway. It will take years before there are 200 million coins though. There are only thousands created each day for the life of the coin. It is rare enough to scratch your head when 100k goes for 2 satoshi. That is for sure. We likely will not see that happen again with this coin. Wink

EDIT: Also, if you are mining scrypt with GPU, you are missing out on profits you could be making if you mined another algorithm that uses less energy, makes you more BTC per day, and adds more buy support for Banksycoin. In other words you can likely make more Banksycoin mining a GPU friendly algorithm and buying Banksycoin on exchanges. I know exchanges just started for Banksycoin, and prices will be wild for a bit, but you can help stabilize it with buy support.

I am sure if you take the premine away and think about just normal blocks for now, theres almost 900 000 bsy coins out there and climbing, slowly, so it just seems crazy, that someone just sold off a ninth of it for so little.

Oh I do realise that about the GPU thing, I just wanted to mine it as difficulty is still quite low, and as time gets on, it will get to a point where it is crazy. I have a cloudmining account too and I get around
0.009 BTC a day with that at the moment, so now there is an exchange up and running, will probably buy BSY coins with the BTC I get each day, as people are obviously wanting to sell it at silly prices!

I jumped on this coin when the difficulty was very low, so got a lot of blocks because of it, which I want to hang onto and stake as much as possible and add some more. The coin is around a week old, so still a long way to go.