Ninjastic
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Board Announcements (Altcoins)
Re: [ANN][RDD] Reddcoin - The Social Currency- [PoSV] Official Release v1.3.1.0
by
Anders
on 07/08/2014, 08:47:12 UTC
Quote from: allcoinminer on August 07, 2014, 08:11:31 AM
Quote from: Anders on August 07, 2014, 08:01:46 AM
Quote from: allcoinminer on August 07, 2014, 07:50:04 AM
Quote from: Anders on August 07, 2014, 07:29:13 AM
I read on Reddit that big traders (sometimes called whales) buy a lot of altcoins and then there will be an automatic momentum where the smaller traders will cause an upswing of the price, and when the price has reached a certain level the whales sell all their altcoins and buy bitcoins, and the altcoin price drops. The whales keep their wealth in bitcoins and only use altcoins for temporary stunts like that. In this way the altcoin price is being drained.


That is true but normal, its not applicable in all alt coins. Quality coin with good development team like ReddCoin survives.
Big fishes also spread bad news through medias, forum, artificial chart formations to Markdown as in my above post.

Maybe social tipping is a good idea after all. I'm not sure yet. For example a video website could compete with YouTube with a tipping system instead of intrusive ads. I like ads, when they are non-intrusive. YouTube has started with too much intrusive ads that force people to watch the ads for say 20 seconds, and even with ads that interrupt in the middle of a video! A video site with tipping could give content creators a better way of earning money, and then Reddcoin could be an excellent choice.

Why I love ReddCoin is their business model, it has a good future and their professionalism.


I wonder if Reddcoin or Dogecoin will be best as a social currency. The proof of stake with velocity is an interesting idea, but will it work in practice? There will still be an incentive to hoard reddcoins because once they get minted (and their age being reset to zero) the coins can start to age again. So the PoSV algoritm seems to be basically the same as ordinary proof of stake with only a minor difference. Or maybe I have misunderstood how the PoSV algorithm works.

The interesting thing is that social currency is a different concept than the bitcoin "gold reserve" model. If Reddcoin or Dogecoin would become hugely popular, then they may even beat bitcoin as a currency for shopping etc. Bitcoin is excellent as an investment currency, not so much as a general currency.