Re: [ANN] Sterlingcoin(SLG) - LitePaid/Bit | Bittrex | Merchants | Spacedrop | ATMs
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Spacedrop was a good idea, but it was way too big. In the OP it says 1% instamine, though to put things in prespective 575.000 coins are probably more like 12% of the total POW coins. If you give that much coins away for free within days you have to expcet the price to totally plummet. That leaves alot of people who came early bagholding or burned, which is not a good way to start growing a community.
The total distribution of the Spacedrop is a large amount and we are aware it's larger than people would expect from a giveaway of this sort. However, the distribution and current lull in price as you say is expected because of the amount of people simply dumping the Spacedrop on the marketplace. But as people can see there are users who will be using, supporting and have realised the direction that Sterlingcoin is headed and because of this they are buying the cheap amounts off of the dumpers.
The Spacedrop has enabled a lot of non-miners to access Sterlingcoin and even without a Spacedrop we would of witnessed miners putting coins up on exchanges at low rates to simply get BTC. That being said the rate of decline would of not been so brutal as it seems to be now. Once the Spacedrop completes, the dumpers sell, the true users buy and more and more merchants come on board, we will see a rise in price, increase of interest and even the possiblity of investors driving the price straight back up again.
However distribution, merchants, development, communication and transparency will ensure the success of Sterlingcoin.
If your in you in, if your out, you'll be back.
To be fair, all info was always out there. Reading the thread after launch with miners expecting 50k+ was a bit hillarious, but it also showed that people are either too lazy to read the ann carefully or have trouble to comprehend. That's not the dev's fault however. Though I really dont know why you wrote 1% instamine - what are the 63.9 Million coins again?
I agree that the spacedrop is good for the distribution - I said it was a good idea - just that it was too big. And to anyone thinking the price will rebound instantly once the spacedrop is over: At 10.000 sats you need 3.6 BTC buys daily to just pay of the miners and keep the price stable. Not impossible but certainly ambitious.
Anyway, I wish you good luck with your coin. Maybe I will buy in when the price drops to something sustainable again.
To put things into perspective , blackcoin is sitting at twice price and over 74 million coins right now.
To put things into perspective BTC is sitting at 410$ right now and I can find you a dozen country-coins at zero satoshi. What exactly has BC and SLG in common other than POS?
On the instamine: People should really calculate that percentage as part of the coins to be mined, here the roughly 5 Million coins from the POW phase. That is what is done most of the time. Otherwise huge premines or instamines look pretty small, which can be a nice trick for our sammer-devs. That is not the case here though as the coins are given away via spacedrop, but still. Does it really make sense to calculate that on the basis of a number of coins that will be reached in like 10 years or so?
On the plus side SLG seems to have an active and motivated dev. Lets just see if he can deliver.
edit: sorry, I know they are 4 devs and their identities are on the website (antoher big plus). My fault writing "dev".