Quote from: BeerPimp on October 05, 2014, 05:03:40 PM

Quote from: cryptzo on October 05, 2014, 04:44:13 PM

Quote from: lifeforcepools on October 05, 2014, 09:42:47 AM

1) are miners the luckiest people in the world right now with this coin

or

2) did I (we) pay way too much for this coin during the ICO

I ask because I got in on the ICO and I am also a mining this coin right now.

In 12 hours mining with 260 MH/s of mining power I mined the equivalent of what I paid $275 for during the ICO.

and of course to put that in perspective - on a good day I would make $60 mining other coins with my 260 Mh/s --- so to think that I just made $275 mining SEED with my 260 Mh/s of mining power is very troublesome to say the least as an investor in this coin.

I never imagined it would be so easy for miners to mine the equivalent of what I paid so much for and we're only on block 850 right now....

this is not looking good...

It's complicated. It really depends on when you got in on the ICO at this point, and how many you got. Everything aspect of SEED is designed to favor those that got in early. We realized early that the ICO was not going to be as successful as we anticipated we tried halting the price increases, but early investors were less than pleased. We had a quick discussion and it was decided to continue on as planned, basically shooting ourselves in the foot for money. The ICO raised less than 10 BTC. I guarantee the mining rig rental community as a whole is getting paid more than that right now to mine SEED.

That's basically the stance we've had to take since. We laid out everything that was going to happen for the first three weeks of the life of SEED, and people made decisions based on those plans. The community ultimately decides everything with their actions. Actions speak louder than words after all. And as a whole, the community chose to mine rather than buy. If the community had chosen to buy, buyers would have a significant advantage over miners - they'd have more coins earlier, and ICO purchasers would have the opportunity to crush the mining period.

The mining period was always intended to be profitable for miners, the weakness of mining was going to be be the seriously limited number of coins that anyone could mine. ICO coins were unlimited. Someone could have bought 100 coins for 10 BTC. Good luck mining that many for that. And if someone had bought a large number of coins early, they would have a significant advantage over miners, as they would have their coins right from the start. Barely 100 coins have been mined so far in total, full stop. Mining was supposed to effectively be a firesale on a very limited supply, but now it's practically the only way to get coins. And that wasn't decided by us.

If, say, 5000 coins had been sold in ICO, miners would still get a deal, sure, but they'd be spending a week fighting over the bone. It's possible that only 500 coins could be mined in such a scenario. That's not the case, and since we couldn't halt the increasing ICO price without developing understandably negative sentiment, it was decided to leave things as is.

Same goes for the 1000x/10000x issue. I could have fixed that by changing 1 number in code. But it would have meant setting interest during growth to 169% instead of 269%, and everyone has been well informed through the entire ICO that daily interest would be 269%, so we decided to leave it as is rather than confuse the situation.

Anyway, the first few weeks is and was always meant to be a bit of a market adventure/rollercoaster. Volatility generates interest, and the first three weeks of SEED reek of volatility. Now that the first week (ICO) is done, it's on to the mining period, and this week will be little different. There's a very, very limited supply of SEED to be had now, and the sooner you can get them, the better. Next week is going to be another adventure of ups and downs. I have no idea what's going to happen. Seedcoin is an experiment, and I can't predict the future.

I can tell you this though: the next couple weeks are going to be volatile. There will be people that come away big, and people that lose a lot. Be smart, take time to understand the game as it's laid out, and find your strategy. I can tell you that the safest strategy is to get all the coins you can early and hold them long term. But day traders looking for a quick flip - once SEED makes it onto an exchange, expect to see one hell of a game of cat and mouse play out...

There's a lot of risk here, and since things didn't go to plan, and I couldn't stop the price hikes during the ICO when things were clearly not working out as I had hoped, unfortunately people that got into the ICO later didn't get as great a deal as they could have by mining. With that said, the whole thing about being able to buy seed for less than .1 BTC when if we can get it on an exchange right now is complete and utter baloney. I'll buy them at that price, at least for the next few days. It's insanely low.

From the beginning I liked the way this coin was set up. Having the ICO to reward the early buyers was one of the big positives in this coin. It is hard to figure out how much people are willing to invest on a new coin. So that made it tough for those calculations in setting up the coin. Really the only way I think you could have done the ICO different was to say coins 1-50 were worth 0.1 then incrementally raise the prices after that. But I think when you set up a new coin you have to follow what is laid out and not start changing a bunch of things because that will cause people to loose confidence.

ppl wont sell it low b4 the day 7 but there is an important question:what on earth do we have after that or there will be a massive dump at the day 8.