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Showing 20 of 237 results by dwolfx
You're missing one major factor: There's no requirement for potcoin to be of any particular value. This isn't a stock program. This is a monetary transaction shifting system. The value is set by pure speculation.
And if say 2 or 3 merchants pop up and say a gram of grass will cost you 10M/pot, well now you at least have a price point. Could talk for hours about this, but I'd rather hear from potcoin, particularly on my inquiry on the previous page.
And if say 2 or 3 merchants pop up and say a gram of grass will cost you 10M/pot, well now you at least have a price point. Could talk for hours about this, but I'd rather hear from potcoin, particularly on my inquiry on the previous page.
But when the price is primarily held up by speculation, you have to give people a reason not to speculate that the price will go down.
I can without a doubt honestly say that in a week the price of potcoin will probably be down another 10% guaranteed, so what incentive does one have to buy potcoin if they can not spend it locally? and what incentive do people have to accept potcoin if they would have to charge say a 5% premium to shield them-self from the inflation? cash fiat seems to be the best way to buy marijuana as it stands.
Best angle would be to dump all development work into making the mobile app as easy/stable/safe/convenient to use as possible so that people can conduct illegal pot purchases anonymously and quickly via phone to phone.
Thats your niche market you need to exploit.
Should lower the rate of inflation of potcoin down to 1 ~ 5 million coins a year until demand catches up with supply.
If you let supply out-pace demand for too long, you will start to crush any prospects for future demand.
coin needs to come up for air, too many asics and multi-pools.
Still good coin in the long term, very few coins have this much work/dedication put into them, shame to let it sink because people are afraid to tweak some numbers.
If you let supply out-pace demand for too long, you will start to crush any prospects for future demand.
coin needs to come up for air, too many asics and multi-pools.
Still good coin in the long term, very few coins have this much work/dedication put into them, shame to let it sink because people are afraid to tweak some numbers.
I didn't even realize there was a demand for the supply, with the vanishing buy orders on all exchanges and everything. Wouldn't demand mean you have merchants on the ground?
Plus, my question to potcoin relates to creating demand.
In the long-run it might come to exist.
The primary reason people would buy potcoin right now is, the assumption that in the future, when people can go to their local deli and buy weed (post legalization) that potcoin/bitcoin will become a popular method of anonymous payment.
Even big-time medical payment companies stock prices are in the pennies atm (companies that handle payments for dispensaries and such with normal debit/credit systems).
Potcoins price is low for a few reasons
1) Demand is low for medical marijuana , the majority of people pretty much source all their weed illegally and pay cash.
2) The "legal" market is very small and needs time to grow, think of it like bacteria in a petri dish, the seeds have been planted, but the bacteria needs time to grow (years maybe decades even).
3) There is very little incentive to use pot-coin OVER bitcoin.
4) The rate of inflation is soo high , that there is no logical reason to hoard the coins, just yet, unless you believe that when the marijuana industry is HUGE and built into the culture of society, that people will use potcoin and gift potcoin to eachother as a way of promoting and supporting marijuana.
5) People have this instant gratification complex, they want to throw 100$ at a crypto-currency and watch it grow to 1000 in a week, such expectations are unreasonable, and when the coin drops a few % points instead of skyrocketing people line up to dump out of fear.
Best thing you can do is try and shield people from inflation till demand catches up with supply, maybe cap the coins to 420,000 coins a year or something.
That being said, there is no reason to go and buy / mine any other alt-coin, since the majority of them are based on pictures of fluffy animals, best investments you can make if you are hell-bent on investing in crypto is to pick the niche coins that might actually have use one day namely bitcoin litecoin dogecoin potcoin ultracoin etc are my personal favorites (although I have somewhat lost all interest in Litecoin).
Should lower the rate of inflation of potcoin down to 1 ~ 5 million coins a year until demand catches up with supply.
If you let supply out-pace demand for too long, you will start to crush any prospects for future demand.
coin needs to come up for air, too many asics and multi-pools.
Still good coin in the long term, very few coins have this much work/dedication put into them, shame to let it sink because people are afraid to tweak some numbers.
If you let supply out-pace demand for too long, you will start to crush any prospects for future demand.
coin needs to come up for air, too many asics and multi-pools.
Still good coin in the long term, very few coins have this much work/dedication put into them, shame to let it sink because people are afraid to tweak some numbers.
People are ridiculous, everyone expect to get rich overnight.
Buy some freaking potcoins, shove them in a wallet, and go afk for a year like normal human beings and stop acting like you need these coins to go through the roof in value so you can retire early.
I think people that act like that are just so desperate for money that if crypto-fails they would go hang themselves out of desperation.
Rome wasn't built in a day.
The way people act you would think 99% of crypto - users are 12 years old.
No one buys stocks and expects them to go up 9000% over-night, if you want FIAT that bad, go work and produce something someone wants.
Buy some freaking potcoins, shove them in a wallet, and go afk for a year like normal human beings and stop acting like you need these coins to go through the roof in value so you can retire early.
I think people that act like that are just so desperate for money that if crypto-fails they would go hang themselves out of desperation.
Rome wasn't built in a day.
The way people act you would think 99% of crypto - users are 12 years old.
No one buys stocks and expects them to go up 9000% over-night, if you want FIAT that bad, go work and produce something someone wants.
For anyone still wondering if you want to be able to read the secrets, you need the██████ decoder that you can download from ███.██████.███, (its a google chrom addon) just go the website and click the ██████ , then scroll down to where it says ██████ and press download, then you will be able to read the ██████, this coin is gona go to the ██████ before ██████ even knows.
Re: [ANN] [ASIC-RESISTANT] UltraCoin (UTC) - Ultrafast 6 second transactions!!
awesome to wake up to all this positivity guys, Things are definatly looking up for UTC, we have heard alot of wonderfull news in the past days :
We found very capable devs.
2 succesfull wallet updates.
I have been invited to attend a convention in slovenia.
a new pool has been built by our buddy Thiago (fees are going towards a DEV fund for conventions and other expenses)
a multipool is built.
very positive developements around a payment processor for webstore`s,
the price went up.
Dcgirl`s arbitrage tool is being finalised.
Minecraft plugin is being conceptionalised.
BTCbazaar is soon accepting UTC https://twitter.com/BTCBazaar1/status/458598775041572865
Keep this positive momentum going guys!
We found very capable devs.
2 succesfull wallet updates.
I have been invited to attend a convention in slovenia.
a new pool has been built by our buddy Thiago (fees are going towards a DEV fund for conventions and other expenses)
a multipool is built.
very positive developements around a payment processor for webstore`s,
the price went up.
Dcgirl`s arbitrage tool is being finalised.
Minecraft plugin is being conceptionalised.
BTCbazaar is soon accepting UTC https://twitter.com/BTCBazaar1/status/458598775041572865
Keep this positive momentum going guys!
Minecraft plugin what the is that?
in -game economy, buy , sell item & ranks
Thats pretty awesome, im sure it will be a hit.
Re: [ANN] [ASIC-RESISTANT] UltraCoin (UTC) - Ultrafast 6 second transactions!!
awesome to wake up to all this positivity guys, Things are definatly looking up for UTC, we have heard alot of wonderfull news in the past days :
We found very capable devs.
2 succesfull wallet updates.
I have been invited to attend a convention in slovenia.
a new pool has been built by our buddy Thiago (fees are going towards a DEV fund for conventions and other expenses)
a multipool is built.
very positive developements around a payment processor for webstore`s,
the price went up.
Dcgirl`s arbitrage tool is being finalised.
Minecraft plugin is being conceptionalised.
BTCbazaar is soon accepting UTC https://twitter.com/BTCBazaar1/status/458598775041572865
Keep this positive momentum going guys!
We found very capable devs.
2 succesfull wallet updates.
I have been invited to attend a convention in slovenia.
a new pool has been built by our buddy Thiago (fees are going towards a DEV fund for conventions and other expenses)
a multipool is built.
very positive developements around a payment processor for webstore`s,
the price went up.
Dcgirl`s arbitrage tool is being finalised.
Minecraft plugin is being conceptionalised.
BTCbazaar is soon accepting UTC https://twitter.com/BTCBazaar1/status/458598775041572865
Keep this positive momentum going guys!
Minecraft plugin what the is that?
Re: [ANN] [ASIC-RESISTANT] UltraCoin (UTC) - Ultrafast 6 second transactions!!
Sorry guys, but what is the reason for having a multipool for a coin, that can be mined directly? Does it mean that nobody wants to mine UTC any more?
The goal is to MINE ULTRA COIN and ADD TO THE VALUE OF ULTRA COIN at the same time.
You mine Alt-Coins, Dump those Alt-Coins for highest price, buy UTC with the BTC, give UTC to miners.
This is a way to directly mine UTC while also helping its value go UP.
OPPOSED TO mine UTC->Dump for BTC
Simple as that, I would actually mine UTC like this if given the choice.
Is there a multi-pool operational yet for UTC? I have not been in the loop as of late.
;P This is why I dont like normal Scrypt algo, the multi-pools can jump in at any moment and fork the network. . . very insecure, in a few months when all the big ASICS kick in, multipools will jump from coin to coin causing problems. . . Imagine when one person has 2 GH? jump from coin to coin to coin. . . dump dump dump the majority of the "stable hash" that doesn't move around in scrypt is locked up in Doge and LTC, thats why scrypt works for them, N-Factor = Best, freaking resist Multi-Pools and dumpers due to setup time, only coins that wont be getting dumped on are asic resistant ones.
Re: [XSV] ★★Request A Voucher!!! Silicon Valley Coin ★★ | ✈ MailDrop in 2 days
What does the vote do? where are the votes being counted 0o? and for what purpose
;P im glad to see you protected the 1minute delay counter, its coded well enough haha
Re: [ANN] Greececoin (GRCE) - The first AIR DROP starts 1st MAY, 6:00pm GMT!
Well let's see what happens when the greececoins are distributed. I believe the more coins on circulation the better.
Dear "dev". I would like you to consider moving a bit the airdrop day. In case you do not know, in Greece May 1st is a holiday and most of the people here go out to enjoy the nature. Personally, I arranged already a barbeque with some friends in order to eat some steaks, souvlaki (http://en.wikipedia.org/wiki/Souvlaki) and kokoretsi (http://en.wikipedia.org/wiki/Kokoretsi). So, I would appreciate to not been afraid at that day that something will fall from the sky on our heads. You can strengthen Greek economy a day later, no big issue, we will survive for one more day.
Many Thanks !!!
PS1 I linked a couple of popular Greek foods above in order the "dev" to understand what I am talking about.
PS2 HOLD guys, HOLD. This will go to the moon. I will personally hold forever my one (1) and only GRCE !!!
PS3 WTB 10000000000000000000000000 APH for 1 DOGE ...
kokoretsi is awesome it tastes like a fatty cheese to me ;p Only thing is I dont like the idea of eating the intestines ;x but it tastes good so long as its is cleaned well.
You made me hungry now....
In all these posts about how to make this coin successful with it's technology, I'm not reading something like... I can't buy anything but Bitcoin with Potcoin (excluding other crypto), but I can buy goods and services with Bitcoin. Why bother with Potcoin if it can't be used as a currency? This will be answered with "well, when it matures and the community promotes it and we get retailers to start accepting it...". Not seeing that but plenty about SHA, Scrypt, this pool, that exchange. Nothing about this or that retailer/service accepting Potcoin. Again, why bother when Bitcoin is already the standard and being used?
That kind of talk spooks people, thats why no one brings it up
In order for people to use potcoin instead of bitcoin its going to have to be able to do things that Bitcoin can't do.People need to see real advantages to alt coins in order to use them instead of the exit currency (bitcoin) directly.
Why should people jump through hoops to cash out and pay their expenses?
The only reason a dispensary would use PotCoin is if the marketing is strong enough to where they would think that potcoin would bring them more business than using bitcoin.
So essentially you have these options:
-Improve technology
-Improve marketing/usership
-Improve features to give people incentive to use Pot over BTC.
-All of the above
Until that happens, All alt coins will just be about as useful as trading cards, people trade for whatever coins they think have the best prospects, and thats why its important to have discussions on how to improve the coins you are rooting for, because if you dont have those discussions, then nothing gets done and you endup with a stagnant coin.
The best thing you can do for the future of a coin is point out its flaws and help correct them.
Marketing works great, but it doesn't work miracles.
If I had to pick ONE/few thing to put all the focus on to make potcoin a success:
Point of Sales system development combined with heavy marketing campaigns.
Everyone should pool funds together to develop something BETTER than an ATM you need a complete point of sales system and some kind of way to exit to fiat without the use of BTC (Pot/USD) Online (so that the volume is there to support the transactions that people want to perform).
I think the potcoin community is more than ready to face those challenges, recent progress is proof enough.
Eventually ASIC tech will be out there that will concentrate A LOT of hash in VERY FEW HANDS, and then we will be back to square one (central bank).
The best hope is an ALGO that adapts to the hash and responds by scaling the amount of RAM required to run the algo to prevent a central power from dumping a billion dollars into a chip that can match the hash of the entire network for 100watts.
The best hope is an ALGO that adapts to the hash and responds by scaling the amount of RAM required to run the algo to prevent a central power from dumping a billion dollars into a chip that can match the hash of the entire network for 100watts.
How? Who is developing this all mighty ASIC tech? And what is to stop them from doing the same thing to any other algorithm? Memory is dirt cheap. Memory was supposed to be the reason ASICs couldn't mine scrypt. Oops.
Bitcoin is open source and it uses protocol SHA256. Anybody is free to develop their own ASIC or new crazy futuristic chip to mine on the network. That is what an open market means.
Changing the algorithm just sets the game back a few years so you and and a handful of others can hold onto your obsolete technology.
I don't understand, what the point of a decentralized currency is then, if we are simply to hand it over to a centralized authority all over again? it would simply endup as another FIAT system where the 1% have complete control of the network and thus the ledger and ability to edit the ledger at will.
I already Have ASICS and I am anti ASIC I have 20MH in ASICS, and about 32 MH in GPUS, MY GPUS STILL PULL IN MORE$$$ than my ASICS so I don't really care much about the current state of ASICS, its more a philosophical issue for me than money, since i don't need the money.
All i am saying is, atleast for me, I have my ASICS ON POTCOINS and I use those asics to mine coins I pretty much intend to dump (because of the low kw/cost).
The coins I mine with GPUS, I really don't dump as often and I SEE THE GPU COINS HOLDING MORE VALUE.
EVERYTIME there is a slight run in the price of any ASIC coin i mine, I am forced to dump, as I KNOW that once it breaches a threshold of $$$/perKW invested, everyone else will ALSO DUMP.
which means ASICS put a HARD-CAP on the price any normal scrypt coin could ever reach (a % above KW invested).
GPU coins have better scarcity, hold more value and are more decentralized. to me thats a win, win, win, and IMO they are more resistant to 51% attacks in general and they are more multipool resistant due to the fact that each rig needs a bit more special attention to maintain.
The best coin in 2014~2020, WILL BE the coin that manages to fuse the best decentralization strategy, with the best marketing strategy.
Thats the coin I want to be invested in with my KW/H$ for the long-term.
Potcoin has potential on the marketing front, which is why I hold about 50% of what I mine.
It's not a bad review, its just an honest review.
Potcoin still needs a lot in ways of development and implementation, its still very much the early stages for this coin.
It has a few hurdles in the sense that it hasn't really done much new in the ways of improving upon the standard scrypt algo, but that scoring based on the algo itself isn't really that fair, since more or less the negative scrore could of been avoided simply by choosing a different algo for no reason (like scrypt jane or N-Factor or w.e).
The innovation in Algos has primarily been geared towards escaping ASICS (the entire point scrypt was created in the first place).
Now that scrypt Asics are all over-the place, scrypt in essence seems "pointless".
Things potcoin could do to improve its score
-X11/Jane/N-Factor
(this would quelm the complaints that Potcoin isn't "innovative" enough.
-Keep improving/developing the Android/Mobile Wallets to make them safer more secure and easier to use/more robust/trust worthy.
-Add some kind of encrypted texting to the android wallet of sorts, nothing screams potcoin like being able to text people you want to buy weed off of anonymously lol
The entire point of crypto is:
-Anti Govt
-Anti Banks
-Anti Mega Banker dude buying Asics and owning the universe
-Anti Obama NSA SPY Agency reading your texts and browsing your transactions
Coins that do not embrace those ideals will not last IMO.
IMO Potcoin has essentially been over-run with ASICS , and lets face it, anyone that dumped money into Asics mines scrypt coins at a very low cost (per KW) so they have A LOT of incentive to dump.
The best way to preserve a coins value is to keep it away from cheap per k/w $ mining rigs, as the cost of the mining operation will drive the price up.
That is why coins that cost more to mine, are worth more and coins you can mine with ASICS are worth less, that is why BITCOIN continues to go down in value, because it costs around 20$ to mine a bitcoin that can be sold for almost 500$ (the natural market pressures will make price come down towards cost of production).
ASK yourself this, with an ASIC how much does it cost to mine a single Pot Coin, is the current price of potcoin justified ?
I mine Potcoin with ASICS it costs me nothing to mine Pot, I would gladly turn off My ASICS and mine Pot-Coin with GPUS if given the chance, but it is not cost effective/worth it, but if it was the only way to mine Pot the dumping would surely cease.Quickest way to make Pot go up in value is -> X11 / Jane / N-Factor (raise cost of production)
I have to disagree. Your premise is that ASICs are bad because somebody can swoop in and buy a bunch of hash power to dominate the network. Highlighted in bold above.
What is stopping the same person from buying a bunch of GPUs, or a bunch of CPUs to do the same thing on a different algorithm? Nothing. Its all just dollars to an investor, they don't care what the hardware looks like.
A billionare would not swoop in and buy GPUS, because the scarcity of GPUS + the setup costs + the time invested + the man power he would have to hire to maintain a large farm + costs of space and k/w would scare him out of it/prevent him from making a farm big enough to make an impact
ASICs protect our network by ensuring its network hash power can never be compromised. They are designed for a single purpose, mining SHA256, scrypt, etc. which means you can't just re-purpose existing technology (ahem...GPUs, CPUs, etc) to defeat the network. You have to build something to do it. That costs money. The higher the network hash rate the more money it will ultimately cost.
Asics secure the network, while raping the coin of value at the same time, all coins will trend toward the cost of production, if it costs 15$ to mine a single bitcoin, then eventually a single bitcoin will be worth...15~20$
There are a number of sites that attempt to estimate the cost to 51% attack the Bitcoin network. Nobody really knows the cost but these are decent estimates. And its a lot less than you think:
http://www.youtube.com/watch?v=bi2thGzzNSs
http://www.coinometrics.com/bitcoin/brix
Somebody, or more likely a group of somebody's could potentially pull off a 51% attack of the Bitcoin network, with enough cash. And something worth pointing out, is that you don't actually need 51% of network hash power to fork a coin. It simply guarantees it. There have been reasonable estimates that claim it can be done with decent probablity with as little as 35-40%
And thats Bitcoin. The supposedly untouchable, Bitcoin. How easy would it be to fork and obliterate a small coin.
So all of that being said we need lots of and lots of hash power. How do we get it cheaply and cost effectively? ASICs. Plain and simple. An R9 270 GPU mines at 450 kh/s and draws 150 watts. A gridseed 5 chip asic mines at 350 kh/s and draws a whopping 7 watts. Thats right...7 watts. And they are getting even more efficient. Not to mention they now cost less and are dropping fast.
Instead of complaining about ASICs, go buy some. Help us improve our network. We can't have warehouses full of GPUs and inefficient CPUs wasting energy.
Eventually ASIC tech will be out there that will concentrate A LOT of hash in VERY FEW HANDS, and then we will be back to square one (central bank).
The best hope is an ALGO that adapts to the hash and responds by scaling the amount of RAM required to run the algo to prevent a central power from dumping a billion dollars into a chip that can match the hash of the entire network for 100watts.
Why is everyone so afraid of Asics again? Aren't they the reason bitcoin is worth what it is today? Am i missing something?
Asics did not make bitcoin worth more, Asics came in after bitcoin was already worth something.Speculation and an economy on the brink of collapse scaring people into whatever random investment they could find that is new and innovative made bitcoin worth what it is today, asics are just vultures circling and eating value.
I would argue, Asics are partly responsible for driving the price of BTC down 50% from the high.