Current situation is more than sad for ICO investors, even miners are not interested anymore.
Dev, how are you going to save this coin, any plans at all?
Topic: [ANN] [KING] Kingdom Coin X13, 1.9M coins, 2.5% PoS | 5 exchanges - page 23. (Read 84431 times)
December 18, 2014, 07:01:51 AM
December 18, 2014, 06:05:32 AM
Well, well, well. Few days before launch I've said that this situation will happen. But investors were aware about coin specifications. It is their fault if they only press "BUY ICO" button and not investigate market. So, if you all want kingcoin to live, you need to calm down. Stop this nonsence about cutting supply, you are just spreading more panic and make everything worse. Wait until mining phase ends. It is really bad idea to change rules in the middle of the game. Investors will never return to small coin that changes specifications few days after launch. You can't return your investment if you cut the supply. Simply because there will not be new investors if you do that. The best thing you can do is to WAIT for the end of mining phase as planned and help by building community. And the whole situation with bitcoin price is making situation worse of course, miners don't have choice except sell all coins. That's all from me. I was right the first time, and I think that I'm right this time. Blaming dev now will not help you, better help him, he seems like he is willing to do anything for this coin.
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December 18, 2014, 04:24:41 AM
Well, well, well. Few days before launch I've said that this situation will happen. But investors were aware about coin specifications. It is their fault if they only press "BUY ICO" button and not investigate market. So, if you all want kingcoin to live, you need to calm down. Stop this nonsence about cutting supply, you are just spreading more panic and make everything worse. Wait until mining phase ends. It is really bad idea to change rules in the middle of the game. Investors will never return to small coin that changes specifications few days after launch. You can't return your investment if you cut the supply. Simply because there will not be new investors if you do that. The best thing you can do is to WAIT for the end of mining phase as planned and help by building community. And the whole situation with bitcoin price is making situation worse of course, miners don't have choice except sell all coins. That's all from me. I was right the first time, and I think that I'm right this time. Blaming dev now will not help you, better help him, he seems like he is willing to do anything for this coin.
Agreed! Very welcome
December 18, 2014, 03:50:54 AM
Well, well, well. Few days before launch I've said that this situation will happen. But investors were aware about coin specifications. It is their fault if they only press "BUY ICO" button and not investigate market. So, if you all want kingcoin to live, you need to calm down. Stop this nonsence about cutting supply, you are just spreading more panic and make everything worse. Wait until mining phase ends. It is really bad idea to change rules in the middle of the game. Investors will never return to small coin that changes specifications few days after launch. You can't return your investment if you cut the supply. Simply because there will not be new investors if you do that. The best thing you can do is to WAIT for the end of mining phase as planned and help by building community. And the whole situation with bitcoin price is making situation worse of course, miners don't have choice except sell all coins. That's all from me. I was right the first time, and I think that I'm right this time. Blaming dev now will not help you, better help him, he seems like he is willing to do anything for this coin.
December 17, 2014, 06:18:20 PM
And it is not the dev's fault either, it is solely their own fault. You simply do not launch a product and because some investors are unhappy after 5 days (!!), you change the fundamentals, that is not good practice, but if it is decided via a poll, so be it. But I guess we can simply agree to disagree on that point, which is totally fine.
No one discussed starting price and ICO/POW ratio with investors, so the only mistake they made - bought ICO on the conditions provided by KeyserSozeMC. As we can see now, they were not the best, so yes, both parties made a mistake.
What is done cannot be undone. Better to focus on site content, without it coin will worth zero anyway.
December 17, 2014, 05:58:37 PM
If you can see in the early pages of the first unmoderated thread, i made it clear to the dev, mixing pow and ipo can only work if pow phase is barely 10% of the total coins.
This is the worst possible mix that could be done and should be stoped.
This is the worst possible mix that could be done and should be stoped.
ICO and POW can clearly work together with the majority of coins mined, there is no reason why it shouldnt work. I read your posts and couldnt find an argument against it, only arguments against this specific structure and I completely agree on that. But there is no reason that structure cant work generally, either with a long POW phase and much lower rewards or with a drastically lower ICO price.
On the second part I simply disagree. This is not something that just occrued, it was all well known. No one was forced to buy this coin. Buying high and then crying to be bailed out by cutting the supply is ridiculous, but I am pretty confident that the poll will favour a shorter POW period.
I never said it was impossible, read again and i stated it in the previous thread.
I told the dev clearly, either make the pow phase longer which will bring lesser daily reward and lesser dump impact or lower the pow amount.
Mining 70% of the coin withing 10-14 days if i recall is suicidal for the ico investors. Also not everyone understood the problem since the very first day like some of us did thats why they went ahead with the hype and invested in the ICO. I did not invest in this ico since i knew how this would turn out.
Right now the ico/pow ratio is just ridiculous and yes this is causing a big problem but once again i never said we cant do both just said the pow phase was way too big compared to the ico and whats the point of having people put their trust in you if you can't provide them some kind of advantage? They are funding the project and they get screwed up while the dev is taking 0 risk here.
No one is crying just trying to push out a smart decision. Cuting the pow now is the best decision for the miners and for the coins holders only people that would be against it would be the pow dumpers who are eager to dump more.
I was answering to this:
"i made it clear to the dev, mixing pow and ipo can only work if pow phase is barely 10% of the total coins."
you cant expect me to read all your other posts before I answer. Turns out, we pretty much agree on that part anyway.
On the other part we are going in circles. It is not my problem if people didnt undertand the problem, then they better stop buying cryptos or at least learn from their mistakes, this is very basic stuff. And it is not the dev's fault either, it is solely their own fault. You simply do not launch a product and because some investors are unhappy after 5 days (!!), you change the fundamentals, that is not good practice, but if it is decided via a poll, so be it. But I guess we can simply agree to disagree on that point, which is totally fine.
December 17, 2014, 05:40:07 PM
If you can see in the early pages of the first unmoderated thread, i made it clear to the dev, mixing pow and ipo can only work if pow phase is barely 10% of the total coins.
This is the worst possible mix that could be done and should be stoped.
This is the worst possible mix that could be done and should be stoped.
ICO and POW can clearly work together with the majority of coins mined, there is no reason why it shouldnt work. I read your posts and couldnt find an argument against it, only arguments against this specific structure and I completely agree on that. But there is no reason that structure cant work generally, either with a long POW phase and much lower rewards or with a drastically lower ICO price.
On the second part I simply disagree. This is not something that just occrued, it was all well known. No one was forced to buy this coin. Buying high and then crying to be bailed out by cutting the supply is ridiculous, but I am pretty confident that the poll will favour a shorter POW period.
I never said it was impossible, read again and i stated it in the previous thread.
I told the dev clearly, either make the pow phase longer which will bring lesser daily reward and lesser dump impact or lower the pow amount.
Mining 70% of the coin withing 10-14 days if i recall is suicidal for the ico investors. Also not everyone understood the problem since the very first day like some of us did thats why they went ahead with the hype and invested in the ICO. I did not invest in this ico since i knew how this would turn out.
Right now the ico/pow ratio is just ridiculous and yes this is causing a big problem but once again i never said we cant do both just said the pow phase was way too big compared to the ico and whats the point of having people put their trust in you if you can't provide them some kind of advantage? They are funding the project and they get screwed up while the dev is taking 0 risk here.
No one is crying just trying to push out a smart decision. Cuting the pow now is the best decision for the miners and for the coins holders only people that would be against it would be the pow dumpers who are eager to dump more.
December 17, 2014, 05:03:19 PM
If you can see in the early pages of the first unmoderated thread, i made it clear to the dev, mixing pow and ipo can only work if pow phase is barely 10% of the total coins.
This is the worst possible mix that could be done and should be stoped.
This is the worst possible mix that could be done and should be stoped.
ICO and POW can clearly work together with the majority of coins mined, there is no reason why it shouldnt work. I read your posts and couldnt find an argument against it, only arguments against this specific structure and I completely agree on that. But there is no reason that structure cant work generally, either with a long POW phase and much lower rewards or with a drastically lower ICO price.
On the second part I simply disagree. This is not something that just occrued, it was all well known. No one was forced to buy this coin. Buying high and then crying to be bailed out by cutting the supply is ridiculous, but I am pretty confident that the poll will favour a shorter POW period.
December 17, 2014, 04:38:54 PM
@KeyserSozeMC: what about decreasing the PoW reward per block, instead of just cutting PoW phase..? If block reward decreases, it would not be profitable for the multipools to mine this coin and dump it, as they are doing that now. As soon as it is not profitable for them to mine/sell the coin, they will stop mining it, and move to another victim. Normal miners who intend to keep the coins hoping for a price increase, would continue mining, with difficulty decreased after big miners/dumpers will leave...
Just a suggestion.
Just a suggestion.
December 17, 2014, 03:34:57 PM
If you can see in the early pages of the first unmoderated thread, i made it clear to the dev, mixing pow and ipo can only work if pow phase is barely 10% of the total coins.
This is the worst possible mix that could be done and should be stoped.
This is the worst possible mix that could be done and should be stoped.
December 17, 2014, 02:35:01 PM
this is nonsense about cutting POW
what is better: ~1M coins and $5k market cap ? or, ~2M coins and $5M market cap ?
cutting the coin supply (and cutting opportunity of the MASSES to adopt the coin) will not necessarily make price per coin higher.
what is better: ~1M coins and $5k market cap ? or, ~2M coins and $5M market cap ?
cutting the coin supply (and cutting opportunity of the MASSES to adopt the coin) will not necessarily make price per coin higher.
For ICO buyers 1M coins are clearly the better choice.
the problem is MASSES are not going to adopt the coin this way because:
a) mining is highly centralised, just absurd auto-dumping. With the given algo+structure mining doesnt have much of a purpose. If you want masses, you need 6 months+ of mining, not 2 weeks.
b) the coin is traded on c-cex only with a very limited audience. With a longer POW phase with lower rewards and the coin on bigger exchanges your argument becomes more valid. Still a bad algo for that.
c) while lower prices are an opportunity, when prices plummet too much the coin can get a fail image and people still dont buy. Coin dies.
with that being said, I pretty much agree with you on cutting POW. The algo and the POW structure just wasnt a very good choice by the dev. While I understand that this is extremly frustrating for ICO buyers, everything was well known. I looked at the number of coins, the algo and the short POW phase, then looked at the price and immediately thought "no, thank you, I buy when it crashes".
The thing is, you make a coin, and you just dont go ahead and change the fundamentals after 5 days, just because you dont like the price. ICO buyers made a bad decission, live with it, happens to all of us.
The lack of buyers has directly to do with the dumping miners. Everyone waits to buy, because it will become cheaper and cheaper. Just opening the dicussion about cutting POW added immediately support around 1k.
December 17, 2014, 01:54:14 PM
this is nonsense about cutting POW
what is better: ~1M coins and $5k market cap ? or, ~2M coins and $5M market cap ?
cutting the coin supply (and cutting opportunity of the MASSES to adopt the coin) will not necessarily make price per coin higher.
what is better: ~1M coins and $5k market cap ? or, ~2M coins and $5M market cap ?
cutting the coin supply (and cutting opportunity of the MASSES to adopt the coin) will not necessarily make price per coin higher.
I think the miners just need to stop selling them so cheap. But how do you get the miners to stop selling at these low prices?
the low pries are because of lack of buyers...
cutting POW will not magically bring buyers ...
only hype, marketing, features, services
December 17, 2014, 01:38:44 PM
this is nonsense about cutting POW
what is better: ~1M coins and $5k market cap ? or, ~2M coins and $5M market cap ?
cutting the coin supply (and cutting opportunity of the MASSES to adopt the coin) will not necessarily make price per coin higher.
what is better: ~1M coins and $5k market cap ? or, ~2M coins and $5M market cap ?
cutting the coin supply (and cutting opportunity of the MASSES to adopt the coin) will not necessarily make price per coin higher.
I think the miners just need to stop selling them so cheap. But how do you get the miners to stop selling at these low prices?
December 17, 2014, 01:24:06 PM
this is nonsense about cutting POW
what is better: ~1M coins and $5k market cap ? or, ~2M coins and $5M market cap ?
cutting the coin supply (and cutting opportunity of the MASSES to adopt the coin) will not necessarily make price per coin higher.
what is better: ~1M coins and $5k market cap ? or, ~2M coins and $5M market cap ?
cutting the coin supply (and cutting opportunity of the MASSES to adopt the coin) will not necessarily make price per coin higher.
December 17, 2014, 01:20:35 PM
I don't think it will change anything if you cut POW phase.
Dev made mistake by choosing X13. All X algo mine big farms and they always dumping.
If you cut POW it'll be almost pure ICO (which ppl don't like).
Second thing you need real miners (not farms, ASIC's), which you posess by longer POW phase with diffrent algo (neoscrypt, lyra2re, groetsl, etc.)
Dev made mistake by choosing X13. All X algo mine big farms and they always dumping.
If you cut POW it'll be almost pure ICO (which ppl don't like).
Second thing you need real miners (not farms, ASIC's), which you posess by longer POW phase with diffrent algo (neoscrypt, lyra2re, groetsl, etc.)
http://king.explorer.ssdpool.com:9133/richlist
Coin Supply: 1203918.02538802 (KING) - 501897.10000000 (burned ICO) = 702021 - 250000 (total sold ICO coins) = 452021
It's almost 500000 mined, it can't be "pure ICO". That means that on every bought in ICO KING there is already 2 KING mined.
Yes, but what I meant, that POW has to fast distribution. If POW phase last longer (year or two for example) with low quantity of coins in block, then the price would be about 7k sat. or higher.
December 17, 2014, 12:41:15 PM
Bought 0.05 btc more king at 1k, let's hope cutting pow will mark the end of this blatant dumpage.
December 17, 2014, 12:15:58 PM
Miners are making x3 on mining king, and that's while dumping into the support right away. This has to stop now!
December 17, 2014, 11:05:29 AM
I don't think it will change anything if you cut POW phase.
Dev made mistake by choosing X13. All X algo mine big farms and they always dumping.
If you cut POW it'll be almost pure ICO (which ppl don't like).
Second thing you need real miners (not farms, ASIC's), which you posess by longer POW phase with diffrent algo (neoscrypt, lyra2re, groetsl, etc.)
Dev made mistake by choosing X13. All X algo mine big farms and they always dumping.
If you cut POW it'll be almost pure ICO (which ppl don't like).
Second thing you need real miners (not farms, ASIC's), which you posess by longer POW phase with diffrent algo (neoscrypt, lyra2re, groetsl, etc.)
http://king.explorer.ssdpool.com:9133/richlist
Coin Supply: 1203918.02538802 (KING) - 501897.10000000 (burned ICO) = 702021 - 250000 (total sold ICO coins) = 452021
It's almost 500000 mined, it can't be "pure ICO". That means that on every bought in ICO KING there is already 2 KING mined, 1:2 ICO:MINED ratio.
ratio is already 1/3 and up this is barely starting will end around 1/7 and a bit
Yep 2:1 or 1/3 got messed with it.
December 17, 2014, 11:03:11 AM
I don't think it will change anything if you cut POW phase.
Dev made mistake by choosing X13. All X algo mine big farms and they always dumping.
If you cut POW it'll be almost pure ICO (which ppl don't like).
Second thing you need real miners (not farms, ASIC's), which you posess by longer POW phase with diffrent algo (neoscrypt, lyra2re, groetsl, etc.)
Dev made mistake by choosing X13. All X algo mine big farms and they always dumping.
If you cut POW it'll be almost pure ICO (which ppl don't like).
Second thing you need real miners (not farms, ASIC's), which you posess by longer POW phase with diffrent algo (neoscrypt, lyra2re, groetsl, etc.)
http://king.explorer.ssdpool.com:9133/richlist
Coin Supply: 1203918.02538802 (KING) - 501897.10000000 (burned ICO) = 702021 - 250000 (total sold ICO coins) = 452021
It's almost 500000 mined, it can't be "pure ICO". That means that on every bought in ICO KING there is already 2 KING mined, 1:2 ICO:MINED ratio.
ratio is already 1/3 and up this is barely starting will end around 1/7 and a bit
December 17, 2014, 11:01:05 AM
I don't think it will change anything if you cut POW phase.
Dev made mistake by choosing X13. All X algo mine big farms and they always dumping.
If you cut POW it'll be almost pure ICO (which ppl don't like).
Second thing you need real miners (not farms, ASIC's), which you posess by longer POW phase with diffrent algo (neoscrypt, lyra2re, groetsl, etc.)
Dev made mistake by choosing X13. All X algo mine big farms and they always dumping.
If you cut POW it'll be almost pure ICO (which ppl don't like).
Second thing you need real miners (not farms, ASIC's), which you posess by longer POW phase with diffrent algo (neoscrypt, lyra2re, groetsl, etc.)
http://king.explorer.ssdpool.com:9133/richlist
Coin Supply: 1203918.02538802 (KING) - 501897.10000000 (burned ICO) = 702021 - 250000 (total sold ICO coins) = 452021
It's almost 500000 mined, it can't be "pure ICO". That means that on every bought in ICO KING there is already 2 KING mined.
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