Several people have mentioned the huge supply of TIPS and the ease of mining them is behind the price drop. It's also important to mention that there's very little demand as the coin is new and unknown. Even so, the reality is even if we increase demand we are still going to have a HUGE supply-- now way around that.
Lowering the total amount of coins and/or adjusting the difficulty has been mentioned as a solution. It seemed that the suggestion was dismissed before, but I think these ideas should be revisited. TIPS has been active for a short time and it has the 4th largest supply of all coins listed on Coinmarketcap! That's crazy! The large total number of coins just makes each individual coin worth less, and with so many TIPS being mined everyday, market demand will never rise to levels near the supply. This will keep the price from ever coming back up.
Has anyone ever made changes to the total coin number or difficulty after the coin was launched? I've laid out some advantages to making changes (decrease supply and work to increase demand) but what would the argument against it be? Are there issues with making these changes that I'm overlooking or naive to?
It seems to me that there are two mindsets/perspectives; the miner and the investor. The miners amass large amounts of coins by putting their computer to work whereas investors want to put their money to work. I can see how miners would feel like making huge amounts of coins in a short time is exciting. But the AMOUNT doesn't mean much if the coin is worth 0.000000000!
As a community, acting as our own central bank is what this cryptocurrency thing is all about!
+10000
i agree totaly with you Fozy, there are just too many coins out there, and supply will always be much bigger then demand.. If it gets to another exchange it maybe can raise a price a little on short term but even
then that will raise number of miners, and increase dumping and it will become dead in 2-3 days again. Some changes must be made to keep this coin alive
+3million TIPS from me for that bounty pool for android app (i am new here don't know how it's done or where to send, just explain to me)