It's because CAT has a low coin gen rate. Lesson learned?? I've been talking about this for weeks with DOGE.
I warned everyone DOGE was going to go down 80% from when it was 60.
I sold my kitteh at 13.
LOT had same issue. I sold that at 50.
Gen rate MUST be under 1% per day. Otherwise miner's will dump the coin dead.
WAKKKE UPPPP
1,720,467,488 total coins. How many per day are being created?
If it's less than adding 1% a day then Kitteh has other issues.
If it's like 3-4% a day more coins then that is the problem.
Very easy to calculate :
after block 1,200,000 reward will be 1000 MEOW/block. We should attain this in ~400 days.
At this block 1,200,000, ~20,287,500,000 MEOW should have been mined.
Each day we have ~2880 blocks at 1000 to 100,000 MEOW each = 145,440,000 per day on average
145,440,000 / 25,103,571,428 ~= 0,00717 or 0.717% of all MEOW mined until reward become a flat 1000 MEOW per block
If we count ~10 years, it adds ~9,360,000,000 MEOW to the total, and each current day adds ~0.491% of MEOW.
But if we only compare to already mined MEOW (~1,750,000,000), then it adds today ~8.3% MEOW, decreasing each subsequent day of course.
This is normal, and the design of many new alt coins. This is certainly a short term deflationary coin, but this is not what explains the big fall on coinedup.
What explains it is that every alt coins balance themselves up automatically to be as profitable as every other, taking into account hashrate, price compared to BTC/LTC, and diff jumps due to multipools.
Currently, MEOW is a 3 to 4 satoshi. Diff is currently at ~2.3. With a 30s retarget, diff 1 gives 2^32/30 = 143.165MH/s. So we have ~330MH/s on the network, for 145,440,000 MEOW per day
Hence 1MH/s gives us ~441k MEOW per day.
-> At 3 satoshi, it's 0.0132 BTC per day, or ~
12$.
-> At 4 satoshi it's 0.0176 BTC per day, or ~
16$.
Now take a look at coinwars, LTC gives us ~
9$ for 1MH/s. This coin is as profitable as DOGE, one of the best performing coin currently, even after it's big fall.
So the only way to increase the value of MEOW back up, is to increase it's appeal. Make it special.
If it's listed on cryptsy or any other exchange right now, this will be dumped to hell, and I don't see why it's value would increase a lot.
DOGE was special, it was the first time an alt coin had a hype this big. This is why it took nearly 3 weeks to finally fall and stabilize at a normal balance between hashrate and price, to not be that much profitable compared to others.
I am not skilled in designing such a thing, so i will be willing to donate 1mil+ MEOW to whoever can create a decent place where I can gamble my meows.