It should be noted that it was a knee-jerk reactionary decision of a human which tanked the price. The human was behaving rationally, based on the (bad/incorrect) information that he had at the moment. Any good trading bot wouldn't have acted until it could confirm what it was seeing as "real" and then would've systematically sold quietly and subtly so as not to affect market sensitivities. Instead this human freaked out and dumped a load of coins, and then the trading bots did their (now entirely rational) thing and dumped their coins, and then a bunch of other humans freaked out and dumped their coins, and now we have 0.000004BTC/MOTO....
I wasn't talking about trading bots? I was talking about the bots that play motocoin that allow the limited number of moto-miners who use them to gain an advantage over human miners.
The rest of us botters were happily trading our coins without tanking the market... don't blame a whole group of people for one person's (entirely understandable) honest mistake.
The point isn't just that the market tanked, it's that bot users (minority) will own a majority of the currency without nearly the same effort as it would take without bots.
WHOA NOW, our seigniorage is not infinite or we'd all have become world leaders today with our infy moto-monies. This simply isn't how things work. We *do* have costs... the energy costs (dollar for dollar) might be drastically lower than, for example, mining BTC, but I am still burning some (slowly increasing, heh) electricity... I still have to maintain computers, pay for internet, keep them housed somewhere, etc.
Right, the same cost as a human miner on a regular pc - until you start multiplying your instances. I should have clarified that the main cost of Motocoin (to me) seems like it's time/thought, something bots can provide indefinitely if powered.
Not to mention my own direct opportunity cost
lol, that's exactly what botters take from human miners.
Let's not be disillusioned, we are not making "loads of free money" here. (BTW from what I can tell I am actually making far less than the other botters because I throttle my blocks, and they don't seem to be doing so.) We cannot scale indefinitely for free. In fact, with each block that passes our expectation diminishes - which is entirely how a cryptocoin is "supposed to work" so this is actually good news!
I'm pretty sure I'm not disillusioned- thanks for that though. I also never claimed "loads off free money" were being made - just that botters will sell at profit. Profit (again, to me) means above breaking even. The cost to bot Motocoins is lower then the cost for a human to mine.