@wmcorless; Do you not think that the abundance of Paccoin due to it's mammoth cap could be seen as unattractive for potential investors? Wooing exchanges to add your coin in a long waiting list will be very difficult as the benefit for them having your coin on their site is making money from highest possible number of transactions. If you have so many available for mining why would somebody pay for Paccoin on an exchange? As an investor I don't see comparative advantage in having so many coins in circulation, I like to think I own something that somebody else wants and is willing to pay a premium to obtain it.
Regardless I have contacted Cryptsy to advise them of the coins existence, that being said would you consider lowering the number of coins available for mining as this could be the difference between potentially having the coin listed?
I was hoping that Cryptsy or some established exchange would quickly adopt Paccoin, however Paccoin will be having its own exchange soon.Regardless I have contacted Cryptsy to advise them of the coins existence, that being said would you consider lowering the number of coins available for mining as this could be the difference between potentially having the coin listed?
The problem with bitcoins 21 million cap, is that it is too small to be considered a valid world wide currency. We have already seen the volatility associated with bitcoin as proof that it is unstable because of it limited number of coins. That is what Paccoin will do, it will be much more stable, and reliable not only as a world wide currency, but the large cap will ensure mining will remain attractive long after bitcoin's mining ends.
Furthermore since financial transactions are recorded every block, 10 minute block time with bitcoin is too long. It takes 30 minutes to get 3 confirmation with bitcoin, whereas with paccoin notifications are instantaneous, and confirmations are no longer than 3 minutes. A ten fold increase. I have sent bitcoin to mtgox and had to wait till next day to begin trading. Bitcoins' time to be confirmed takes forever. When things move that slow, opportunities can be lost. Paccoin is much more suited for business transactions, as they are sent and received instantly.
From an investment standpoint you are right, because there are so many Paccoins in circulation, they are less likely to be volatile. That also means Paccoins will probably operate more like fiat currencies and are slow to move. From a business standpoint this provides more confidence. Because the receiver of a Paccoin knows that the value today will be similar to the value tomorrow, and wont be trying to get out of the market when the price is high, or get stuck with a coin whose value dropped in one half in one day like bitcoin.
Exchanges can also count on the value of Paccoin because if they convert Paccoin into other currencies, they don't have to worry about the value changing rapidly where they stand to lose money.
I'm a business man, and I started Paccoin to be a more business friendly currency. Bitcoin was started by anonymous pot smoking cyber punk anarchists with ideas as to what makes a good currency.
Unfortunately they are wrong. Many of the premises of Bitcoin are the opposite of what makes a good currency.
Listen right now there is an incredible opportunity. Paccoins are not worth very much but they are easily mine-able, and the difficulty is low. How many of you have wished you knew about Bitcoin in the beginning and had mined thousands of Bitcoins when it wasn't worth much. Now is your chance to get in at the beginning and mine Paccoins. There are currently over a millions coins being minted every 2 days. But the difficulty is slowly rising, and soon they'll be difficult to get just like Bitcoins. I also suggest you hold on to your stack of Paccoins, it takes 30 days to gain proof of stake, don't be tempted to pump and dump, when the values start to rise, you'll be sorry.
