Topic: [CENT] Pennies launched - page 42. (Read 135163 times)
Finally added
Beauty, thanks Cryptsy!!!
Okay send me the thousand part
and leave a few for yourself?
and leave a few for yourself?
Figures lol.
None, now. You?
exactly how many pennies do you own?
You have to compare to fiat currency. The transition to global widespread cryptocurrency adoption can only go something like:
1. Places start accepting Bitcoin, pinned against the exchange rate of their local fiat currency (USD, GBP, etc).
2. Providers of services to businesses that accept bitcoin ALSO start accepting bitcoin. The first business in the chain then no longer needs to convert to fiat currency.
Phase 1 can't happen with an indivisible coin where the value of the smallest unit of the fiat currency is lower than the smallest unit of cryptocurrency. In our case 1 CENT = 0.0001 BTC. 0.0001BTC = $0.01188. $0.01188 > $0.01. Stage 1 can't happen, therefore it won't work.
Unless the entire world swaps to pennies overnight (so I can receive my salary and pay the bills with it), it aint gonna happen (and when it does, the value will go down, to allow 1 CENT being the smallest unit to "work"). Plus I think the name works against the coin - explaining a cryptocurrency to an average Joe is complicated enough, without trying to explain there are "other" pennies or cents that are in no way related to the pennies or cents they're familiar with.
What I'm saying applies to most altcoins - they're all tied to the value of BTC - it's just than the indivisible quality of pennies is just a further hinderence - but heck, at least the dev innovated a little rather than forking and renaming like 99% of other coins...
1. Places start accepting Bitcoin, pinned against the exchange rate of their local fiat currency (USD, GBP, etc).
2. Providers of services to businesses that accept bitcoin ALSO start accepting bitcoin. The first business in the chain then no longer needs to convert to fiat currency.
Phase 1 can't happen with an indivisible coin where the value of the smallest unit of the fiat currency is lower than the smallest unit of cryptocurrency. In our case 1 CENT = 0.0001 BTC. 0.0001BTC = $0.01188. $0.01188 > $0.01. Stage 1 can't happen, therefore it won't work.
Unless the entire world swaps to pennies overnight (so I can receive my salary and pay the bills with it), it aint gonna happen (and when it does, the value will go down, to allow 1 CENT being the smallest unit to "work"). Plus I think the name works against the coin - explaining a cryptocurrency to an average Joe is complicated enough, without trying to explain there are "other" pennies or cents that are in no way related to the pennies or cents they're familiar with.
What I'm saying applies to most altcoins - they're all tied to the value of BTC - it's just than the indivisible quality of pennies is just a further hinderence - but heck, at least the dev innovated a little rather than forking and renaming like 99% of other coins...
Dat lack of places to use the coin?
I don't mean to come across all negative (maybe I'm just missing the point), but where does the future of this coin (or any altcoin) lie if it's not adopted by merchants? Adoption of bitcoin, realistically, is thin-spread. Altcoins value just seems to be pinned to the BTC economy and are only mined when the rates are favorable for CPU/GPU miners to mine, then cash-out to BTC. The exchange rate of altcoins seems to be about 70% about difficulty vs current exchange rate, and 30% about how the market can be manipulated with pump and dump schemes.
Whilst the indivisible property of this coin is interesting, it does pretty much brick the coin from having any kind of widespread adoption. The minimum purchase price of *anything* can only be the value of 1 CENT. What use is that if a CENT becomes worth $10? No use - and (I don't think) it won't reach anywhere near that price, obviously, because of that fact.
I "cashed out" at a rate of 0.00051 BTC per CENT, currently (much) higher than they're being traded for on BTER. Sure the value will fluctuate as multicoin pools hop on/off board and more pump bs is spread via forums and chat, but this will only ever be a trader's coin.
Props to the dev though! Some great work with the concept, client, etc.
And just one last time - I don't mean to bash the coin, just annoys/humors me when everyone is screaming for others to "buy whilst their cheap", when in fact all they really want is to pump the price so they can cash out. If everyone should be buying right now, why aren't you? Unless you're one of the 4 buy orders on BTER...
I don't mean to come across all negative (maybe I'm just missing the point), but where does the future of this coin (or any altcoin) lie if it's not adopted by merchants? Adoption of bitcoin, realistically, is thin-spread. Altcoins value just seems to be pinned to the BTC economy and are only mined when the rates are favorable for CPU/GPU miners to mine, then cash-out to BTC. The exchange rate of altcoins seems to be about 70% about difficulty vs current exchange rate, and 30% about how the market can be manipulated with pump and dump schemes.
Whilst the indivisible property of this coin is interesting, it does pretty much brick the coin from having any kind of widespread adoption. The minimum purchase price of *anything* can only be the value of 1 CENT. What use is that if a CENT becomes worth $10? No use - and (I don't think) it won't reach anywhere near that price, obviously, because of that fact.
I "cashed out" at a rate of 0.00051 BTC per CENT, currently (much) higher than they're being traded for on BTER. Sure the value will fluctuate as multicoin pools hop on/off board and more pump bs is spread via forums and chat, but this will only ever be a trader's coin.
Props to the dev though! Some great work with the concept, client, etc.
And just one last time - I don't mean to bash the coin, just annoys/humors me when everyone is screaming for others to "buy whilst their cheap", when in fact all they really want is to pump the price so they can cash out. If everyone should be buying right now, why aren't you? Unless you're one of the 4 buy orders on BTER...
Why do you wish to always equate an items value to fiat cash. The price is an expression of value in a given measure, yes under the dollar we would say it costs 10, but using our currency system, the price we accept as lowest is 1 cent. Attempting to compare types of currency that are so fundamentally different is a mud hole. Perhaps you should take time to understand that moving from one system to another requires re-thinking how we "value" things, not how we "price" them.
Dat lack of places to use the coin?
I don't mean to come across all negative (maybe I'm just missing the point), but where does the future of this coin (or any altcoin) lie if it's not adopted by merchants? Adoption of bitcoin, realistically, is thin-spread. Altcoins value just seems to be pinned to the BTC economy and are only mined when the rates are favorable for CPU/GPU miners to mine, then cash-out to BTC. The exchange rate of altcoins seems to be about 70% about difficulty vs current exchange rate, and 30% about how the market can be manipulated with pump and dump schemes.
Whilst the indivisible property of this coin is interesting, it does pretty much brick the coin from having any kind of widespread adoption. The minimum purchase price of *anything* can only be the value of 1 CENT. What use is that if a CENT becomes worth $10? No use - and (I don't think) it won't reach anywhere near that price, obviously, because of that fact.
I "cashed out" at a rate of 0.00051 BTC per CENT, currently (much) higher than they're being traded for on BTER. Sure the value will fluctuate as multicoin pools hop on/off board and more pump bs is spread via forums and chat, but this will only ever be a trader's coin.
Props to the dev though! Some great work with the concept, client, etc.
And just one last time - I don't mean to bash the coin, just annoys/humors me when everyone is screaming for others to "buy whilst their cheap", when in fact all they really want is to pump the price so they can cash out. If everyone should be buying right now, why aren't you? Unless you're one of the 4 buy orders on BTER...
I don't mean to come across all negative (maybe I'm just missing the point), but where does the future of this coin (or any altcoin) lie if it's not adopted by merchants? Adoption of bitcoin, realistically, is thin-spread. Altcoins value just seems to be pinned to the BTC economy and are only mined when the rates are favorable for CPU/GPU miners to mine, then cash-out to BTC. The exchange rate of altcoins seems to be about 70% about difficulty vs current exchange rate, and 30% about how the market can be manipulated with pump and dump schemes.
Whilst the indivisible property of this coin is interesting, it does pretty much brick the coin from having any kind of widespread adoption. The minimum purchase price of *anything* can only be the value of 1 CENT. What use is that if a CENT becomes worth $10? No use - and (I don't think) it won't reach anywhere near that price, obviously, because of that fact.
I "cashed out" at a rate of 0.00051 BTC per CENT, currently (much) higher than they're being traded for on BTER. Sure the value will fluctuate as multicoin pools hop on/off board and more pump bs is spread via forums and chat, but this will only ever be a trader's coin.
Props to the dev though! Some great work with the concept, client, etc.
And just one last time - I don't mean to bash the coin, just annoys/humors me when everyone is screaming for others to "buy whilst their cheap", when in fact all they really want is to pump the price so they can cash out. If everyone should be buying right now, why aren't you? Unless you're one of the 4 buy orders on BTER...
price is low, i'm buying now and stocking up, people will realize how hard this coin is soon and they wont be willing to sell low.
It is a bit sad really, people are letting them go for way too little. Quote from: barwizi
Either way, there is another exchange coming soon and pennies are one of the first coins they want.
Quote from: MaGNeT
I think now is the time to buy up the cheap Pennies at BTER.com before they hit PhenixEx, Cryptsy, etc.
Dat pump. Lol.
dat nfactor lol
price is low, i'm buying now and stocking up, people will realize how hard this coin is soon and they wont be willing to sell low.
It is a bit sad really, people are letting them go for way too little. Quote from: barwizi
Either way, there is another exchange coming soon and pennies are one of the first coins they want.
Quote from: MaGNeT
I think now is the time to buy up the cheap Pennies at BTER.com before they hit PhenixEx, Cryptsy, etc.
Dat pump. Lol.
I think now is the time to buy up the cheap Pennies at BTER.com before they hit PhenixEx, Cryptsy, etc.
Either way, there is another exchange coming soon and pennies are one of the first coins they want.
GPU mining still worth it? I'm waiting for that period to end..
Still "decent". A single 7950 should net around 35-45/day (~400KH/s local).
GPU mining still worth it? I'm waiting for that period to end..
Still "decent". A single 7950 should net around 35-45/day (~400KH/s local). 
Mowcore your avatar really freaks me out hahaha.
Sorry, off topic
Sorry, off topic
I mined for 3 hours 30 mins today , first time since the 12th august, and managed to get two. At 550kh/s. Back then I would of most probably of got 16-20 depending on luck.
GPU mining still worth it? I'm waiting for that period to end..
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