Topic: Continued mining dead coins for profit - page 2. (Read 2362 times)

i kinda agree with you but i do understand rimbit idea(even tho i'm not mining/buying dead coins).
if you look at ANN you will see a few dead(actually, almost dead) coins with a "strong" community, and by strong read 3~10 users who doesnt give up. Rimbit is probably trying to attract these users.

at the begin i think it will cause a big dump in rimbit price(which is not good) but in the long run seems a good strategy.

Why is this thread moderated? it should be an open discussion with no holds,I like the idea there is two coins that I know that has a strong community support but unfortunately the dev is not updating the project nor the thread,I think this is a good idea that needs to enhance looking forward to see how this things progress ..

Thanks mate... I appreciate all your comments, but more so that you have been civil during the discussion... Good luck to you as well

Dont be under the assumption that we will be helping all dying coins.
They will be vetted and must have some life in the community, even though they may not have working nodes to transact.
We have members on our forum that are studying coins and reporting back to our forum members.

One thing that we will look for is a community that is looking to resurrect a coin and discuss options to do so...
We know most wont make it far, but perhaps with financial assistance and a guaranteed exchange system in place, it will not only help Rimbit have more of a presence on exchanges, but also give these coins another chance to grow, with our support.

Dumping will definitely happen and we will limit exchanges per day and alter the amount of exchanges based on the dumps, so after a while, all the dumpers will have had their fill and we will essentially be left with the hardcore users, who we will then open up the exchange volume to compensate them, so trade is not restricted...

Posting here doesn't mean anything. Like the PMC's thread, which is with over 400 pages. I'm 100% sure that they were using shill accounts to pull this out. Anyway, good luck.

We have done trial runs with other dead coins, so we know what to expect.

Adoption for Crypto, tends to come from users already into Crypto and who also follow this forum... We have been able to introduce people from outside the community and that is what the majority of our userbase comes from.
By combining the 2 groups (crypto and average user), we aim to also have the opportunity to see more collaboration between the 2 groups and you may have noticed that Rimbit members who are replying on this forum have low posts counts because this is so new to them.

As for PMP, they did start out as PMC, but they didnt have a business model that included funding and relied to heavily on the principals of "community" by giving away the coin, which is a disaster from the start.
https://bitcointalksearch.org/topic/ann-pmc-premine-coin-rare-mining-transaction-fee-proof-of-concept-427519

Maybe this is your main problem. Any given cryptocurrency needs adoption and for that it should be explained in a simplest manner. Personally, I don't think that such step will help you in any way, but this is just my opinion. You mentioned PMP, which I've never heard off. Why do you think it needs to be revived? How do you think a cryptocurrency with such name should be marketed?

P.S. When I said "dying", I wasn't referring to the exchanges. 

Rimbit is not dying as our users hold the coin rather than use exchanges to buy and sell. (I attribute this in a great part to Rimbit being a POS coin and people like to see Interest trickling in)
Our userbase is very different from those who are comfortable on the Internet and many of our users are using a forum for the first time

Our hope is that by introducing mining via proxy (other coins), that we also start to see movement on exchanges, instead of people holding onto Rimbit.
Rimbit has been trading for over 2 and a half years and we still fund internal projects and occasionally some forum member projects, so we are quite healthy, except on exchanges.

Its quite evident that the average person is happy to purchase Rimbit, which introduces them to the Crypto world, but are hesitant to not only participate in forums, but are also very uneasy about using exchanges.
So by grabbing dying coins, we introduce new people to Rimbit who are more comfortable on the Internet and can help/offer advice and participate on our forums and also contribute to some of our projects that we run.

We have a RaspberryPi that we are testing and a few people in our community are already running them, which Rimbit sponsored the project and we hope to have them widely available soon
We are also working on our own Exchange, which will be run by forum members (as its their project)

So NO, we are not dying, but we are not doing the best on Exchanges and we hope this move will not only help us, but also get some coins back on their feet

EDIT: I should clarify that we dont rely on our survival from Exchanges, but we do realize the importance of them and this move is to show people (like in your comment) that we are doing quite well and have been doing so for a long time now

But Rimbit looks dying as well and if you do this there is a high chance to be dumped even more (thought I'm not sure if there will be good buy orders for dead/dying coins). What is the reason for even considering doing this?

Yes, thats what I am saying and if the community is still somewhat intact, then they might have a chance to revive the coin.
We may have to setup some nodes to kickstart the coin, which we dont mind doing, as we are funded by the community and this would be a community project.

We know that at some stage a coin that we do revive, may decide to go it alone again, so all they would need to do is take over the nodes

This is not something that we have just come up with... We have a forum where this has been discussed http://rimbit.com/forums/#altcoins-other-coins.60

We did trial last year (I think it was then), it as a direct swap with another coin that was completely dead and we saw dumps on a few exchanges, so we know the outcome.

This time around, we will look for coins that can be revived, so those people that still are passionate about that particular coin, can continue mining and exchanging it as needed.

PMP is one that we are looking closely at and I have posted in their thread about helping them out.

So you are basically saying that people who hold dead/dying coins will be able to sell them for Rimbit? You want to create something like BTC pair for dead coins, but using Rimbit instead?

Yeah, this had me confused. If it's dead, it's dead. Also, if these coins have 'dead' mining communities, are you going  to have to mine them just to ensure transactions will process timely on chain (so people can trade the coins?). Going to have deposit/withdrawal issues on weakly mined coins.

Ok,
You say Continued mining dead coins for profit

WTF???

If the coin is dead or dying , the question that boggles the mind, there should be No Profit.
Otherwise it would not be dead or dying.  

 

I like this idea.  I remember hearing that many alt coins are either too expensive to maintain (so the dev leaves), are solid but have no community backing them, are struggling with young communities and are being pumped and dumped (since this is a common get rich quick technique many traders not associated with the coin employ).  Crypto is young and needs all the help it can get which is challenging with the widespread distrust in the community.  And lest we forget, when one alt coin succeeds that is one more notch of trust earned.  If many succeed, we are that much closer to collaborating on 2.0 projects.

Of course there is always an opportunity for vagrants to use this program in a negative way, that doesn't mean that this program is disingenuous.  Let's see how this plays out.

The proof of the pudding is in the eating 

The idea for this project stems from a post that has similar principles as Rimbit
https://bitcointalksearch.org/topic/ann-pmc-premine-coin-rare-mining-transaction-fee-proof-of-concept-427519

We are looking into setting up a special exchange for trading dead or dying coins for Rimbit

Setup an automated website that will track coins that we choose to salvage, voted on by the community. http://rimbit.com/forums/announce-a-dead-or-failing-coin-here.62/

The website will also exchange "other" coins for Rimbit with a daily volume cap per user that can be lifted per coin, based on the DUMP situation that will definitely occur, especially in the first few weeks where large coin holders try and swap out their holdings.
The website will list "other" coins and information about them, so miners can pick and choose which coins to mine for that day or so.
Developers of other coins can continue development of their coins if they wish

The outcome is that there will be multiple coins being mined for Rimbit, with a % valuation that is less than buying Rimbit outright, however, if difficulty is kept low and miners are spread across the pools, that should help keep the mining difficulty controlled, unless the coin has some strange difficulty adjusting process.

Calculations can be based on coin market valuation of both Rimbit and "other" coins minus a % to allow for better rates if purchasing Rimbit directly
The Rimbit wallet can be topped up daily with x amount of Rimbit over a 24 hour period and will increase the topup amount as more Rimbit is being moved.

To start this, we can modify an exchange type website or build from scratch

As other coins begin to kick in and get back on their feet, they can either continue with us or go it alone, with the only caveat being that coming back would not be an option.

We may (most probably) need to setup nodes to get some if not most of the coins working again, which we can manage without to much drama

Most of Rimbit is not traded on exchanges as people prefer to hold onto them and continue to get Interest and that is the primary reason value hasnt increased or trade isnt big on exchanges.
So by introducing the mining community back, via dead or dying coins, we can promote Rimbit and get the value and movement happening on exchanges, while also assisting dead or dying coins and their users to another chance at keeping those coins alive and profiting from them

So, the next thing would be to see the reaction we get from thread posters... Is this an idea worth pursuing?

This topic is self moderated, so if you are here just to hate, you will be moderated.