to: MarkM or any seriously good Programmer
MarkM, you said you were hired to code for devcoin. To me this means you've got to be good otherwise every first year programming student would be putting out their own currency right now.
so my question is this. Since I know very little about programming ( I only took 1 computer class in college) I cannot grasp how difficult it is to create and launch a new currency is.
for example I have a good idea that it's very very hard even with billions of dollars to put out a competing and new operating system. It takes a true genius and it happens once per generation which is why gates bought DOS and in 4 decades there's nothing really new except maybe now android (and the variations of Linux).
With each new industry once demand spikes it creates obscene profits which brings in a lot of new competition out of which most go out of business and then pfofit normalize. this happened in the auto industry where at one point there were over 100 auto manufacturers and the dot com boom where thousands of dot com companies came, made huge salaries and went under and once a couple more coins go boom and demand really spikes and the currently supply won't bre enough that will bring in lots of new talent to try and cash in on this demand for digital coins.
so my question is, how difficult is it? FAcebook wasn't hard to create it was just a good idea at the right time so to me that wasn't a genius programmer just a very good programmer at the right time with the right idea.
so by comparison, how difficult is it for a very good programmer or does it take 3 or 30 to create a new currency like a bitcoin and then to also launch it? Can one good programmer do it out of his garage in a few months and also launch it with the hopes it will take off or is that impossible? I have no idea how many lines of code we're talking about, so the workload itself - is it simple or massive, and then is there any difficulty in the actual creation of a new currency or is that also an easy thing to copy? and the launching of a new currency - do you just announce it on some blogs and release the code or blocks into the wild and hope you get lucky or is there a lot of programming and work to do there?
Again, I'm not asking what it takes to get a successful currency, that's very difficult cause it has to do with factors you cannot predict nor control, I'm just referring to the actual creation of a new currency and launching of it. that gives me a good idea as to the number of new currencies to expect on the market as soon as awareness goes up as a result of some unexpected event.
thanks for the feedback.
regards,
vlad
Topic: Devcoin - page 53. (Read 412952 times)
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When does round 24 end as far as posting articles, marketing links, etc?
When does round 24 end as far as posting articles, marketing links, etc?
Block 93,300.
Edit: earlier I wrote 95,300, but that was wrong. The correct number is 93,300, 4,000(round - 1) + 1,300.
Quote
Kinda odd the bitcoin inventors/founders are billionaires and still no pictures, no interviews, no real life nothing.
It makes sense to be anonymous when you're doing anything in competition with banks. For example, Michael Burry, infamous for his 'Big Short' into the subprime crash, later asked a broad swath of politicians, economists, and professional 'seers' why they didn't see 'It' coming? Soon after asking that uncomfortable question, he got multiple IRS audits:
http://www.zerohedge.com/news/2013-05-16/what-happens-when-you-ask-too-many-or-wrong-questions
I am in florida, but we are all over the place. I often have meetings with people in spain or other countries so I keep odd hours.
I meant 5 coins not 4, my bad. That is correct, to jump rank.
So people were paying $500 to $1,000 to jump rank? wow. why? I mean it's nice but you don't really get anything. And so how were they scammers, I mean they were giving money away so why then open up new email accounts? Unless you're saying scammers were approaching newbies with new email addresses pretentding to be moderators in order to get the 5 bitcoins and then open a new account and scam a few more people. At $120 a coin that's a good living. And for people who mined those coins not long ago when they were finding even 20 coins per day that's not a big deal.
I read one guy forgot his computer turned on in his garage mining away for the last 3 years and when bitcoin blew up he went and checked it and he had 111,000 bitcoins. can you imagine, a bitcoin then was $250, that's like waking up and realizing you have $25,000,000 sitting on your computer. imagine how many guys had tons of bitcoins but erased their drives to make room for porn or gave their laptops away not even caring or thinking about it. I bet therres some truly tragic stories out there these guys will be telling the rest of their lives.
I'm hoping we're not too late. I'm hoping we're still in phase 1 or more like 1.5, where awareness is still truly in its infancy. I don't think even 1% of Americans whom are well informed know, I mean truly know and understand what digital currency is. The few that think they know have simply heard of bitcoin but they don't have any idea how to get them or that there's others or that they're here to stay or what it means for the future. totally clueless which is when you want to get in on any new business idea but often the timing is the hardest part and for once, the first time ever, I may, just may be in the right place at the right time. I've missed 3 huge lifetime opportunities because they came when I wasn't ready or I just didn't see it due to inexperience.
well, at the rate at which things are now changing and growing it won't be long before we find out one way or another.
I have a question for MarkM or any other digital coin programmer. but i'll post it in a new post.
Are the devcoin team here Brits? Cause I noticed they have quick response times at such late hours of the night (which is the only time I can get any writing done) and that's a bit odd unless they're just working 18 hour days or rotating but it seems most of them are up at even 5am so I'm wondering if maybe they're in the UK. I just assumed devcoin was American like Bitcoin and the other coins I've looked into.
Kinda odd the bitcoin inventors/founders are billionaires and still no pictures, no interviews, no real life nothing. I find that so peculiar, first time I've seen successful billionaires in my life which are anonymous. and no, some name on the internets is nothing, that's anonymous. Makes one wonder what is going on since that's just not a normal human characteristic and has never happened in the history of the world. Successful people, especially billionaires want to bask in all their glory and even if they're shy the media finds them and gets them to talk.
but these bitcoin guys, there's two of them supposedly, 2 shy anynymous billionaires. Interesting indeed.
Kinda odd the bitcoin inventors/founders are billionaires and still no pictures, no interviews, no real life nothing. I find that so peculiar, first time I've seen successful billionaires in my life which are anonymous. and no, some name on the internets is nothing, that's anonymous. Makes one wonder what is going on since that's just not a normal human characteristic and has never happened in the history of the world. Successful people, especially billionaires want to bask in all their glory and even if they're shy the media finds them and gets them to talk.
but these bitcoin guys, there's two of them supposedly, 2 shy anynymous billionaires. Interesting indeed.
I meant 5 coins not 4, my bad. That is correct, to jump rank.
Vlad your misunderstanding. Those donations are in bitcoins on this forum since it is the bitcointalk forums.
Wow, now 4 coins, bitcoins, now that buys you a ton of devcoins.
So what does one have to do to get a 4 bitcoin donation (I've never gotten a donation of any kind, but nor have I given any to anyone) or are you saying people are giving them, donating them in order to jump up in ranking quicker? Thanks for the explanation.
Vlad your misunderstanding. Those donations are in bitcoins on this forum since it is the bitcointalk forums.
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Wait a second, am I understanding this right? We haven't received our round 23 coins yet because of 1 guy whose computer or wallet got hacked?
Wait a second, am I understanding this right? We haven't received our round 23 coins yet because of 1 guy whose computer or wallet got hacked?
The round 23 coins are going out at block 92,000. The only thing that is changing is that the receiver files will be generated later than usual. The delay from block 89,000 to 89,800 was in part because several people had to change from the devda wallet to a wallet on their computer. The extra delay from 89,800 to 90,100 is because of the hacking, even with that delay we'll still have 6 days to upload the files, which is enough.
Thanks for the explanation, that makes sense and it's more than fair.
When does round 24 end as far as posting articles, marketing links, etc? I first thought it was a date or timeframe calendar thing but now I get the feeling everything, including the last day of each round is dicated by a certain block number? I want to know just so I can accurately time my work so I'm not left with a ton of things to do at the last moment. Thanks.
On a side note, I wish python was smart enough or programmed to count relevant quality words posted on these devcoin threads. Sometimes I get caught up in a conversation or get too involved while writing a post and have numerous times posted huge posts - some probably close to 700 or maybe even more words. Even though some are relevant posts and in regards to devcoins and digital currencies in general, it feels petty of me to copy and paste these large posts into devtome for share credit.
I feel so fortunate to have stumbled on this opportunity which I consider still an early enough (just barely, I bet not long ago 1 share for writing was 1 million coins or more) time that I wouldn't want to abuse the trust I'm given and lose the priviledge of this great new way to earn digital coins, at a time when mining has become so difficult. So I do my best to post relevant or at least interesting and new stuff on devtome, stuff that I feel a diverse number of Americans (and foreigners as well) would at least find interesting or educational to read.
Never before has a person been able to get paid something of real value by doing something as easy as mining from your computer or earning real coins with real potential value for doing something which is basically an everyday thing. I truly feel this devcoin thing is the beginning of something new and great which will change many things in the near future all around the world. And the way product life cycles have evolved, this change, which 50 years ago would have taken 2 to 4 decades will now take one-tenth the time. It's just the natural progression of the way business cycles and products have changed and evolved which is why you can now become very rich by investing in the right company like facebook or google for example.
Had you been able to get in early, you would have made in 5 years what took an investor 40 years a few decades to earn simply because of the nature of the way everything is done has changed - it has moved from very mechanical and material (brick and mortar stores built one one) to very streamlined and virtual (amazon with 1 virtual storefront can reach the entire planet which took a fraction of the time to build compared to all the walmarts for example) and now with digital currencies, this is the next (and I believe the final) stage where value can be created nearly instantly as there is nothing to be truly built - just an image of a coin and the perception of value which the marketing guys will figure out how to create the next great coin and package it and sell it as an investment to wallstreet. this is why I think the billionaire VC put $5 million into coinbase - he wants a headstart and what better way to make money than to be the nasdaq of digital coins.
Trading nothing but numbers, imaginary coins. It sounds so good that it's almost a scheme, too good to be true but it's not, it's real and now that it's out the business model will be perfected and rolled out to the masses in the next 6-12 months. And I believe besides the VC's, banks and retailers giving these coins credibility, I think the biggest move which will get the masses jumping on board will be the government passing some kind of bill which will endorse, back and support the release, growth and distribution of digital currencies and that's when you'll get what I call the crypto (currency) revolution and hundreds of new currencies will appear on the market nearly overnight and these new, early movers will gain the most as too many people will not be able to wait for new currencies in fear they'll miss the next great one (greed) so they'll all rush to buy every digital coin there is and it doesn't take a lot of investors buying just a couple thousand dollars per person to make every existing currency today worth much much more. And my feeling is all of this will begin to happen in a big way in the next 12 months which doesn't leave many of us newbies a lot of time to find a way to accumulate as much of the various currencies out there in some meaningful amount. Mining used to be the best way but now is nearly impossible so I'm very grateful to have ran across devtome.
Good luck to all the fortunate early visionaries!
regards,
Vlad
I feel so fortunate to have stumbled on this opportunity which I consider still an early enough (just barely, I bet not long ago 1 share for writing was 1 million coins or more) time that I wouldn't want to abuse the trust I'm given and lose the priviledge of this great new way to earn digital coins, at a time when mining has become so difficult. So I do my best to post relevant or at least interesting and new stuff on devtome, stuff that I feel a diverse number of Americans (and foreigners as well) would at least find interesting or educational to read.
Never before has a person been able to get paid something of real value by doing something as easy as mining from your computer or earning real coins with real potential value for doing something which is basically an everyday thing. I truly feel this devcoin thing is the beginning of something new and great which will change many things in the near future all around the world. And the way product life cycles have evolved, this change, which 50 years ago would have taken 2 to 4 decades will now take one-tenth the time. It's just the natural progression of the way business cycles and products have changed and evolved which is why you can now become very rich by investing in the right company like facebook or google for example.
Had you been able to get in early, you would have made in 5 years what took an investor 40 years a few decades to earn simply because of the nature of the way everything is done has changed - it has moved from very mechanical and material (brick and mortar stores built one one) to very streamlined and virtual (amazon with 1 virtual storefront can reach the entire planet which took a fraction of the time to build compared to all the walmarts for example) and now with digital currencies, this is the next (and I believe the final) stage where value can be created nearly instantly as there is nothing to be truly built - just an image of a coin and the perception of value which the marketing guys will figure out how to create the next great coin and package it and sell it as an investment to wallstreet. this is why I think the billionaire VC put $5 million into coinbase - he wants a headstart and what better way to make money than to be the nasdaq of digital coins.
Trading nothing but numbers, imaginary coins. It sounds so good that it's almost a scheme, too good to be true but it's not, it's real and now that it's out the business model will be perfected and rolled out to the masses in the next 6-12 months. And I believe besides the VC's, banks and retailers giving these coins credibility, I think the biggest move which will get the masses jumping on board will be the government passing some kind of bill which will endorse, back and support the release, growth and distribution of digital currencies and that's when you'll get what I call the crypto (currency) revolution and hundreds of new currencies will appear on the market nearly overnight and these new, early movers will gain the most as too many people will not be able to wait for new currencies in fear they'll miss the next great one (greed) so they'll all rush to buy every digital coin there is and it doesn't take a lot of investors buying just a couple thousand dollars per person to make every existing currency today worth much much more. And my feeling is all of this will begin to happen in a big way in the next 12 months which doesn't leave many of us newbies a lot of time to find a way to accumulate as much of the various currencies out there in some meaningful amount. Mining used to be the best way but now is nearly impossible so I'm very grateful to have ran across devtome.
Good luck to all the fortunate early visionaries!
regards,
Vlad
..
Wait a second, am I understanding this right? We haven't received our round 23 coins yet because of 1 guy whose computer or wallet got hacked?
Wait a second, am I understanding this right? We haven't received our round 23 coins yet because of 1 guy whose computer or wallet got hacked?
The round 23 coins are going out at block 92,000. The only thing that is changing is that the receiver files will be generated later than usual. The delay from block 89,000 to 89,800 was in part because several people had to change from the devda wallet to a wallet on their computer. The extra delay from 89,800 to 90,100 is because of the hacking, even with that delay we'll still have 6 days to upload the files, which is enough.
Anybody know how many hours of logged in time one needs for the next level up from Jr. to 3 coins? I'm at nearly 19 hours now. I know to go from one coin to Jr. status so you can post is like 5 or 6 posts and 4 hours. It's pretty hard to gain hours. Very smart system they have in place - as soon as you stop surfing the site the clock stops. I've never seen anything so accurate. smart.
Dont take it to mean you should trust anyone, it means practically nothing and you can get 4 coins immediately by donating (thats what that little colored mark means) and lots of people scam, get a scammer tag, make a new account and then donate the next day and get 4 coins again. Dont trust it, just figure everyone is a scammer and use escrow to keep yourself safe.
Jaisn,
I'm not sure what you're referring to. you have like 4 coins below your name which shows how long you've been here and it also gives you priviledges like where you can post and to upload a picture to your avatar. I can't do any of those things cause I'm new, I've only been on this site for about 2 weeks so my total login time is almost 19 hours and I have 61 posts.
so my question was how many posts and hours does one need to go to the next level up which i'm guess is the 3 coin level since I'm now a 2 coin Jr level.
Cause I would like to at least add a picture to my avatar and to be able to upload pics and diagrams to the papers I write and post on devtome. I'm also not sure what you mean by donating 4 coins? I'd gladly donate 4 coins to get upgraded. And who commits fraud and goes through the touble of creating a new ID for a mere 4 devcoins? That's bizzare.
Anybody know how many hours of logged in time one needs for the next level up from Jr. to 3 coins? I'm at nearly 19 hours now. I know to go from one coin to Jr. status so you can post is like 5 or 6 posts and 4 hours. It's pretty hard to gain hours. Very smart system they have in place - as soon as you stop surfing the site the clock stops. I've never seen anything so accurate. smart.
Dont take it to mean you should trust anyone, it means practically nothing and you can get 4 coins immediately by donating (thats what that little colored mark means) and lots of people scam, get a scammer tag, make a new account and then donate the next day and get 4 coins again. Dont trust it, just figure everyone is a scammer and use escrow to keep yourself safe.
Anybody know how many hours of logged in time one needs for the next level up from Jr. to 3 coins? I'm at nearly 19 hours now. I know to go from one coin to Jr. status so you can post is like 5 or 6 posts and 4 hours. It's pretty hard to gain hours. Very smart system they have in place - as soon as you stop surfing the site the clock stops. I've never seen anything so accurate. smart.
well that means there's no way for devcoin to ever get their debt repaid. No legal way.
so then it doesn't even matter that there's say 5 billion devcoins out there on loan.
I wonder what legal options devcoin would have given its coins are not legally monetized.
very confusing.
so then it doesn't even matter that there's say 5 billion devcoins out there on loan.
I wonder what legal options devcoin would have given its coins are not legally monetized.
very confusing.
Its a video game with in game companies, they have contracts and such for those in game alliances and you may equate it I guess to eve online. Except the currency has a direct outlet outside the game unlike eve online. The in game companies took out loans on several of the less commonly used coins and devcoin which are nigh impossible to repay due to interest.
I'm sorry, I'm still really in the dark. I've never heard of EVE online, I didn't even know there was a game called eve so you can see this is all completely new.
So I still don't understand. These companies which sound like well backed and maybe in a few cases with millions of dollars in cash, took out devcoin loans and they're paying interest as well? does anybody have any idea about the total number of coins which have been lent out? 100 million? 4 billion devcoins? just a rough idea.
and what do you mean by "nigh" impossible to repay due to interest? Not impossible you mean? Well, why can't devcoin enforce the contract, why can't they force them to repay the devcoins by forcing them to go on the open market and buying the coins? There must be a solution where these companies have to somehow repay the devcoins they borrowed, either via a straight purchase of devcoins and delivering them or and outright cash offering or other assets which then devcoin management can use to buy back devcoins on the open market and retire those coins in order to add value to the remaining devcoins.
Thanks for your response - although I'm still confused about the entire matter and especially what potential outcomes can legally and realistically come from this large outstanding devcoin debt. The latter is the most important part. This i'm sure is a first time thing in the world. Cause I've never even heard of anything like it - for so many virtual coins to be owed to one company by so many gamers, developers and game owners.
How does something like this play out, legally?
What options to the debtors have to satisfy their devcoin debts and what timeframe, how much time to they have to resolve their debts? TIA
Its a video game, there are no legalities, this was all done before devcoin or other coins truly had value. They used a system like ripple to trade the debt, there were not any actual devcoins (except for a small fraction) actually taken/borrowed.
Its a video game with in game companies, they have contracts and such for those in game alliances and you may equate it I guess to eve online. Except the currency has a direct outlet outside the game unlike eve online. The in game companies took out loans on several of the less commonly used coins and devcoin which are nigh impossible to repay due to interest.
I'm sorry, I'm still really in the dark. I've never heard of EVE online, I didn't even know there was a game called eve so you can see this is all completely new.
So I still don't understand. These companies which sound like well backed and maybe in a few cases with millions of dollars in cash, took out devcoin loans and they're paying interest as well? does anybody have any idea about the total number of coins which have been lent out? 100 million? 4 billion devcoins? just a rough idea.
and what do you mean by "nigh" impossible to repay due to interest? Not impossible you mean? Well, why can't devcoin enforce the contract, why can't they force them to repay the devcoins by forcing them to go on the open market and buying the coins? There must be a solution where these companies have to somehow repay the devcoins they borrowed, either via a straight purchase of devcoins and delivering them or and outright cash offering or other assets which then devcoin management can use to buy back devcoins on the open market and retire those coins in order to add value to the remaining devcoins.
Thanks for your response - although I'm still confused about the entire matter and especially what potential outcomes can legally and realistically come from this large outstanding devcoin debt. The latter is the most important part. This i'm sure is a first time thing in the world. Cause I've never even heard of anything like it - for so many virtual coins to be owed to one company by so many gamers, developers and game owners.
How does something like this play out, legally?
What options to the debtors have to satisfy their devcoin debts and what timeframe, how much time to they have to resolve their debts? TIA
Its a video game with in game companies, they have contracts and such for those in game alliances and you may equate it I guess to eve online. Except the currency has a direct outlet outside the game unlike eve online. The in game companies took out loans on several of the less commonly used coins and devcoin which are nigh impossible to repay due to interest.
Edit: XRP is ripple.com, its not a coin, its a debt trading system made by a company and a user named truecoin. Dont be fooled into accepting any "coin" on their network, it has no value to anyone but you and the person you got it from. They are giving you a piece of paper, you give them coin outside ripple and that is real coin. Its essentially what everyone using coin is trying to escape.
Edit: XRP is ripple.com, its not a coin, its a debt trading system made by a company and a user named truecoin. Dont be fooled into accepting any "coin" on their network, it has no value to anyone but you and the person you got it from. They are giving you a piece of paper, you give them coin outside ripple and that is real coin. Its essentially what everyone using coin is trying to escape.
Sorry guys,
But what are you talking about?
You make programs, exchange sites, mining, and cannot download and install a wallet?
Question: have the wallet on your pc be active 24/7 to receive the share?
Anyway, at this rate XRP will eat us for breakfast.
But what are you talking about?
You make programs, exchange sites, mining, and cannot download and install a wallet?
Question: have the wallet on your pc be active 24/7 to receive the share?
Anyway, at this rate XRP will eat us for breakfast.
I don't make any of those things - this software stuff is all new to me.
I too wanna know if my wallet has to be live and running and connected to the internet 24/7 in order to receive my devcoins, or can I leave it unplugged and when I hear others are getting theirs then plug in my cold drive and boot up my server to receive my devcoins?
Also, XRP? What's that, another coin? Is it credible or is it another scam like china coin? I really hope it can be mined cause I can't afford to buy more speculative coins. TIA
Can anybody else add some color to what MarkM was saying a couple nights ago?
Regarding the fact that devcoin has hundreds of millions and maybe even a couple billion (I'm presuming devcoin has around 4 to 5 total billion devcoins outstanding) or more lent out to various gamers, owners of games - is this right?, so then that would also mean developers which I'm presuming some would be rich game developers, and whomever else would have a need to borrow devcoins.
I've never heard of this concept, the need or desire to borrow a different currency than the one in the game you're playing. I don't understand the mechanics or the purpose. For example, there's a popular iphone game called temple run or something like that where I've seen people play and they collect coins and I think they spend these coins and they can buy coins with real dollars.
So why would that gamer or developer or the owner of temple run go to devcoin and borrow say 5 million devcoins for his game, or why and how would a gamer borrow devcoins for that game when that game uses its own proprietary coins?
And is this an official thing? are there contracts? Is there interest being paid? can this interest be used to buy back devcoins off the open market and retire them the way apple is intending to buy back $60 billion worth of its own stock, with the intent of reducing the overall outstanding number of coins in order to increase the value of the the remaining existing coins.
If the lending of all these devcoins, possibly billions of them, is official in nature, with contract, there must be a time clause, or other clauses which would allow the devcoin parent company to force a payback or buyback depending on how you look at the lent shares. with stocks, when an investor goes short he borrows shares and then when he has to cover he is forced to buy the shares he borrowed at whatever the existing market price is.
It just doesn't seem possible from a pure mechanical economical supply and demand standpoint that a coin, even with 5 billion outstanding coins, which has lent out quiet possibly it's entire number of existing coins or maybe even more to only be worth less than 3 1-hundreth of 1 penny or is it 1-thousandth of 1 penny. Forget about awareness, just the fact that there are not enough existing devcoins to cover the borrowed devcoins, not only because too many were borrowed, but also because I'm guessing at least 80% of all existing devcoins are in the hands of individuals and these coins cannot be had without first a buy offer being made, so there's no massive 5 billion pool of devcoins to buy from for these individuals or companies and developers to simply grab devcoins from in order to return or pay back what they borrowed.
If anybody can add more color regarding this matter and why and how it's happening and also if you can articulate why and how this is expected to conservatively play out given the nature or the situation and the business itself as I don't have any insight in either one. I really appreciate it and I'm sure those who hold many more devcoins than I and are watching the price of devcoin get cut in half over the last 2 weeks would find great comfort in such positive news. I know it was the best thing I ever heard regarding devcoins when MarkM briefly explained the situation. It absolutely changed my outlook about devcoin from totally risky and speculative in need of a miracle to speculative in need of just one key catalyst and the difference is that of night and day and makes devcoin, especially at the current price, a crazy screaming (speculative) buy. If only 1% of speculative stock buyers understood devcoin, devcoin would be sitting at a price of at least $.50 if not $1. It's that big of a deal.
Now I gotta go to my part, for devcoin but honestly, more-so for myself, and write something interesting for devtome cause I slacked off all day long. It's gonna be a long painful night. I really do wish I could mine devcoins or something cause I'm spending so many hours writing and it's getting more difficult with each passing day. But I can feel this amazing, once-in-a-lifetime window of opportunity closing faster than anyone realizes so I will not slow down and I will not relent. Thank you! to the devcoin team for opening up such an opportunity which enables individuals with a way to earn coins when mining has become next to impossible. And Thank God I have a few recent University research papers I can use and build on but it's simply not enough so off to work I go. Buy, Mine and Earn your devcoins and do your best to not sell any cause I have a strong feeling everything about this new alternative currency market is gonna change and it's gonna happen overnight.
Good luck to everyone and I hope we get some clear feedback regarding this very interesting development (the massive and primed to explode devcoin debt market).
Regards,
Vlad
Regarding the fact that devcoin has hundreds of millions and maybe even a couple billion (I'm presuming devcoin has around 4 to 5 total billion devcoins outstanding) or more lent out to various gamers, owners of games - is this right?, so then that would also mean developers which I'm presuming some would be rich game developers, and whomever else would have a need to borrow devcoins.
I've never heard of this concept, the need or desire to borrow a different currency than the one in the game you're playing. I don't understand the mechanics or the purpose. For example, there's a popular iphone game called temple run or something like that where I've seen people play and they collect coins and I think they spend these coins and they can buy coins with real dollars.
So why would that gamer or developer or the owner of temple run go to devcoin and borrow say 5 million devcoins for his game, or why and how would a gamer borrow devcoins for that game when that game uses its own proprietary coins?
And is this an official thing? are there contracts? Is there interest being paid? can this interest be used to buy back devcoins off the open market and retire them the way apple is intending to buy back $60 billion worth of its own stock, with the intent of reducing the overall outstanding number of coins in order to increase the value of the the remaining existing coins.
If the lending of all these devcoins, possibly billions of them, is official in nature, with contract, there must be a time clause, or other clauses which would allow the devcoin parent company to force a payback or buyback depending on how you look at the lent shares. with stocks, when an investor goes short he borrows shares and then when he has to cover he is forced to buy the shares he borrowed at whatever the existing market price is.
It just doesn't seem possible from a pure mechanical economical supply and demand standpoint that a coin, even with 5 billion outstanding coins, which has lent out quiet possibly it's entire number of existing coins or maybe even more to only be worth less than 3 1-hundreth of 1 penny or is it 1-thousandth of 1 penny. Forget about awareness, just the fact that there are not enough existing devcoins to cover the borrowed devcoins, not only because too many were borrowed, but also because I'm guessing at least 80% of all existing devcoins are in the hands of individuals and these coins cannot be had without first a buy offer being made, so there's no massive 5 billion pool of devcoins to buy from for these individuals or companies and developers to simply grab devcoins from in order to return or pay back what they borrowed.
If anybody can add more color regarding this matter and why and how it's happening and also if you can articulate why and how this is expected to conservatively play out given the nature or the situation and the business itself as I don't have any insight in either one. I really appreciate it and I'm sure those who hold many more devcoins than I and are watching the price of devcoin get cut in half over the last 2 weeks would find great comfort in such positive news. I know it was the best thing I ever heard regarding devcoins when MarkM briefly explained the situation. It absolutely changed my outlook about devcoin from totally risky and speculative in need of a miracle to speculative in need of just one key catalyst and the difference is that of night and day and makes devcoin, especially at the current price, a crazy screaming (speculative) buy. If only 1% of speculative stock buyers understood devcoin, devcoin would be sitting at a price of at least $.50 if not $1. It's that big of a deal.
Now I gotta go to my part, for devcoin but honestly, more-so for myself, and write something interesting for devtome cause I slacked off all day long. It's gonna be a long painful night. I really do wish I could mine devcoins or something cause I'm spending so many hours writing and it's getting more difficult with each passing day. But I can feel this amazing, once-in-a-lifetime window of opportunity closing faster than anyone realizes so I will not slow down and I will not relent. Thank you! to the devcoin team for opening up such an opportunity which enables individuals with a way to earn coins when mining has become next to impossible. And Thank God I have a few recent University research papers I can use and build on but it's simply not enough so off to work I go. Buy, Mine and Earn your devcoins and do your best to not sell any cause I have a strong feeling everything about this new alternative currency market is gonna change and it's gonna happen overnight.
Good luck to everyone and I hope we get some clear feedback regarding this very interesting development (the massive and primed to explode devcoin debt market).
Regards,
Vlad
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