I thought I might share my thoughts with the community, It’s the next craziest thing to talking to yourself, I feel.
Nobody is mining DGB for profit at the moment, it simply is not profitable!
So why I am so desperate to get thousands of little, educational, hobbyist miners paying more for the electricity they consume than the coin they mine is currently being sold for at market?
I've said it before and I will say it again. Our mining network speed is so small that it allows people to take advantage of us. A lot of the time someone points a lot of mining power at it to make sure it is not profitable and move profit seeking miners out of the picture, I don’t miss these guys because they were probably going to sell their dgb immediately anyway. When it is safe to do so, the big miner pulls back his mining and continues to mine as much coin as he can at lower difficulty. When people realise that once again there is a chance of making a better profit than BTC the power comes on again and the cycle is repeated.
Because, I believe, the people that do this do not care much for DGB, in fact I believe they deliberately want to pin it down. They sell their DGB at whatever the market price is, continually pushing the price further down. Every time someone gets near attracted to DGB and puts some BTC up, someone snatches it off them like DGB is on the way out. Trading only compounds these issues because most traders do not care about the health of the digibyte network either and are happy to shift 20 to 25 sat all day long or 15 to 20, the point is, it does not matter to them.
Everyone has their part to play in a ‘true community’ but there should not be much to do down here other than mine and hold if you can and hoard if you really can't. What you should not be doing is selling DGB at the moment, not if you believe in it and as you might be able to judge I do.
What I would like to see is; as many people as is possible join our community and become knights, spending a few pence a day in energy on top of a modest outlay for say a raspberry pi and a stick miner as they educate themselves about blockchain technology and understand why it is going to change the world we live in and only for the better if we are true to ourselves and stand together like a community should. If while mining you also buy at least as much as you mine, you will really be helping to put the pressure on as well as increasing your 'long term' rewards.
We pride ourselves on the fact that DigiByte is for everyone because so little on this planet is!
Please help us try to change that.
Here is a competition, anyone can take part but there will be a considerable bonus for the winner if they are mining in our official DigiByte pool.
https://digibytegroup.com/project/contest-august-2015/
and here is some useful information to help you if you consider becoming a knight.
https://www.youtube.com/watch?v=hOLDrSiI_ic
4:33
http://digihash.co/getting_started
Digibyte sha-256
and if you happen to be a much larger miner with your own power production facilities and share our vision for a better future too, of course you are very welcome here as well.
Nobody is mining DGB for profit at the moment, it simply is not profitable!
So why I am so desperate to get thousands of little, educational, hobbyist miners paying more for the electricity they consume than the coin they mine is currently being sold for at market?
I've said it before and I will say it again. Our mining network speed is so small that it allows people to take advantage of us. A lot of the time someone points a lot of mining power at it to make sure it is not profitable and move profit seeking miners out of the picture, I don’t miss these guys because they were probably going to sell their dgb immediately anyway. When it is safe to do so, the big miner pulls back his mining and continues to mine as much coin as he can at lower difficulty. When people realise that once again there is a chance of making a better profit than BTC the power comes on again and the cycle is repeated.
Because, I believe, the people that do this do not care much for DGB, in fact I believe they deliberately want to pin it down. They sell their DGB at whatever the market price is, continually pushing the price further down. Every time someone gets near attracted to DGB and puts some BTC up, someone snatches it off them like DGB is on the way out. Trading only compounds these issues because most traders do not care about the health of the digibyte network either and are happy to shift 20 to 25 sat all day long or 15 to 20, the point is, it does not matter to them.
Everyone has their part to play in a ‘true community’ but there should not be much to do down here other than mine and hold if you can and hoard if you really can't. What you should not be doing is selling DGB at the moment, not if you believe in it and as you might be able to judge I do.
What I would like to see is; as many people as is possible join our community and become knights, spending a few pence a day in energy on top of a modest outlay for say a raspberry pi and a stick miner as they educate themselves about blockchain technology and understand why it is going to change the world we live in and only for the better if we are true to ourselves and stand together like a community should. If while mining you also buy at least as much as you mine, you will really be helping to put the pressure on as well as increasing your 'long term' rewards.
We pride ourselves on the fact that DigiByte is for everyone because so little on this planet is!
Please help us try to change that.
Here is a competition, anyone can take part but there will be a considerable bonus for the winner if they are mining in our official DigiByte pool.
https://digibytegroup.com/project/contest-august-2015/
and here is some useful information to help you if you consider becoming a knight.
https://www.youtube.com/watch?v=hOLDrSiI_ic
4:33
http://digihash.co/getting_started
Digibyte sha-256
and if you happen to be a much larger miner with your own power production facilities and share our vision for a better future too, of course you are very welcome here as well.
This is just my opinion and its not in anyway a dig at you jumbley. I don't think there is an conspiracy to hold dgb down in price mining at a loss. There are so many altcoins nowadays that nobody cares against one nor wants to pin one down. What reigns supreme is money they make... the coins nobody cares for if easy enough to mine they see as an easy way to get more bitcoin.
This is the plain blatant truth about DGB and its not an attack but merely facts.
- There is way too many DGB produced per day per what is consumed in purchase. Supply far outweighs demand... its that simple.
Ok but the point is DGB is meant to be a micro payment amount so there has to be more of it.... so the only problem we have is oversupply and not enough demand... what drives demand? That's right people and services to consume and have the flow of this supply. Unfortunately DGB has neither of those at present. Its not an attack on it just the obvious like most coins... lots of wallets and dev but no actual dev in use. A coin with a wallet and programming projects around the currency are useless unless there is projects for use! a gaming wallet whilst nice is useless unless there are gaming services to use that said wallet and currency. You can't rely on others to make these the dev core needs to have something that paves the way and shows others it can be done. Why would I want to use DGB over say bitcoin, litecoin, netcoin etc? All are cryptos... blocktime isn't something large enough to win someone over.
- There is a lot of dumping on mining and not enough buying
This is a big problem I noticed and one of the main ones on why I exited a lot of my holdings. I love the digireport and what Jared does but i'm not confident enough in my wallet at present with the large supply to hold onto my coins. I actually made a smart move exited bought litecoin on the cheap sold on the high pump and invested into netcoin where I am staking each day a substantial amount. True at present netcoin is on par with DGB on services, both have good dev teams but my stake interest is somewhat protecting me on a price down spiral.
- Everyone get rasp pis or mine a little
This is partially a dead end. It'll help somewhat for the tech savy but be useless en mass. I'm not sure why my suggestion was ignored many times for this.... I identified the issue a while ago as I saw the sell patterns. If you want to distribute the wealth and curb the mining issue for the bigger people then integrate a miner in the wallet. Everyone has a PC, 90% don't have the knowledge or interest in getting an asic, setting it up then paying power to mine. Those that do is icing on the cake and keep up your motivation for them but it needs to be easy and available.
You want to fight the miners and you want masses to use it? Then put the miner in the friggen wallet
1 button that says start coin making and have the slider on 20% default for cpu / gpu usage. Have the wallet detect the users graphics card and work like thisif(graphics card detected >= GeForce 650)
{
mine using quibit (set to 30% gpu)
}
else
{
mine using cpu algorithm (use 20% cpu)
}
have a slider that lets them drag from 20% to 80% and let the wallet do the rest. If you want the masses to adopt then why don't you want the masses to secure more coins? people love free stuff.... and whilst it uses elec they have it being consumed by pc anyway then give them the chance to make more coins.....
Ask yourself this... if people have to buy coins and can't make them themselves for next to free.... then why should they buy dgb over other coins? Most are more profitable and that's what drives people.... profit in the form of goods buying or fiat return. I'm not going to say anymore as I sound like I broken pathetic record now. I still do like DGB's direction but at its current form I am not personally desiring to get more of it. I am however watching for that turning point to jump back in big.
in the DigiReport #3 at ~2:30min
