Or, if the exchange is prepared to deal with it, it can start offering the coin in lots -- a hundred for twenty satoshi? A hundred for twenty-five satoshi?
Topic: Distributed Blockchain (Read 931 times)
To think that a coin trading for one Satoshi cannot go any lower? Yeah, that's wrong. It goes lower when the exchange drops it.
Or, if the exchange is prepared to deal with it, it can start offering the coin in lots -- a hundred for twenty satoshi? A hundred for twenty-five satoshi?
Or, if the exchange is prepared to deal with it, it can start offering the coin in lots -- a hundred for twenty satoshi? A hundred for twenty-five satoshi?
at some point, all the miners quit a given coin/blockchain and the coin 'dies'
think of this analogy - coins are like volcanoes, they have 3 basic stages of life
active, dormant, and extinct
active- coin begins life, gets lots of miners, then gets pumped/dumped
dormant- as miners flee the hulking remains after pump/dump, the value drops so low, it is kicked off all centralized exchanges
extinct- network hash goes to zero, only remnant of the coin are copies of the blockchain archived on sites/by individuals that keep copies of extinct coins
the end
think of this analogy - coins are like volcanoes, they have 3 basic stages of life
active, dormant, and extinct
active- coin begins life, gets lots of miners, then gets pumped/dumped
dormant- as miners flee the hulking remains after pump/dump, the value drops so low, it is kicked off all centralized exchanges
extinct- network hash goes to zero, only remnant of the coin are copies of the blockchain archived on sites/by individuals that keep copies of extinct coins
the end
So I read this comment the other day from someone, I think it was MarineCoin, who was saying that they plan on launching thousands of new coins each with their own branding and settings, in a deliberate effort to completely flood the altcoin market and lower the value of all the Altcoins. He was saying how he sees all the coins collectively as one big system.
There is obviously nothing that can be done to stop that happening, but is it actually such a bad thing? People complain a lot about all the new coins flooding the market and lowering the value of their hordings, but are they really thinking about all this in the right way?
I see things like Moon, Lot and so on, head for 1 Satoshi, and then dozens and dozens of bitcoins are set trying to buy them at that value on the principle that they can't go any lower and if they go up at all, any coin holdings a given holder has are going to double or triple in value.
This effect I think is what is draining the larger Altcoins more than anything else. A coin with a value of 1 satoshi which can't go down in value is a better store of wealth with a greater chance of big returns than a coin worth say 300K satoshi which can go to 80K in a matter of days like DMD did earlier this year, just after DOGE hit cryptsy.
So if this MarineCoin guy is going to succeed, and I like I said I can't see how he can be stopped, then eventually just about all the coins, with the exception of any that are gaining real world market, are going to go to 1 Satoshi.
Thousands of coins all worth the same amount... what's happening as far as I can tell is that the free market forces are effectively de-centralising the blockchain itself.
Instead of a single monolithic BitCoin blockchain controlled by a distributed network of elite ASIC owners, we are going to have thousands of blockchains, which will all be the same value and will soak up dozens of BitCoins each with buy orders at 1 Satoshi, which will spread out the BitCoins making them more valuable and thus driving even more of the higher valued coins dive towards parity at 1 Satoshi.
Can anyone see this going a different way?
Is it really so much of a problem that we would have thousands of blockchains at the same value, since the computers can be programmed to use any of them seamlessly?
There is obviously nothing that can be done to stop that happening, but is it actually such a bad thing? People complain a lot about all the new coins flooding the market and lowering the value of their hordings, but are they really thinking about all this in the right way?
I see things like Moon, Lot and so on, head for 1 Satoshi, and then dozens and dozens of bitcoins are set trying to buy them at that value on the principle that they can't go any lower and if they go up at all, any coin holdings a given holder has are going to double or triple in value.
This effect I think is what is draining the larger Altcoins more than anything else. A coin with a value of 1 satoshi which can't go down in value is a better store of wealth with a greater chance of big returns than a coin worth say 300K satoshi which can go to 80K in a matter of days like DMD did earlier this year, just after DOGE hit cryptsy.
So if this MarineCoin guy is going to succeed, and I like I said I can't see how he can be stopped, then eventually just about all the coins, with the exception of any that are gaining real world market, are going to go to 1 Satoshi.
Thousands of coins all worth the same amount... what's happening as far as I can tell is that the free market forces are effectively de-centralising the blockchain itself.
Instead of a single monolithic BitCoin blockchain controlled by a distributed network of elite ASIC owners, we are going to have thousands of blockchains, which will all be the same value and will soak up dozens of BitCoins each with buy orders at 1 Satoshi, which will spread out the BitCoins making them more valuable and thus driving even more of the higher valued coins dive towards parity at 1 Satoshi.
Can anyone see this going a different way?
Is it really so much of a problem that we would have thousands of blockchains at the same value, since the computers can be programmed to use any of them seamlessly?
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