Hi everyone, just wanted to drop in and discuss strategy for HoboNickels and all of our long term goals with the coin.
It is important for potential coin buyers to see that HBN has a liquid market with willing buyers, meaning that the bid/ask spread is narrow and there is plenty of ability to cash out or buy into HBN at any time. I would recommend that everyone put buy orders in at a certain price so that we can set a price floor. For instance if everyone puts a buy order in at .0003 for 200 or so HBN, then it adds to HBN's credibility to potential coin buyers, because the coin is more valuable.
The other thing is to hold onto the coins that you mine. There are two reasons to do this, first you get you PoS mining from it which is very generous interest, and second it restricts supply of coins. Simple economics tells us that if demand stays constant and supply is constricted then it will cause the price of the coin to rise.
Doing these two items will significantly help the economics of the coin over the long term and as the price of the coin rises, so will the popularity of the coin which is our ultimate goal. Tranz can only do so much, us HoboNickel supporters have to be willing to do our part as well.
Any thoughts?
It is important for potential coin buyers to see that HBN has a liquid market with willing buyers, meaning that the bid/ask spread is narrow and there is plenty of ability to cash out or buy into HBN at any time. I would recommend that everyone put buy orders in at a certain price so that we can set a price floor. For instance if everyone puts a buy order in at .0003 for 200 or so HBN, then it adds to HBN's credibility to potential coin buyers, because the coin is more valuable.
The other thing is to hold onto the coins that you mine. There are two reasons to do this, first you get you PoS mining from it which is very generous interest, and second it restricts supply of coins. Simple economics tells us that if demand stays constant and supply is constricted then it will cause the price of the coin to rise.
Doing these two items will significantly help the economics of the coin over the long term and as the price of the coin rises, so will the popularity of the coin which is our ultimate goal. Tranz can only do so much, us HoboNickel supporters have to be willing to do our part as well.
Any thoughts?
A liquid market is important on both side. I don't think everyone should put a buy at a certain level. Each person needs to decide what they think HBN is worth to buy and to sell. I am not a fan of pumps and dumps. I like a true market. Right now HBN is getting great buy side support.
For whats it worth, I do supply the sell side with small 500 blocks from time to time when it is looking like asks are drying up. If I get bought I put that right back into the buy side, at a little lower. This allows those who want to buy the opportunity to do so, and still supports the miners, who want mine and dump..
You are right, a community is needed to be successful.
Thanks!
I think you are precisely right, there needs to be strong support on both the buy and sell side, which means a very tight bid ask spread. I do like seeing more depth on the buy side than sell side though. And I am totally with you on pump and dumps. We need to do everything we can to keep the price of Hobonickels on a slowly increasing long term trend, not a quickly increasing price causing bubbles. Anyways, I have been very happy with the trading volume of HBN lately on cryptsy, I think it shows that progress is being made.
