was a coin released "BlackCoin" and I mined it while it was able to be mined, it was a Proof of Work (PoW)/Proof of Stake (PoS) coin, but there were only 73 million coins to be mined and I mined about 17,000 coins,
many I wish I had back right now, but that is another story. A few weeks ago, this coin was mined out and the only new coins being produced it the PoS interest payments on coins kept in a wallet, today I was paid
0.087 BlackCoin for the coins I have in my wallet. This coin is operating on the scarcity principal, which is the direct opposite of Nutcoin's anti-scarcity principal and while I can see pros and cons to both sides, I
believe I see a strength in Nutcoin's anti-scarcity principal and it makes me very excited for Nutcoin's future provided we can pull off one major feat, but first let me explain what I am seeing with BlackCoin and why
its problems are making me excited for what I see with Nutcoin.
BlackCoin is no longer directly mined, there are a couple of pools working on becoming multi-pools, one of which I am mining back and forth with Nutcoin, but they are mining other altcoins in order to buy BlackCoins to
pay the miners. At the moment, neither of these two pools has everything perfected yet, but the result will end up driving the price of the coin due to making a scarce coin even more scarce by putting it into the
hands of hoarders or "BlackCoin Whales" Over the past few days, I've spent several hours in the BlackCoin Pool IRC chat #blackcoinpool, where all these guys are talking about BlackCoin being a different kind of coin
that's going to eat a bunch of the other sh** coins, bla, bla, bla... but then these same guys start arranging these massive coin dumps to crash the price of BlackCoin so that it causes the price to drop so they can
jump back in at a lower price and buy the coins they caused panic sellers not in the know of exactly what is taking place to sell off their coins at much lower prices. Since I still hold several thousand BlackCoins and I
have an interest in what happens to it, it actually pissed me off seeing these guys driving this coin into the dirt just like is happening with a lot of other alt coins and I not being exactly shy about letting my opinion on
things known started telling them my beliefs of what they were doing to BlackCoin was not good for the coin's health, because as the coin was rising dramatically in price, the coin was gaining investors, but serious
investors like some semblance of stability and these guys manufacturing these repeated dumps of this coin is doing two things detrimental to the coin's long term health, these 30-40% fluctuations in price at a
moment's notice is scaring off serious investors, because they don't like that kind of volatility, but I was told,"BlackCoin is resilient and can bounce back." I also asked them, "How driving BlackCoin into the dirt is any
different than what is happening with all the sh** coins? Seems to me that it's the same ol' story." They say, "BlackCoin is unique, because it can bounce back," I said, "Why not be unique by actually rising in
price," and I think I was finally heard and the dumps were stopped, but not before a lot of damage was done I'm afraid. The price still hasn't gone back above the 8000 satoshi level it had been sitting at and while the
price is still higher than it was just a few days ago, I don't see at this time the upward strength it did have, that might change though once these two multi-pools end their beta testing phase and actually go full on.
The other detrimental thing I see happening as a result of these pump and dumps is the concentration of the coin into too few hands and this is where I want to start talking about some strengths I believe I see in
Nutcoin that BlackCoin doesn't have.
While I think it would be nice if Nutcoin were also a PoS coin to help makeup for coins lost due to crashed hard drives or what ever, Nutcoin is not working on the scarcity principal, in fact it is attempting to do the
opposite and work on the anti-scarcity principal and I believe we are on the right track with Nutcoin. First, let me remind everybody that Nutcoin is not yet 3 months old and if you look at the difficulty graph that is in
the OP, we're not even registering on the bottom of the "S" yet, and we are where we are by design. I also want to remind everybody, if the dev sticks to his schedule, the block rewards are due to be halved from
20,000 to 10,000 in the first week of June, so keep mining and holding your easy coins. Right now, I think we're lucky, because we're pretty much flying under the radar of all these "whales" as they're called that have
the money to chew up and spit out altcoins and grind them into dust if that's what they want to do. What this is allowing to happen, and we need to try our very hardest to do is to spread Nutcoins into as many
hands as we possibly can, either through gifts, prizes, donations or turning others onto mining, specifically Nutcoin. Right now, Nutcoin is just about a perfect coin for beginners, the difficulty is low and while it's not
optimal, it can be CPU mined. In the past week, I've given away over 6 million of my own coins, sure the majority was to family members, but just yesterday I tried to give away 2.5 million Nutcoins in 50,000 coin
increments on the LinusTechTips forum page, I did give away exactly 1 million coins before the moderators shut down my thread and gave me a "verbal warning" by PM. The point is to disperse Nutcoins into as many
hands as possible, the reason for this is because the more people that have the coin, the more likely it will be that retailers, service providers and others will be open to using it as a legitimate form of currency. All this
will be much harder to do if the "whales" take notice of our coin and begin hoarding it for themselves. The anti-scarcity should also make it much more resistant to pump and dumps, because the more hands we can
put the coin into will prevent the ability of a few to manufacture such violent rises and more importantly, crashes like what I've been seeing with BlackCoin. We won't ever be totally immune, but it's much harder to
control a coin that you only own .5% of vursus a coin you own 5% of and your buddy owns another 5% of. Have you looked at the Nutcoin page lately? It says that 2.1 billion Nutcoins have been mined, now I haven't
done it in a while, but the last time I checked the blockchain and multiplied the block number by 20,000 coins, it was spot on and it surprised me, because that is way more coins than what I thought we could
possibly have mined. I currently have 42.86 million Nutcoins, by far most of them mined, and I suspect that I'm probably well into the top 10% of coin holders, but I absolutely know that I don't hold 10% of the coins.
That is what I'm hoping will give Nutcoin pump and dump resistance going forward.
Bitcoin didn't get to the position it's in right now in three months, it's been out for 5 years now and I kick myself, because I can remember reading up about it in 2009/10 and thinking that mining it was above my level,
again, another story.
It was a long difficult slog through some hard times, remember, our 1 Nutcoin = $1 USD is four years out, be happy that we're under the radar, it's allowing us to build our solid foundation andthe foundation needs to be the coin in the hands of many rather than in the hands of just a few of us. Keep mining, hold the majority, but find a way to put a few into somebody else's hands, your brother or sister,
your neighbor or best friend, give them a few thousand and tell them to just hold onto them. A few here and there will want to learn about mining and might want you to teach them about mining... I think you know
which coin to teach them to learn on.
