NVC: The biggest ongoing scam in cryptocoin history - page 2.

r3wt

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always the student, never the master.

Quote from: fsb4000 on August 14, 2013, 08:21:27 AM

Quote from: skaffen on August 13, 2013, 08:46:09 PM

According to the novacoin explorer at http://nvc.cryptocoinexplorer.com/

462470 coins were created. The originators have about 100k coins left after giving 110k to Btc-E. 462470 - 110k destroyed = 362470. The originators have 100k / 362470 = 27.6% of all coins, plus stake minted. That is a worrying amount of concentrated control of supply! This Balthazar person (the creator) should give away the remaining 100k.

Satoshi didn't give away his 4 000 000 Bitcoin Grin

IMO Balthazar should not too....

what satoshi premined 4 million BTC? thats a joke right?

fsb4000

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Quote from: skaffen on August 13, 2013, 08:46:09 PM

According to the novacoin explorer at http://nvc.cryptocoinexplorer.com/

462470 coins were created. The originators have about 100k coins left after giving 110k to Btc-E. 462470 - 110k destroyed = 362470. The originators have 100k / 362470 = 27.6% of all coins, plus stake minted. That is a worrying amount of concentrated control of supply! This Balthazar person (the creator) should give away the remaining 100k.

Satoshi didn't give away his 4 000 000 Bitcoin Grin

IMO Balthazar should not too....

skaffen

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Activity: 124

Merit: 100

According to the novacoin explorer at http://nvc.cryptocoinexplorer.com/

462470 coins were created. The originators have about 100k coins left after giving 110k to Btc-E. 462470 - 110k destroyed = 362470. The originators have 100k / 362470 = 27.6% of all coins, plus stake minted. That is a worrying amount of concentrated control of supply! This Balthazar person (the creator) should give away the remaining 100k.

Lauda

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Terminated.

Quote from: EngMan on August 13, 2013, 03:01:41 PM

Quote from: smoothie on August 07, 2013, 12:33:30 AM

People should educate themselves on what they are investing in before they invest/purchase. That includes my coins that I sell as well. Do your due diligence people.

Agreed.

The risk of NVC is huge and I still can't see the value in it over LTC. As of now, per the dustcoin.com mining profitability calculator the total value of all NVC generated is ~17,155 BTC while for LTC it is ~513,111 BTC. LTC is much, much larger and not controlled by a very few who can destroy it easily like NVC, IMO.

LTC is a safer bet for me.

Same here. Crypto is very risky. LTC is a better bet.

EngMan

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Also, if you check out the Buy/Sell orderbook depth at BTC-e...that is pocket change for NVC compared to LTC.

EngMan

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Quote from: smoothie on August 07, 2013, 12:33:30 AM

People should educate themselves on what they are investing in before they invest/purchase. That includes my coins that I sell as well. Do your due diligence people.

Agreed.

The risk of NVC is huge and I still can't see the value in it over LTC. As of now, per the dustcoin.com mining profitability calculator the total value of all NVC generated is ~17,155 BTC while for LTC it is ~513,111 BTC. LTC is much, much larger and not controlled by a very few who can destroy it easily like NVC, IMO.

LTC is a safer bet for me.

RoadTrain

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Huh guys. NVC has been a total profit for me for several months already.
I didn't mine it, just bought when nobody wanted to buy. Now I got almost 100% return on price plus ~20% on stake.
Yup, probably NVC isn't a coin that the world can accept, but it doesn't prevent me from using it with profit.
And you can't call it scam. Having premine is not a scam in general. Scam is dumping premine. That didn't happen yet nor I see it happening in the near future.

lukemarshall

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Quote from: Tranz on August 03, 2013, 08:24:02 AM

Quote from: markm on August 02, 2013, 01:25:02 AM

The original post failed to mention that the interest rate on stake was jacked way the heck up into ponzi type interest rates kind of range a while back, to give the insiders insane amounts of interest on their huge holdings, and of course that is planned to be lowered back down once they have used it to magnify their own holdings so others going forward won't be getting such rates.

Basically they just screw around with it any way they please just like used to happen with SolidCoin.

-MarkM-

This right here is by far the worst.

http://nvc.cryptocoinexplorer.com/block/c7c90a2dd98e86664b206ad7fab812b4bbf437a32f3764e924cf6aeee98ec86f

FrictionlessCoin

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Cryptotalk.org - Get paid for every post!

This is all fundamental economics... "supply and demand".

NVC folks are masterful in controlling supply, for some reason demand is enough to push its price up.

Other coins that have too much supply, will go no where, because the reality is that right now, almost every coin price is merely speculation (without any real world usage).

aetos

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EXCHANGES ARE PART OF THE MANIPULATION..
look crypysy / especially with infinity coin:)
than there was franko a dead coin with 1.2 mhs and .000x something.. mods there pumped it. yes mods.. took it to .02 !!!!!!!!!!!
this is part of capitalism at its finest.. gambling at best. don't be a sorrow looser... learn to get on the trend as in all investments.. do not fight the fed( foundation) and let the trend be your friend

DigitalDoom

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Quote from: smoothie on August 07, 2013, 12:33:30 AM

People should educate themselves on what they are investing in before they invest/purchase. That includes my coins that I sell as well. Do your due diligence people.

+1

The simple fact of the matter is that people should do the footwork before investing their money/time/efforts. Good advice for all things in life, whether it be investing in a currency, buying a new car, taking a new job or choosing a spouse.

All the information is available for every one of these (so-called) alt-coins. Anyone, whether crypto-vet or crypto-newbie, can find plenty of information to make as sound decisions as possible on any coin before deciding to invest their money/time/efforts. As with anything in life, when people make ignorant, in-the-moment choices based on what's "Hot"....they often end up getting burned. These are the lessons we all must learn, one way or another!

No one can blame the game for their losses when they don't bother taking the time to learn how to play. Wink

smoothie

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LEALANA Bitcoin Grim Reaper

People should educate themselves on what they are investing in before they invest/purchase. That includes my coins that I sell as well. Do your due diligence people.

ilostcoins

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I'd say for a late comer like me, looking at a coin months or more after launch, a premine like Novacoin's hardly matter. The developers have a good amount, but so what? Some people have a good amount with other coins as well. It doesn't make any difference to a late comer. I could even argue the developer, not feeling the pressure to recoup the cost of a server farm used to mine that stash, may hold his nerve better with selling.

I think premine irks people on this forum because it may impact their initial gold rush profit. For a Novacoin size premine, it just doesn't change much in the long term.

gurcani

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I agree with the post. NVC is a problem. It used to be that the volume was low (so I assume it was simply being exchanged among friends since there was no interest), but now you have a coin which is twice as valuable as LTC and as much exchange volume as NMC. And all because nobody cared about it. İf there was any interest in the beginning the price would be lower than PPC.

Now, what is the moral of the story. When FTC came out, I could clearly see it would be a pump and dump. I thought that it wouldn't be ethical to join that (my purpose in life is not to maximize my monetary gains). But now I wonder, maybe the people who did the pump and dump did a service to the community by destroying peoples collective trust in an untrustable coin.

I mean, looking at this, I am almost tempted to say that, the same thing may happen with the ORB if nobody does the pump and dump... rather depressing perspective...

CoinBuzz

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Bitcoin and Novacoin is not comparable to each other. bitcoin was first coin that nobody knows what is mining.

Novacoin comes to world when everybody was ready to mine it the second it released.

Lauda

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Terminated.

Quote from: foggyb on August 02, 2013, 10:50:02 PM

Quote from: DeathAndTaxes on August 02, 2013, 03:06:12 AM

Quote from: Wolf Rainer on August 02, 2013, 02:48:48 AM

Bitcoin was premine too

is a false statement.

+1

Yuup, it was just satoshi mining for a while, the problem wasn't him hiding the coin, it was people not jumping in Wink

Tranz

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May the force bit with you.

Quote from: markm on August 02, 2013, 01:25:02 AM

The original post failed to mention that the interest rate on stake was jacked way the heck up into ponzi type interest rates kind of range a while back, to give the insiders insane amounts of interest on their huge holdings, and of course that is planned to be lowered back down once they have used it to magnify their own holdings so others going forward won't be getting such rates.

Basically they just screw around with it any way they please just like used to happen with SolidCoin.

-MarkM-

This right here is by far the worst.

AgentME

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Activity: 84

Merit: 10

Quote from: bybitcoin on August 02, 2013, 01:18:20 AM

Once again, of course not premined is better than premined in general, but do you expect a group of highly skilled developers sit and create a new innovative coin (copycat coins are total shit no matter premined or not premined and excluded from my argument) without any profit or return for their work, so the coin get released to the prey of the above-mentioned type of miners who are ready there at the gate to receive, pump-dump and then kill it??!

Uh, yes I do expect developers to make it without a scam. Namecoin, ppcoin, and primecoin didn't have any premine drama. Some people say bitcoin had "premining", but that's mainly just because it took a long time for anyone to even notice bitcoin after it was released.

xan_The_Dragon

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I AM A DRAGON

Nope BFL is

foggyb

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Quote from: DeathAndTaxes on August 02, 2013, 03:06:12 AM

Quote from: Wolf Rainer on August 02, 2013, 02:48:48 AM

Bitcoin was premine too

is a false statement.

+1

Topic: NVC: The biggest ongoing scam in cryptocoin history - page 2. (Read 8518 times)