Topic: [POT]PotCoin - Banking for the Legal Cannabis Industry ✦ ✦ ✦Grow With Us ✦ ✦ ✦ - page 172. (Read 920105 times)

After the halving Potcoin is up 250%  hit a high on 700 with over 14k in trading in 24 hours and we are above CannabisCoin on coinmarketcap!

https://i.imgur.com/W7FwtvI.png

Potcoin markets now live on

https://btcpool.exchange/market?pair=POT/BTC

https://btcpool.exchange/market?pair=POT/XPY

https://btcpool.exchange/market?pair=POT/LTC


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The reason I mention politics is because it's illegal at the federal and state level to use any non-approved method to pay for the legalized schedule substance. Essentially the only approved methods are credit cards and certain medical supplementary pay. Crypto is definitely on the ban list. Potcoin's original purpose was to pay for the substance, and they spoke heavily in the beginning of making this happen. This is why there was a big hype to 4-20 last year in Colorado, which largely was a flop IMO. I think it's great that you can get some related items (bongs, shirts, etc) with it, that's cool, but a lot of the original intent has deflated the morale in the coin. With a dead purpose in its founding locality, it has to overcome that somehow, or find mobility in another tangible way.

I can't reach the potcoiner website from where I'm at now, I'll see if I can read it later.

I get what you mean, but I think is just asking to much, dont think any coin has the power to influence in U.S Politics.... Potcoin and other weedcoins have to ride the cannabis wave of the U.S and Canada, lots of states are legalizing for medical or recreational use... cryptocoins just have to jump on board and benefit from third parties that are actually influencing U.S politics.

I also wanted to post a link to some comments I made on my blog regarding price increase this week: http://potcoiner.info/post/107496627421/we-all-know-potcoin-block-reward-halved-on-monday

Again, just my two cents here.

Your explanation is definitely more thorough, but I would argue that halving isn't the same as reducing sales price or overhead, it's the opposite: You're increasing overhead, requiring the prospective buyers to have less buying power, and still expecting some part of this to increase appeal of the product, in some fashion.

I understand what you're saying, I simply disagree based on numerous indicators. Concurrently, I'm not saying that it has no hope to go up down the road, but that it will have nothing to do with supply, just like it has nothing to do with it now. There are endless-supply coins out there which are healthy, whose price/nethash hasn't plummeted, and whose value now is higher than 6 months ago, losing less than half of the value since the Dec-Jan market shock last year.

What's the big difference? Marketability. They're being used, there's tangible value across the web, and their purpose is being fulfilled.

There's still hope, and perhaps with the nethash dropping off of Potcoin (~60% loss since the halving), it will be more valuable in the near-term. The potcoin team, as I've said before, is going to have to make significan political strides in the US to truly make the coin into what it was designed for.

Ok, I think there is a confusion here. I never said that the coin halving will INCREASE the demmand, the coin halving will just cut the supply by half this is a fact, not an speculation and its simple maths: there was a 210 block reward and now there is a 105 block reward. Will this increase the value, well if the supply is now lower than the demmand YES, if the supply is still higher than the demmand then NO.

I will use your same example to explain myself better:

If you walk past a store that has 10.000 electronic widgets, and people buy 7.000 a month, the merchant will have to reduce price or sell less products (cut the demand - block halving). If, a month later, half the widgets are gone--but there's still a pile of dust on all of them--has your desire for them increased? No, but you will be selling 5.000 electronic widgets and the demand is 7.000. So you can sell your products at a higher price and they will still be bought until a balance is found.

Now, I think what you are trying to say is that the demmand is still too low even after block halving and this could be the case of course, saying there NO demmand at all is just silly, that would mean there is no buy orders at all at the exchanges and no1 has desire for the coin, this is just not true... but I get your point anywayz and if that was true, the example will be something like this:

If you walk past a store that has 10.000 electronic widgets, and people buy 2.000 a month, the merchant will have to reduce price or sell less products (cut the demand - block halving). If, a month later, half the widgets are gone--but there's still a pile of dust on all of them--has your desire for them increased? No, you will be selling 5.000 electronic widgets and the demand is 2.000 so you will still have to reduce prices!

This second scenario could very well be true, only time will tell.

I hope I made my self clear and expressed myself in a more "rational" manner.

Nobody is saying that cutting supply will increase demand, this is just silly, cutting the supply will just reduce the "offer"... the demmand will stay the same, increase or decrease... it depends on other factors.

If people believe in a coin and the value is low, I always say there's nothing wrong with holding and seeing what happens long-term, especially if it's realistically worth more to hold for hopes than to sell at a slamming loss. I have several coins I hold for that reason.

It just boggles my mind, though, when people use hype for hope and declare it (through action) as logical reasoning behind something.

When you reduce supply, you're not stimulating or increasing demand, even synthetically. You're simply making it worth less in the current form, which makes it more expensive to support. Sometimes visuals help people: If you walk past a store that has 10,000 electronic widgets, but you have no interest in them, you don't buy them. If, a month later, half the widgets are gone--but there's still a pile of dust on all of them--has your desire for them increased? No, because you still have no reason to buy them. If you're hyped into buying them based on a mysterious disappearance, then it's likely the snake oil which helped you slide into that hole.

For something like potcoin to become valuable down the road, requires constant efforts. The Potcoin team has done better than most in sticking around, but until it's past the trinket stage it's still very much a gamble for everyone. It's not proper to say "it's halved now, so I bet the value will just magically grow", short of saying you're purely speculating with 0 logic or math to
support the idea. Folks usually do that to try and induce a selling spike (and, I get that).

Until that form of silliness disappears, the crypto world will continue to be crippled by the seas of snake oil and the salesmen who take money from folks who are floating helpless without lifejackets. This, again, is why the rich continue to make money, and the poor have no idea how to save a dime. I'd rather just see a coin take off or flop than to keep it on life support, it's better for the whole.

And, for anyone who wasn't doing the math, this is an example of just how much lost effort there is when coins halve dramatically like potcoin has:

If you take the long-term average value of potcoin (it was around 0.00022000), and today's value, it's a difference of 65. You have to have 65 as much hash now as you did back then, in order to make the same number of potcoins. This isn't even evaluating conversion value to the dollar, which is how it's handled by the merchant. It's far worse for the merchants, because it's 117 times less valuable based on BTC/USD back then vs now. So for you to buy the same t-shirt and bong back then, you have to have 117 times as many potcoins.

10,000pot/day * 2200satoshis = 2.2btc * 450 USD = $990
10,000pot/day * 338 satoshis = 0.338btc * 250 USD = $8.45

(I'm being nice and generous, because in this example you're able to get the same amount of potcoins now as you were back then--mathematically this isn't possible, without adding an additional effort, because the block size is 1/4th of what it was back then. I'm simply excluding this for simplicity)

Another way to look at it: You work 40 hours a week for 800 potcoin. Then, it goes through 2 halvings. Now, you work 40 hours a week for 200 potcoins--you're taking a 600potcoin loss for your donated time. Your paycheck is also worth half of what it used to be, which means you're being paid 8 times less for the same amount of work.

If anything, the cost of mining it at such a tremendous loss, is the one reason people should buy it instead of mining it. It takes 65 times as much power now, to mine the same amount as it did back then. For anyone keeping track, difficulty has hardly changed much between now and then.

Oh, wait, what's that? Difficulty? Wait a second, it has in fact changed. Lots of people stopped mining it when it recently halved again, so now it's more susceptible to forks and takeovers. Sure, it means it's a little easier to pickup some coins, but it's also worth noting that a coin whose nethash drops over time with a correlating loss in value and blocksize, is usually a death-sentence, not a reason for hope.

The only exception to that is Bitcoin, and only because of 2 things: Merchant use for many, many products, and blackmarket use. Potcoin can be used for the same, but it's less secure due to nethash loss, and isn't accepted at nearly as many places as bitcoin.

Again, not knocking the efforts put into the coin--just tired of the same old "halving causes increased value" silliness. As always, best of luck.

The market will find a new balance. At first less people will mine, you can already see this on the total hashrate of the coin that has descended to around 3ghs... however the cut on supply should bring the price up and those people who mine will get less coins but at a higher price, bringing miners back. Difficulty will also decrease at first and will play its part, but all in all the markets should stabilize after a while, it will be interested to see how it plays out this next few days.

It is important to state tho that this is in THEORY what should happen, but there are other factors to take into account that are unpredictable: Investors selling their coins, confidence in the dev team, marketing efforts, etc...
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The problem though is that this is the theory that put POT in the position it is in now.  Halving the coin didn't increase the price then and it won't now.  Halving the coin won't drive up demand.  As long as there is POT for sale on exchanges, and little to no use for it's intended purpose, there won't be a demand.  At one point people could make money mining POT, so they mined it.  After the first halving, the price needed to double, instead it stayed the same and even went down a bit.  So it was effectively half as profitable to mine.  Then it went down in price again, to around half of what it was after the first halving, and it halved again.  That's yet another decrease in per-block profitability.

Demand can't be increased by halving.  That's the logic that doomed this coin.  Check any coin that radically changed it's block halving/values mid-mining to "increase demand", and see where they are now.  You may find 1 or 2 that are still around, but the rest are dead.  Demand can only be increased by adoption.  Unfortunately, without any legitimate adoption in the markets this coin was conceived for, then this coin will continue to flounder.

And yes, CCN may only have 1 shop that accepts it for MJ sales, but last I checked that was an infinity percent greater adoption rate for MJ purchases than POT.

-Fuse

The market will find a new balance. At first less people will mine, you can already see this on the total hashrate of the coin that has descended to around 3ghs... however the cut on supply should bring the price up and those people who mine will get less coins but at a higher price, bringing miners back. Difficulty will also decrease at first and will play its part, but all in all the markets should stabilize after a while, it will be interested to see how it plays out this next few days.

It is important to state that this is in THEORY what should happen, but there are other factors to take into account that are unpredictable: Investors selling their coins, confidence in the dev team, marketing efforts, etc...

hcf27, within the context of all you've highlighted here, what are the ramifications for continued performance of POT's blockchain? If it's so unprofitable to mine, will the corresponding reduction in difficulty be commensurate with improving returns to see enough miners maintain the network? Or is there are real possibility the network could start failing because there's just not enough miners?

I'm a long term holder of POT and believe the dev team has been honest and reasonably committed, however I take all your points seriously versperwillow and see you're highlighting the major stumbling block of this thing being relevant, let alone successful.

Potcoin algorithym was changed in June 2014 because it was giving crazy block reward if you considered the value of the coin. This is why it had more than 12 GH directed to mining and dumping potcoin. At the time, I could get more than 1.000 potcoins per day with only 10 mhs of scrypt power, that was a lot of money considering bitcoin was around 600 bucks.

Now, its hardly profitable to mine potcoin, with the same 10mhs you will be getting like 25 potcoins per day, I know because I still mine it, its unprofitable so I think the supply will be cut now and it wasnt cut then because even with the halving mining and dumping was still crazy profitable!

This of course, are only my 2 cents. I reckon demmand could still not be enough and the halving may only slow down the decrease in price, however the block halving its a factor that does help the price increase.

And yes, you are right, you still cant buy cannabis with potcoins, but with what coin can you buy it?.. 1 dispensary that accepts cannacoin that I know of. The weed industry is still young, its still not completly legal in all States. It will take time and patiente for weed coins to be where they deserve to be. Currently you can buy seeds (and lighthers too if you want) in a lot of places with potcoin and that is a big win if you consider the coin is not even 1 year old.

Hold your coins and expect an increase in price and acceptance or sell now for 8 times less your money, thats your choice.

I've been here since day 0. You're missing the point of my post. You also don't fully understand a key requirement in supply/demand, and that's the tangibility factor. There's hardly any tangible demand because Potcoin isn't capable of providing its primary market with the ability to legally be used for pot.

Let me summarize it this way:

Potcoin is launched mid January of 2014
On January 20 2014, its first exchange comes online. Beginning value is 0.00008000
Around mid-April 2014, its highest peak ever is reached on Bittrex, at 0.00041000
In May it dropped, but had another "hype" peak around 0.00003500
Presently its highest value is 0.00000338

So 0.00041000 prior to its first major halving....
... and 0.00000338 currently, after 2 halvings.

But yeah, it's totally going to rise exponentially in value despite the fact that the only thing that has changed in the potcoin marketplace is a couple of extra gambling sites, and you can buy lighters and matches with it now.

Contrast that to a couple of other very tangible coins that I follow, whose use and value have only grown...

Indeed, a lot of people go psycho when they see other people smoking. Smoke in the privacy of your own home.

Well, sell pressure from miners has just halved from 210 to 105 per block found. Most people mine potcoin using multipools and sell straight away.

So, basically supply has just been cut by half and demand has stayed the same, this SHOULD bring a price increase.

Of course there are many other factors, like investors selling their coins or people dumping, but miners who mine and sell will have less impact in the price now.

You can also read more about this here: http://potcoiner.info/post/104779608506#notes

Why would you expect that? Can you make your presumption tangible, and tie it to something financially and mathematically?

Historically over the long run, the value has only decreased. Temporary spikes do not count, examine the historical value from beginning until now. It's about 1/8th of what it was, not counting the cost of mining, if you factor in halvings and original value.

Block reward halved today!.. lets see what happens with the price, I expect a slight increase

Where is the website? love poker and have some potcoins to play with!

Hello.
No its p2p poker like seals and other sites.
We just have the ability to accept over 20 coins as well as a backbone of live players who actually play online for fun.

For any information do not hesitate to contact us.

Regards

Duke

is it video type poker